v3.26.1
Equity Offerings, Offering Expenses, and Distributions (Tables)
 12 Months Ended
Jun. 30, 2026
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, 2026 and June 30, 2025, are summarized in the following table:
Declaration DateRecord DatePayment DateAmount ($ per share), before pro ration for partial periodsAmount Distributed
5.50% Preferred Stockholders
5/8/20257/23/20258/1/2025$0.114583 $3,196 
5/8/20258/20/20259/2/20250.114583 3,175 
8/26/20259/18/202510/1/20250.114583 3,148 
8/26/202510/22/202511/3/20250.114583 3,124 
8/26/202511/19/202512/1/20250.114583 3,106 
11/6/202512/22/20251/2/20260.114583 3,091 
11/6/20251/21/20262/2/20260.1145833,072 
11/6/20252/18/20263/2/20260.1145833,048 
2/9/20263/18/20264/1/20260.1145833,031 
2/9/20264/21/20265/1/20260.1145832,976 
2/9/20265/20/20266/1/20260.1145832,905 
5/7/20266/18/20267/1/20260.1145832,854 
Distributions for the year ended June 30, 2026$36,726 
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 
11/8/20241/22/20252/3/20250.114583 3,361 
11/8/20242/19/20253/3/20250.114583 3,341 
2/10/20253/19/20254/1/20250.114583 3,307 
2/10/20254/18/20255/1/20250.114583 3,259 
2/10/20255/21/20256/2/20250.114583 3,245 
5/8/20256/18/20257/1/20250.114583 3,220 
Distributions for the year ended June 30, 2025$40,346 
6.50% Preferred Stockholders
5/8/20257/23/20258/1/2025$0.135417 $3,567 
5/8/20258/20/20259/2/20250.135417 3,543 
8/26/20259/18/202510/1/20250.135417 3,524 
8/26/202510/22/202511/3/20250.135417 3,511 
8/26/202511/19/202512/1/20250.135417 3,488 
11/6/202512/22/20251/2/20260.135417 3,470 
11/6/20251/21/20262/2/20260.135417 3,448 
11/6/20252/18/20263/2/20260.135417 3,425 
2/9/20263/18/20264/1/20260.1354173,406 
2/9/20264/21/20265/1/20260.1354173,388 
2/9/20265/20/20266/1/20260.1354173,358 
5/7/20266/18/20267/1/20260.1354173,332 
Distributions for the year ended June 30, 2026$41,460 
5/8/20247/17/20248/1/20240.135417 $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 
11/8/20242/19/20253/3/20250.135417 3,627 
2/10/20253/19/20254/1/20250.135417 3,607 
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 
Floating Rate Preferred Stockholders
5/8/20257/23/20258/1/2025$0.135417 $1,244 
5/8/20258/20/20259/2/20250.135417 1,244 
8/26/20259/18/202510/1/20250.135417 1,235 
8/26/202510/22/202511/3/20250.1354171,229 
8/26/202511/19/202512/1/20250.135417 1,226 
11/6/202512/22/20251/2/20260.1354171,212 
11/6/20251/21/20262/2/20260.1354171,217 
11/6/20252/18/20263/2/20260.1354171,185 
2/9/20263/18/20264/1/20260.1354171,204 
2/9/20264/21/20265/1/20260.1354171,201 
2/9/20265/20/20266/1/20260.1354171,201 
5/7/20266/18/20267/1/20260.1354171,182 
Distributions for the year ended June 30, 2026$14,580 
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 
8/28/202410/16/202411/1/20240.151584 1,225 
8/28/202411/20/202412/2/20240.151584 1,314 
11/8/202412/18/20241/2/20250.138583 1,262 
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 
5.35% Preferred Stockholders
5/8/20257/23/20258/1/2025$0.334375 $1,756 
8/26/202510/22/202511/3/20250.334375 1,756 
11/6/20251/21/20262/2/20260.334375 1,756 
2/9/20264/21/20265/1/20260.3343751,756 
Distributions for the year ended June 30, 2026$7,024 
5/8/20247/17/20248/1/2024$0.334375 $1,756 
8/28/202410/16/202411/1/20240.3343751,756 
11/8/20241/22/20252/3/20250.3343751,756 
2/10/20254/18/20255/1/20250.3343751,756 
Distributions for the year ended June 30, 2025$7,024 
7.50% Preferred Stockholders
5/8/20257/23/20258/1/2025$0.156250 $331 
5/8/20258/20/20259/2/20250.156250384 
8/26/20259/18/202510/1/20250.156250419 
8/26/202510/22/202511/3/20250.156250456 
8/26/202511/19/202512/1/20250.156250508 
11/6/202512/22/20251/2/20260.156250556 
11/6/20251/21/20262/2/20260.15625603 
11/6/20252/18/20263/2/20260.15625638 
2/9/20263/18/20264/1/20260.15625676 
2/9/20264/21/20265/1/20260.15625711 
2/9/20265/20/20266/1/20260.15625766 
5/7/20266/18/20267/1/20260.15625790 
Distributions for the year ended June 30, 2026$6,838 
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 
5/8/20256/18/20257/1/20250.156250299 
Distributions for the year ended June 30, 2025$1,023 
The following table summarizes our distributions to common stockholders declared and payable for the years ended June 30, 2026 and June 30, 2025:
Declaration DateRecord DatePayment DateAmount Per ShareAmount Distributed (in thousands)
5/8/20257/29/20258/20/2025$0.045 $20,623 
5/8/20258/27/20259/18/20250.045 20,805 
8/26/20259/26/202510/22/20250.045 20,965 
8/26/202510/29/202511/18/20250.045 21,145 
11/6/202511/25/202512/18/20250.045 21,308 
11/6/202512/29/20251/21/20260.04521,441 
11/6/20251/28/20262/18/20260.04521,653 
2/9/20262/25/20263/19/20260.04521,812 
2/9/20263/27/20264/21/20260.04521,956 
2/9/20264/28/20265/19/20260.04522,382 
5/7/20265/27/20266/18/20260.03517,661 
5/7/20266/26/20267/22/20260.03517,945 
Total declared and payable for the year ended June 30, 2026$249,696 
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 
11/8/202412/27/20241/22/20250.045 19,748 
11/8/20241/29/20252/19/20250.045 19,842 
2/10/20252/26/20253/20/20250.045 19,995 
2/10/20253/27/20254/17/20250.045 20,129 
2/10/20254/28/20255/20/20250.045 20,297 
5/8/20255/28/20256/18/20250.045 20,380 
5/8/20256/26/20257/22/20250.045 20,504 
Total declared and payable for the year ended June 30, 2025$264,059 
Schedule of Stock by Class
The following table shows our outstanding Preferred Stock as of June 30, 2026:
SeriesShares Authorized(8)Maximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Sold via OfferingInception to Date Liquidation Preference Issued via OfferingPreferred Stock Issued and OutstandingLiquidation Preference Outstanding
Series A172,069,234105,858,302 (1)$2,646,458 (1)31,448,021 $786,201 23,775,096 (4)$594,377 
Series M176,769,095105,858,302 (1)2,646,458 (1)4,110,318 102,758 885,095 (4)22,127 
Series M280,000,000105,858,302 (1)2,646,458 (1)— — — — 
Series A377,558,483105,858,302 (1)2,646,458 (1)25,020,192 625,505 22,804,790 (4)570,120 
Series M377,797,471105,858,302 (1)2,646,458 (1)3,490,259 87,256 1,658,155 (4)41,454 
Series A489,819,436105,858,302 (1)2,646,458 (1)7,025,668 175,642 6,873,274 (5)171,832 
Series M489,664,559105,858,302 (1)2,646,458 (1)938,860 23,472 1,910,755 (5)47,769 
Series A589,980,894105,858,302 (1)2,646,458 (1)4,115,892 102,897 4,104,726 (5)102,618 
Series M589,996,200105,858,302 (1)2,646,458 (1)909,536 22,738 1,080,460 (5)27,012 
Series A2872,000187,000 4,675 187,000 4,675 59,000 (4)1,475 
Series A22,151,15722,000,000 (2)550,000 6,065,692 151,642 5,316,849 (6)132,921 
Total766,678,529 128,045,302 (3)$3,201,133 (3)83,311,438 $2,082,785 (7)68,468,200 $1,711,704 (7)
(1) The maximum offering of 105,858,302 shares and $2,646,458 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 22,000,000 shares and $550,000 aggregate liquidation preference is related to (i) the public offering of 6,000,000 shares, or $150,000 in aggregate liquidation preference, of our Series A Preferred Stock in July 2021 and (ii) the Series A Preferred Stock ATM Program of up to 16,000,000 shares, or $400,000 in aggregate liquidation preference, of our Series A Preferred Stock.
(3) The authorized maximum offering size of Preferred Stock as of June 30, 2026 was 128,045,302 shares, par value $0.001 per share, with an aggregate liquidation preference of $3,201,133, 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 the table columns are not intended to foot.
(4) Preferred Stock shares issued and outstanding is calculated as shares issued under the respective offering program, including 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, including 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 or Series A Preferred Stock ATM 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.
(8) Each share of preferred stock converted into shares of common stock, redeemed, exchanged or acquired by the Company is canceled and retired and is not reissued, and is returned to the status of authorized but unissued common stock.
The following table shows our outstanding Preferred Stock as of June 30, 2025:
SeriesShares AuthorizedMaximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Sold via OfferingInception to Date Liquidation Preference Issued via OfferingPreferred Stock Shares Issued and Outstanding(5)Liquidation Preference Outstanding
Series A175,117,364 90,000,000 (1)$2,250,000 (1)31,448,021 $786,201 26,763,091 (4)$669,077 
Series M177,006,609 90,000,000 (1)2,250,000 (1)4,110,318 102,758 1,122,110 (4)28,053 
Series M280,000,000 90,000,000 (1)2,250,000 (1)— — — — 
Series A378,908,326 90,000,000 (1)2,250,000 (1)25,020,192 625,505 24,081,697 (4)602,042 
Series M378,422,515 90,000,000 (1)2,250,000 (1)3,490,259 87,256 2,281,053 (4)57,026 
Series A489,941,659 90,000,000 (1)2,250,000 (1)7,025,668 175,642 6,981,297 (5)174,532 
Series M489,967,162 90,000,000 (1)2,250,000 (1)938,860 23,472 2,209,528 (5)55,238 
Series A590,000,000 90,000,000 (1)2,250,000 (1)1,645,964 41,149 1,647,217 41,180 
Series M590,000,000 90,000,000 (1)2,250,000 (1)345,478 8,637 415,787 10,395 
Series AA120,000,000 10,000,000 (2)250,000 (2)— — — — 
Series MM120,000,000 10,000,000 (2)250,000 (2)— — — — 
Series AA220,000,000 10,000,000 (2)250,000 (2)— — — — 
Series MM220,000,000 10,000,000 (2)250,000 (2)— — — — 
Series A2976,000 187,000 4,675 187,000 4,675 163,000 (4)4,075 
Series A6,151,157 6,000,000 150,000 6,000,000 150,000 5,251,157 (6)131,279 
Total836,490,792 106,187,000 (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 was for any combinations 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 was 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 was 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, including 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 issued and outstanding is calculated as shares issued under the respective offering program including 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, 2026:
SeriesJune 30, 2025 Shares OutstandingShares IssuedShares issued through Preferred Stock DRIPExchanges
Redemptions/Repurchases(1)
June 30, 2026 Shares Outstanding
Series A126,763,091 — 60,135 — (3,048,130)23,775,096 
Series M11,122,110 — 498 (44,894)(192,619)885,095 
Series A324,081,697 — 72,937 — (1,349,844)22,804,790 
Series M32,281,053 — 2,146 (59,132)(565,912)1,658,155 
Series A46,981,297 — 14,200 — (122,223)6,873,274 
Series M42,209,528 — 3,831 — (302,603)1,910,755 (2)
Series A51,647,217 2,469,928 6,687 — (19,106)4,104,726 
Series M5415,787 564,058 388 104,026 (3,800)1,080,460 (2)
Series A2163,000 — — — (104,000)59,000 
Series A5,251,157 65,692 — — — 5,316,849 
Total70,915,937 3,099,678 (3)160,822 — (5,708,237)68,468,200 
(1)During the year ended June 30, 2026, 5,260,505 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 447,732 shares of the Floating Rate Preferred Stock and 7.50% 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, 2026, we issued 3,099,678 shares of Preferred Stock for net proceeds of $70,356 with a liquidation value of $77,492.


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 (2)
(1)During the year ended June 30, 2025, 4,408,060 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 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.