Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Redemption of Redeemable Noncontrolling Interest— On May 23, 2022, 57,741,599 shares of our class A common stock were issued to Wafra in connection with the redemption of Wafra's interest in the Digital IM business and certain of Wafra's entitlement to carried interest, as discussed in Note 10 to the consolidated financial statements.
Redemption of Membership Units in OP ("OP Units") —Holders of OP Units have the right to require the OP to redeem all or a portion of their OP Units for cash or, at our option, shares of our class A common stock on a one-for-one basis. In the second quarter of 2022, in satisfaction of redemption requests by former employee OP Unit holders, 400,000 shares of our class A common stock were issued to the former employees.
Such shares of class A common stock, as described above, were issued in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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