At-the-Market Equity Offerings (Tables)

6 Months Ended

Jun. 30, 2025

At Market Equity Offerings [Abstract]

Summary of Active At-the-Market Equity Offering

The following table summarizes the terms and provisions of each sales agreement, and each Common Stock ATM Offering that was active during the six months ended June 30, 2025 and the year ended December 31, 2024. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Common Stock ATM Offering in the following table are reported in thousands.

	May 2025 Sales Agreement			October 2024 Sales Agreement			August 2024 Sales Agreement			November 2023 Sales Agreement
Agreement effective date	May 1, 2025			October 30, 2024			August 1, 2024			November 30, 2023
Maximum aggregate offering price	$	21,000,000		$	21,000,000		$	2,000,000		$	750,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares		2.0	%		2.0	%		2.0	%		2.0	%
Date terminated/substantially depleted	n/a			April 30, 2025			November 19, 2024			July 31, 2024
As of June 30, 2025:
Cumulative shares of class A common stock sold under such sales agreement		7,137,083			58,384,669			11,685,355			12,720,770
Cumulative net proceeds received from shares of class A common stock sold under such sales agreement	$	2,885,277		$	20,962,051		$	1,993,273		$	747,025
Maximum aggregate offering price remaining available for sale under such sales agreement (1)	$	18,111,044		n/a			n/a			n/a

(1)Refer to Note 14, Subsequent Events, for Common Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025.

The following table summarizes the terms and provisions of each sales agreement, and each Preferred Stock ATM Offering that was active during the six months ended June 30, 2025. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Preferred Stock ATM Offering in the following table are reported in thousands.

	STRK Sales Agreement			STRF Sales Agreement
Agreement effective date	March 10, 2025			May 22, 2025
Maximum aggregate offering price	$	21,000,000		$	2,100,000
Maximum commissions payable to sales agents on gross proceeds from the sale of shares		2.0	%		2.0	%
Date terminated/substantially depleted	n/a			n/a
As of June 30, 2025:
Cumulative shares of Preferred Stock sold under such sales agreement		4,901,367			1,566,750
Cumulative net proceeds received from shares of Preferred Stock sold under such sales agreement	$	477,190		$	163,034
Maximum aggregate offering price remaining available for sale under such sales agreement (1)	$	20,522,113		$	1,936,702

(1)Refer to Note 14, Subsequent Events, for Preferred Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025.

Summary of Sales Activity of Sales Agreement for At-the-Market Equity Offering

The following table summarizes the sales activity of each sales agreement that was active during 2025 or 2024 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Common Stock ATM Offering in the following table are reported in thousands.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Number of shares of class A common stock sold under such sales agreement:
November 2023 Sales Agreement		0		0		0		1,951,620
August 2024 Sales Agreement		0	n/a			0	n/a
October 2024 Sales Agreement		7,088,537	n/a			19,713,132	n/a
May 2025 Sales Agreement		7,137,083	n/a			7,137,083	n/a
Total shares of class A common stock sold pursuant to Common Stock ATM Offerings		14,225,620		0		26,850,215		1,951,620
Net proceeds received from shares of class A common stock sold under such sales agreement:
November 2023 Sales Agreement	$	0	$	0	$	0	$	137,152
August 2024 Sales Agreement		0	n/a			0	n/a
October 2024 Sales Agreement		2,363,415	n/a			6,762,620	n/a
May 2025 Sales Agreement		2,885,277	n/a			2,885,277	n/a
Total net proceeds received from shares of class A common stock sold pursuant to Common Stock ATM Offerings	$	5,248,692	$	0	$	9,647,897	$	137,152

Summary of Sales Activity of Each Preferred Stock ATM Offering

The following table summarizes the sales activity of each Preferred Stock ATM Offering that was active during 2025 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Preferred Stock ATM Offering in the following table are reported in thousands.

	Three Months Ended		Six Months Ended
	June 30,
	2025
Number of shares of Preferred Stock sold under such sales agreement:
STRK Sales Agreement		4,551,460		4,901,367
STRF Sales Agreement		1,566,750		1,566,750
Total shares of Preferred Stock sold pursuant to Preferred Stock ATM Offerings (1)		6,118,210		6,468,117
Net proceeds received from shares of Preferred Stock sold under such sales agreement:
STRK Sales Agreement	$	446,792	$	477,190
STRF Sales Agreement		163,034		163,034
Total net proceeds received from shares of Preferred Stock sold pursuant to Preferred Stock ATM Offerings (1)	$	609,826	$	640,224

(1)Refer to Note 14, Subsequent Events, for Preferred Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025.