At-the-Market Equity Offerings

9 Months Ended

Sep. 30, 2025

At Market Equity Offerings [Abstract]

(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.