Item 2. Unregistered Sales of Equity Securities
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On May 11, 2020, we issued 840,696 shares of our class A common stock to our Manager in satisfaction of $19.3 million of management and incentive fees accrued in the first quarter of 2020. The per share price of $22.92954, was calculated based on the volume-weighted average price on the NYSE of our class A common stock over the five trading days following our April 29, 2020 first quarter 2020 earnings conference call. The issuance of such shares was not registered under the Securities Act of 1933, as amended (the “Securities Act”), because the shares were issued in a transaction by the issuer not involving any public offering exempt from registration under Section 4(a)(2) of the Securities Act.
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
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