Business Context and Reporting Period
Company: Fortress Value Acquisition Corp. V (FVAV)
Reporting Period: Quarter ended March 31, 2026
Entity Type: Cayman Islands exempted company; Special Purpose Acquisition Company (SPAC)
Status: Emerging Growth Company; Shell Company
Overview: The Company was formed to effect a business combination with one or more businesses. It consummated its Initial Public Offering (IPO) on February 27, 2026, and the underwriter exercised the full over-allotment option in March 2026. As of the reporting date, the Company has not yet identified a target business and generates no operating revenue.
Key Financial Metrics
| Metric | Value (Q1 2026) |
|---|---|
| Net Income | $794,187 |
| Operating Expenses | $56,687 |
| Interest & Dividend Income | $814,124 |
| Cash (Outside Trust) | $1,061,072 |
| Investments in Trust Account | $288,314,124 |
| Total Assets | $289,827,584 |
| Total Liabilities | $16,549,553 |
| Working Capital | $776,407 |
| Deferred Underwriting Commissions | $15,812,500 |
| Shares Outstanding (Class A) | 28,950,000 (28,750,000 subject to redemption) |
| Shares Outstanding (Class B) | 7,187,500 |
Material Changes vs. Prior Period
- Capitalization Event: The Company transitioned from a pre-IPO shell to a public SPAC. Total assets increased from $614,979 (Dec 31, 2025) to $289.8 million (Mar 31, 2026).
- Trust Account Funding: $287.5 million was deposited into the Trust Account following the IPO and full exercise of the over-allotment option. This represents a new asset class not present in the prior period.
- Liabilities: Total liabilities increased to $16.5 million, primarily driven by the recognition of $15.8 million in deferred underwriting commissions payable upon a successful business combination.
- Equity Structure: Class A shares subject to possible redemption were recorded at $288.3 million. The over-allotment option liability, previously recorded, was extinguished upon exercise in March 2026.
- Cash Position: Operating cash increased from $20,000 to $1.1 million, funded by IPO proceeds and private placement shares.
Outlook, Risks, and Management Commentary
- Business Combination Timeline: The Company has 24 months from the IPO closing (February 27, 2026) to complete a business combination, extendable to 27 months if a letter of intent is signed within the first 24 months. Failure to do so will result in liquidation.
- Liquidity: Management believes the $1.1 million held outside the Trust Account is sufficient to meet working capital needs for at least one year. The Company may seek additional financing or working capital loans from the Sponsor if necessary.
- Redemption Rights: Public shareholders may redeem their shares for a pro rata portion of the Trust Account (approx. $10.03 per share as of March 31, 2026) upon the completion of a business combination or liquidation.
- Risks: Key risks include the inability to identify a suitable target, market volatility, geopolitical instability, and the potential for significant redemptions that could impact the ability to consummate a transaction. The Company is subject to the risks associated with emerging growth companies.
- Related Party Transactions: The Sponsor holds Founder Shares and Private Placement Shares. The Company pays a monthly fee of $20,000 to a Sponsor affiliate for office space and administrative services.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance per share in the Trust Account ($10.03 as of March 31, 2026) and the impact of interest rate changes on future redemption values.
- Deferred Underwriting Fees: Confirm the $15.8 million deferred commission obligation and its impact on net proceeds available to the combined entity post-transaction.
- Redemption Thresholds: Review the 80% of net assets test required for the initial business combination target valuation.
- Extension Options: Assess the conditions required to extend the combination period beyond 24 months and the associated costs.
- Sponsor Commitments: Verify the Sponsor's liability to indemnify the Trust Account against third-party claims and the waiver of liquidation rights on Founder Shares.