Tax Treatment of Dividends

(1) – Ordinary Income dividends are eligible for the 20% deduction applicable to “qualified REIT dividends” pursuant to IRC Section 199A.
(2) – Pursuant to IRC Section 857(b)(9), cash distributions made on January 25, 2024 with a record date of December 29, 2023 are treated for federal income tax purposes as received by shareholders on December 31, 2023 to the extent of the Company’s 2023 earnings and profits. As the Company’s aggregate 2023 dividends paid in 2023 exceeded its 2023 earnings and profits, the January 2024 cash distribution declared in the fourth quarter of 2023 is treated as a 2024 distribution for federal income tax purposes and is being included on the 2024 Form 1099-DIV.
(3) - Pursuant to IRC Section 857(b)(9), cash distributions made on January 24, 2025 with a record date of December 27, 2024 are treated for federal income tax purposes as received by shareholders on December 31, 2024 to the extent of the Company’s 2024 earnings and profits. As the Company’s aggregate 2024 dividends paid in 2024 exceeded its 2024 earnings and profits, the January 2025 cash distribution declared in the fourth quarter of 2024 will be treated as a 2025 distribution for federal income tax purposes and will be included on the 2025 Form 1099-DIV.

(1) – Ordinary Income dividends are eligible for the 20% deduction applicable to “qualified dividends” pursuant to IRC Section 199A.
(2) – Pursuant to IRC Section 857(b)(9), cash distributions declared in October, November or December of 2020 to shareholders of record in such month and paid by the end of January 2021, are treated for federal income tax purposes as received by shareholders on December 31, 2020 to the extent of the Company’s 2020 tax earnings and profits.
(3) - A non-recurring special cash dividend.

(1) – Ordinary Income dividends are eligible for the 20% deduction applicable to “qualified dividends” pursuant to IRC Section 199A.
(2) – Pursuant to IRC Section 857(b)(9), cash distributions declared in October, November or December of 2019 to shareholders of record in such month and paid by the end of January 2020, are treated for federal income tax purposes as received by shareholders on December 31, 2019 to the extent of the Company’s 2019 tax earnings and profits.

(1) – Ordinary Income dividends may be eligible for the 20% deduction applicable to “qualified REIT dividends” under IRC Section 199A(b)(1)(B).
(2) – Pursuant to IRC Section 857(b)(9), cash distributions made on January 25, 2019 with a record date of December 28, 2018 are treated for federal income tax purposes as received by shareholders on December 31, 2018 to the extent of the Company’s 2018 tax earnings and profits.

(1) – A portion of the dividend declared on December 23, 2016 and paid on February 1, 2017 is treated as a 2017 distribution for federal income tax purposes and will be included on the 2017 Form 1099-DIV.
(2) – Pursuant to IRC Section 857(b)(9), cash distributions made on January 25, 2018 with a record date of December 29, 2017 are treated for federal income tax purposes as received by shareholders on December 31, 2017 to the extent of the Company's 2017 tax earnings and profits.
(3) - A stock dividend of 1.235 per common share was declared for the holders of record as of July 3, 2017, resulting in the issuance of 9,455,083 shares of common stock on July 25, 2017, in conjunction with the closing of Company's initial public offering ("IPO") of 11,000,000 shares of common stock. On August 22, 2017 the Company issued an additional 650,000 shares of common stock pursuant to the underwriters' execution of the overallotment option for the IPO.