Risk factors

Merger risks are now concrete: DOJ requested additional information and the CMA opened a Phase 2 review; complaints and demand letters have also been received.

The 2025 law adds federal tax changes and state conformity differences that may affect Star Holdings and its stockholders.

Lymphedema products’ share of revenue fell to 84% in 2025 from 89% in 2024, but remains the business’s main revenue source.

ACA subsidy provisions expired, premiums rose and enrollment fell, increasing expected uninsured or more limited coverage starting in 2026.

The proposed U.S. government investment brings potential ownership and shareholder risks, including warrants and a call option tied to Ambler Road completion.

New risks highlight TPG’s growing insurance business, including whether it can deliver suitable investment products and retain insurer relationships.

Climate risk now covers physical damage, catastrophe concentration and insurance costs, not just potential emissions regulation.

The five largest OEM customers rose to 44% of sales, from 42%; two customers together accounted for 23%.

The risk section is entirely dominated by the pending merger with UWM Common Stock. Seven new risks detail merger terms, conditions, and litigation. Convertible notes risk and a past lawsuit risk were removed.

Cyber risk now specifically includes AI-enabled deepfakes and fraud amid faster digital money movement; talent risk is separately highlighted.

Portfolio concentration rose: the eight listed markets generated 74.5% of NOI, up from 73.1%.

Pandemic disclosure now adds disease outbreaks, investment credit losses, and remote-work cybersecurity and control risks.