Survivor S1 first avenue loss in table not in pickup, year to March 2017 (First Avenue FY unknown)

What this is

FA NA would have to swing from ≈+13.3bn to ≈−21.7bn (−35.0bn: −25.3bn loss, −9.7bn distributions) in one year — a ≈$240m loss at the Mariners LLLP. year to March 2026: residual 1,148 = −0.32F (floored) or −0.22F, i.e. a 3.7–5.3bn FA loss.

The values

• FA NA open implied: 13,264
• Required one year swing: -34,987
• Of which distributions: -9,684
• Residual implies FA net profit, year to March 2026: -3,664 to -5,330

Some detail is too fine to show here; it is kept in the trainer’s notes.

Where it comes from

Our calculation from other figures in the trainer’s notes.