Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: Shares of class A common stock, as described below, were issued in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended.
+Added: Shares of class A common stock, as described below, were issued in reliance on Sections 3(a)(9) or 4(a)(2) of the Securities Act of 1933, as amended.
+Added: Conversion of Class B Common Stock
+Added: Each holder of class B common stock had the right, at the holder's option, to convert all or a portion of such holder's class B common stock into an equal number of shares of class A common stock.
+Added: In the second quarter of 2025, 149,571 shares of class A common stock were issued in exchange for an equivalent number of shares of class B common stock, which were cancelled following their conversion.
Redemption of Membership Units in OP ("OP units")
−Removed: 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.
−Removed: In the first quarter of 2025, 13,000 shares of our class A common stock were issued in satisfaction of a redemption request by an OP Unit holder.
+Added: 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 class A common stock on a one-for-one basis.
+Added: In the second quarter of 2025, 4,350,000 shares of class A common stock were issued in satisfaction of redemption requests by an OP unit holder.
Defaults Upon Senior Securities.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.