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.

Exelixis, Inc. is an oncology-focused biopharmaceutical company that develops, markets, and collaborates on cancer therapies, led commercially by the cabozantinib franchise and advancing a pipeline that includes small molecules and biotherapeutics such as zanzalintinib.

# Exelixis, Inc.

## Overview
Exelixis is an oncology-focused biopharmaceutical company that develops, markets, and collaborates on cancer therapies. Its commercial business is driven by the cabozantinib franchise, and the company advances a pipeline of small molecules and biotherapeutics through internal programs and partnered collaborations. Development, manufacturing, and post-market activities are largely conducted with third-party contract manufacturers and commercial partners.

## Core products and indications
- CABOMETYX (cabozantinib)
  - Renal cell carcinoma (advanced; first-line and subsequent lines, as monotherapy and in combination with nivolumab)
  - Hepatocellular carcinoma (previously treated)
  - Differentiated thyroid cancer (previously treated or refractory)
  - Pancreatic and extra-pancreatic neuroendocrine tumors (pNET and epNET)
  - Ongoing development for additional indications and combinations with immune checkpoint inhibitors
- COMETRIQ (cabozantinib, capsule)
  - Progressive, metastatic medullary thyroid cancer (MTC)
- Commercialization outside the U.S./Japan
  - Ipsen: most non-U.S. markets (excluding Japan) with co-development/co-promotion in select indications
  - Takeda: Japan

## Lead clinical program — zanzalintinib
- Oral kinase inhibitor targeting TAM kinases (TYRO3, AXL, MER) as well as MET and VEGF receptors
- Pivotal and registrational trials underway in:
  - Colorectal cancer (metastatic, non-MSI-H/dMMR; STELLAR-303)
  - Renal cell carcinoma (nccRCC; STELLAR-304)
  - Neuroendocrine tumors (STELLAR-311)
  - Other indications including meningioma
- Development plans include monotherapy and combinations with immune checkpoint inhibitors (atezolizumab, nivolumab, etc.)
- NDA for zanzalintinib in combination with atezolizumab for metastatic colorectal cancer was submitted in December 2025; FDA accepted the NDA with a PDUFA target date of December 3, 2026.

## Pipeline highlights
- Small molecules and biotherapeutics, including internally developed and in-licensed programs:
  - XL309 (USP1 inhibitor)
  - XB010 (ADC targeting 5T4)
  - XB628 (PD-L1/NKG2A bispecific)
  - XB371 (TF-targeting ADC)
  - ADU-1805 (SIRPα-targeting antibody; collaboration with Sairopa)
- Additional discovery and platform collaborations support ADCs, multispecific antibodies, and other modalities.

## Financial highlights
- Net product revenues:
  - 2025: $2,122.8 million
  - 2024: $1,809.4 million
  - 2023: $1,628.9 million
- Royalties (outside the U.S. for cabozantinib):
  - 2025: $179.2 million
  - 2024: $166.9 million
  - 2023: $148.5 million
- Profitability: 2025 was the company’s ninth consecutive year of annual profitability.

## Commercial and manufacturing operations
- U.S. commercial model: Exelixis markets CABOMETYX and COMETRIQ directly via an integrated commercial team.
- International commercialization: Ipsen and Takeda manage distribution and commercialization under collaboration agreements.
- Patient support: Exelixis operates the EASE patient access program for co-pay assistance and reimbursement support.
- Manufacturing and supply: CMC development, clinical, and commercial production are performed by third-party contract manufacturers; cabozantinib-related manufacturing is coordinated with collaboration partners.
- Pharmacovigilance: A global safety database is maintained, with safety reporting responsibilities shared with Ipsen and Takeda for non-U.S. territories.
- Regulatory approvals: CABOMETYX and COMETRIQ are approved in the U.S., EU/EEA, U.K., Japan, and other markets, with region-specific labeling and post-marketing obligations.

## Strategic collaborations and business development
- Cabozantinib commercialization and development partners:
  - Ipsen: exclusive non-U.S. rights outside the U.S., Canada, and Japan; co-development and cost-sharing in select trials
  - Takeda: exclusive rights in Japan; collaboration on Japan-specific development and commercialization
  - Bristol Myers Squibb (BMS): collaborations on cabozantinib with nivolumab and/or ipilimumab
  - Roche/Genentech: combination studies with atezolizumab and joint clinical research agreements
- Zanzalintinib and discovery collaborations: partnerships with Roche, Merck (MSD), BMS, Genentech, Invenra, Sairopa, Insilico Medicine, Catalyst, and others for combination trials and discovery efforts
- Additional collaborations:
  - Insilico (XL309 license), Sairopa (ADU-1805), Adagene (SAFEbody technology), Catalent (SMARTag ADC platform), Invenra (multispecific antibodies), Iconic (TF-targeting antibodies), Basecamp Bio (SSTR2 acquisition)
- Cooperative agreements and external trials: NCI-CTEP CRADA and alliance-led STELLAR trials expand development and evidence generation.

## Competitive landscape and intellectual property
- Cabozantinib competes with approved therapies and late-stage programs across RCC, HCC, DTC, pNET/epNET, and MTC indications.
- Exelixis holds multiple cabozantinib patents in the U.S. and other jurisdictions, with Orange Book listings and expirations through the 2020s and 2030s.
- The company faces generic competition risk and ongoing patent litigation and IP challenges related to cabozantinib.

## Regulatory and policy environment
- Ongoing regulatory requirements apply for approvals, labeling, manufacturing controls, and post-marketing safety reporting in the U.S. and globally.
- U.S. healthcare policy, pricing, and reimbursement changes (including provisions under the Inflation Reduction Act and Part D discussions) may affect coverage and net revenues.
- EU regulatory reforms, including potential changes to orphan designations and HTA processes, could influence timelines and market access in Europe.
- The company maintains compliance programs for privacy, data security, and anti-kickback/false claims regulations.

Medici List

BLACKSTONE MORTGAGE TRUST, INC.

Filed: 2026-02-11

Medpace Holdings, Inc.

Filed: 2026-02-10

HIGHWOODS REALTY LTD PARTNERSHIP

Filed: 2026-02-10

EXELIXIS, INC.

Filed: 2026-02-10