v3.25.2
Equity Offerings, Offering Expenses, and Distributions (Tables)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Dividends Declared and Paid
Our distributions to our 5.50% Preferred Stock holders, 6.50% Preferred Stock holders, 7.50% Preferred Stock holders, Floating Rate Preferred Stock holders and 5.35% Series A Preferred Stock holders for the year ended June 30, 2025 and June 30, 2024, are summarized in the following table:
Declaration DateRecord DatePayment DateAmount ($ per share), before pro ration for partial periodsAmount Distributed
5.50% Preferred Stock holders
5/8/20247/17/20248/1/2024$0.114583 $3,516 
5/8/20248/15/20249/3/20240.114583 3,491 
8/28/20249/18/202410/1/20240.114583 3,430 
8/28/202410/16/202411/1/20240.114583 3,406 
8/28/202411/20/202412/2/20240.114583 3,394 
11/8/202412/18/20241/2/20250.114583 3,376 
11/8/20241/22/20252/3/20250.1145833,361 
11/8/20242/19/20253/3/20250.1145833,341 
2/10/20253/19/20254/1/20250.1145833,307 
2/10/20254/18/20255/1/20250.1145833,259 
2/10/20255/21/20256/2/20250.1145833,245 
5/18/20256/18/20257/1/20250.1145833,220 
Distributions for the year ended June 30, 2025$40,346 
5/9/20237/19/20238/1/2023$0.114583 $3,968 
5/9/20238/16/20239/1/20230.114583 3,961 
8/29/20239/20/202310/2/20230.114583 3,907 
8/29/202310/18/202311/1/20230.114583 3,883 
8/29/202311/15/202312/1/20230.114583 3,879 
11/8/202312/20/20231/2/20240.114583 3,854 
11/8/20231/17/20242/1/20240.114583 3,845 
11/8/20232/21/20243/1/20240.114583 3,831 
2/8/20243/20/20244/1/20240.114583 3,821 
2/8/20244/17/20245/1/20240.114583 3,755 
2/8/20245/22/20246/3/20240.114583 3,699 
5/8/20246/18/20247/1/20240.114583 3,677 
Distributions for the year ended June 30, 2024$46,080 
6.50% Preferred Stock holders
5/8/20247/17/20248/1/2024$0.135417 $3,803 
5/8/20248/15/20249/3/20240.135417 3,785 
8/28/20249/18/202410/1/20240.135417 3,749 
8/28/202410/16/202411/1/20240.135417 3,702 
8/28/202411/20/202412/2/20240.135417 3,696 
11/8/202412/18/20241/2/20250.135417 3,686 
11/8/20241/22/20252/3/20250.135417 3,665 
Declaration DateRecord DatePayment DateAmount ($ per share), before pro ration for partial periodsAmount Distributed
11/8/20242/19/20253/3/20250.135417 3,627 
2/10/20253/19/20254/1/20250.1354173,607 
2/10/20254/18/20255/1/20250.1354173,594 
2/10/20255/21/20256/2/20250.1354173,582 
5/8/20256/18/20257/1/20250.1354173,571 
Distributions for the year ended June 30, 2025$44,067 
5/9/20237/19/20238/1/20230.135417 $2,978 
5/9/20238/16/20239/1/20230.135417 3,111 
8/29/20239/20/202310/2/20230.135417 3,279 
8/29/202310/18/202311/1/20230.135417 3,375 
8/29/202311/15/202312/1/20230.135417 3,512 
11/8/202312/20/20231/2/20240.135417 3,627 
11/8/20231/17/20242/1/20240.135417 3,719 
11/8/20232/21/20243/1/20240.135417 3,749 
2/8/20243/20/20244/1/20240.135417 3,777 
2/8/20244/17/20245/1/20240.135417$3,753 
2/8/20245/22/20246/3/20240.135417$3,807 
5/8/20246/18/20247/1/20240.135417$3,811 
Distributions for the year ended June 30, 2024$42,498 
Floating Rate Preferred Stock holders
5/8/20247/17/20248/1/2024$0.152550 $876 
5/8/20248/15/20249/3/20240.152550 1,052 
8/28/20249/18/202410/1/20240.151584 1,111 
8/28/202410/16/202411/1/20240.1515841,225 
8/28/202411/20/202412/2/20240.151584 1,314 
11/8/202412/18/20241/2/20250.1385831,262 
11/8/20241/22/20252/3/20250.138583$1,290 
11/8/20242/19/20253/3/20250.138583$1,276 
2/10/20253/19/20254/1/20250.135417$1,231 
2/10/20254/18/20255/1/20250.135417$1,244 
2/10/20255/21/20256/2/20250.135417$1,245 
5/8/20256/18/20257/1/20250.135417$1,245 
Distributions for the year ended June 30, 2025$14,371 
Floating Rate Preferred Stock holders
1/25/20242/21/20243/1/2024$0.152830 $81 
2/8/20243/20/20244/1/20240.152564 227 
2/8/20244/17/20245/1/20240.152564 436 
2/8/20245/22/20246/3/20240.152564 585 
5/8/20246/18/20247/1/20240.152550 753 
Distributions for the year ended June 30, 2024$2,082 
Declaration DateRecord DatePayment DateAmount ($ per share), before pro ration for partial periodsAmount Distributed
5.35% Preferred Stock holders
5/8/20247/17/20248/1/2024$0.334375 $1,756 
8/28/202410/16/202411/1/20240.334375 1,756 
11/8/20241/22/20252/3/20250.334375 1,756 
2/10/20254/18/20255/1/20250.334375$1,756 
Distributions for the year ended June 30, 2025$7,024 
5/9/20237/19/20238/1/2023$0.334375 $1,983 
8/29/202310/18/202311/1/20230.3343751,967 
11/8/20231/17/20242/1/20240.3343751,756 
2/8/20244/17/20245/1/20240.3343751,756 
Distributions for the year ended June 30, 2024$7,462 
7.50% Preferred Stock holders
1/17/20251/22/20252/3/2025$0.156250 $15 
1/17/20252/19/20253/3/20250.15625078 
2/10/20253/19/20254/1/20250.156250149 
2/10/20254/18/20255/1/20250.156250218 
2/10/20255/21/20256/2/20250.156250264 
5/8/20256/18/20257/1/20250.15625$299 
Distributions for the year ended June 30, 2025$1,023 
The following table summarizes our distributions to common stockholders declared and payable for the year ended June 30, 2025 and June 30, 2024:
Declaration DateRecord DatePayment DateAmount Per ShareAmount Distributed (in thousands)
5/8/20247/29/20248/21/2024$0.06 $25,607 
5/8/20248/28/20249/19/20240.06 25,739 
8/28/20249/26/202410/22/20240.06 26,012 
8/28/202410/29/202411/19/20240.06 26,135 
11/8/202411/26/202412/19/20240.045 19,671 
11/8/202412/27/20241/22/20250.04519,748 
11/8/20241/29/20252/19/20250.04519,842 
2/10/20252/26/20253/20/20250.04519,995 
2/10/20253/27/20254/17/20250.04520,129 
2/10/20254/28/20255/20/20250.04520,297 
5/8/20255/28/20256/18/20250.04520,380 
5/8/20256/26/20257/22/20250.04520,504 
Total declared and payable for the year ended June 30, 2025$264,059 
5/9/20237/27/20238/22/2023$0.06 $24,317 
5/9/20238/29/20239/20/20230.06 24,418 
8/29/20239/27/202310/19/20230.06 24,517 
8/29/202310/27/202311/20/20230.06 24,611 
11/8/202311/28/202312/19/20230.06 24,692 
11/8/202312/27/20231/18/20240.06 24,753 
11/8/20231/29/20242/20/20240.06 24,823 
2/8/20242/27/20243/20/20240.06 24,896 
2/8/20243/27/20244/18/20240.06 24,966 
2/8/20244/26/20245/21/20240.06 25,049 
5/8/20245/29/20246/18/20240.06 25,107 
5/8/20246/26/20247/18/20240.06 25,484 
Total declared and payable for the year ended June 30, 2024$297,633 
Schedule of Stock by Class
The following table shows our outstanding Preferred Stock as of June 30, 2025:
SeriesMaximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Issued via OfferingInception to Date Liquidation Preference Issued via OfferingPreferred Stock OutstandingLiquidation Preference Outstanding
Series A190,000,000 (1)$2,250,000 (1)31,448,021 $786,201 26,763,091 (4)$669,077 
Series M190,000,000 (1)2,250,000 (1)4,110,318 102,758 1,122,110 (4)28,053 
Series M290,000,000 (1)2,250,000 (1)— — — — 
Series A390,000,000 (1)2,250,000 (1)25,020,192 625,505 24,081,697 (4)602,042 
Series M390,000,000 (1)2,250,000 (1)3,490,259 87,256 2,281,053 (4)57,026 
Series A490,000,000 (1)2,250,000 (1)7,025,668 175,642 6,981,297 (5)174,532 
Series M490,000,000 (1)2,250,000 (1)938,860 23,472 2,209,528 (5)55,238 
Series A590,000,000 (1)2,250,000 (1)1,645,964 41,149 1,647,217 41,180 
Series M590,000,000 (1)2,250,000 (1)345,478 8,637 415,787 10,395 
Series AA110,000,000 (2)250,000 (2)— — — — 
Series MM110,000,000 (2)250,000 (2)— — — — 
Series AA210,000,000 (2)250,000 (2)— — — — 
Series MM210,000,000 (2)250,000 (2)— — — — 
Series A2187,000 4,675 187,000 4,675 163,000 (4)4,075 
Series A6,000,000 150,000 6,000,000 150,000 5,251,157 (6)131,279 
Total106,187,000 (3)$2,654,675 (3)80,211,760 $2,005,294 (7)70,915,937 $1,772,897 
(1) The maximum offering of 90,000,000 shares and $2,250,000 aggregate liquidation preference is for any combination of Series A1, Series M1, Series M2, Series A3, Series M3, Series A4, Series M4, Series A5, and Series M5 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1, Series MM1, Series AA2, and Series MM2.
(3) The authorized maximum offering size of Preferred Stock as of June 30, 2025 is 106,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $2,654,675, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and footnote 2 and the table columns are not intended to foot.
(4) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Conversion and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock redemptions through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(6) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program net of shares repurchased via open market purchases and shares retired via the Tender Offer. Refer to subsequent tables for respective fiscal year activity.
(7) Does not foot due to rounding.
The following table shows our outstanding Preferred Stock as of June 30, 2024:
SeriesMaximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Issued via OfferingInception to Date Liquidation Preference of Shares IssuedPreferred Stock Shares OutstandingLiquidation Preference of Shares Outstanding
Series A180,000,000 (1)$2,000,000 (1)31,448,021 $786,201 28,932,457 (4)$723,311 
Series M180,000,000 (1)2,000,000 (1)4,110,318 102,758 1,788,851 (4)44,721 
Series M280,000,000 (1)2,000,000 (1)— — — — 
Series A380,000,000 (1)2,000,000 (1)24,932,955 623,324 24,810,648 (4)620,266 
Series M380,000,000 (1)2,000,000 (1)3,473,259 86,831 3,351,101 (4)83,778 
Series A480,000,000 (1)2,000,000 (1)3,765,322 94,133 3,766,166 (5)94,154 
Series M480,000,000 (1)2,000,000 (1)509,948 12,749 1,401,747 (5)35,044 
Series AA110,000,000 (2)250,000 (2)— — — — 
Series MM110,000,000 (2)250,000 (2)— — — — 
Series AA210,000,000 (2)250,000 (2)— — — — 
Series MM210,000,000 (2)250,000 (2)— — — — 
Series A2187,000 4,675 187,000 4,675 164,000 (4)4,100 
Series A6,000,000 150,000 6,000,000 150,000 5,251,157 (6)131,279 
Total96,187,000 (3)$2,404,675 (3)74,426,823 $1,860,671 69,466,127 $1,736,653 
(1) The maximum offering of 80,000,000 shares and $2,000,000 aggregate liquidation preference is for any combinations of Series A1, Series M1, Series M2, Series A3, Series M3, Series A4, and Series M4 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1, Series MM1, Series AA2, and Series MM2.
(3) The authorized maximum offering size of Preferred Stock as of June 30, 2024 is 96,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $2,404,675, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and footnote 2 and the table columns are not intended to foot.
(4) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Conversion and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock redemptions through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(6) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program net of shares repurchased via open market purchases and shares retired via the Tender Offer. Refer to subsequent tables for respective fiscal year activity.
(7) Does not foot due to rounding.
Series A1, Series A2, Series M1, Series A3, and Series M3 shares outstanding are net of dividend reinvestments paid and conversions to common stock in accordance with their liquidation features. Series A4, Series M4, Series A5, and Series M5 shares outstanding are net of dividend reinvestments paid and redemptions in accordance with their liquidation features. Series A shares outstanding are net of shares repurchased via the authorized repurchase of Series A Preferred Stock. Series M shares outstanding are net of shares exchanged for shares of alternative Series M stock. The following tables show such activity during the year ended June 30, 2025:
SeriesJune 30, 2024 Shares OutstandingShares IssuedShares issued through Preferred Stock DRIPExchanges
Redemptions/Repurchases(1)
June 30, 2025 Shares Outstanding
Series A128,932,457 — 66,115 — (2,235,479)26,763,091 (2)
Series M11,788,851 — 758 (195,938)(471,561)1,122,110 
Series A324,810,648 87,237 76,763 — (892,951)24,081,697 
Series M33,351,101 17,000 3,220 (283,198)(807,069)2,281,053 (2)
Series A43,766,166 3,260,346 13,125 — (58,341)6,981,297 (2)
Series M41,401,747 428,912 2,775 408,932 (32,838)2,209,528 
Series A5— 1,645,964 1,252 — — 1,647,217 (2)
Series M5— 345,478 108 70,200 — 415,787 (2)
Series A2164,000 — — — (1,000)163,000 
Series A5,251,157 — — — — 5,251,157 
Total69,466,127 5,784,937 (3)164,116 (4)(4)(4,499,240)(2)70,915,937 
(1)During the year ended June 30, 2025, 4,408,060 shares of the 5.50% Preferred Stock, 6.50% Preferred Stock, were converted to common shares via Holder Optional Redemptions and Optional Redemptions Upon Death of Holder and 91,179 shares of the Floating Rate Preferred Stock were redeemed for cash via Holder Optional Redemptions.
(2)Does not foot or crossfoot due to fractional share rounding.
(3)During the year ended June 30, 2025, we issued 5,784,937 shares of Preferred Stock for net proceeds of $131,562 with a liquidation value of 144,623.
(4)During the year ended June 30, 2025, an aggregate amount of 4.17 fractional shares were exchanged and paid to the exchanging holders with cash in lieu of the exchanged shares.


The following tables show such activity during the year ended June 30, 2024:
SeriesJune 30, 2023 Shares OutstandingShares IssuedShares issued through Preferred Stock DRIPExchanges
Redemptions/Repurchases(1)
June 30, 2024 Shares Outstanding
Series A130,965,138 — 67,567 — (2,100,248)28,932,457 
Series M13,681,591 — 2,714 (901,755)(993,699)1,788,851 
Series A318,829,837 6,077,686 66,810 — (163,686)24,810,648 (2)
Series M32,498,788 958,644 5,174 10,057 (121,562)3,351,101 
Series A4— 3,765,322 844 — — 3,766,166 
Series M4— 509,948 102 891,698 — 1,401,747 (2)
Series A2164,000 — — — — 164,000 
Series A5,962,654 — — — (711,497)5,251,157 
Total62,102,009 (2)11,311,600 (3)143,210 (2)— (4,090,692)69,466,127 (2)
(1)During the year ended June 30, 2024, 3,379,195 shares of the 5.50% Preferred Stock and 6.50% Preferred Stock were converted to common shares via Holder Optional Redemptions and Optional Redemptions Upon Death of Holder and 80,303 of the 5.35% Series A Preferred Stock were repurchased via open market purchases, and 631,194 of the 5.35% Series A Preferred Stock were retired via the Tender Offer.
(2)Does not foot or crossfoot due to fractional share rounding.
(3) During the year ended June 30, 2024, we issued 11,311,600 shares of Preferred Stock for net proceeds of $250,775 with a liquidation value of $282,790.