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purchasing shares of Class A common stock in this offering by $           per share, assuming the assumed initial 
public offering price remains the same, and after deducting estimated underwriting discounts and commissions 
and estimated offering expenses payable by us. 

If the underwriters’ option to purchase additional shares of our Class A common stock from us is exercised in 
full, the pro forma net tangible book value per share of our Class A common stock, as adjusted to give effect to 
this offering, would be $           per share, and the dilution in pro forma net tangible book value per share to new 
investors purchasing shares of Class A common stock in this offering would be $           per share. 

The following table presents, as of September 30, 2026, after giving effect to the Preferred Stock Conversion, 
Convertible Notes Conversion, Initial Public Benefit Issuance, and RSU Settlement, the differences between the 
existing  stockholders  and  the  new  investors  purchasing  shares  of  our  Class  A  common  stock  in  this  offering 
with respect to the number of shares purchased from us, the total consideration paid or to be paid to us, which 
includes net proceeds received from the issuance of our Class A common stock and the average price per share 
paid or to be paid to us at the assumed initial public offering price of $           per share, which is the midpoint of 
the  estimated  offering  price  range  set  forth  on  the  cover  page  of  this  prospectus,  before  deducting  estimated 
underwriting discounts and commissions and estimated offering expenses payable by us: 

Existing stockholders

New investors

Total

Shares Purchased 

Total Consideration 

Number 

Percent 

Amount 

Percent

% $                     

Weighted 
Average
Price Per
Share 

% $                     

  $                     

100 % $                     

100 %

The  foregoing  table  does  not  reflect  any  sales  by  the  selling  stockholders  in  this  offering.  Sales  by  the  selling 
stockholders  in  this  offering  will  cause  the  number  of  shares  held  by  existing  stockholders  to  be  reduced  to 
           shares, or approximately           % of the total number of shares of our Class A common stock outstanding 
after  this  offering,  and  will  increase  the  number  of  shares  held  by  new  investors  to                      shares,  or 
approximately                     %  of  the  total  number  of  shares  of  our  Class  A  common  stock  outstanding  after  this 
offering.

Each $1.00 increase or decrease in the assumed initial public offering price of $           per share, which is the 
midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or 
decrease,  as  applicable,  the  total  consideration  paid  by  new  investors  and  total  consideration  paid  by  all 
stockholders by $          , assuming that the number of shares of our Class A common stock offered by us, as set 
forth  on  the  cover  page  of  this  prospectus,  remains  the  same  and  after  deducting  estimated  underwriting 
discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease 
of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease, as 
applicable,  the  total  consideration  paid  by  new  investors  and  total  consideration  paid  by  all  stockholders  by 
$          , assuming the assumed initial public offering price remains the same and after deducting the estimated 
underwriting discounts and commissions and estimated offering expenses payable by us. 

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters’ option 
to  purchase  additional  shares  of  our  Class  A  common  stock  from  us.  If  the  underwriters’  option  to  purchase 
additional  shares  of  our  Class  A  common  stock  were  exercised  in  full,  our  existing  stockholders  would  own 
          % and our new investors would own           % of the total number of shares of our Class A common stock 
outstanding upon completion of this offering. 

The number of shares of our Class A common stock, Class N common stock, Class T common stock, and Class F 
common stock that will be outstanding after this offering is based on            shares of our Class A common stock, 
           shares of our Class N common stock, one share of our Class T common stock, and one share of our Class F 
common  stock  outstanding  as  of  September  30,  2026  (after  giving  effect  to  the  Preferred  Stock  Conversion, 

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