Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
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.
Conversion of Class B Common Stock
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. 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")
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. 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.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.