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:
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| | | | | Weighted Average Price Per Share |
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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,