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At-the-Market Equity Offerings (Tables)

9 Months Ended

Sep. 30, 2025

At Market Equity Offerings [Abstract]

Summary of Active At-the-Market Equity

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 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.

Summary of Sales Activity of Sales Agreement for At-the-Market Equity

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

Summary of Sales Activity of Each Preferred Stock ATM

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.