Risk factors

New risks emphasize customer-driven shifts toward distributed generation and uncertain demand from technologies such as data centers and electric vehicles.

Carrier concentration shifted: two Carriers exceeded 10% of 2025 revenue, at 19% and 13%, versus three in 2024.

Regional concentration is newly identified as an amplifier of economic and industry downturns.

Cybersecurity wording drops the warning that threats are rapidly evolving and increasingly sophisticated.

HHH is shifting toward a diversified holding company, including a planned $2.1 billion Vantage acquisition alongside its real estate business.

Government programs fell from 94% to 93% of premiums and services revenue, while Florida Medicare Advantage membership rose from 924,800 to approximately 1.0 million.

The PFIC disclosure now says the Company believes it was not a PFIC last year and expects not to be one in the current year or foreseeable future, while retaining uncertainty about classification.

New tariff disclosure says U.S. duties and foreign retaliation may raise costs that fixed-price contracts limit ICU Medical’s ability to pass on.

Idaho Power added tariff exposure, including incomplete cost recovery and cancellation penalties on uneconomical projects.

U.S. customers accounted for 51% of 2025 sales, versus 50% from domestic operations in 2024; AI data-center power and semiconductor demand is newly highlighted as hard to predict.

BRINSUPRI adds exposure to exclusivity, generic competition, patent-term extension, market acceptance, and manufacturing-provider risks.

New risks highlight rising property taxes, insurance and HOA costs that may outpace rents, plus dependence on a dominant digital leasing platform.