Interest rates and inflation
130 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 | 17 | 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 |
| Services-Business Services, NEC | 2 | 16 |
| Semiconductors & Related Devices | 1 | 15 |
277 paragraphs · Services-Computer Programming, Data Processing, Etc. show all sectors
Our bitcoin strategy has not been tested over an extended period of time or under all market conditions. We are continually examining the risks and rewards of our strategy to acquire and hold bitcoin. This strategy has not been tested over an extended period of time or under all market conditions. For example, although we believe bitcoin, due to its limited supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of bitcoin declined in recent periods during which the inflation rate increased. If bitcoin prices were to decline or our bitcoin strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of our listed securities would be materially adversely impacted.
Read in the 10-K filed Feb 27, 2026 ↗
Changes in the accounting treatment of our bitcoin holdings could have significant accounting impacts, including increasing the volatility of our results. We have adopted ASU 2023-08 as of January 1, 2025, which requires us to measure our bitcoin holdings at fair value in our statement of financial position, and to recognize gains and losses from changes in the fair value of our bitcoin in net income each reporting period. ASU 2023-08 requires us to provide certain interim and annual disclosures with respect to our bitcoin holdings. Due in particular to the volatility in the price of bitcoin, the adoption of ASU 2023-08 has materially impacted on our financial results, increased the volatility of our financial results, affected the carrying value of our bitcoin on our balance sheet, and we expect these impacts to continue. For example, we incurred an unrealized loss on digital assets of $340,602.9 for the year-ended December 31, 2025. Significant variances in gains and losses could occur in future periods. As described in greater detail under the risk factor heading “Unrealized fair value gains on our bitcoin holdings could cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022,” ASU 2023-08 could also have adverse tax consequences. These impacts could in turn have a material adverse effect on our financial results and the market price of our listed securities.
Read in the 10-K filed Feb 27, 2026 ↗
Changes to the Cronos network—whether technical, economic, or governance-related—may occur without our input and could negatively affect the value, usability, or structure of Cronos. Additionally, Cronos holdings face risks related to custody, security, and uncertain accounting or tax treatment, which could lead to financial loss or reporting challenges. As compared to more established digital assets like bitcoin, the Cronos network is governed by a more concentrated group of stakeholders. Decisions regarding tokenomics, inflation schedules, staking rewards, validator requirements, or network architecture may ultimately be made without our input or consent. Such changes could materially reduce the value, utility, or liquidity of our Cronos holdings.
Read in the 10-K filed Feb 27, 2026 ↗
Unrealized fair value gains on our bitcoin holdings could cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022.
Read in the 10-K filed Feb 27, 2026 ↗
The U.S. enacted the Inflation Reduction Act of 2022 (“IRA”) in August 2022. Unless an exemption applies, the IRA imposes a 15% corporate alternative minimum tax (“CAMT”) on a corporation with respect to an initial tax year and subsequent tax years, if the average annual adjusted financial statement income (“AFSI”) for any consecutive three-tax-year period preceding the initial tax year exceeds $1 billion.
Read in the 10-K filed Feb 27, 2026 ↗
macroeconomic changes, such as changes in the level of interest rates and inflation, fiscal and monetary policies of governments, trade restrictions, and fiat currency devaluations;
Read in the 10-K filed Feb 27, 2026 ↗
Our ability to make scheduled payments on and to refinance our indebtedness (whether currently existing or incurred in the future) depends, and will depend, on and is subject to our financial and operating performance, which is influenced, in part, by general economic, financial, competitive, legislative, regulatory, counterparty business, and other risks that are beyond our control, including the availability of financing in the U.S. banking and capital markets. If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital, or restructure or refinance our indebtedness. We cannot assure you that future borrowings will be available to us in an amount sufficient to enable us to service our indebtedness, to refinance our indebtedness, or to fund our other liquidity needs. Even if refinancing indebtedness is available, any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants that could further restrict our business operations. In addition, our bitcoin strategy anticipates that we may issue additional debt in future periods to finance additional purchases of bitcoin, but if we are unable to generate sufficient cash flow to service our debt and make necessary capital expenditures, we may be required to sell bitcoin. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations or our financial covenants, which could cause us to default on our debt obligations. In addition, any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness.
Read in the 10-K filed Feb 27, 2026 ↗
Additionally, the Inflation Reduction Act of 2022 introduced a 1% excise tax on certain share repurchases, which has increased the costs associated with repurchasing shares of our common stock. Even if our share repurchase programs are fully implemented, they may not enhance long-term stockholder value or may not prove to be the best use of our cash. Share repurchases could have an impact on our share trading prices, increase the volatility of the price of our common stock, reduce the market liquidity for our common stock or reduce our available cash balance such that we will be required to seek financing to support our operations.
Read in the 10-K filed Feb 27, 2026 ↗
In connection with the execution of the TAE Merger Agreement, TMTG issued TAE an unsecured convertible promissory note on December 18, 2025 (the “Convertible Note”), pursuant to which TMTG has agreed to fund TAE $200 million within five business days of the date of the Convertible Note, and, upon request from TAE, up to an additional $100 million upon TMTG’s initial filing of a registration statement on Form S-4 in connection with the TAE Merger. The Convertible Note has an interest rate of 7% per annum and is due and payable upon the earlier of (i) the second anniversary of the initial funding date thereof, or (ii) the termination of the Convertible Note for any other reason prior to a maturity date.
Read in the 10-K filed Feb 27, 2026 ↗