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At-the-Market Equity Offerings | 9 Months Ended
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Sep. 30, 2025
At Market Equity Offerings [Abstract] |
At-the-Market Equity Offerings | (11) At-the-Market Offerings Common Stock ATM Offerings From time to time, the Company has entered into sales agreements with agents pursuant to which the Company could issue and sell shares of its class A common stock through at-the-market equity offering programs (the “Common Stock ATMs”). Pursuant to these agreements, the Company agreed to pay the sales agents commissions for their services in acting as agents with respect to the sale of shares through the Common Stock ATMs and also agreed to provide the sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and each Common Stock ATM that was active during the nine months ended September 30, 2025 and the year ended December 31, 2024. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Common Stock ATM in the following table are reported in thousands.
|  | May 2025 Sales Agreement |  |  | October 2024 Sales Agreement |  |  | August 2024 Sales Agreement |  |  | November 2023 Sales Agreement |
Agreement effective date |  | May 1, 2025 |  |  | October 30, 2024 |  |  | August 1, 2024 |  |  | November 30, 2023 |
Maximum aggregate offering price |  | $ | 21,000,000 |  |  | $ | 21,000,000 |  |  | $ | 2,000,000 |  |  | $ | 750,000 |
Maximum commissions payable to sales agents on gross proceeds from the sale of shares |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | %
Date terminated/substantially depleted |  | n/a |  |  | April 30, 2025 |  |  | November 19, 2024 |  |  | July 31, 2024 |
As of September 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative shares of class A common stock sold under such sales agreement |  |  | 12,849,124 |  |  |  | 58,384,669 |  |  |  | 11,685,355 |  |  |  | 12,720,770 |
Cumulative net proceeds received from shares of class A common stock sold under such sales agreement |  | $ | 5,084,637 |  |  | $ | 20,962,051 |  |  | $ | 1,993,273 |  |  | $ | 747,025 |
Maximum aggregate offering price remaining available for sale under such sales agreement (1) |  | $ | 15,908,796 |  |  | n/a |  |  | n/a |  |  | n/a |
(1) Refer to Note 14, Subsequent Events, for Common Stock ATM activity for the period from October 1, 2025 through October 30, 2025. The following table summarizes the sales activity of each sales agreement that was active during 2025 or 2024 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Common Stock ATM in the following table are reported in thousands.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Number of shares of class A common stock sold under such sales agreement: |  |  |  |  |  |  |  |  |  |  |  |
November 2023 Sales Agreement |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,951,620 |
August 2024 Sales Agreement |  |  | 0 |  |  |  | 8,048,449 |  |  |  | 0 |  |  |  | 8,048,449 |
October 2024 Sales Agreement |  |  | 0 |  |  | n/a |  |  |  | 19,713,132 |  |  | n/a |
May 2025 Sales Agreement |  |  | 5,712,041 |  |  | n/a |  |  |  | 12,849,124 |  |  | n/a |
Total shares of class A common stock sold pursuant to Common Stock ATMs |  |  | 5,712,041 |  |  |  | 8,048,449 |  |  |  | 32,562,256 |  |  |  | 10,000,069 |
Net proceeds received from shares of class A common stock sold under such sales agreement: |  |  |  |  |  |  |  |  |  |  |  |
November 2023 Sales Agreement |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 137,152 |
August 2024 Sales Agreement |  |  | 0 |  |  |  | 1,105,141 |  |  |  | 0 |  |  |  | 1,105,141 |
October 2024 Sales Agreement |  |  | 0 |  |  | n/a |  |  |  | 6,762,620 |  |  | n/a |
May 2025 Sales Agreement |  |  | 2,199,360 |  |  | n/a |  |  |  | 5,084,637 |  |  | n/a |
Total net proceeds received from shares of class A common stock sold pursuant to Common Stock ATMs |  | $ | 2,199,360 |  |  | $ | 1,105,141 |  |  | $ | 11,847,257 |  |  | $ | 1,242,293 |
The sales commissions and expenses related to each of the above Common Stock ATMs are considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the corresponding shares are issued and sold. Preferred Stock ATM Offerings As of September 30, 2025, the Company is party to four Preferred Stock at-the-market offering programs: the STRF ATM, STRC ATM, STRK ATM and STRD ATM (collectively, the “Preferred Stock ATMs”). Refer to Note 9, Redeemable Preferred Stock and Note 14, Subsequent Events, for additional information on the Preferred Stock ATMs. Pursuant to the applicable sales agreement governing each Preferred Stock ATM the Company agreed to pay the applicable sales agents commissions for their services in acting as agents with respect to the sale of shares through each Preferred Stock ATM and also agreed to provide the applicable sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and each Preferred Stock ATM that was active during the nine months ended September 30, 2025. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Preferred Stock ATM in the following table are reported in thousands.
|  | STRF Sales Agreement |  |  | STRC Sales Agreement |  |  | STRK Sales Agreement |  |  | STRD Sales Agreement |
Agreement effective date |  | May 22, 2025 |  |  | July 31, 2025 |  |  | March 10, 2025 |  |  | July 7, 2025 |
Amendment date |  | July 7, 2025 |  |  | n/a |  |  | n/a |  |  | n/a |
Maximum aggregate offering price |  | $ | 2,100,000 |  |  | $ | 4,200,000 |  |  | $ | 21,000,000 |  |  | $ | 4,200,000 |
Maximum commissions payable to sales agents on gross proceeds from the sale of shares |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | %
As of September 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative shares of Preferred Stock sold under such sales agreement |  |  | 3,448,292 |  |  |  | 0 |  |  |  | 6,305,866 |  |  |  | 557,441 |
Cumulative net proceeds received from shares of Preferred Stock sold under such sales agreement |  | $ | 380,468 |  |  | $ | 0 |  |  | $ | 630,014 |  |  | $ | 48,462 |
Maximum aggregate offering price remaining available for sale under such sales agreement (1) |  | $ | 1,718,794 |  |  | $ | 4,200,000 |  |  | $ | 20,368,825 |  |  | $ | 4,151,430 |
(1) Refer to Note 14, Subsequent Events, for Preferred Stock ATM activity for the period from October 1, 2025 through October 30, 2025. The following table summarizes the sales activity of each Preferred Stock ATM that was active during 2025 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Preferred Stock ATM in the following table are reported in thousands.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |
|  | 2025 |
Number of shares of Preferred Stock sold under such sales agreement: |  |  |  |  |  |
STRF Sales Agreement |  |  | 1,881,542 |  |  |  | 3,448,292 |
STRC Sales Agreement |  |  | 0 |  |  |  | 0 |
STRK Sales Agreement |  |  | 1,404,499 |  |  |  | 6,305,866 |
STRD Sales Agreement |  |  | 557,441 |  |  |  | 577,441 |
Total shares of Preferred Stock sold pursuant to Preferred Stock ATM offerings (1) |  |  | 3,843,482 |  |  |  | 10,331,599 |
Net proceeds received from shares of Preferred Stock sold under such sales agreement: |  |  |  |  |  |
STRF Sales Agreement |  | $ | 217,434 |  |  | $ | 380,468 |
STRC Sales Agreement |  |  | - |  |  |  | - |
STRK Sales Agreement |  |  | 152,824 |  |  |  | 630,014 |
STRD Sales Agreement |  |  | 48,462 |  |  |  | 48,462 |
Total net proceeds received from shares of Preferred Stock sold pursuant to Preferred Stock ATM offerings (1) |  | $ | 418,720 |  |  | $ | 1,058,944 |
(1) Refer to Note 14, Subsequent Events, for Preferred Stock ATM activity for the period from October 1, 2025 through October 30, 2025.

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