Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Monthly Distributions Paid per Common Share

The following is a summary of monthly distributions paid per common share for the periods indicated below:


	Years ended December 31,
Month	2025		2024		2023
January	$	0.2640	$	0.2565	$	0.2485
February	0.2640		0.2565		0.2485
March	0.2680		0.2565		0.2545
April	0.2685		0.2570		0.2550
May	0.2685		0.2570		0.2550
June	0.2685		0.2625		0.2550
July	0.2690		0.2630		0.2555
August	0.2690		0.2630		0.2555
September	0.2690		0.2630		0.2555
October	0.2695		0.2635		0.2560
November	0.2695		0.2635		0.2560
December	0.2695		0.2635		0.2560
Total	$	3.2170	$	3.1255	$	3.0510

Schedule of Federal Income Tax Characterization of Distributions Paid

The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:


	2025		2024		2023
Ordinary income	$	2.1351154	$	2.1759803	$	2.8434500
Nontaxable distributions	1.0818846		0.9495197		0.2075500
Total	$	3.2170000	$	3.1255000	$	3.0510000

Schedule of Common Stock Issuances

The following table outlines common stock issuances pursuant to our ATM programs (dollars in millions, shares in thousands):


	Years ended December 31,
		2025		2024		2023
Shares of common stock issued under the ATM program (1)		41,971		30,169		91,699
Gross proceeds		$	2,398.3	$	1,760.1	$	5,483.2
Sales agents' commissions and other offering expenses		(34.2)		(17.3)		(43.7)
Net proceeds		$	2,364.1	$	1,742.8	$	5,439.5

(1) During the year ended December 31, 2025, 52.8 million shares were sold, and 42.0 million shares were settled pursuant to forward sale confirmations. As of December 31, 2025, 12.6 million shares of common stock subject to forward sale confirmations have been executed, but not settled, at a weighted average initial gross price of $57.49 per share. We currently expect to fully settle forward sale agreements outstanding by March 31, 2026, representing $708.5 million in net proceeds, for which the weighted average forward price as of December 31, 2025 was $56.26 per share.

The following table outlines common stock issuances pursuant to our DRSPP program (dollars in millions, shares in thousands):


	Years ended December 31,
		2025		2024		2023
Shares of common stock issued under the DRSPP program		211		212		198
Gross proceeds		$	12.0	$	11.8	$	11.5