Interest rates and inflation
132 of 521 companies added a paragraph in Risk Factors that uses one of these words:
interest rate, interest rates, inflation, inflationary.
The paragraph is in the latest 10-K and nothing like it was in the one before.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Optical Instruments & Lenses | 2 | 2 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Bottled & Canned Soft Drinks & Carbonated Waters | 1 | 1 |
| Canned, Frozen & Preservd Fruit, Veg & Food Specialties | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Gas & Other Services Combined | 1 | 1 |
| Gold and Silver Ores | 1 | 1 |
| Grain Mill Products | 1 | 1 |
| Heavy Construction Other Than Bldg Const - Contractors | 1 | 1 |
| Metal Mining | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Miscellaneous Food Preparations & Kindred Products | 1 | 1 |
| Oil Royalty Traders | 1 | 1 |
| Paper Mills | 1 | 1 |
| Real Estate Operators (No Developers) & Lessors | 1 | 1 |
| Retail-Computer & Computer Software Stores | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Retail Stores, NEC | 1 | 1 |
| Rolling Drawing & Extruding of Nonferrous Metals | 1 | 1 |
| Services-Detective, Guard & Armored Car Services | 1 | 1 |
| Services-Engineering, Accounting, Research, Management | 1 | 1 |
| Services-Management Services | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Special Industry Machinery, NEC | 1 | 1 |
| Water Supply | 1 | 1 |
| Wholesale-Motor Vehicle Supplies & New Parts | 1 | 1 |
| Retail-Eating Places | 3 | 4 |
| Natural Gas Transmission | 2 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 2 | 3 |
| Finance Services | 18 | 28 |
| Accident & Health Insurance | 1 | 2 |
| Aircraft Engines & Engine Parts | 1 | 2 |
| Computer Peripheral Equipment, NEC | 1 | 2 |
| Converted Paper & Paperboard Prods (No Contaners/Boxes) | 1 | 2 |
| Cutlery, Handtools & General Hardware | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Inorganic Chemicals | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Men's & Boys' Furnishgs, Work Clothg, & Allied Garments | 1 | 2 |
| Mining & Quarrying of Nonmetallic Minerals (No Fuels) | 1 | 2 |
| Paperboard Containers & Boxes | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Radio & Tv Broadcasting & Communications Equipment | 1 | 2 |
| Retail-Auto & Home Supply Stores | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-General Medical & Surgical Hospitals, NEC | 1 | 2 |
| Ship & Boat Building & Repairing | 1 | 2 |
| National Commercial Banks | 5 | 11 |
| Investment Advice | 3 | 8 |
| Pharmaceutical Preparations | 4 | 11 |
| Electric Services | 5 | 15 |
| Fire, Marine & Casualty Insurance | 4 | 12 |
| Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip | 1 | 3 |
| Computer & office Equipment | 1 | 3 |
| General Industrial Machinery & Equipment | 1 | 3 |
| Life Insurance | 1 | 3 |
| Operative Builders | 1 | 3 |
| Retail-Auto Dealers & Gasoline Stations | 1 | 3 |
| Services-Commercial Physical & Biological Research | 1 | 3 |
| Services-Consumer Credit Reporting, Collection Agencies | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Crude Petroleum & Natural Gas | 2 | 7 |
| Security Brokers, Dealers & Flotation Companies | 2 | 7 |
| Real Estate Investment Trusts | 7 | 27 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Motor Vehicles & Passenger Car Bodies | 1 | 4 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 1 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 1 | 4 |
| Services-Prepackaged Software | 4 | 19 |
| Beverages | 1 | 5 |
| Biological Products, (No Diagnostic Substances) | 1 | 5 |
| Computer Storage Devices | 1 | 5 |
| Industrial Instruments For Measurement, Display, and Control | 1 | 5 |
| Laboratory Analytical Instruments | 1 | 5 |
| Retail-Variety Stores | 1 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 1 | 5 |
| Electric & Other Services Combined | 2 | 12 |
| State Commercial Banks | 1 | 6 |
| Semiconductors & Related Devices | 2 | 15 |
| Services-Business Services, NEC | 2 | 16 |
280 paragraphs · Investment Advice show all sectors
increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.
Read in the 10-K filed Feb 25, 2026 ↗
•macroeconomic conditions resulting in downturns or volatility in the global credit markets, such as changes in interest rates, inflation and geopolitical events;
Read in the 10-K filed Feb 25, 2026 ↗
Our performance and the performance of our Private Equity Group funds are significantly impacted by the value of the companies in which our funds have invested. Our funds invest in companies in many different industries, each of which is subject to volatility based upon a variety of factors, including economic, market, and geopolitical factors. During recessions, periods of elevated uncertainty, or phases of challenging economic and market conditions, we experience significant fluctuations in the fair value of securities held by our funds. Further, geopolitical and domestic political uncertainty, unexpected shifts in monetary and fiscal policy, changes in interest rates, depressed labor force participation, the risk of labor shortages in the face of more restrictive immigration policies, supply chain pressures and other general economic trends may impact the performance of our portfolio companies in many industries and geographies. In addition, the value of our investments in portfolio companies in the financial services industry is impacted by the overall health and stability of the credit and equity markets. The performance of our Private Equity Group funds, and our performance, may be adversely affected to the extent our fund portfolio companies experience adverse performance or additional pressure. In addition, the performance of our investment funds and our portfolio companies may be adversely affected by increases in inflationary pressures such as employee wage growth or rising input costs, which could compress profit margins, particularly at our portfolio companies that are unable to effectively increase prices in response. Rapid and unforeseen technological transformation, such as the recent technological developments with respect to artificial intelligence, may introduce the risk of obsolescence to portfolio companies and negatively affect their performance. In response to financial difficulties that are currently being experienced or that may be experienced in the future by certain portfolio companies, we may consider legal, regulatory, tax, or other factors in determining the steps we may take to support such companies or investments, which may include enhancing the management team or funding additional capital investments from our funds, our investment professionals, and/or us. The actions we may take to support companies or investments experiencing financial difficulties may not be successful in remedying the financial difficulties and our investment funds, our investment professionals, or we may not recoup some or all of any capital investments made in support of such companies or investments.
Read in the 10-K filed Feb 25, 2026 ↗
investors. Relatedly, slower-than-expected interest rate decreases have adversely impacted, and may continue to adversely impact, the ability to realize value from certain investments, such as in certain real estate sectors, given the potential adverse impact on equity prices and caution on the part of potential acquirers. Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate. Accordingly, a decline in interest rates and/or widening of credit spreads would make it more difficult for such funds to replicate such strong performance.
Read in the 10-K filed Feb 27, 2026 ↗
Our real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which, in addition to being subject to many of the risks outlined above, are subject to additional risks. The increase in exposure to digital infrastructure has supported strong performance for our real estate and infrastructure funds. Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown, regulatory impediments or changes in the needs or strategies of a relatively small number of key customers on behalf of which our funds have undertaken development. Digital infrastructure demand is highly concentrated in a small number of large counterparties. Such concentration makes the value of digital infrastructure assets particularly susceptible to the risk of financial distress, consolidation or change in capital and expenditure trends of a single or small number of tenants. Digital infrastructure requires significant upfront and ongoing capital expenditure for land, power, construction and equipment, as well as access to reliable power sources, which may be constrained in key markets. An increase in the price of such inputs can increase build and operating costs and reduce the profitability of such investments. The inability to access sufficient power could constrain our ability to develop land acquired for digital infrastructure or to deliver the levels of power required by tenants, each of which could negatively impact the value of our funds’ investments. Given the long-term nature of many of the tenant leases at our funds’ digital infrastructure assets, a prolonged period of high interest rates could also negatively impact the valuation of such assets to the extent the contractual rent escalators in such leases are insufficient to offset increased costs. In addition, advancements in computing and AI Technologies, including efficiency improvements (without related increases in the adoption and development of such technologies), as well as technological changes that render existing data center designs less competitive or require significant redevelopment, could negatively impact demand for, and the valuation of, our digital infrastructure assets. The digital infrastructure sector is also highly competitive, with pressure from various data center operators and hyperscalers building their own facilities. In addition, digital infrastructure assets have recently faced and continue to face increasing opposition from local communities and organizations. These factors may make it more difficult to deploy additional capital and continue to grow our investments in the sector.
Read in the 10-K filed Feb 27, 2026 ↗
conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation
Read in the 10-K filed Feb 27, 2026 ↗
common stock), valuation, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand
Read in the 10-K filed Feb 27, 2026 ↗
shock to global, regional and national economies, and an increase in inflationary pressures. These events and the disruptions
Read in the 10-K filed Feb 27, 2026 ↗
based on the level and volatility of interest rates, prevailing foreign currency exchange rates, the types of investments that are
Read in the 10-K filed Feb 27, 2026 ↗
future capital investments by us in such companies, future market and economic conditions, including interest rates, and
Read in the 10-K filed Feb 27, 2026 ↗
terms or offerings, changes in interest rates that make other financial products more attractive, changes in investor
Read in the 10-K filed Feb 27, 2026 ↗
analysis, so a change in interest rates could significantly impact the value of our infrastructure investments.
Read in the 10-K filed Feb 27, 2026 ↗
and our investment vehicles own. Interest income earned from debt investments with floating interest rates should increase
Read in the 10-K filed Feb 27, 2026 ↗
if the applicable benchmark interest rate were to rise, and the reverse is true if the applicable benchmark interest rate were
Read in the 10-K filed Feb 27, 2026 ↗
to decline. However, during periods of rising interest rates, the obligor of such floating rate debt may become less able to pay
Read in the 10-K filed Feb 27, 2026 ↗
interest rates, changes in interest rates generally will also cause the value of the fixed rate debt to vary inversely to such
Read in the 10-K filed Feb 27, 2026 ↗
increased interest rate or on unfavorable terms, we may have difficulty completing otherwise profitable acquisitions or may
Read in the 10-K filed Feb 27, 2026 ↗
market conditions, including changes to interest rates, cause the cost of our financing to increase relative to the income that
Read in the 10-K filed Feb 27, 2026 ↗
increases in their company’s expenses, interest rate changes, and other adverse economic, market and industry
Read in the 10-K filed Feb 27, 2026 ↗
vehicles are also sensitive to changes in interest rates because these strategies rely on borrowed money and because the
Read in the 10-K filed Feb 27, 2026 ↗
value of the underlying portfolio loans can fall when interest rates rise. As a result of their use of large amounts of leverage,
Read in the 10-K filed Feb 27, 2026 ↗
inflation, supply chain disruptions, labor shortages, delays in completion, defects, the inability to obtain or maintain
Read in the 10-K filed Feb 27, 2026 ↗
sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected
Read in the 10-K filed Feb 27, 2026 ↗
Interest rate risk is a particularly significant market risk for our insurance business. Fluctuations in market interest rates
Read in the 10-K filed Feb 27, 2026 ↗
financial, capital and operating profile. This risk arises from Global Atlantic’s holdings in interest rate-sensitive assets and
Read in the 10-K filed Feb 27, 2026 ↗
to the level of interest rates or with market values which fluctuate based on the level of interest rates, as well as the fixed
Read in the 10-K filed Feb 27, 2026 ↗
adequately cash flow match liabilities sold with higher benefits and interest rates fall while Global Atlantic holds that liability,
Read in the 10-K filed Feb 27, 2026 ↗
Both rising and declining interest rates can negatively affect our insurance business. This risk is present across most of
Read in the 10-K filed Feb 27, 2026 ↗
charge, at any time. Higher interest rates may result in increased surrenders on interest-sensitive products, such as annuity
Read in the 10-K filed Feb 27, 2026 ↗
interest rate environment the cost of insurance on new business is generally expected to be elevated, including higher
Read in the 10-K filed Feb 27, 2026 ↗
Atlantic’s ability to lower crediting rates is subject to several constraints. Prolonged periods of low interest rates could
Read in the 10-K filed Feb 27, 2026 ↗
business volumes than it has historically earned. Lower interest rates may reduce the demand for Global Atlantic’s insurance
Read in the 10-K filed Feb 27, 2026 ↗
potential clients. In a period of declining or lower interest rates, Global Atlantic’s investment earnings may decline because
Read in the 10-K filed Feb 27, 2026 ↗
existing investments may prepay or refinance and new investments will likely bear lower interest rates, and Global Atlantic
Read in the 10-K filed Feb 27, 2026 ↗
support. In addition, the yield on Global Atlantic’s floating rate assets will decline as interest rates decline, reducing Global
Read in the 10-K filed Feb 27, 2026 ↗
force contracts in response to declining interest rates may result in greater surrenders than originally estimated, which may
Read in the 10-K filed Feb 27, 2026 ↗
Additionally, to the extent that changes in market conditions, including changes to interest rates and net spreads, cause
Read in the 10-K filed Feb 27, 2026 ↗
economic factors, including interest rates and equity markets. Inaccuracies could result in, among other things, an increase in
Read in the 10-K filed Feb 27, 2026 ↗