Risk factors

Going concern doubts require completing key transactions and delaying capital expenditures to maintain operations.

Net Power faces substantial historical losses, complex unvalidated technology risks, and heavy reliance on third-party supply chains and commercial partnerships.

Alaska geographic concentration makes the bank vulnerable to local real estate downturns and regional economic conditions. Commercial real estate loans comprise nearly half of the total loan portfolio, increasing credit risk. Acquisitions like SCF introduce goodwill impairment and integration risks.

Clinical-stage biopharmaceutical company with no approved products, relying primarily on lead candidate OKI-219 in Phase 1 trials.

External management dependence on RCM dominates risks as Rand operates with zero employees after the transaction. Portfolio concentration in illiquid, small private company debt and equity creates high default and valuation risks. Significant leverage and a major shareholder, East owning 64%, amplify potential losses and constrain governance.

Seaport Entertainment Group's risk profile is dominated by real estate concentration in New York and Las Vegas, sports team performance dependencies, and development liabilities.

Shore Bancshares faces heightened risks from regional real estate lending concentration in Maryland, Delaware, and Virginia. The bank provides banking services to state-licensed cannabis businesses despite federal illegality. Prior material weaknesses in internal controls and cybersecurity threats from new technologies and AI pose significant operational challenges.

Revenue heavily relies on the RAMP platform, Google syndication agreements, and large-scale acquisition channels like Meta, TikTok, and Outbrain.

The company relies heavily on discretionary spending, destination venues, and a debt-financed acquisition strategy. Commodity cost concentration, particularly beef, and labor law changes threaten restaurant operating margins. Growth depends on executing a capital-light expansion strategy and managing licensee relationships.

SUI Group Holdings faces heavy reliance on key executives and insider-controlled voting stock.

Heavy reliance on U.S. government contracts subject to funding shifts, cancellations, and competitive bidding protests. Vulnerability to cost overruns under firm-fixed-price contracts representing 75% of 2024 revenue. Key customer concentration and dependence on renewal of subscriptions and key contracts.

UroGen is a biotechnology company heavily reliant on the commercial success of its sole approved product, Jelmyto, and its lead candidate, UGN-102. The company has a history of significant net losses, including $126.9 million in 2024, and depends on external financing and debt agreements. Operations are subject to extensive regulatory oversight, complex manufacturing requirements, and intense industry competition.