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Equity Offerings, Offering Expenses, and Distributions (Tables)

9 Months Ended

Mar. 31, 2023

Our distributions to our 5.50% Preferred Stock holders, 6.50% Preferred Stock holders, and 5.35% Series A Preferred Stock holders for the nine months ended March 31, 2023 and March 31, 2022, 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 Stock holders
5/7/2021	7/21/2021	8/2/2021	$	0.114583	$	680
5/7/2021	8/18/2021	9/1/2021	0.114583		786
8/24/2021	9/15/2021	10/1/2021	0.114583		941
8/24/2021	10/20/2021	11/1/2021	0.114583		1,054
8/24/2021	11/17/2021	12/1/2021	0.114583		1,197
11/5/2021	12/15/2021	1/3/2022	0.114583		1,296
11/5/2021	1/19/2022	2/1/2022	0.114583		1,498
11/5/2021	2/16/2022	3/1/2022	0.114583		1,688
2/7/2022	3/23/2022	4/1/2022	0.114583		1,938
Distributions for the nine months ended March 31, 2022					$	11,078

5/6/2022	7/20/2022	8/1/2022	$	0.114583	$	3,104
5/6/2022	8/17/2022	9/1/2022	0.114583		3,721
8/23/2022	9/21/2022	10/3/2022	0.114583		3,928
8/23/2022	10/19/2022	11/1/2022	0.114583		4,077
8/23/2022	11/16/2022	12/1/2022	0.114583		4,056
11/8/2022	12/21/2022	1/3/2023	0.114583		4,051
11/8/2022	1/18/2023	2/1/2023	0.114583		4,045
11/8/2022	2/15/2023	3/1/2023	0.114583		4,039
2/8/2023	3/22/2023	4/3/2023	0.114583		4,036



Distributions for the nine months ended March 31, 2023					$	35,057

6.50% Preferred Stock holders
11/8/2022	11/16/2022	12/1/2022	$	0.135417	$	978
11/8/2022	12/21/2022	1/3/2023	0.135417		1,433
11/8/2022	1/18/2023	2/1/2023	0.135417		1,675
11/8/2022	2/15/2023	3/1/2023	0.135417		1,959
2/8/2023	3/22/2023	4/3/2023	0.135417		2,201
Distributions for the nine months ended March 31, 2023					$	8,246

5.35% Preferred Stock holders
8/24/2021	10/20/2021	11/1/2021	$	0.382674	$	2,296
11/5/2021	1/19/2022	2/1/2022	0.334375		$	2,006
Distributions for the nine months ended March 31, 2022					$	4,302

5/6/2022	7/20/2022	8/1/2022	$	0.334375	$	2,006
8/23/2022	10/19/2022	11/1/2022	0.334375		2,006
11/8/2022	1/18/2023	2/1/2023	$	0.334375	2,006

Distributions for the nine months ended March 31, 2023					$	6,018

The following table summarizes our distributions to common stockholders declared and payable for the nine months ended March 31, 2023 and March 31, 2022:


Declaration Date	Record Date	Payment Date	Amount Per Share		Amount Distributed (in thousands)
5/7/2021	7/28/2021	8/19/2021	$	0.06	$	23,325
5/7/2021	8/27/2021	9/23/2021	0.06		23,348
8/24/2021	9/28/2021	10/21/2021	0.06		23,370
8/24/2021	10/27/2021	11/18/2021	0.06		23,392
11/5/2021	11/26/2021	12/23/2021	0.06		23,413
11/5/2021	12/29/2021	1/20/2022	0.06		23,435
11/5/2021	1/27/2022	2/17/2022	0.06		23,457
2/7/2022	2/24/2022	3/22/2022	0.06		23,479
2/7/2022	3/29/2022	4/20/2022	0.06		23,503
Total declared and payable for the nine months ended March 31, 2022					$	210,722

5/6/2022	7/27/2022	8/18/2022	$	0.06	$	23,635
5/6/2022	8/29/2022	9/21/2022	0.06		23,670
8/23/2022	9/28/2022	10/20/2022	0.06		23,767
8/23/2022	10/27/2022	11/17/2022	0.06		23,857
11/8/2022	11/28/2022	12/20/2022	0.06		23,888
11/8/2022	12/28/2022	1/19/2023	0.06		23,925
11/8/2022	1/27/2023	2/16/2023	0.06		23,965
2/8/2023	2/24/2023	3/22/2023	0.06		24,003
2/8/2023	3/29/2023	4/19/2023	0.06		24,041



Total declared and payable for the nine months ended March 31, 2023					$	214,751

Schedule of Stock by Class

The following table shows our outstanding Preferred Stock as of March 31, 2023:


Series	Maximum Offering Size (Shares)		Maximum Aggregate Liquidation Preference of Offering			Inception to Date Preferred Shares Issued via Offering	Inception to Date Liquidation Preference of Shares Issued via Offering		Preferred Stock Shares Outstanding		Liquidation Preference of Shares Outstanding
Series A1	72,000,000	(1)	$	1,800,000	(1)	31,448,021	$	786,201	31,091,585	(4)	$	777,290
Series M1	72,000,000	(1)	1,800,000		(1)	4,110,318	102,758		3,922,740	(4)	98,068
Series M2	72,000,000	(1)	1,800,000		(1)	—	—		—		—
Series A3	72,000,000	(1)	1,800,000		(1)	15,058,892	376,472		15,058,173	(4)	376,454
Series M3	72,000,000	(1)	1,800,000		(1)	1,825,723	45,643		1,816,637	(4)	45,416
Series AA1	10,000,000	(2)	250,000		(2)	—	—		—		—
Series MM1	10,000,000	(2)	250,000		(2)	—	—		—		—
Series AA2	10,000,000	(2)	250,000		(2)	—	—		—		—
Series MM2	10,000,000	(2)	250,000		(2)	—	—		—		—
Series A2	187,000		4,675			187,000	4,675		164,000		4,100
Series A	6,000,000		150,000			6,000,000	150,000		6,000,000		150,000
Total	88,187,000	(3)	$	2,204,675	(3)	58,629,954	$	1,465,749	58,053,134	(5)	$	1,451,328

(1) The maximum offering of 72,000,000 shares and $1,800,000 aggregate liquidation preference is for any combination of Series A1, Series M1, Series M2, Series A3, and Series M3 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1, Series MM1, Series AA2, and Series MM2.
(3) The authorized maximum offering size of Preferred Stock as of March 31, 2023 is 88,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $2,204,675, 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, net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Does not foot due to rounding.

The following table shows our outstanding Preferred Stock as of June 30, 2022:


Series	Maximum Offering Size (Shares)		Maximum Aggregate Liquidation Preference of Offering			Inception to Date Preferred Shares Issued via Offering	Inception to Date Liquidation Preference of Shares Issued		Preferred Stock Shares Outstanding		Liquidation Preference of Shares Outstanding
Series A1	60,000,000	(1)	$	1,500,000	(1)	20,837,185	$	520,930	20,794,645	(4)	$	519,866
Series M1	60,000,000	(1)	1,500,000		(1)	2,640,752	66,019		2,626,238	(4)	65,656
Series M2	60,000,000	(1)	1,500,000		(1)	—	—		—		—
Series AA1	10,000,000	(2)	250,000		(2)	—	—		—		—
Series MM1	10,000,000	(2)	250,000		(2)	—	—		—		—
Series A2	187,000		4,675			187,000	4,675		187,000		4,675
Series A	6,000,000		150,000			6,000,000	150,000		6,000,000		150,000
Total	76,187,000	(3)	$	1,904,675	(3)	29,664,937	$	741,624	29,607,882	(5)	$	740,197

(1) The maximum offering of 60,000,000 shares and $1,500,000 aggregate liquidation preference is for any combinations of Series A1, Series M1, and Series M2 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1 and Series MM1.
(3) The authorized maximum offering size of Preferred Stock as of June 30, 2022 is 76,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $1,904,675, 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, net of additional shares issued through the Preferred Stock DRIP and Preferred Stock converted to common stock through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Does not foot due to rounding.

Series A1, 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. The following tables show such activity during the nine months ended March 31, 2023:


Series	June 30, 2022 Shares Outstanding		Shares Issued		Shares issued through Preferred Stock DRIP	Shares Converted to Common(1)	March 31, 2023 Shares Outstanding
Series A1	20,794,645		10,610,836		33,947	(347,842)	31,091,585
Series M1	2,626,238		1,469,566		901	(173,966)	3,922,740	(2)
Series A3	—		15,058,892		2,554	(3,273)	15,058,173
Series M3	—		1,825,723		219	(9,305)	1,816,637
Series A2	187,000		—		—	(23,000)	164,000
Series A	6,000,000		—		—	—	6,000,000
Total	29,607,882	(2)	28,965,017	(3)	37,621	(557,386)	58,053,134	(2)

(1)Convert to common shares via Holder Optional Redemptions and Optional Redemption Upon Death of Holder.

(2)Does not foot or crossfoot due to fractional share rounding.

(3)During the nine months ended March 31, 2023, we issued 28,965,017 shares of Preferred Stock for net proceeds of $647,715 with a liquidation value of $724,125.

The following tables show such activity during the nine months ended March 31, 2022:


Series	June 30, 2021 Shares Outstanding	Shares Issued		Shares issued through Preferred Stock DRIP	Shares Converted to Common(1)	March 31, 2022 Shares Outstanding
Series A1	5,163,926	11,230,210		8,428	(8,350)	16,394,214
Series M1	130,666	1,251,361		176	(2,000)	1,380,203
Series A2	187,000	—		—	—	187,000
Series A	—	6,000,000		—	—	6,000,000
Total	5,481,592	18,481,571	(2)	8,604	(10,350)	23,961,417

(1)Convert to common shares via Holder Optional Redemptions and Optional Redemption Upon Death of Holder.

(2)During the nine months ended March 31, 2022, we issued 18,481,571 shares of Preferred Stock for net proceeds of $425,250 with a liquidation value of $462,039.

- 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.

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