On September 9, 2014, Leonard M. Tannenbaum announced his resignation as Chief Executive Officer, Vice Chairman of the Board of Directors and as a director of Fifth Street Senior Floating Rate Corp., effective September 9, 2014. Mr. Tannenbaum will continue to serve as the Chief Executive Officer of Fifth Street Finance Corp. and the Company's investment adviser, Fifth Street Management LLC.

Following Mr. Tannenbaum's resignation, the Board of Directors announced that it appointed Ivelin M. Dimitrov to serve on the Board of Directors as a Class III interested director from September 9, 2014 until the Company's 2016 Annual Meeting of Stockholders or until his successor is duly elected and qualified. The Board of Directors of the Company also announced Mr. Dimitrov's promotion to Chief Executive Officer of the Company, effective September 10, 2014. Mr. Dimitrov will step down from his other positions as President and Chief Investment Officer of the Company, effective September 28, 2014.

In addition, the Board of Directors announced that beginning on September 29, 2014, Todd G. Owens will serve as President of the Company. Prior to his appointment as President of the Company, Mr. Owens spent 24 years at Goldman, Sachs & Co., where he became a Managing Director in 2001 and a partner in 2008. The Board of Directors also announced it increased the size of the Board of Directors by one director and filled the vacancy created by such increase by appointing Douglas F. Ray to serve on the Company's Board of Directors as a Class I independent director from September 9, 2014 until the Company's 2017 Annual Meeting of Stockholders or until his successor is duly elected and qualified.