Risk factors

PCB Bancorp faces risks related to its $69.1 million ECIP preferred stock repurchase conditions.

Credit exposure remains central: $4.1 billion of loans includes $3.2 billion in business lending and a $39.0 million ACL.

Byborg became Playboy’s largest licensee, with $20.0 million in 2025 licensing revenue and five largest agreements representing 27% of revenue.

Pending Victory and Victory Bank acquisition adds integration, retention, customer, geographic expansion, and unknown-liability risks.

Rallybio added 28 risks driven almost entirely by its proposed merger with Candid. The company faces severe dilution and retained only 14 employees.

New sustainability and climate-related risks cover operational disruption, contract performance, and changing customer priorities.

Silvercrest's risk disclosures are dominated by asset management dependencies, fee structures, and compensation costs.

The risk section is dominated by standard blank-check company disclosures regarding its initial public offering, trust account management, and finding an initial business combination.

Real estate loan exposure increased slightly to 80% of total loans and leases by December 31, 2025. Top ten borrower concentration decreased from 9% to 7% of total loans. Mortgage banking risks now explicitly highlight secondary market sales and unpredictable Federal Reserve rate decisions.

Summit Midstream Corp added tariffs and debt maturity risks while updating specific figures on dividends, debt facilities, and commodity prices.

Middle East conflict added as a logistics and energy price risk to commercial vehicle manufacturing.

Global macro turbulence and conflicts may hinder Tavia Acquisition Corp. from finding or completing a business combination.