Risk factors

International sales grew to 43% of total sales in 2025, elevating trade policy and tariff exposures.

NHI alleges four non-monetary Master Lease defaults, creating potential termination risk for many skilled nursing and independent living facilities.

Tenant and manager operational performance and liquidity continue to drive the company risk profile. New disclosures focus on joint venture complexities, shareholder activism, and AI adoption. Tax legislation changes, notably the OBBBA, create new compliance risks.

Nelnet faces risks from accelerated loan prepayments, Department of Education servicing contract changes, and derivative valuation exposure. The company's asset-backed security investments grew to $1.5 billion, while Department revenue dropped to 21%.

Northern Oil and Gas updated disclosures regarding tax law specifics, derivatives terminology, and full cost ceiling impairments totaling $702.7 million.

Neptune relies entirely on third-party capacity providers to assume insurance risk without holding balance sheet exposure itself.

Nerdy added a new $50 million Term Loan with Hercules, creating debt covenants, liquidity requirements, and financial servicing risks.

Intellia highlights ongoing clinical trials for nex-z and lonvo-z, mentioning a clinical hold on the MAGNITUDE trial IND for nex-z.

Novavax faces significant execution risk regarding its reliance on Sanofi for commercialization and third parties for manufacturing.

Novocure restructured its risk disclosures by removing redundant headings on sales, reimbursement, patents, and convertible notes. Risk 34 was updated to disclose $200.0 million borrowed under a five-year senior secured credit facility as of December 31, 2025.

AI use, revenue-estimate judgment, and WTS backlog cancellations are newly emphasized risks.

Variable rate debt increased to $1.6 billion with lower interest rate swap coverage. Regulatory, public, and tax scrutiny of the housing industry heightened in 2025.