Equity Offerings, Offering Expenses, and Distributions (Tables)

3 Months Ended

Sep. 30, 2026

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 three months ended September 30, 2026 and September 30, 2025, are summarized in the following table:


Declaration Date	Record Date	Payment Date	Amount ($ per share), before pro ration for partial periods		Amount Distributed
5.50% Preferred Stockholders
5/7/2026	7/22/2026	8/3/2026	$	0.114583	$	2,821
5/7/2026	8/19/2026	9/1/2026	0.114583		2,779
8/20/2026	9/21/2026	10/1/2026	0.114583		2,728









Distributions for the three months ended September 30, 2026					$	8,328

5/8/2025	7/23/2025	8/1/2025	$	0.114583	$	3,196
5/8/2025	8/20/2025	9/2/2025	0.114583		3,175


8/26/2025	9/18/2025	10/1/2025	0.114583		3,148









Distributions for the three months ended September 30, 2025					$	9,519

6.50% Preferred Stockholders
5/7/2026	7/22/2026	8/3/2026	$	0.135417	$	3,306
5/7/2026	8/19/2026	9/1/2026	0.135417		3,282
8/20/2026	9/21/2026	10/1/2026	0.135417		3,261









Distributions for the three months ended September 30, 2026					$	9,849

5/8/2025	7/23/2025	8/1/2025	0.135417		$	3,567
5/8/2025	8/20/2025	9/2/2025	0.135417		3,543
8/26/2025	9/18/2025	10/1/2025	0.135417		3,524









Distributions for the three months ended September 30, 2025					$	10,634

Floating Rate Preferred Stockholders
5/7/2026	7/22/2026	8/3/2026	$	0.135417	$	1,180
5/7/2026	8/19/2026	9/1/2026	0.135417		1,179
8/20/2026	9/21/2026	10/1/2026	0.135417		1,163









Distributions for the three months ended September 30, 2026					$	3,522


5/8/2025	7/23/2025	8/1/2025	$	0.135417	$	1,244
5/8/2025	8/20/2025	9/2/2025	0.135417		1,244
8/26/2025	9/18/2025	10/1/2025	0.135417		1,235









Distributions for the three months ended September 30, 2025					$	3,723

5.35% Preferred Stockholders
5/7/2026	7/22/2026	8/3/2026	$	0.334375	$	1,791





Distributions for the three months ended September 30, 2026					$	1,791

5/8/2025	7/23/2025	8/1/2025	$	0.334375	$	1,756



Distributions for the three months ended September 30, 2025					$	1,756

7.50% Preferred Stockholders
5/7/2026	7/22/2026	8/3/2026	$	0.156250	$	826
5/7/2026	8/19/2026	9/1/2026	0.156250		876
8/20/2026	9/21/2026	10/1/2026	0.156250		919









Distributions for the three months ended September 30, 2026					$	2,621

5/8/2025	7/23/2025	8/1/2025	$	0.156250	$	331
5/8/2025	8/20/2025	9/2/2025	0.156250		384
8/26/2025	9/18/2025	10/1/2025	0.156250		419



Distributions for the three months ended September 30, 2025					$	1,134

The following table summarizes our distributions to common stockholders declared and payable for the three months ended September 30, 2026 and September 30, 2025:


Declaration Date	Record Date	Payment Date	Amount Per Share		Amount Distributed (in thousands)
5/7/2026	7/29/2026	8/20/2026	$	0.035	$	18,168
5/7/2026	8/27/2026	9/17/2026	0.035		18,404
8/20/2026	9/28/2026	10/21/2026	0.035		18,684









Total declared and payable for the three months ended September 30, 2026					$	55,256

5/8/2025	7/29/2025	8/20/2025	$	0.05	$	20,623
5/8/2025	8/27/2025	9/18/2025	0.05		20,805
8/28/2025	9/26/2025	10/22/2025	0.05		20,965









Total declared and payable for the three months ended September 30, 2025					$	62,393

Schedule of Stock by Class

The following table shows our outstanding Preferred Stock as of September 30, 2026:


Series	Shares Authorized(8)	Maximum Offering Size (Shares)		Maximum Aggregate Liquidation Preference of Offering			Inception to Date Preferred Shares Sold via Offering	Inception to Date Liquidation Preference Issued via Offering			Preferred Stock Issued and Outstanding		Liquidation Preference Outstanding
Series A1	70,924,090	105,858,302	(1)	$	2,646,458	(1)	31,448,021	$	786,201		22,643,551	(4)	$	566,089
Series M1	76,697,272	105,858,302	(1)	2,646,458		(1)	4,110,318	102,758			813,400	(4)	20,335
Series M2	80,000,000	105,858,302	(1)	2,646,458		(1)	—	—			—		—
Series A3	77,143,429	105,858,302	(1)	2,646,458		(1)	25,020,192	625,505			22,407,112	(4)	560,178
Series M3	77,734,864	105,858,302	(1)	2,646,458		(1)	3,490,259	87,256			1,596,116	(4)	39,903
Series A4	89,670,463	105,858,302	(1)	2,646,458		(1)	7,025,668	175,642			6,727,570	(5)	168,189
Series M4	89,595,317	105,858,302	(1)	2,646,458		(1)	938,860	23,472			1,842,372	(5)	46,059
Series A5	89,967,301	105,858,302	(1)	2,646,458		(1)	4,760,357	119,009			4,737,743	(5)	118,444
Series M5	89,981,700	105,858,302	(1)	2,646,458		(1)	1,082,322	27,058			1,278,396	(5)	31,960
Series A2	858,000	187,000		4,675			187,000	4,675			45,000	(4)	1,125
Series A	22,151,157	22,000,000	(2)	550,000			6,108,130	152,703			5,359,287	(6)	133,982
Total	764,723,593	128,045,302	(3)	$	3,201,133	(3)	84,171,127	$	2,104,278	(7)	67,450,547		$	1,686,263	(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 September 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, 2026:


Series	Shares Authorized	Maximum Offering Size (Shares)		Maximum Aggregate Liquidation Preference of Offering			Inception to Date Preferred Shares Sold via Offering	Inception to Date Liquidation Preference Issued via Offering			Preferred Stock Shares Issued and Outstanding(5)		Liquidation Preference Outstanding
Series A1	72,069,234	105,858,302	(1)	$	2,646,458	(1)	31,448,021	$	786,201		23,775,096	(4)	$	594,377
Series M1	76,769,095	105,858,302	(1)	2,646,458		(1)	4,110,318	102,758			885,095	(4)	22,127
Series M2	80,000,000	105,858,302	(1)	2,646,458		(1)	—	—			—		—
Series A3	77,558,483	105,858,302	(1)	2,646,458		(1)	25,020,192	625,505			22,804,790	(4)	570,120
Series M3	77,797,471	105,858,302	(1)	2,646,458		(1)	3,490,259	87,256			1,658,155	(4)	41,454
Series A4	89,819,436	105,858,302	(1)	2,646,458		(1)	7,025,668	175,642			6,873,274	(5)	171,832
Series M4	89,664,559	105,858,302	(1)	2,646,458		(1)	938,860	23,472			1,910,755	(5)	47,769
Series A5	89,980,894	105,858,302	(1)	2,646,458		(1)	4,115,892	102,897			4,104,726	(5)	102,618
Series M5	89,996,200	105,858,302	(1)	2,646,458		(1)	909,536	22,738			1,080,460	(5)	27,012
Series A2	872,000	187,000		4,675			187,000	4,675			59,000	(4)	1,475
Series A	22,151,157	22,000,000	(2)	550,000			6,065,692	151,642			5,316,849	(6)	132,921
Total	766,678,529	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 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 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.

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 three months ended September 30, 2026:


Series	June 30, 2026 Shares Outstanding	Shares Issued		Shares issued through Preferred Stock DRIP		Exchanges	Redemptions/Repurchases(1)	September 30, 2026 Shares Outstanding
Series A1	23,775,096	—		13,598		—	(1,145,143)	22,643,551
Series M1	885,095	—		128		(10,143)	(61,680)	813,400
Series A3	22,804,790	—		17,376		—	(415,054)	22,407,112
Series M3	1,658,155	—		568		(20,400)	(42,207)	1,596,116
Series A4	6,873,274	—		3,269		—	(148,974)	6,727,570	(2)
Series M4	1,910,755	—		859		(9,000)	(60,242)	1,842,372
Series A5	4,104,726	644,465		2,145		—	(13,593)	4,737,743
Series M5	1,080,460	172,786		107		39,543	(14,500)	1,278,396
Series A2	59,000	—		—		—	(14,000)	45,000
Series A	5,316,849	42,438		—		—	—	5,359,287
Total	68,468,200	859,689	(3)	38,051	(2)	—	(1,915,393)	67,450,547

(1)During the three months ended September 30, 2026, 1,678,084 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 237,309 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 three months ended September 30, 2026, we issued 859,689 shares of Preferred Stock for net proceeds of $19,392 with a liquidation value of $21,492.

The following tables show such activity during the three months ended September 30, 2025:


Series	June 30, 2025 Shares Outstanding	Shares Issued		Shares issued through Preferred Stock DRIP	Exchanges	Redemptions/Repurchases(1)	September 30, 2025 Shares Outstanding
Series A1	26,763,091	—		15,691	—	(548,527)	26,230,257	(2)
Series M1	1,122,110	—		123	—	(59,740)	1,062,493
Series A3	24,081,697	—		18,765	—	(243,132)	23,857,330
Series M3	2,281,053	—		604	(12,182)	(115,320)	2,154,155
Series A4	6,981,297	—		4,044	—	(30,112)	6,955,229
Series M4	2,209,528	—		979	—	(21,690)	2,188,817	(2)
Series A5	1,647,217	577,233		1,371	—	(280)	2,225,541
Series M5	415,787	133,736		79	12,182	—	561,783	(2)
Series A2	163,000	—		—	—	—	163,000
Series A	5,251,157	—		—	—	—	5,251,157
Total	70,915,937	710,969	(3)	41,656	—	(1,018,801)	70,649,762	(2)

(1)During the three months ended September 30, 2025, 966,719 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 52,082 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 three months ended September 30, 2025, we issued 710,969 shares of Preferred Stock for net proceeds of $16,237 with a liquidation value of $17,774.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details