Risk factors

The Trust is exposed to gold price volatility and benchmark disruptions.

The company relies heavily on manager RMR and faces significant debt of $4.3 billion with high leverage.

IMAX heavily relies on Greater China for box office revenues and system installations. The company depends on third-party Hollywood and local studios for film content. Long-term customer financing, lease collections, and system backlog drive cash flow visibility.

Imperial Oil faces intense commodity price exposure tied to western Canadian heavy crude differentials and transport bottlenecks. Environmental regulations, carbon pricing, and greenhouse gas mandates heavily threaten upstream and downstream operations. Operational hazards like spills, fires, and rising supply chain costs threaten financial results.

Innospec faces significant operational and regulatory risks tied to chemical manufacturing hazards, environmental liabilities, and raw material cost volatility.

International operations generate 57% of revenue and 55% of foreign currency exposure across major global manufacturing facilities.

JLL faces extensive risks operating globally with 112,000 employees across 80 countries in real estate services. Key vulnerabilities include managing artificial intelligence adoption, tenant credit concentration, global geopolitical volatility, and loan guarantee representations and warranties.

Karyopharm faces substantial going concern doubt with an accumulated deficit of $1.6 billion and net loss of $76.4 million in 2024. The company carries significant indebtedness totaling hundreds of millions across 2025 Notes, 2029 Notes, and an Amended Revenue Interest Agreement. Operations depend heavily on the successful commercialization and patent exclusivity of XPOVIO in hematological malignancies.

Company growth relies heavily on the commercial success of VYJUVEK and developing new gene therapy product candidates. Operations face stringent regulatory scrutiny, manufacturing challenges, and complex healthcare compliance requirements.

Portfolio is concentrated in a limited number of states and depends heavily on single tenants operating medium-sized farms. Permanent crops carry a higher risk profile and face depressed market conditions for almonds, pistachios, and wine grapes. Access to sufficient water supplies and vulnerability to adverse weather and climate change heavily impact tenant operations. High reliance on external borrowing, credit facilities, and the performance of external manager Gladstone Management Corporation.

Liberty Latin America faces significant risks from high leverage, heavy dependence on third-party programming, and intense regional competition across Latin America and the Caribbean.

Lakeland Financial is heavily concentrated in Northern and Central Indiana markets and real estate loans.