Risk factors

Blade acquisition adds risks involving integration, charter-flight safety, operators, terminals, market expansion, and branded aircraft conduct.

KKR newly emphasizes capital-intensive insurance obligations, liquidity, technology resilience, third-party failures and fundraising dependence.

New disclosures highlight risks around U.S. government contract dependency and classified programs. Tax risk reflects the newly enacted OBBBA of July 2025. Export control disclosures on China and foreign retaliation were expanded.

Ligand expanded risk disclosures around AI adoption, data privacy, key personnel dependencies, and ongoing exposure to Pelthos.

The company faces severe going concern and capital raising pressures, alongside heightened exposure to shifting international trade restrictions and tariffs.

Asset growth past $15 billion increases regulatory exposure, while accounting restatements and material weaknesses signal severe reporting controls challenges.

New risks highlight tariffs and trade-policy uncertainty, potential shareholder dilution, credit-rating limits, and common-stock selling pressure.

Terminal modernization at Sand Island and Port of Alaska faces specific structural and seismic risks.

Merchants Bancorp added business continuity, dividend dependency, and personal data privacy risks while updating interest rate and asset-size disclosures.

Credit risk management relies on subjective estimates and appraisals during shifting economic conditions.

Film distributor concentration is now quantified at 84% of 2025 box office revenues, adding studio consolidation risks. Cybersecurity and data privacy obligations were split into a dedicated new risk factor. Dividend suspension history wording was updated to reflect past business disruptions.

Monster Beverage added specific risks covering artificial intelligence adoption, SAP ERP system upgrades, and alcohol litigation. The company expanded consumer preference disclosures to include ultra-processed foods and low-calorie sweeteners. Production facility footprint was updated to reflect changes in manufacturing locations.