Fortress Value Acquisition Corp. V
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 30, 2026
FVAV$10.14+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001213900-26-086188
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001213900-26-114377
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 46 previous paragraphs and 46 current paragraphs.
39 unchanged; 5 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
As of September 30, 2026, the Company had $0.8 million in cash and a working capital deficit of $2.9 million. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements – Going Concern”, as of September 30, 2026, the Company expects to have sufficient liquidity to meet its working capital needs until a minimum of one year from the date of issuance of these condensed financial statements. Payment of certain accounts payable and accrued expenses expects to be deferred until the earlier of the closing of a Business Combination or the end of the Combination Period which runs through February 2028 (without extension). The Company cannot assure that its plans to raise capital or consummate an initial Business Combination will be successful.
Current report
During the third quarter of 2026, an affiliate of the Sponsor paid certain costs on behalf of the Company. As of September 30, 2026, $71,424 was owed to the affiliate of the Sponsor and was included in Accounts payable and accrued expenses.
Removed paragraphs (2)
Previous report
As indicated in the accompanying unaudited condensed financial statements, as of June 30, 2026, we had $0.9 million in our operating bank account and working capital deficit of $0.1 million.
Previous report
Based on the foregoing, we believe we will have sufficient cash to meet our needs through the earlier of consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable and accrued expenses.
Reworded paragraphs (5)
Previous wording
For the three months ended June 30, 2026, we had net income of $1.7 million which consisted of $2.6 million in interest and dividend income partially offset by $0.8 million in formation, general and administrative expenses.
Current wording
For the three months ended September 30, 2026, we had a net loss of $0.2 million which consisted of $2.9 million in formation, general and administrative expenses partially offset by $2.7 million in interest and dividend income.
Previous wording
For the six months ended June 30, 2026, we had net income of $2.5 million which consisted of $3.4 million in interest and dividend income and a change in the fair value of the over-allotment option liability of less than $0.1 million partially offset by $0.9 million in formation, general and administrative expenses.
Current wording
For the nine months ended September 30, 2026, we had net income of $2.3 million which consisted of $6.0 million in interest and dividend income and a change in the fair value of the over-allotment option liability of less than $0.1 million partially offset by $3.8 million in formation, general and administrative expenses.
Previous wording
Through our Initial Public Offering, our liquidity needs have been satisfied through receipt of a $25,000 capital contribution from our Sponsor in exchange for the issuance of the Founder Shares to our Sponsor, up to $0.3 million in loans from our Sponsor and the proceeds not held in the Trust Account which resulted from the consummation of the Initial Public Offering and the sale of Private Placement Shares to the Sponsor. Following the closing of the Initial Public Offering, the exercise of the over-allotment option, and the sale of Private Placement Shares, which resulted in $287.5 million ($10.00 per share) being placed into a Trust Account and payment of expenses, we had $0.9 million in cash held outside of the Trust Account as of June 30, 2026, which we intend to use for working capital purposes.
Current wording
Through our Initial Public Offering, our liquidity needs have been satisfied through receipt of a $25,000 capital contribution from our Sponsor in exchange for the issuance of the Founder Shares to our Sponsor, up to $0.3 million in loans from our Sponsor and the proceeds not held in the Trust Account which resulted from the consummation of the Initial Public Offering and the sale of Private Placement Shares to the Sponsor. Following the closing of the Initial Public Offering, the exercise of the over-allotment option, and the sale of Private Placement Shares, which resulted in $287.5 million ($10.00 per share) being placed into a Trust Account and payment of expenses, we had $0.8 million in cash held outside of the Trust Account as of September 30, 2026, which we intend to use for working capital purposes.
Previous wording
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the Sponsor $20,000 per month for office space, utilities and administrative services.
Current wording
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of the Sponsor $20,000 per month for office space, utilities and administrative services.
Previous wording
The sale of the Founder Shares to the Company’s independent director is in the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the sale date. The fair value of the 30,000 shares sold to the Company’s independent director prior to the IPO was less than $0.1 million or $1.50 per share as of the sale date. The fair value of the additional 30,000 Founder Shares sold to the Company’s other independent director during May 2026 was $0.1 million or $3.81 per share as of the sale date.
Current wording
The sale of the Founder Shares to the Company’s independent directors is in the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the sale date. The fair value of the 30,000 shares sold to the Company’s independent director prior to the IPO was less than $0.1 million or $1.50 per share as of the sale date. The fair value of the additional 30,000 Founder Shares sold to the Company’s other independent director during May 2026 was $0.1 million or $3.81 per share as of the sale date.