||shares issued pursuant to exercise of put right (see footnotes 3 and 4 below). mr. macdonald is a member of stepstone group real estate holdings llc ("sgreh"), general manager of stepstone group real estate lp, the sole member and investment manager of stepstone rep iii (gp), llc, the general partner of srep iii, flight-investco, l.p. (continued at footnote 2)
||(continued from footnote 1) mr. macdonald may be deemed a participant in the control of the voting, disposition or purchase of these shares and thus may be deemed to share beneficial ownership of these shares. mr. macdonald disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be an admission of beneficial ownership of all of the reported securities for purposes of section 16 or for any other purpose.
||investco elected to exercise its right to require the issuer to redeem all 437,262 shares of the series e stock (the "shares") held by investco at a value per share equal to 130% of the $10 liquidation preference of the shares, plus accrued and unpaid dividends, on july 29, 2021, pursuant to the terms of the shares. the issuer had the right to redeem the shares with cash or by issuing shares of common stock, and a special committee of independent directors of the board of directors of the issuer unanimously approved redemption of the shares with shares of common stock. (continued at footnote 4)
||(continued from footnote 3) for purposes of section 16 of the securities exchange act of 1934, as amended, investco is deemed a director by deputization by virtue of its representation on the board of directors of the issuer. the number of shares of common stock issued to effect redemption of the shares equals 1,269,985 shares of common stock based on the weighted market sale price average of the common stock for the applicable thirty trading day period of $4.90 per share.