Weak Cash Generation / Cash BurnDeeply negative operating and free cash flow (~-277M TTM) is a durable risk: ongoing cash burn can force asset sales, limit follow-on funding for portfolio winners, or require external financing. Over a 2–6 month horizon this increases execution and funding pressure on the investment strategy.
Persistently Negative And Volatile ProfitabilityVery negative margins and volatile historical profits indicate earnings are driven by revaluations rather than steady operating income. This reduces predictability of returns, complicates planning for distributions or buybacks, and increases dependence on successful future exits for durable shareholder value.
NAV Markdowns And Large Discount To NAVSequential NAV declines and valuation markdowns on key holdings, combined with a persistent ~49% share discount, create structural headwinds. A sustained discount can impair access to capital, reduce realized proceeds from secondary sales, and limit management's ability to convert NAV into shareholder value.