Centrus Energy Corp. is a Delaware-based supplier of nuclear fuel components and enrichment services, operating LEU and Technical Solutions segments that provide LEU, SWU, HALEU production, and related technical and manufacturing services to commercial utilities and the U.S. government.

# Centrus Energy Corp.

## Company and business model
- Centrus Energy Corp. is a Delaware corporation supplying nuclear fuel components and related services to the nuclear power industry.
- Operates through two primary segments:
  - LEU (Low Enriched Uranium): supplies nuclear fuel components to commercial utilities worldwide, including LEU, SWU (separative work units), natural uranium hexafluoride (UF6), and, occasionally, uranium concentrates or conversion products. The LEU segment focuses on the enrichment component of LEU and serves domestic and international utilities through long-term contracts, spot purchases, and inventory.
  - Technical Solutions: provides advanced uranium enrichment for the nuclear industry and the U.S. government, along with advanced manufacturing, engineering, and other technical services for government and private-sector customers. Activities include HALEU production capability and capabilities needed for advanced nuclear fuel production and related services.
- Positions itself as a key provider of U.S.-origin enrichment capabilities, including HALEU (high-assay LEU, 5%–20% U-235), supporting domestic enrichment capability, national security, energy security, and clean energy objectives.

## Key capabilities and activities
- HALEU production:
  - Operating enrichment capacity for HALEU under a DOE contract.
  - Began enrichment operations at the Piketon, Ohio facility on October 11, 2023.
  - Delivered HALEU to the DOE on November 7, 2023 (Phase 1 completion).
- U.S. domestic enrichment:
  - Deploys the AC100M centrifuge and holds NRC licensing for that technology.
- Manufacturing and capacity plans:
  - Oak Ridge, Tennessee:
    - Resumed centrifuge manufacturing in 2024.
    - Announced in January 2026 an investment plan of more than $560 million over several years to convert Oak Ridge into a high-rate manufacturing facility.
    - First new centrifuges produced in Oak Ridge are expected to come online in Ohio in 2029.
  - Piketon, Ohio:
    - Announced plans in September 2025 for a major expansion of enrichment capacity to produce LEU and HALEU.
    - December 2025: began design work on a 150,000 sq ft training, operations, and maintenance facility at the site.
    - December 2025: started domestic centrifuge manufacturing to support LEU activities at Piketon.
- Support infrastructure:
  - Project to rehabilitate and repurpose an existing building on the American Centrifuge Plant site for site infrastructure, training facilities, and maintenance bays (design work began December 2025).

## Contracts, funding, and program structure
- DOE agreements and awards:
  - HALEU Demonstration Contract: DOE-funded construction of a cascade of 16 AC100M centrifuges in Piketon; funded up to $173.0 million with a period ending 2022.
  - HALEU Operation Contract (awarded November 2022): initial base value around $150 million across Phase 1 and Phase 2 through 2024; Phase 2 production target of 900 kg HALEU UF6 delivered. As of December 31, 2025, Phase 2 funding increased to $170.1 million and the period was extended to January 31, 2026.
  - DOE amendments include a Phase 2 option structure (Option 1a and Option 1b) with target costs and fees; Option 1a funded at $108.2 million; Option 1b is subject to revised cost proposals due to cost increases.
  - DOE IDIQ awards (late 2024) for HALEU Deconversion Contract, HALEU Production Contract, and LEU Production Contract; each IDIQ award carries a $2.0 million contract minimum per awardee with overall ceilings; task orders to be issued by DOE.
  - January 2026 update: DOE selected Advanced Centrifuges (ACO) for a $900.0 million task order to expand enrichment capacity at Piketon for commercial HALEU production, subject to definitive agreements and funding. DOE may issue up to $170.0 million in options for HALEU production. There are no guarantees of when or whether funding will be awarded.
- LEU backlog and revenue visibility:
  - The company reports a LEU-related sales and contingent commitments backlog of $2.3 billion through customer contracts to 2040, which underpins production planning.
- Incentives and other funding:
  - Qualifying Advanced Energy Project Credit (§48C) under the IRA: IRS allocated $62.4 million for Oak Ridge manufacturing facility re-equipment. Centrus has two years to provide evidence that requirements are met and two additional years to place the property in service to receive the credit.

## Customers and backlog
- LEU customers consist of major domestic and international utilities.
- The U.S. government is a customer for HALEU and related technical services.
- LEU backlog quantified at $2.3 billion, extending through 2040.

## Strategic positioning and goals
- Restore and expand domestic uranium enrichment capabilities for LEU and HALEU to support U.S. national energy and security objectives.
- Diversify and expand beyond enrichment into complementary markets using its technical expertise, facilities, and supply chain relationships.
- Emphasize stability and resilience of supply chains, domestic production, and job creation in operating communities.

## Notable dates and developments
- Oct 11, 2023: Began enrichment operations at Piketon HALEU facility.
- Nov 7, 2023: First HALEU delivery to DOE (Phase 1 complete).
- Oct 18, 2024; Jan 9, 2025; Aug 14, 2025; Jan 5, 2026: Various DOE task-order competitions and selections related to HALEU and LEU production contracts.
- Sep 25, 2025: Announced plans for major Piketon expansion for LEU and HALEU.
- Dec 2025: Began design work for training/maintenance facility in Piketon; started domestic centrifuge manufacturing at Piketon.
- Jan 2026: Announced Oak Ridge investment plan; first new Piketon production site milestones referenced (2029 for Ohio online).

Blackstone Mortgage Trust, Inc. (BXMT) is a real estate investment trust that originates, acquires, and manages senior loans and other debt-oriented investments secured by commercial real estate across North America, Europe, and Australia and is externally managed by a Blackstone affiliate.

# Blackstone Mortgage Trust, Inc.

## Business model and purpose
- Blackstone Mortgage Trust, Inc. (BXMT) is a Maryland-domiciled real estate investment trust (REIT) that originates, acquires, and manages senior loans and other debt- or credit-oriented investments collateralized by or related to commercial real estate.
- Geography: North America, Europe, and Australia.
- BXMT is externally managed and advised by BXMT Advisors L.L.C. (the Manager), an affiliate of Blackstone. The company operates as a single segment focused on real estate debt.

## Investment strategy
- Primary focus: directly originate, co-originate, and acquire senior loans (floating-rate mortgage loans) secured by high-quality, institutional commercial real estate assets in major markets, sponsored by experienced owners and operators.
- Financing approach: fund investments using secured credit facilities, CLOs, securitizations, asset-level financings, and syndicated loans/participations; opportunistically use resecuritizations and other financing.
- Leverage strategy: target debt-to-equity generally below 4-to-1, with a view to matching tenor, currency, and indices of assets and liabilities; use hedging to manage rate and currency risk where appropriate.
- Portfolio resilience: 97% of the Loan Portfolio by principal balance earns a floating rate, aligning equity exposure with rising rates (subject to rate floors).

## Portfolio highlights (as of December 31, 2025)
- Loan Portfolio: 131 loans with total principal balance of $18.2 billion.
- 2025 activity:
  - Originated or acquired: $5.7 billion of loans.
  - Loan fundings: $5.6 billion.
  - Repayments/sales: $6.1 billion.
  - Net repayments: $452.8 million.
- Owned Real Estate: 12 owned real estate assets with aggregate carrying value of $1.3 billion.
- Bank Loan Portfolio Joint Venture (with a Blackstone-advised vehicle):
  - Acquired two portfolios totaling $2.0 billion; BXMT’s share: $719.4 million.
  - BXMT’s ownership interest in the Bank Loan Portfolio Joint Venture: 35%.
- Net Lease Joint Venture (with a Blackstone-advised vehicle):
  - Acquired 178 properties with aggregate purchase price of $421.8 million.
  - BXMT’s ownership: 75%.
- Financing and liquidity:
  - CLO securitization issued in 2025: $1.0 billion.
  - Added $414.0 million of secured debt capacity via new facilities and refinements; borrowed $91.0 million under term loan facilities.
  - Weighted-average spread on secured debt: +1.83% over benchmark rates (vs +1.92% in 2024).
  - Total liquidity: $1.0 billion.
  - No corporate debt maturities before 2027.
  - Outstanding portfolio financing (as of 12/31/2025):
    - Secured debt: $10,125,839 thousand
    - Securitizations: $2,149,496 thousand
    - Asset-specific debt: $999,810 thousand
    - Total portfolio financing: $13,275,145 thousand
- Concentration and exposure:
  - As of 12/31/2025, 97% of the Loan Portfolio by principal balance is floating-rate.
  - The company holds and may increase investments outside the U.S.; non-domestic CRE-related assets introduce currency, regulatory, and political risks.

## Corporate structure and management
- Manager relationship: BXMT Advisors L.L.C. (the Manager) runs day-to-day operations and investment activities; the Manager is an affiliate of Blackstone.
- Employees: BXMT does not have any employees; executive officers are employees of the Manager or its affiliates.
- Blackstone linkage: BXMT benefits from Blackstone’s platform and Real Estate Debt Focus (BREDS). As of 12/31/2025, BREDS employed 176 dedicated professionals (including 27 investment professionals in London and Australia) managing $77.5 billion of investor capital.
- Governance and conflicts: the company discloses potential conflicts of interest related to allocations of opportunities among BXMT and other Blackstone-advised accounts, joint ventures, service providers, and portfolio entities. The company describes risk and governance controls, including information walls and allocation methodologies.

## Intellectual property and branding
- BXMT uses the Blackstone and BXMT names under a trademark license agreement with Blackstone affiliates. The license can be terminated under certain conditions, after which BXMT would need to change its name and ticker.
- The company relies on Blackstone’s brand and ancillary services, including data, analytics, and shared platforms; some branding and name use are contingent on the continued relationship with the Manager.

## Key takeaways
- BXMT is a commercial real estate debt-focused REIT that originates and acquires senior and other debt instruments tied to real estate, using Blackstone’s platform for sourcing, underwriting, and structuring.
- The company emphasizes floating-rate exposure and diversified financing channels (secured facilities, CLOs, securitizations), and maintains selective owned real estate assets via joint ventures.
- BXMT operates without direct employees and relies on the Manager and Blackstone ecosystem; this arrangement creates potential conflicts of interest that are addressed in the company's disclosures.
- The portfolio includes a mix of loans (131), owned real estate (12 assets), and joint ventures (Bank Loan Portfolio and Net Lease) with substantial principal and asset values reported for 2025.
- Reported liquidity and financing metrics indicate capacity to fund new investments, with no near-term corporate debt maturities and an active securitization program.

Medpace is a leading global clinical contract research organization (CRO) providing scientifically driven, full-service Phase I–IV clinical development services for biotechnology, pharmaceutical, and medical device companies.

# Medpace Holdings, Inc.

## Core business
- One of the world’s leading clinical contract research organizations (CROs) by revenue.
- Focuses exclusively on scientifically driven outsourced clinical development services for biotechnology, pharmaceutical, and medical device companies.
- Mission: accelerate global development of safe and effective medical therapeutics.
- Offers full-service Phase I–IV clinical development with a disciplined operating model and therapeutic expertise.
- Positions itself as the partner of choice for small and mid-sized biopharmaceutical companies by delivering timely, high-quality results.

## How revenue is generated
- Revenue is generated by providing a full suite of services that support the entire clinical development process from Phase I to Phase IV across multiple therapeutic areas.

## Services and capabilities
- Medical Department: therapeutic leads provide strategic direction for study design, training, medical monitoring, and regulatory interaction.
- Clinical Trial Management (CTM): leads study execution; uses ClinTrak, Medpace’s proprietary information management system integrated with SOPs; provides real-time study metrics.
- Data-Driven Feasibility: dedicated team analyzes protocols using multiple data sources to identify optimal countries and sites.
- Study Start-Up: global staff handle submissions to IRBs/ethics committees and ex-US authorities; includes dedicated budget and legal associates for site contracts.
- Patient Recruitment and Retention: develops strategic solutions to address motivators and barriers to joining and remaining in studies.
- Clinical Monitoring: CRAs (in-house, onsite, and virtual) ensure compliance and data quality; operate under a global matrix structure with ongoing training.
- Risk-Based Monitoring: emphasizes prevention and mitigation of key risks to protect subjects and data integrity.
- Regulatory Affairs: provides strategic, operational, and tactical regulatory guidance and documentation.
- Medical Writing: collaborates with medical experts to produce study protocols, reports, and submission documents.
- Biometrics and Data Sciences: handles data collection and management, statistical methodology, programming, and quality control for regulatory submissions.
- Pharmacovigilance: safety data collection, evaluation, analysis, and reporting; global adverse event management.
- Core Laboratory: imaging and cardiovascular core lab services; partners with imaging experts; integrates with ClinTrak.
- Central Laboratory: locations in Cincinnati (US), Leuven (Belgium), Shanghai (China), and Singapore; capabilities in specialized esoteric testing and biomarkers; includes a biorepository and molecular/genetic testing.
- Bioanalytical Laboratory: Cincinnati campus; GLP-compliant; performs method transfer, development, validation, and analysis of clinical samples.
- Clinics: conducts studies in healthy volunteers and various patient populations at the Cincinnati campus.
- Quality Assurance: regulatory training, audits, SOP oversight, site/vendor audits, and inspection support.

## Therapeutic focus and market positioning
- Operates across major therapeutic areas with particular strength in Oncology, Metabolic, Cardiology, Antiviral and Anti-infective (AVAI), and Central Nervous System (CNS).

## Geographic footprint and facilities
- Central Laboratory locations: Cincinnati, Leuven, Shanghai, and Singapore.
- Bioanalytical Laboratory: Cincinnati, Ohio.
- Clinics: Cincinnati, Ohio.
- Services integrate with ClinTrak for real-time data access and oversight.

## Customer base and engagement
- Serves a diversified customer mix, including small biopharmaceutical companies, mid-sized biopharmaceutical companies, and large pharmaceutical companies.
- May enter payment risk-sharing arrangements, flexible terms, or other risk-sharing agreements related to trial execution.

## Data and disclosures
- Market and industry data are based on management’s knowledge and publicly available sources; the company does not independently verify all external market data.
- The company uses forward-looking statements and references to “Net New Business Awards and Backlog” in other sections of the annual report.

Highwoods Properties, Inc., together with its operating partnership Highwoods Realty Limited Partnership, owns and operates in-service real estate properties (including wholly owned and joint venture interests) and separately tracks development projects until they are completed and stabilized.

# Highwoods Properties, Inc.

## Overview
Highwoods Properties and its operating partnership own and operate real estate properties that are classified as in-service. Development projects are excluded from in-service status until they are completed and stabilized.

## Core business model
- Owns and operates in-service properties.
- In-service properties include:
  - Wholly owned properties.
  - Properties owned by consolidated and unconsolidated joint ventures, counted at the company’s share.
- Development projects are tracked separately and become in-service once completed and stabilized.

## Stabilization criteria
A project is considered stabilized at the earlier of:
- The projected stabilization date; or
- The date on which occupancy generally exceeds 93%.

## Reporting approach and organizational structure
- The combined report includes the Annual Reports on Form 10-K for the period ended December 31, 2025 of Highwoods Properties, Inc. (the Company) and Highwoods Realty Limited Partnership (the Operating Partnership).
- Combining the reports:
  - Presents the business as a single operating unit for management and investors.
  - Enables investors to view the business as a whole in the same manner as management.
  - Improves efficiency and reduces duplicative disclosure by providing a single document.

## Presentation of differences between entities
To clarify significant differences between the Company and the Operating Partnership, the report provides separate sections for:
- Item 9A – Controls and Procedures
- Item 15 – Certifications of CEO and CFO Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act
- Consolidated Financial Statements
- Note 10 – Equity
- Note 13 – Earnings Per Share and Per Unit

## Contents and structure
The Table of Contents for the combined report shows coverage of PART I, including:
- 1. BUSINESS
- 1A. RISK FACTORS
- 1B. UNRESOLVED STAFF COMMENTS
- 1C. CYBERSECURITY
- 2. PROPERTIES
- 3. LEGAL PROCEEDINGS
- 4. MINE SAFETY DISCLOSURES
- X. INFORMATION ABOUT OUR EXECUTIVE OFFICERS

## Entities included
The combined report covers Highwoods Properties, Inc. and Highwoods Realty Limited Partnership.

Medici List

CENTRUS ENERGY CORP

Filed: 2026-02-11

BLACKSTONE MORTGAGE TRUST, INC.

Filed: 2026-02-11

Medpace Holdings, Inc.

Filed: 2026-02-10

HIGHWOODS REALTY LTD PARTNERSHIP

Filed: 2026-02-10