7. Preferred Stock and Units

Preferred Stock - The Company is authorized to issue up to 11,000,000 shares of preferred stock. The following table sets forth our Cumulative Redeemable Perpetual Preferred Stock by series:

The Company is obligated to pay cumulative cash distributions on the preferred stock at rates in the above table per annum of the $25.00 liquidation preference per share. Holders of the Company’s preferred stock are entitled to receive distributions when authorized by the Company’s board of directors out of assets legally available for the payment of distributions. The preferred stock is not redeemable by the holders, has no maturity date and is not convertible into any other security of the Company or its affiliates. Alternatively, the Company, at its option, may redeem the preferred stock in part or in full for the amount of the liquidation preference plus any dividends in arrears as well as a pro-rata distribution for the portion of the quarterly period ending on the date of redemption. Notwithstanding, upon a change in control, each holder of preferred stock may elect to exchange their stock for the consideration provided common stockholders at conversion ratios prescribed in the Articles Supplementary for each series of preferred stock.

On October 27, 2025, the Company announced that the record dates for the dividends on the Company’s Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock that were to be paid November 20, 2025 to stockholders of record as of October 31, 2025 have each been deferred. The payment of future dividends on all series of the Company’s preferred stock has been suspended.

The total undeclared and unpaid cash dividends due on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock as of December 31, 2025, were $8,784,600, $7,950,470 and $7,196,681, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. The preferred stock is considered permanent equity and distributions accrete as distributions are declared. As of December 31, 2025 and 2024, there are cumulative undeclared preferred dividends of approximately $23.9 million and approximately $21.9 million, respectively.

Preferred Partnership Units – The Company is the holder of the Operating Partnership’s preferred partnership units and is entitled to receive distributions when authorized by the general partner of the Operating Partnership out of assets legally available for the payment of distributions. The following table sets forth our Cumulative Redeemable Perpetual Preferred Units by series:

The Operating Partnership pays cumulative cash distributions on the preferred units at rates in the above table per annum of the $25.00 liquidation preference per unit. The Company, which is the holder of the Operating Partnership’s preferred units, is entitled to receive distributions when authorized by the Operating Partnership’s general partner out of assets legally available for the payment of distributions. The preferred units are not redeemable by the holder, have no maturity date and are not convertible into any other security of the Operating Partnership or its affiliates. The Company, as general partner, may cause the Operating Partnership to redeem preferred units in the Operating Partnership in conjunction with a redemption by the Company of its preferred stock.

In conjunction with the announcement by the Company on October 27, 2025, regarding the deferral of the previously announced record date for dividends on the Company’s Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, the general partner has also deferred the record date for distributions on the Series B Preferred Units, Series C Preferred Units and Series D Preferred Units that were to be paid November 20, 2025 to stockholders of record as of October 31, 2025.

The total undeclared and unpaid cash dividends due on the Series B Preferred Units, Series C Preferred Units and Series D Preferred Units as of December 31, 2025, were $8,784,600, $7,950,470 and $7,196,681, respectively. Undeclared preferred cumulative dividends are reported on the statements of operations but are not considered payable until declared. The preferred partnership units are considered permanent equity and distributions accrete as distributions are declared. As of December 31, 2025

and 2024, there are cumulative undeclared preferred distributions to the Company from the Operating Partnership of approximately $23.9 million and approximately $21.9 million, respectively.