Risk factors

First Financial Corp added risks regarding artificial intelligence adoption, Federal Reserve leadership changes, tax laws, and accounting estimates. The bank updated interest rate cuts from 100 basis points in 2024 to 75 basis points in 2025. The SimplyBank acquisition risk was dropped.

TriplePoint Venture Growth BDC added risks regarding artificial intelligence disruption and unitranche secured loan structures. Portfolio valuation uncertainty and debt note specifics were updated.

Third parties could challenge the intellectual property rights used by UNL, potentially forcing strategy changes.

Commercial real estate exposure remains a dominant core risk, representing 56.6 percent of the loan portfolio at year-end 2025. New operational disclosures address risks from artificial intelligence adoption and complex fraud schemes. Allowance for credit losses increased to $32.3 million while non-guaranteed SBA loan holdings shifted to $5.4 million.

Viemed added new risks covering a CMS 6-month moratorium on medical supply enrollments and a share repurchase program.

Verastem successfully transitioned to commercializing AVMAPKI FAKZYNJA CO-PACK following accelerated approval for recurrent LGSOC.

Regulatory compliance costs and acquisition strategy dominate Westwood Holdings Group's updated risk disclosures this year.

Risk updates reflect tax calculation changes from the OBBBA, achievement of initial 2030 emissions targets, and ongoing dependency on Westlake.

Franchise growth depends on franchisees opening studios, attracting customers, and maintaining operating quality.

Insider ownership concentration dropped from 61.4% to 19% in the reworded risks.

Accel Entertainment faces heavy regulatory scrutiny across multiple gaming jurisdictions, significant debt leverage of $612 million, and extreme dependence on discretionary consumer spending and location partners.

Customer concentration is higher: the top five customers represented 51% of 2025 revenue, versus 35% in 2024.