Historic Cash-flow VolatilityMaterial multi-year swings in operating and free cash flow indicate timing and business-model sensitivities that impair predictability of distributable cash. Such variability complicates planning for dividends, buybacks and loss provisioning, raising execution risk during market stress or credit cycles.
High Absolute Debt BurdenWhile leverage ratios improved, the large nominal debt stock increases exposure to rising funding costs and asset value deterioration. Significant outstanding obligations can constrain strategic flexibility, magnify covenant or liquidity risk, and heighten sensitivity to adverse credit or interest-rate scenarios.
Phased Lift Of Transfer Restrictions Increasing Share SupplyWaiving lock-ups and permitting phased share releases over months raises the potential for increased share supply and elevated trading activity. Over the medium term this can pressure NAV per share and complicate capital allocation choices between repurchases and reinvestment, affecting long‑term shareholder returns.