Risk factors

Franklin Street Properties entered a new $320 million credit agreement, suspended quarterly dividends, and updated geographic and tenant concentrations.

Global Business Travel Group added risks regarding Federal Reserve supervision under the BHC Act due to American Express control.

Greenlight Capital Re faces new scrutiny regarding Investment Company Act exemptions and related person insurance income thresholds. Reinsurance loss recoverables shifted to $81.4 million at December 31, 2025. Broker concentration in Open Market accounted for 70.5% of gross premiums, while Innovations customer concentration reached six customers representing 53.6%.

Total consolidated debt increased to approximately $557.4 million from $507.4 million, while the 3.75% Senior Secured Notes due 2025 were removed from the description.

The company added risks concerning its revolving credit facility terms, single-location manufacturing concentration, and smaller reporting company status. It updated its U.S. government contracting, export controls, and foreign currency exposures.

MacroGenics faces a partial clinical hold on the LINNET study after Grade 5 and other severe adverse events. The company relies on third parties for companion diagnostics and CDMO services at its Rockville facility. Employee headcount dropped from 341 to 293 full-time workers.

Operating losses worsened significantly to $15.6 million in 2025, driven by higher R&D and advertising costs. New debt covenants with Avenue restrict operations and require maintaining $2.5 million in cash. Medicare Advantage authorizations declined, and social media algorithm changes increased lead generation costs.

CompX sales are heavily concentrated among ten top customers, led by a single customer accounting for 26% of net sales.

Net Power broadened its business strategy to include natural gas turbines combined with post-combustion capture technology. The company recognized a massive $1,095.8 million impairment loss on its Developed Technology Asset Group in September 2025. The commercial viability of its plants faces headwinds from declining federal regulatory support for clean energy under the Trump administration.

Government funding freezes, delays and changing priorities may reduce or postpone healthcare and life-sciences orders.

Owlet faces continued losses and reliance on single-source manufacturers for its regulated medical devices and cameras.

Nonperforming assets decreased to $53.5 million or 1.27% of total assets at year-end 2025.