Risk factors

Changes highlight evolving state environmental regulations on PFAS, risks from MPC stockholder activist campaigns, and technical tax allocation challenges.

Tenant distress remains central, with Steward and Prospect impairments and heightened exposure to major operators.

Maravai faces significant operational disruption following executive turnover and the 2025 Corporate Realignment Plan. Debt covenants, raw material inflation, and tax receivable agreement obligations threaten financial results. Restatements of quarterly financial statements highlight internal control and revenue recognition risks.

New risks emphasize derivatives, AI misuse, information barriers and regulatory constraints on investing and financing.

Matador Resources faces heightened regulatory, tariff, and capital cost risks impacting its Delaware Basin operations.

MaMasTec added specific trade and tariff risks following recent Supreme Court rulings on IEEPA. The company expanded acquisition due diligence and liability warnings. Pipeline infrastructure risks now explicitly mention oil price drops from expanded supplies.

N-able added specific risks regarding generative AI adoption and goodwill impairment. The company updated disclosures on large equity holdings by Sponsors.

Nautilus updated its financial figures showing a net loss of $59.0 million for 2025 and an accumulated deficit of $332.0 million. The company transitioned from an emerging growth company to a smaller reporting company under the Exchange Act. The commercialization strategy for the Nautilus Voyager platform was clarified to include an Early Access Program using a cloud platform.

Earnest launched a personal-loan product in 2025, adding a new consumer-credit exposure.

Nuveen Churchill added new risks concerning artificial intelligence adoption, SEC cybersecurity disclosure compliance, and recent Federal Reserve benchmark rate reductions to 3.50% to 3.75%.

National CineMedia expanded its risk disclosures in 2025 by adding concerns about artificial intelligence integration, acquisitions like Spotlight Cinema Networks, and post-showtime inventory fees. The company updated key metrics regarding theater network screens, attendance percentages, and regulatory tariff impacts on major advertising categories.

New risks cover cryptocurrency holdings, dependence on third-party cloud software, and data-localization requirements.