Risk factors

The company relies heavily on the commercial success and manufacturing execution of third-party licensees for its SPD technology.

Revelation Biosciences relies entirely on early-stage preclinical candidates GEM-AKI, GEM-CKD, and GEM-PSI with no approved products or sales.

International manufacturing exposure across the U.S., Canada, and France dominates the risk profile.

Silvercrest's risk section is dominated by fee pressure, reliance on discretionary assets, and key-person risk. The firm faces intense competition and strict regulatory compliance requirements across its $36.5 billion in AUM. Operational cybersecurity and data protection are critical ongoing vulnerabilities.

ComScore faces severe financial distress with a $1.5 billion accumulated deficit and ongoing net losses of $60.2 million in 2024.

Solid Biosciences faces ongoing operating losses, accumulating $783.5 million through December 31, 2024, and needs additional capital.

Portfolio concentration in Southern U.S. commercial real estate creates geographic and market vulnerability. Extensive exposure to construction loans, mezzanine debt, and non-recourse loans heightens default and loss risk. Limited operating history and external management by a Manager amplify execution risks.

TaskUs is heavily dependent on a concentrated group of top clients, with the top client generating 22% of revenue in 2024. Operations are concentrated internationally, particularly in the Philippines, exposing the company to geographic, wage, and currency risks. Client adoption of AI and the company's own AI integration efforts are critical to future competitiveness.

Theriva Biologics faces going concern warnings with $11.6 million in cash against $16.9 million in annual operating losses. The company relies heavily on clinical development of its lead oncolytic virus candidate VCN-01 for pancreatic cancer. Operations are vulnerable to third-party manufacturing dependencies, strict FDA and European regulations, and required future capital raises.

Declining tobacco consumption, heavy regulatory scrutiny from the FDA, and excise taxes dominate the risk profile. Key supplier and brand dependencies create severe operational concentration vulnerabilities. Significant debt levels and an ongoing enterprise resource planning system remediation add financial and internal control risks.

Real estate development is dominated by entitlement, litigation, permitting, environmental, financing, and California regulatory risks.

Venture Global faces heavy concentration risks tied to its LNG projects in southern Louisiana and a limited customer base.