GOLUB CAPITAL INVESTMENT CORPORATION INVESTOR PRESENTATION QUARTER ENDED DECEMBER 31, 2016
Disclaimer 2 Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies; the effect of investments that we expect to make and the competition for those investments; our contractual arrangements and relationships with third parties; completion of a public offering of our securities or other liquidity event; actual and potential conflicts of interest with GC Advisors LLC ("GC Advisors"), our investment adviser, and other affiliates of Golub Capital LLC (collectively, "Golub Capital"); the dependence of our future success on the general economy and its effect on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; the use of borrowed money to finance a portion of our investments; the adequacy of our financing sources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; general economic and political trends and other external factors; the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments; the ability of GC Advisors or its affiliates to attract and retain highly talented professionals; our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; general price and volume fluctuations in the stock markets; the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder; and the effect of changes to tax legislation and our tax position. Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements made herein, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (“SEC”). This presentation contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. In evaluating prior performance information in this presentation, you should remember that past performance is not a guarantee, prediction or projection of future results, and there can be no assurance that we will achieve similar results in the future.
Summary of Quarterly Results 3 First Fiscal Quarter 2017 Highlights − Net increase in net assets resulting from operations (i.e. net income) for the quarter ended December 31, 2016 was $14.6 million, or $0.35 per share, resulting in an annualized return on equity of 9.4%. This compares to net income of $13.1 million, or $0.36 per share and an annualized return on equity of 9.3% for the quarter ended September 30, 2016. − Net investment income for the quarter ended December 31, 2016 was $10.8 million, or $0.26 per share, as compared to $10.6 million, or $0.29 per share for the quarter ended September 30, 2016. Excluding a $0.7 million accrual for the capital gain incentive fee under GAAP, net investment income for the quarter ended December 31, 2016 was $11.5 million, or $0.281 per share, as compared to $10.6 million, or $0.291 per share, when excluding a less than $0.1 million reversal in the accrual for the capital gain incentive fee under GAAP for the quarter ended September 30, 2016. − Net realized and unrealized gains on investments of $3.8 million, or $0.09 per share, for the quarter ended December 31, 2016 was the result of a $0.2 million net realized gain and $3.6 million of net unrealized appreciation. This compares to net realized and unrealized gains on investments of $2.4 million, or $0.07 per share, for the quarter ended September 30, 2016. − New middle-market investment commitments totaled $94.0 million for the quarter ended December 31, 2016. Including investments of $8.8 million in GCIC Senior Loan Fund LLC (“GCIC SLF”), total new investment commitments were $102.8 million. Approximately 16% of the new investment commitments were senior secured loans, 75% were one stop loans, 9% were investments in GCIC SLF and less than 1% were investments in equity securities and subordinated debt. Overall, total investments in portfolio companies at fair value increased by approximately 4.1%, or $44.1 million, during the quarter ended December 31, 2016. 1. As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company has provided this non-GAAP performance result. The Company believes that this non-GAAP financial measure is useful as it excludes the accrual of the capital gain incentive fee which is not contractually payable under the terms of the Company’s investment advisory agreement with GC Advisors ( the “Investment Advisory Agreement”). The capital gain incentive fee payable as calculated under the Investment Advisory Agreement for the period ended December 31, 2016 is $0. However, in accordance with GAAP, the Company is required to include aggregate unrealized appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. Although this non-GAAP financial measure is intended to enhance investors’ understanding of the Company’s business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. Refer to slide 4 for a reconciliation to the nearest GAAP measure, net investment income per share.
Dollars in 000s Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Net income $ 6,658 $ 7,294 $ 10,033 $ 13,082 $ 14,580 Net investment income 5,500 6,686 7,535 10,635 10,804 Net realized/unrealized gain (loss) 1,158 608 2,498 2,447 3,776 Distributions declared 6,658 7,294 10,033 13,082 14,580 Per Share 1 and Return on Equity 2 Statistics Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Earnings per weighted average share $ 0.30 $ 0.28 $ 0.35 $ 0.36 $ 0.35 Net investment income per weighted average share 0.25 0.26 0.26 0.29 0.26 Accrual for capital gain incentive fee per weighted average share 0.00 0.01 0.01 0.00 0.02 Net investment income before accrual for capital gain incentive fee per weighted average share 3 0.25 0.27 0.27 0.29 0.28 Net realized/unrealized gain (loss) per weighted average share 0.05 0.02 0.09 0.07 0.09 Annualized return on equity – net income 8.0% 7.6% 9.2% 9.3% 9.4% Annualized return on equity – net investment income 6.6% 7.0% 6.9% 7.6% 6.9% Annualized return on equity – net investment income before accrual for capital gain incentive fee 3,4 6.6% 7.1% 7.3% 7.6% 7.4% Net asset value $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00 Financial Highlights 4 1. Per share returns are calculated based on the daily weighted average shares outstanding during the period presented. 2. Return on equity calculations are based on daily weighted average of total net assets during the period presented. 3. As a supplement to GAAP financial measures, the Company has provided this non-GAAP performance result. The Company believes that this non-GAAP financial measure is useful as it excludes the accrual of the capital gain incentive fee which is not contractually payable under the terms of the Investment Advisory Agreement. The capital gain incentive fee payable as calculated under the Investment Advisory Agreement for the period ended December 31, 2016 is $0. However, in accordance with GAAP, the Company is required to include aggregate unrealized appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. Although this non-GAAP financial measure is intended to enhance investors’ understanding of the Company’s business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. 4. The annualized return on equity – net investment income before accrual for capital gain incentive fee is calculated as (a) the net investment income before the reduction for the accrual for capital gain incentive fee for the period presented divided by (b) the daily average of total net assets.
Select Portfolio Funds Roll Data (in millions) Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 New Investment Commitments $ 151.0 $ 201.3 $ 272.5 $ 203.4 $ 102.8 Exits and Sales of Investments 1 113.6 75.4 47.3 62.6 65.3 Fair Value of Investments 580.5 702.4 912.8 1,069.7 1,113.8 Net Funds Growth 2 28.6 121.9 210.5 156.9 44.1 Portfolio Highlights – New Originations 5 Originations and Net Funds Growth − New investment commitments totaled $102.8 million for the quarter ended December 31, 2016. − Net growth in investments at fair value (after factoring in debt repayments and other portfolio activity) for the quarter ended December 31, 2016 was $44.1 million, a 4.1% increase from September 30, 2016. − During the quarter ended December 31, 2016, GCIC sold $23.7 million of investments and unfunded commitments at fair value to GCIC SLF. 1. Includes full and partial payoffs and sales, including sales to GCIC SLF. 2. Net funds growth includes the impact of new investments and exits of investments as noted in the table above, as well as other variables such as net fundings on revolvers, net change in unamortized fees, net change in unrealized gains (losses), etc. Asset Mix of New Originations Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Senior Secured 23% 18% 13% 12% 16% One Stop 49% 80% 84% 87% 75% Subordinated Debt 0% 0% 0% 0% 0% GCIC Senior Loan Fund 27% 2% 1% 0% 9% Equity 1% 0% 2% 1% 0% * Represents an amount less than 0.1%. * * **
Portfolio Highlights – Portfolio Diversity as of December 31, 2016 6 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 6% Historical Investment Portfolio ($mm) 74% 18% 80% 13% 82% 12% 84% 11% 83% 11% Equity Inv. in GCIC SLF One Stop Senior Secured Investment Portfolio $1,056.8mm1 // 156 Investments1 – Average Size $6.8mm $580.5 $702.4 $912.8 $1,069.7 $1,113.8 1% 1% 1% 1% 5% 4% 5% 1. Excludes investment in GCIC SLF. 2. The subordinated debt investments held as of Q3 2016, Q4 2016, and Q1 2017 represent an amount less than 1.0%. Sub. Debt 2 7% 1%
20% 20% 11% 10% 7% 5% 4% 4% 3% 5% 11% Diversified/Conglomerate Service Healthcare, Education and Childcare Electronics Retail Stores Personal, Food and Miscellaneous Services Printing and Publishing Automobile Beverage, Food and Tobacco Diversified/Conglomerate Manufacturing GCIC SLF Other Portfolio Highlights – Portfolio Diversity as of December 31, 2016 7 Industry Diversity of Investments 1. The percentage of fixed rate loans and floating rate loans is calculated using total debt investments at fair value and excludes equity investments. Interest Rate on Loans1 Fixed - 0.2% 99.8% Floating Diversity by Investment Size Top 25 Investments 49% Remaining 131 Investments 46% GCIC SLF 5% Top 10 Investments 29%
Portfolio Highlights – Spread Analysis 8 7.5% 8.0% 7.7% 8.1% 8.1% 7.1% 7.4% 7.4% 7.6% 7.6% 3.5% 3.7% 3.4% 3.5% 3.8% 4.0% 4.3% 4.3% 4.6% 4.3% 0.6% 0.6% 0.7% 0.9% 1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Investment income yield Income yield Weighted average cost of debt Weighted average net investment spread 3-Month London Interbank Offered Rate ("LIBOR") 5 7 6 4 1. Weighted average interest rate on new investments is based on the contractual interest rate at the time of funding. For variable rate loans, the contractual rate is calculated using current LIBOR, the spread over LIBOR and the impact of any LIBOR floor. For fixed rate loans, the contract rate is the stated fixed rate. 2. Excludes activity on the subordinated note investment in GCIC SLF. 3. Excludes exits on investments on non-accrual status. 4. Investment income yield is calculated as (a) the actual amount earned on earning investments, including the subordinated note investment in GCIC SLF, including interest and fee income and amortization of capitalized fees and discounts, divided by (b) the daily average of total earning investments at fair value. 5. Income yield is calculated as (a) the actual amount earned on earning investments, including the subordinated note investment in GCIC SLF, including interest and fee income but excluding amortization of capitalized fees and discounts, divided by (b) the daily average of total earning investments at fair value. 6. The weighted average cost of debt is calculated as (a) the actual amount incurred on debt obligations divided by (b) the daily average of total debt obligations. 7. The weighted average net investment spread is calculated as (a) the investment income yield less (b) the weighted average cost of debt. Portfolio Rotation – Debt Investments Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Weighted average interest rate of new investments 1,2 6.4% 7.0% 7.7% 7.7% 7.0% Weighted average interest rate on investments that were sold or paid-off 2,3 6.0% 6.6% 6.1% 6.8% 6.5% Weighted average spread over LIBOR of new floating rate investments 2 5.4% 6.0% 6.7% 6.7% 6.0% Weighted average interest rate of new fixed rate investments N/A N/A 10.6% 10.8% N/A Weighted average fees on new investments 1.3% 1.9% 1.7% 1.9% 1.7%
June 30, 2016 September 30, 2016 December 31, 2016 Internal Performance Rating Investments at Fair Value (in thousands) % of Total Portfolio Investments at Fair Value (in thousands) % of Total Portfolio Investments at Fair Value (in thousands) % of Total Portfolio 5 $ 16,267 1.8% $ 5,889 0.6% $ 9,834 0.9% 4 $ 840,814 92.1% $ 995,408 93.0% $ 1,032,399 92.7% 3 $ 55,586 6.1% $ 64,785 6.1% $ 67,513 6.0% 2 $ 172 0.0% $ 3,628 0.3% $ 4,009 0.4% 1 $ - 0.0% $ - 0.0% $ - 0.0% Total $ 912,839 100.0% $ 1,069,710 100.0% $ 1,113,755 100.0% Portfolio Highlights – Credit Quality 9 − Fundamental credit quality is strong with over 90.0% of the investments in the portfolio having an Internal Performance Rating of 4 or higher as of December 31, 2016. As of December 31, 2016, there was one non-accrual investment with a fair value of $16,000. Portfolio Risk Ratings Internal Performance Ratings Definition Rating Definition 5 Borrower is performing above expectations and the trends and risk factors are generally favorable 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with debt covenants; however, loan payments are generally not past due 2 Borrower is performing materially below expectations and the loan’s risk has increased materially since origination 1 Borrower is performing substantially below expectations and the loan’s risk has substantially increased since origination * Represents an amount less than 0.1%. *
Quarterly Statements of Financial Condition 10 As of (Dollar amounts in 000s, except per share data) December 31, 2015 (unaudited) March 31, 2016 (unaudited) June 30, 2016 (unaudited) September 30, 2016 (audited) December 31, 2016 (unaudited) Assets Investments, at fair value $ 580,510 $ 702,365 $ 912,839 $ 1,069,710 $ 1,113,755 Cash and cash equivalents 3,267 2,787 4,847 4,675 4,883 Restricted cash and cash equivalents 7,112 7,140 9,815 71,056 34,417 Other assets 7,630 6,986 3,420 3,557 3,852 Total Assets $ 598,519 $ 719,278 $ 930,921 $ 1,148,998 $ 1,156,907 Liabilities and Net Assets Debt $ 222,800 $ 303,900 $ 404,350 $ 520,600 $ 518,050 Unamortized debt issuance costs (2,757) (2,459) (2,406) (5,073) (4,197) Payable for open trades 3,743 – 1,858 – – Interest payable 460 529 613 1,414 3,406 Management and incentive fee payable 2,249 2,874 3,935 4,960 6,254 Distributions payable 2,177 4,939 10,033 9,869 5,553 Other liabilities 818 569 700 921 1,298 Total Liabilities 229,490 310,352 419,083 532,691 530,364 Total Net Assets 369,029 408,926 511,838 616,307 626,543 Total Liabilities and Net Assets $ 598,519 $ 719,278 $ 930,921 $ 1,148,998 $ 1,156,907 Net Asset Value per Share $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00 Leverage Ratio 0.60x 0.74x 0.79x 0.85x 0.83x Asset coverage 265.3% 234.3% 226.4% 218.1% 220.2% Common shares outstanding 24,601,958 27,261,737 34,122,547 41,087,178 41,769,495
Quarterly Operating Results 11 1. Per share data is calculated based on the daily weighted average shares outstanding during the period presented. 2. Per share data is based on (i) the total distributions paid for each respective record date during the period presented divided by (ii) the total number of shares outstanding on each respective record date. Please see slide titled, “Common Stock and Distribution Information” included in this presentation for details on the distributions declared during the period. For the three months ended (Dollar amounts in 000s, except share and per share data) December 31, 2015 (unaudited) March 31, 2016 (unaudited) June 30, 2016 (unaudited) September 30, 2016 (unaudited) December 31, 2016 (unaudited) Investment Income Interest income $ 10,495 $ 11,926 $ 14,589 $ 19,416 $ 21,481 Dividend income - 17 48 335 422 Fee income 16 359 1 177 146 Total Investment Income 10,511 12,302 14,638 19,928 22,049 Expenses Interest and other debt financing expenses 2,214 2,396 2,975 4,347 4,922 Base management fee, net of waiver 1,447 1,559 1,943 2,466 2,761 Incentive fee 802 1,177 1,719 1,838 2,728 Other operating expenses 548 484 466 642 834 Total Expenses 5,011 5,616 7,103 9,293 11,245 Net Investment Income 5,500 6,686 7,535 10,635 10,804 Net Gain (Loss) on Investments Net realized gain (loss) on investments 685 48 (23) 146 197 Net unrealized appreciation (depreciation) on investments 473 560 2,521 2,301 3,579 Net gain (loss) on investments 1,158 608 2,498 2,447 3,776 Net Increase in Net Assets Resulting from Operations $ 6,658 $ 7,294 $ 10,033 $ 13,082 $ 14,580 Per Share Data Earnings per weighted average share 1 $ 0.30 $ 0.28 $ 0.35 $ 0.36 $ 0.35 Net investment income per weighted average share 1 $ 0.25 $ 0.26 $ 0.26 $ 0.29 $ 0.26 Distributions paid per share 2 $ 0.30 $ 0.28 $ 0.34 $ 0.34 $ 0.35 Weighted average common shares outstanding 22,146,132 25,707,003 29,278,962 37,237,308 41,252,583
Portfolio Highlights – GCIC Senior Loan Fund LLC 12 − The annualized return for the quarter ended December 31, 2016 was 10.4%, up from 8.9% for the quarter ended September 30, 2016. − Net growth in investments at fair value for the quarter ended December 31, 2016 was $16.3 million, an 11.2% increase from September 30, 2016, as GCIC SLF purchased $23.7 million in investments and unfunded commitments from GCIC at fair value which was offset by $6.2 million of payoffs. − Subject to leverage and borrowing base restrictions, as of December 31, 2016, GCIC SLF had approximately $47.8 million of remaining commitments and $3.2 million of availability on its revolving credit facility. 1. GCIC’s annualized total return is calculated by dividing total income earned on our investments in GCIC SLF subordinated notes and GCIC SLF LLC equity interests by the combined daily average of our investments in (1) the principal of the GCIC SLF subordinated notes and (2) the net asset value of the GCIC SLF LLC equity interests. Annualized total return excludes the impact of management fees and incentive fees that may be charged by GC Advisors based on GCIC’s investments in GCIC SLF and the income from such investments. (Dollar amounts in 000s) As of Balance Sheet December 31, 2015 (unaudited) March 31, 2016 (unaudited) June 30, 2016 (unaudited) September 30, 2016 (audited) December 31, 2016 (unaudited) Total investments, at fair value $ 83,473 $ 127,224 $ 147,611 $ 146,123 $ 162,431 Cash and other assets 2,029 2,469 3,172 3,344 4,129 Total assets $ 85,502 $ 129,693 $ 150,783 149,467 166,560 Senior credit facility $ 34,700 $ 75,600 $ 96,900 95,500 102,200 Unamortized debt issuance costs (1,321) (1,259) (1,190) (1,122) (1,052) Other liabilities 5,548 4,507 271 282 316 Total liabilities 38,927 78,848 95,981 94,660 101,464 Subordinated debt and members’ equity 46,575 50,845 54,802 54,807 65,096 Total liabilities and members’ equity $ 85,502 $ 129,693 $ 150,783 $ 149,467 $ 166,560 Senior leverage 0.75x 1.49x 1.77x 1.74x 1.57x (Dollar amounts in 000s) For the three months ended GCIC Return on Investment in GCIC SLF December 31, 2015 (unaudited) March 31, 2016 (unaudited) June 30, 2016 (unaudited) September 30, 2016 (unaudited) December 31, 2016 (unaudited) Total Income $ 442 $ 1,002 $ 1,281 $ 1,080 $ 1,354 Annualized return on total income 1 6.4% 9.2% 11.3% 8.9% 10.4%
Liquidity and Capital Subscriptions 13 Cash and Cash Equivalents − Unrestricted cash and cash equivalents totaled $4.9 million as of December 31, 2016. − Restricted cash and cash equivalents totaled $34.4 million as of December 31, 2016. Restricted cash is held in our securitization vehicle and in our revolving credit facility and is reserved for quarterly interest payments and is also available for new investments that qualify for acquisition by these entities. Capital Subscriptions − As of December 31, 2016, we had total investor capital subscriptions of $1,077.4 million and contributed capital of $594.3 million (55.2% called capital ratio). Debt Facilities – Availability − As of December 31, 2016, subject to leverage and borrowing base restrictions, we had approximately $229.4 million of remaining commitments and $106.4 million of availability on our $420.0 million revolving credit facility with Wells Fargo. − As of December 31, 2016, we had $40.0 million of remaining commitments and availability on our revolving credit facility with GC Advisors. − As of December 31, 2016, we were fully drawn on our $75.0 million revolving credit facility with Sumitomo Mitsui Banking Corporation. GCIC Senior Loan Fund LLC - Recapitalization − On December 14, 2016, the GCIC SLF investment committee approved the recapitalization of GCIC SLF’s members. On December 30, 2016, GCIC SLF’s members entered into additional LLC equity interest subscriptions totaling $100.0 million, GCIC SLF issued capital calls totaling $39.9 million to its members and the subordinated notes previously issued by GCIC SLF were redeemed and terminated. As a result of the recapitalization, investment income from our investment in GCIC SLF will be recognized as dividend income on a go forward basis, as opposed to a combination of interest and dividend income.
2016 Debt Securitization Debt Facilities Debt Facilities 14 Tranche Rating (M/S) Par Amount ($mm) Interest Rate Stated Maturity Reinvestment Period Class A Notes Aaa/AAA $220.0 3 Month LIBOR + 2.15% August 8, 2028 August 8, 2020 Class B Notes Aa1/AA $32.5 3 Month LIBOR + 3.00% August 8, 2028 August 8, 2020 Total Notes Issued1 $252.5 Issuer Outstanding ($mm) Commitment ($mm) Interest Rate Stated Maturity Reinvestment Period Wells Fargo Revolving Credit Facility $190.6 $420.0 3 Month LIBOR + 2.25% May 13, 2020 May 12, 2017 SMBC Revolving Credit Facility $75.0 $75.0 1 Month LIBOR + 1.60% May 17, 2018 N/A GC Advisors Revolving Credit Facility $0.0 $40.0 Applicable Federal Rate February 3, 2018 N/A 1. The Class C Notes, Class D Notes and LLC Equity Interests issued in the 2016 Debt Securitization, totaling $42.3 million, $28.6 million and $86.7 million, respectively, were retained by the Company.
Common Stock and Distribution Information 15 Distributions Paid Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount August 4, 2015 October 27, 2015 October 2015 20,843,155.219 December 30, 2015 0.0818 $ 1,705,010 November 17, 2015 November 19, 2015 November 2015 22,172,613.752 December 30, 2015 0.1252 2,776,148 November 17, 2015 December 17, 2015 December 2015 24,433,662.992 February 26, 2016 0.0891 2,177,327 Total for Quarter Ended December 31, 2015 $ 0.2961 $ 6,658,485 November 17, 2015 January 22, 2016 January 2016 24,601,958.001 February 26, 2016 0.0957 $ 2,354,103 February 2, 2016 February 22, 2016 February 2016 24,601,958.001 May 20, 2016 0.0705 1,734,244 February 2, 2016 March 24, 2016 March 2016 27,261,737.139 May 20, 2016 0.1176 3,205,052 Total for Quarter Ended March 31, 2016 $0.2838 $ 7,293,399 February 2, 2016 April 30, 2016 April 2016 27,261,737.139 July 28, 2016 0.1046 $ 2,851,730 May 3, 2016 May 19, 2016 May 2016 29,256,215.216 July 28, 2016 0.1331 3,893,061 May 3, 2016 June 20, 2016 June 2016 31,415,162.957 July 28, 2016 0.1047 3,287,979 Total for Quarter Ended June 30, 2016 $0.3424 $ 10,032,770 May 3, 2016 July 22, 2016 July 2016 34,122,546.688 September 26, 2016 0.0942 $ 3,213,352 August 3, 2016 August 29, 2016 August 2016 39,469,915.648 November 21, 2016 0.1369 5,401,537 August 3, 2016 September 23, 2016 September 2016 40,975,724.182 November 21, 2016 0.1090 4,467,164 Total for Quarter Ended September 30, 2016 $0.3401 $ 13,082,053 August 3, 2016 October 24, 2016 October 2016 41,087,178.250 December 30, 2016 0.0729 $ 2,993,272 November 14, 2016 November 18, 2016 November 2016 41,087,178,250 December 30, 2016 0.1469 6,033,949 November 14, 2016 December 26, 2016 December 2016 41,442,374.044 February 27, 2017 0.1340 5,553,110 Total for Quarter Ended December 31, 2016 $0.3538 $ 14,580,331
Common Stock and Distributions Information 16 Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount November 14, 2016 January 23, 2017 January 2017 41,769,495.016 February 27, 2017 TBD TBD February 7, 2017 February 20, 2017 February 2017 TBD May 19, 2017 TBD TBD February 7, 2017 March 24, 2017 March 2017 TBD May 19, 2017 TBD TBD February 7, 2017 April 30, 2017 April 2017 TBD July 28, 2017 TBD TBD Distributions Declared