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Table of Contents

Our Capital Structure

The  following  table  summarizes  certain  key  terms  of  each  class  or  series  of  our  common  stock  that  will  be 
authorized following the completion of this offering:

Category of 
Rights

Votes per share

Class A Common 
Stock
1

Class N 
Common Stock
0

Class T Common 
Stock
1

Matters on which 
entitled to vote

All matters 
submitted to 
stockholders 
generally; election 
of non-Class T 
directors; certain 
amendments to the 
terms of the LTBT 
or the rights of our 
Class T common 
stock; redemption 
of our Class T 
common stock

Not entitled to vote 
except as required 
by law, in which 
case our Class N 
common stock will 
have one vote per 
share

Election of Class T 
directors, which 
constitute a 
majority of our 
board of directors; 
redemption of our 
Class E common 
stock; certain 
amendments to the 
rights of our Class 
F common stock  

Class F Common 
Stock

50.1% of 
outstanding voting 
power on record 
date

All matters 
submitted to 
stockholders 
generally; election 
of non-Class T 
directors; certain 
amendments to the 
terms of the LTBT 
or the rights of our 
Class T common 
stock; redemption 
of our Class T 
common stock; 
redemption of our 
Class E common 
stock

Class E Common 
Stock
1

Nomination, 
change in 
designation, or 
removal of the 
Specified Class T 
Director (as 
defined below) 
(only if our NGC 
does not concur in 
the LTBT’s 
nomination, 
change in 
designation, or 
removal); certain 
amendments to the 
terms of the LTBT 
or the rights of our 
Class T common 
stock; redemption 
of our Class T 
common stock

Conversion 
rights

None

Transferability

Generally 
transferable

Converts into Class 
A common stock 
upon a sale or 
transfer to an 
unaffiliated third 
party

Generally 
transferable; 
converts to Class A 
common stock 
upon transfer as 
described above

Dividend rights

Right to receive 
liquidation 
distributions

Entitled to 
participate pro rata 
in dividends and 
distributions

Entitled to 
participate pro rata 
in dividends and 
distributions

Entitled to 
participate pro rata 
in liquidation 
distributions

Entitled to 
participate pro rata 
in liquidation 
distributions

Redeemable by 
company

No

No

None

None

None

Not transferable

Transferable only 
upon approval of 
persons comprising 
the Trust 
Amendment 
Threshold (as 
defined below)

Not transferable 
except in the case 
of a reorganization 
or redomiciliation 
of the Founder LLC 
that is approved by 
our board of 
directors and does 
not result in a 
change to the 
members of the 
Founder LLC

None

None

None

Entitled to par 
value per share

Entitled to par 
value per share

Entitled to par 
value per share

Redeemable by us 
for no 
consideration upon 
occurrence of 
certain events

Redeemable by us 
for no 
consideration upon 
occurrence of 
certain events

Redeemable by us 
for no 
consideration upon 
occurrence of 
certain events

For more information about our capital structure, see the section titled “Description of Capital Stock.” 

Risk Factors Summary 

Our  business  is  subject  to  numerous  risks  and  uncertainties,  including  those  highlighted  in  the  section  titled 
“Risk Factors” immediately following this prospectus summary. These risks could adversely affect our business, 
financial condition, and results of operations, which could cause the market price of our Class A common stock 

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