GOLUB CAPITAL
INVESTMENT
CORPORATION
INVESTOR PRESENTATION
QUARTER ENDED SEPTEMBER 30, 2017
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 any actions
toward repeal thereof; 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. 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
Fourth Fiscal Quarter 2017 Highlights
− Net increase in net assets resulting from operations (i.e. net income) for the quarter ended September 30, 2017 was $13.4 million, or $0.28
per share, resulting in an annualized return on equity of 7.3%. This compares to net income of $14.2 million, or $0.31 per share and an
annualized return on equity of 8.3% for the quarter ended June 30, 2017.
− Net investment income for the quarter ended September 30, 2017 was $14.3 million, or $0.30 per share, as compared to $14.2 million, or
$0.31 per share for the quarter ended June 30, 2017. Excluding a $0.1 million reversal in accrual for the capital gain incentive fee under
GAAP, net investment income for the quarter ended September 30, 2017 was $14.2 million, or $0.291 per share, as compared to $14.3
million, or $0.311 per share, excluding a less than $0.1 million accrual for the capital gain incentive fee under GAAP for the quarter ended
June 30, 2017.
− Net realized and unrealized loss on investments was $0.9 million, or $0.02 per share, for the quarter ended September 30, 2017. This
compares to a net realized and unrealized loss on investments of less than $0.1 million, or less than $0.01 per share, for the quarter ended
June 30, 2017.
− New middle-market investment commitments totaled $173.2 million for the quarter ended September 30, 2017. Approximately 14% of the
new investment commitments were senior secured loans, 85% were one stop loans, and 1% were investments in equity securities. Overall,
total investments in portfolio companies at fair value increased by approximately 7.2%, or $93.7 million, during the quarter ended September
30, 2017.
1. As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company has provided this non-GAAP financial measure. 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 September 30, 2017 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 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Net income $ 13,082 $ 14,580 $ 12,694 $ 14,210 $ 13,397
Net investment income 10,635 10,804 10,944 14,247 14,309
Net realized/unrealized gain (loss) 2,447 3,776 1,750 (37) (912)
Distributions declared 13,082 14,580 12,694 14,210 13,397
Per Share 1 and Return on Equity 2 Statistics Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Earnings per weighted average share $ 0.36 $ 0.35 $ 0.30 $ 0.31 $ 0.28
Net investment income per weighted average share 0.29 0.26 0.26 0.31 0.30
Accrual for capital gain incentive fee per weighted average share 0.00 0.02 0.01 0.00 (0.01)
Net investment income before accrual for capital gain incentive fee
per weighted average share 3 0.29 0.28 0.27 0.31 0.29
Net realized/unrealized gain (loss) per weighted average share 0.07 0.09 0.04 0.00 (0.02)
Annualized return on equity – net income 9.3% 9.4% 8.2% 8.3% 7.3%
Annualized return on equity – net investment income 7.6% 6.9% 7.1% 8.3% 7.8%
Annualized return on equity – net investment income before accrual
for capital gain incentive fee 3,4 7.6% 7.4% 7.3% 8.4% 7.7%
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 financial measure. 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 September 30, 2017 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) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
New Investment Commitments $ 203.4 $ 102.8 $ 101.2 $ 328.9 $ 173.2
Exits and Sales of Investments 1 62.6 65.3 31.5 112.1 68.0
Fair Value of Investments 1,069.7 1,113.8 1,167.4 1,304.0 1,397.7
Net Funds Growth 2 156.9 44.1 53.6 136.6 93.7
Portfolio Highlights – New Originations
5
Originations and Net Funds Growth
− New investment commitments totaled $173.2 million for the quarter ended September 30, 2017.
− Net growth in investments at fair value (after factoring in debt repayments and other portfolio activity) for the quarter ended September 30,
2017 was $93.7 million, a 7.2% increase from June 30, 2017.
− During the quarter ended September 30, 2017, GCIC sold $38.5 million of investments and unfunded commitments at fair value to GCIC
Senior Loan Fund (“GCIC SLF”).
* Represents an amount less than 1.0%
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 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
Senior Secured 12% 16% 51% 11% 14%
One Stop 87% 75% 48% 88% 85%
Subordinated Debt 0% 0% 0% 0% 0%
GCIC SLF 0% 9% 0% 0% 0%
Equity 1% 0% 1% 1% 1%*
*
Portfolio Highlights – Portfolio Diversity as of September 30, 2017
6
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017
5%
Historical Investment Portfolio ($mm)
84%
11%
83%
11%
82%
13%
83%
12%
83%
12%
Equity
Inv. in GCIC
SLF
One Stop
Senior
Secured
Investment Portfolio $1,348mm1 // 167 Investments1 – Average Size $8.1mm
$1,398
$1,070
$1,114
$1,167
$1,304
1%
1%
1%
1%
4%
4%
4%
1. Excludes investment in GCIC SLF.
2. For all periods presented, the subordinated debt investments held represent an amount less than 1.0%.
Sub. Debt 2
4%
1%
21%
19%
9%
8%
7%
5%
4%
4%
4%
4%
15%
Diversified/Conglomerate Service
Healthcare, Education and Childcare
Electronics
Retail Stores
Personal, Food and Miscellaneous Services
Beverage, Food and Tobacco
Automobile
Leisure, Amusement, Motion Pictures, Entertainment
Buildings and Real Estate
GCIC SLF
Other
Portfolio Highlights – Portfolio Diversity as of September 30, 2017
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
47%
Remaining
142 Investments
49%
GCIC SLF
4%
Top 10
Investments
25%
Portfolio Highlights – Spread Analysis
8
8.1% 8.1% 7.9%
8.6%
8.2%
7.6% 7.6% 7.6%
7.9% 7.8%
3.5%
3.8% 4.0% 4.0% 3.9%
4.6%
4.3%
3.9%
4.6%
4.3%
0.9% 1.0% 1.1%
1.3% 1.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 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 that have a LIBOR or Prime rate option, the contractual rate is calculated using
current LIBOR at the time of funding, the spread over LIBOR and the impact of any LIBOR floor. For variable rate loans that only have a Prime rate option, the contractual rate is calculated using current Prime at the time
of funding, the spread over Prime and the impact of any Prime 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. On December 30, 2016, the subordinated notes previously issued by GCIC SLF were redeemed in full and terminated.
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. On December 30, 2016, the subordinated notes previously issued by GCIC SLF were redeemed in full and terminated.
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
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Weighted average interest rate
of new investments 1,2 7.7% 7.0% 6.6% 7.4% 7.3%
Weighted average interest rate
on investments
that were sold or paid-off 2,3
6.8% 6.5% 6.7% 7.7% 6.9%
Weighted average spread over
LIBOR of new floating rate
investments 2
6.7% 6.0% 5.6% 6.2% 6.0%
Weighted average interest rate
of new fixed rate investments 10.8% N/A N/A 7.5% N/A
Weighted average fees
on new investments 1.9% 1.7% 1.3% 1.4% 1.2%
March 31, 2017 June 30, 2017 September 30, 2017
Internal
Performance Rating
Investments at
Fair Value
(000s)
% of
Total
Portfolio
Investments at
Fair Value
(000s)
% of
Total
Portfolio
Investments at
Fair Value
(000s)
% of
Total
Portfolio
5 $ 103,685 8.9% $ 33,641 2.6% $ 22,656 1.6%
4 $ 980,757 84.0% $ 1,187,982 91.1% $ 1,246,641 89.2%
3 $ 81,886 7.0% $ 81,769 6.3% $ 127,947 9.2%
2 $ 997 0.1% $ 157 0.0% $ 155 0.0%
1 $ - 0.0% $ 411 0.0% $ 302 0.0%
Total $ 1,167,325 100.0% $ 1,303,960 100.0% $ 1,397,701 100.0%
* Represents an amount less than 0.1%.
Portfolio Highlights – Credit Quality
9
− Fundamental credit quality remains strong with over 90.0% of the investments in the portfolio having an Internal Performance Rating of 4
or higher as of September 30, 2017. As of September 30, 2017, there were two non-accrual portfolio company investments with a fair
value of $0.3 million.
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
*
*
*
*
Quarterly Statements of Financial Condition
10
As of
(Dollar amounts in 000s,
except per share data)
September 30, 2016
(audited)
December 31, 2016
(unaudited)
March 31, 2017
(unaudited)
June 30, 2017
(unaudited)
September 30, 2017
(audited)
Assets
Investments, at fair value $ 1,069,710 $ 1,113,755 $ 1,167,325 $ 1,303,960 $ 1,397,701
Cash and cash equivalents 4,675 4,883 15,164 5,220 22,859
Restricted cash and cash equivalents 71,056 34,417 37,642 42,516 28,272
Other assets 3,557 3,852 4,180 6,592 6,263
Total Assets $ 1,148,998 $ 1,156,907 $ 1,224,311 $ 1,358,288 $ 1,455,095
Liabilities and Net Assets
Debt $ 520,600 $ 518,050 $ 571,900 $ 630,850 $ 670,200
Unamortized debt issuance costs (5,073) (4,197) (3,330) (2,910) (2,671)
Payable for investments purchased – – 190 3,076 –
Interest payable 1,414 3,406 1,821 2,121 2,141
Management and incentive fee payable 4,960 6,254 6,267 7,315 7,536
Distributions payable 9,869 5,553 8,925 14,210 8,239
Other liabilities 921 1,298 6,963 1,186 1,430
Total Liabilities 532,691 530,364 592,736 655,848 686,875
Total Net Assets 616,307 626,543 631,575 702,440 768,220
Total Liabilities and Net Assets $ 1,148,998 $ 1,156,907 $ 1,224,311 $ 1,358,288 $ 1,455,095
Net Asset Value per Share $ 15.00 $ 15.00 $ 15.00 $ 15.00 $ 15.00
Regulatory leverage 0.85x 0.83x 0.91x 0.90x 0.88x
Asset coverage 218.1% 220.2% 210.1% 211.0% 214.3%
Common shares outstanding 41,087,178 41,769,495 42,104,997 46,829,344 51,214,684
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 quarter ended
(Dollar amounts in 000s,
except share and per share data)
September 30, 2016
(unaudited)
December 31, 2016
(unaudited)
March 31, 2017
(unaudited)
June 30, 2017
(unaudited)
September 30, 2017
(unaudited)
Investment Income
Interest income $ 19,416 $ 21,481 $ 20,813 $ 24,498 $ 26,532
Dividend income 335 422 1,242 1,373 1,071
Fee income 177 146 65 827 8
Total Investment Income 19,928 22,049 22,120 26,698 27,611
Expenses
Interest and other debt financing expenses 4,347 4,922 5,313 5,844 6,456
Base management fee, net of waiver 2,466 2,761 2,822 3,101 3,443
Incentive fee, net of waiver 1,838 2,728 2,222 2,581 2,407
Other operating expenses 642 834 819 925 996
Total Expenses 9,293 11,245 11,176 12,451 13,302
Net Investment Income 10,635 10,804 10,944 14,247 14,309
Net Gain (Loss) on Investments
Net realized gain (loss) on investments 146 197 134 91 997
Net unrealized appreciation (depreciation) on investments 2,301 3,579 1,616 (128) (1,909)
Net gain (loss) on investments 2,447 3,776 1,750 (37) (912)
Net Increase in Net Assets Resulting from Operations $ 13,082 $ 14,580 $ 12,694 $ 14,210 $ 13,397
Per Share Data
Earnings per weighted average share 1 $ 0.36 $ 0.35 $ 0.30 $ 0.31 $ 0.28
Net investment income per weighted average share 1 $ 0.29 $ 0.26 $ 0.26 $ 0.31 $ 0.30
Distributions paid per share 2 $ 0.34 $ 0.35 $ 0.30 $ 0.31 $ 0.28
Weighted average common shares outstanding 37,237,308 41,252,583 41,892,513 45,882,813 48,723,836
Portfolio Highlights – GCIC Senior Loan Fund LLC
12
− The annualized return for the quarter ended September 30, 2017 was 3.5%, down from 8.2% for the quarter ended June 30, 2017. The
quarterly return for the past quarter was negatively impacted from a mark-to-market unrealized loss on two middle market investments.
− Total investments at fair value for the quarter ended September 30, 2017 were $161.5 million, a 13.0% increase from June 30, 2017.
− Subject to leverage and borrowing base restrictions, as of September 30, 2017, GCIC SLF had approximately $41.9 million of remaining
commitments and $0.6 million of availability on its revolving credit facility.
1. GCIC’s annualized return on total income is calculated by dividing total income earned on our investments in GCIC SLF subordinated notes, if any, and GCIC SLF LLC equity interests by the combined daily average of our
investments in (1) the principal of the outstanding 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
September 30, 2016
(audited)
December 31, 2016
(unaudited)
March 31, 2017
(unaudited)
June 30, 2017
(unaudited)
September 30, 2017
(unaudited)
Total investments, at fair value $ 146,123 $ 162,431 $ 157,921 $ 142,889 $ 161,522
Cash and other assets 3,344 4,129 3,319 3,194 3,029
Total assets $ 149,467 $ 166,560 $ 161,240 $ 146,083 $ 164,551
Senior credit facility 95,500 102,200 102,000 90,450 108,150
Unamortized debt issuance costs (1,122) (1,052) (984) (916) (1,199)
Other liabilities 282 316 312 1,557 338
Total liabilities 94,660 101,464 101,328 91,091 107,289
Subordinated debt and members’ equity 54,807 65,096 59,912 54,992 57,262
Total liabilities and members’ equity $ 149,467 $ 166,560 $ 161,240 $ 146,083 $ 164,551
Senior leverage 1.74x 1.57x 1.70x 1.64x 1.89x
(Dollar amounts in 000s) For the three months ended
GCIC Return on Investment in GCIC SLF
September 30, 2016
(unaudited)
December 31, 2016
(unaudited)
March 31, 2017
(unaudited)
June 30, 2017
(unaudited)
September 30, 2017
(unaudited)
Total Income $ 1,080 $ 1,354 $ 1,343 $ 1,076 $ 432
Annualized return on total income 1 8.9% 10.4% 9.5% 8.2% 3.5%
Liquidity and Capital Subscriptions
13
Cash and Cash Equivalents
− Unrestricted cash and cash equivalents totaled $22.9 million as of September 30, 2017.
− Restricted cash and cash equivalents totaled $28.3 million as of September 30, 2017. 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 September 30, 2017, we had total investor capital subscriptions of $1.3 billion and contributed capital of $716.0 million (55.0% called
capital ratio).
− During the quarter ended September 30, 2017 pursuant to capital drawdown notices, we sold 3,705,475.845 shares of our common stock
at a price of $15.00 per share for aggregate proceeds totaling $55.6 million.
Debt Facilities – Availability
− As of September 30, 2017, subject to leverage and borrowing base restrictions, we had approximately $77.3 million of remaining
commitments and $59.0 million of availability on our $420.0 million revolving credit facility with Wells Fargo.
− As of September 30, 2017, we had $40.0 million of remaining commitments and availability on our $40.0 million revolving credit facility
with GC Advisors.
− As of September 30, 2017, our $75.0 million revolving credit facility with Sumitomo Mitsui Banking Corporation was fully drawn.
2016 Debt Securitization
Debt Facilities
Debt Facilities
14
Tranche Rating (M/S)
Par Amount
($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 / N/A $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 $342.7 $420.0 3 Month LIBOR + 2.25% August 11, 2020 August 30, 2018
SMBC Revolving Credit Facility $75.0 $75.0 1 Month LIBOR + 1.60% May 17, 2018 N/A
GC Advisors Revolver $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
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
November 14, 2016 January 23, 2017 January 2017 41,769,495.016 February 27, 2017 $ 0.0902 $ 3,768,183
February 7, 2017 February 20, 2017 February 2017 41,769,495.016 May 19, 2017 0.1050 4,385,328
February 7, 2017 March 24, 2017 March 2017 42,104,997.486 May 19, 2017 0.1078 4,540,302
Total for Quarter Ended March 31, 2017 $ 0.3030 $ 12,693,813
February 7, 2017 April 30, 2017 April 2017 44,292,283.019 July 28, 2017 $ 0.1067 $ 4,726,827
May 4, 2017 May 18, 2017 May 2017 46,515,568.552 July 28, 2017 0.0982 4,566,043
May 4, 2017 June 16, 2017 June 2017 46,829,343.936 July 28, 2017 0.1050 4,916,564
Total for Quarter Ended June 30, 2017 $ 0.3099 $ 14,209,434
May 4, 2017 July 21, 2017 July 2017 46,829,343.936 September 25, 2017 $ 0.1102 $ 5,158,573
August 2, 2017 August 31, 2017 August 2017 49,551,036.707 November 27, 2017 0.0600 2,975,064
August 2, 2017 September 22, 2017 September 2017 49,551,036.707 November 27, 2017 0.1062 5,263,414
Total for Quarter Ended September 30, 2017 $ 0.2764 $ 13,397,051
Common Stock and Distribution Information
16
Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount
August 2, 2017 October 23, 2017 October 2017 51,214,683.496 December 28, 2017 TBD TBD
November 17, 2017 November 24, 2017 November 2017 51,214,683.496 December 28, 2017 TBD TBD
November 17, 2017 December 26, 2017 December 2017 TBD February 26, 2018 TBD TBD
November 17, 2017 January 23, 2018 January 2018 TBD February 26, 2018 TBD TBD
Distributions Declared