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Equity Offerings, Offering Expenses, and Distributions (Tables)
 3 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Dividends Declared and Paid
Our distributions to our 5.50% Preferred Stock holders and 5.35% Series A Preferred Stock holders for the three months ended September 30, 2022 and September 30, 2021, are summarized in the following table:
Declaration DateRecord DatePayment DateAmount ($ per share), before pro ration for partial periodsAmount Distributed
5.50% Preferred Stock holders
5/7/20217/21/20218/2/2021$0.114583 $680 
5/7/20218/18/20219/1/20210.114583 786 
8/24/20219/15/202110/1/20210.114583 941 
Distributions for the three months ended September 30, 2021$2,407 
5/6/20227/20/20228/1/2022$0.114583 $3,104 
5/6/20228/17/20229/1/20220.114583 3,721 
8/23/20229/21/202210/3/20220.114583 3,928 
Distributions for the three months ended September 30, 2022$10,753 
5.35% Preferred Stock holders
5/6/20227/20/20228/1/2022$0.334375 $2,006 
Distributions for the three months ended September 30, 2022$2,006 
The following table summarizes our distributions to common stockholders declared and payable for the three months ended September 30, 2021 and September 30, 2021:
Declaration DateRecord DatePayment DateAmount Per ShareAmount Distributed (in thousands)
5/7/20217/28/20218/19/2021$0.06 $23,325 
5/7/20218/27/20219/23/20210.06 23,348 
8/24/20219/28/202110/21/20210.06 23,370 
Total declared and payable for the three months ended September 30, 2021$70,043 
5/6/20227/27/20228/18/2022$0.06 $23,635 
5/6/20228/29/20229/21/20220.06 23,670 
8/23/20229/28/202210/20/20220.06 23,767 
Total declared and payable for the three months ended September 30, 2022$71,072 
Schedule of Stock by Class The following table shows our outstanding Preferred Stock as of September 30, 2022:
SeriesMaximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Issued via OfferingInception to Date Liquidation Preference of Shares Issued via OfferingPreferred Stock Shares OutstandingLiquidation Preference of Shares Outstanding
Series A160,000,000 (1)$1,500,000 (1)30,994,482 $774,862 30,751,961 (4)$768,799 
Series M160,000,000 (1)1,500,000 (1)4,005,114 100,128 3,925,331 (4)98,133 
Series M260,000,000 (1)1,500,000 (1)— — — — 
Series AA110,000,000 (2)250,000 (2)— — — — 
Series MM110,000,000 (2)250,000 (2)— — — — 
Series A2187,000 4,675 187,000 4,675 187,000 4,675 
Series A6,000,000 150,000 6,000,000 150,000 6,000,000 150,000 
Total76,187,000 (3)$1,904,675 (3)41,186,596 $1,029,665 40,864,292 (5)$1,021,607 
(1) The maximum offering of 60,000,000 shares and $1,500,000 aggregate liquidation preference is for any combinations of Series A1, Series M1, and Series M2 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1 and Series MM1.
(3) The authorized maximum offering size of Preferred Stock as of September 30, 2022 is 76,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $1,904,675, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and footnote 2 and the table columns are not intended to foot.
(4) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, net of additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Does not foot due to rounding.
The following table shows our outstanding Preferred Stock as of June 30, 2022:
SeriesMaximum Offering Size (Shares)Maximum Aggregate Liquidation Preference of OfferingInception to Date Preferred Shares Issued via OfferingInception to Date Liquidation Preference of Shares IssuedPreferred Stock Shares OutstandingLiquidation Preference of Shares Outstanding
Series A160,000,000 (1)$1,500,000 (1)20,837,185 $520,930 20,794,645 (4)$519,866 
Series M160,000,000 (1)1,500,000 (1)2,640,752 66,019 2,626,238 (4)65,656 
Series M260,000,000 (1)1,500,000 (1)— — — 
Series AA110,000,000 (2)250,000 (2)— — — 
Series MM110,000,000 (2)250,000 (2)— — — 
Series A2187,000 4,675 187,000 4,675 187,000 4,675 
Series A6,000,000 150,000 6,000,000 150,000 6,000,000 150,000 
Total76,187,000 (3)$1,904,675 (3)29,664,937 $741,624 29,607,882 (5)$740,197 
(1) The maximum offering of 60,000,000 shares and $1,500,000 aggregate liquidation preference is for any combinations of Series A1, Series M1, and Series M2 shares.
(2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference is for any combinations of Series AA1 and Series MM1.
(3) The authorized maximum offering size of Preferred Stock as of June 30, 2022 is 76,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $1,904,675, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and footnote 2 and the table columns are not intended to foot.
(4) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, net of additional shares issued through the Preferred Stock DRIP and Preferred Stock converted to common stock through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity.
(5) Does not foot due to rounding.
Series A1 and Series M1 shares outstanding are net of dividend reinvestments paid and conversions to common stock in accordance with their liquidation features. The following tables show such activity during the three months ended September 30, 2022:
SeriesJune 30, 2022 Shares OutstandingShares IssuedShares issued through Preferred Stock DRIP
Shares Converted to Common(1)
September 30, 2022 Shares Outstanding
Series A120,794,645 10,157,297 9,183 (209,163)30,751,961 (2)
Series M12,626,238 1,364,362 212 (65,481)3,925,331 
Series A2187,000 — — — 187,000 
Series A6,000,000 — — — 6,000,000 
Total29,607,882 (2)11,521,659 9,395 (274,644)40,864,292 
(1)Convert to common shares via Holder Optional Redemptions and Optional Redemption Upon Death of Holder.
(2)Does not foot or crossfoot due to fractional share rounding.


The following tables show such activity during the three months ended September 30, 2021:
SeriesJune 30, 2021 Shares OutstandingShares IssuedShares issued through Preferred Stock DRIP
Shares Converted to Common(1)
September 30, 2021 Shares Outstanding
Series A15,163,926 2,946,568 1,907 (2,150)8,110,251 
Series M1130,666 173,506 48 — 304,220 
Series A2187,000 — — — 187,000 
Series A— 6,000,000 — — 6,000,000 
Total5,481,592 9,120,074 1,955 (2,150)14,601,471 
(1)Convert to common shares via Holder Optional Redemptions and Optional Redemption Upon Death of Holder.