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EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF CORPORATE CAPITAL TRUST, INC. - Corporate Capital Trust, Inc.d778708dex311.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - Corporate Capital Trust, Inc.d778708dex321.htm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-00827

 

 

CORPORATE CAPITAL TRUST, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   27-2857503

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

CNL Center at City Commons

450 South Orange Avenue

Orlando, Florida

  32801
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (866) 745-3797

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   x  Do not check if smaller reporting company    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares of common stock of the registrant outstanding as of November 7, 2014 was 205,400,407.

 

 

 


Table of Contents

CORPORATE CAPITAL TRUST, INC.

INDEX

 

         PAGE  

PART I. FINANCIAL INFORMATION

  

Item 1.

  Financial Statements:   
  Condensed Consolidated Statements of Assets and Liabilities (unaudited)      2   
  Condensed Consolidated Statements of Operations (unaudited)      3   
  Condensed Consolidated Statements of Changes in Net Assets (unaudited)      4   
  Condensed Consolidated Statements of Cash Flows (unaudited)      5   
  Condensed Consolidated Schedules of Investments (unaudited)      6   
  Notes to Condensed Consolidated Financial Statements (unaudited)      22   

Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      50   

Item 3.

  Quantitative and Qualitative Disclosures about Market Risk      70   

Item 4.

  Controls and Procedures      73   

PART II. OTHER INFORMATION

  

Item 1.

  Legal Proceedings      73   

Item 1A.

  Risk Factors      73   

Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      74   

Item 3.

  Defaults Upon Senior Securities      74   

Item 4.

  Mine Safety Disclosures      74   

Item 5.

  Other Information      74   

Item 6.

  Exhibits      74   

Signatures

     75   

Exhibit Index

     76   


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Assets and Liabilities (unaudited)

(in thousands, except share and per share amounts)

 

     September 30, 2014     December 31, 2013  

Assets

    

Investments at fair value:

    

Non-controlled, non-affiliated investments (amortized cost of $2,239,482 and $2,013,530, respectively) - including $303,034 and $244,981, respectively, of investments pledged to creditors (Note 11)

   $ 2,256,228      $ 2,050,791   

Non-controlled, affiliated investments (amortized cost of $154,331 and $21,474, respectively)

     153,637        21,481   

Controlled, affiliated investments (amortized cost of $2,500 and $2,500, respectively)

     2,500        2,500   
  

 

 

   

 

 

 

Total investments, at fair value (amortized cost of $2,396,313 and $2,037,504, respectively)

     2,412,365        2,074,772   

Cash

     80,534        85,987   

Cash denominated in foreign currency (cost of $- and $218, respectively)

     —          218   

Collateral on deposit with custodian

     63,400        37,501   

Interest and dividends receivable

     39,509        25,613   

Receivable for investments sold

     8,504        46,469   

Principal receivable

     728        795   

Unrealized appreciation on derivative instruments

     28,100        1,861   

Receivable from advisors

     680        —     

Deferred offering expense

     3,004        3,394   

Prepaid and deferred expenses

     9,668        4,576   
  

 

 

   

 

 

 

Total assets

   $ 2,646,492      $ 2,281,186   
  

 

 

   

 

 

 

Liabilities

    

Term loan payable, net of discount

   $ 396,132      $ —     

Revolving credit facilities

     185,450        707,389   

Payable for investments purchased

     51,482        101,014   

Accrued performance-based incentive fees

     18,968        16,412   

Shareholders’ distributions payable

     14,943        14,923   

Accrued investment advisory fees

     4,317        3,825   

Unrealized depreciation on derivative instruments

     1,281        3,181   

Accrued directors’ fees

     49        74   

Accrued reimbursement of expense support

     —          1,136   

Other accrued expenses and liabilities

     3,629        2,798   
  

 

 

   

 

 

 

Total liabilities

     676,251        850,752   
  

 

 

   

 

 

 

Commitments and contingencies ($265,059 and $17,500, respectively, Note 12)

    

Net Assets

    

Common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 195,861,823 and 143,024,102 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively

     196        143   

Paid-in capital in excess of par value

     1,939,158        1,401,767   

Distribution in excess of net investment income

     (11,909     (5,896

Accumulated net unrealized appreciation on investments, derivative instruments and foreign currency translation

     42,796        34,420   
  

 

 

   

 

 

 

Net assets

   $ 1,970,241      $ 1,430,434   
  

 

 

   

 

 

 

Net asset value per share

   $ 10.06      $ 10.00   
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

2


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2014     2013     2014     2013  

Investment income

        

Interest income:

        

Non-controlled, non-affiliated investments

   $ 50,757      $ 29,104      $ 144,093      $ 63,845   

Non-controlled, affiliated investments

     4,781        —          8,787        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest income

     55,538        29,104        152,880        63,845   
  

 

 

   

 

 

   

 

 

   

 

 

 

Fee income

     1,010        6,433        2,372        7,379   
  

 

 

   

 

 

   

 

 

   

 

 

 

Dividend and other income:

        

Non-controlled, non-affiliated investments

     4,734        1        4,744        198   

Non-controlled, affiliated investments

     2,066        —          2,643        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total dividend and other income

     6,800        1        7,387        198   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     63,348        35,538        162,639        71,422   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

        

Investment advisory fees

     12,561        8,098        34,506        19,449   

Interest expense

     7,295        2,213        17,506        5,068   

Performance-based incentive fees

     3,722        5,891        15,325        6,028   

Offering expense

     1,677        1,845        5,351        4,492   

Administrative services

     745        561        2,137        1,461   

Professional services

     520        311        1,570        979   

Custodian and accounting fees

     226        143        604        358   

Director fees and expenses

     126        97        417        247   

Other

     886        654        2,389        1,509   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     27,758        19,813        79,805        39,591   

Reimbursement of expense support

     —          —          —          1,136   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     27,758        19,813        79,805        40,727   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     35,590        15,725        82,834        30,695   
  

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gains (losses):

        

Net realized gains (losses) on:

        

Non-controlled, non-affiliated investments

     1,407        1,314        15,738        5,905   

Derivative instruments

     (548     6,998        (1,326     9,648   

Foreign currency transactions

     (593     1,050        (2,939     653   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gains

     266        9,362        11,473        16,206   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

        

Non-controlled, non-affiliated investments

     (35,877     19,052        (20,515     18,081   

Non-controlled, affiliated investments

     (9,486     —          (701     —     

Derivative instruments

     31,440        (9,463     28,139        (3,457

Foreign currency translation

     (98     98        1,453        86   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

     (14,021     9,687        8,376        14,710   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gains (losses)

     (13,755     19,049        19,849        30,916   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 21,835      $ 34,774      $ 102,683      $ 61,611   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Investment Income Per Share

   $ 0.19      $ 0.14      $ 0.49      $ 0.33   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted and Basic Earnings Per Share

   $ 0.12      $ 0.30      $ 0.61      $ 0.66   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Shares Outstanding

     186,785,383        115,304,666        167,389,712        93,148,769   
  

 

 

   

 

 

   

 

 

   

 

 

 

Distributions Declared Per Share

   $ 0.22      $ 0.20      $ 0.60      $ 0.59   
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

3


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except share amounts)

 

     Nine Months Ended September 30,  
     2014     2013  

Operations

    

Net investment income

   $ 82,834      $ 30,695   

Net realized gain on investments, derivative instruments and foreign currency transactions

     11,473        16,206   

Net change in unrealized appreciation on investments, derivative instruments and foreign currency translation

     8,376        14,710   
  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     102,683        61,611   
  

 

 

   

 

 

 

Distributions to shareholders from

    

Net investment income

     (82,834     (30,695

Realized gains

     (11,473     (16,206

Distributions in excess of net investment income (Note 8)

     (6,013     (6,903
  

 

 

   

 

 

 

Net decrease in net assets resulting from shareholders distributions

     (100,320     (53,804
  

 

 

   

 

 

 

Capital share transactions

    

Issuance of shares of common stock

     498,652        613,980   

Reinvestment of shareholder distributions

     51,383        27,215   

Repurchase of shares of common stock

     (12,591     (2,642
  

 

 

   

 

 

 

Net increase in net assets resulting from capital share transactions

     537,444        638,553   
  

 

 

   

 

 

 

Total increase in net assets

     539,807        646,360   

Net assets at beginning of period

     1,430,434        611,484   
  

 

 

   

 

 

 

Net assets at end of period

   $ 1,970,241      $ 1,257,844   
  

 

 

   

 

 

 

Capital share activity

    

Shares issued from subscriptions

     49,031,534        61,616,518   

Shares issued from reinvestment of distributions

     5,052,427        2,728,786   

Shares repurchased

     (1,246,240     (269,641
  

 

 

   

 

 

 

Net increase in shares outstanding

     52,837,721        64,075,663   
  

 

 

   

 

 

 

Distributions in excess of net investment income at end of period

   $ (11,909   $ (10,278
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

4


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)

(in thousands)

 

     Nine Months Ended September 30,  
     2014     2013  

Operating Activities:

    

Net increase in net assets resulting from operations

   $ 102,683      $ 61,611   

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

  

Purchases of investments

     (1,260,847     (1,443,232

Decrease in payable for investments purchased

     (49,555     (46,307

Paid-in-kind interest

     (20,146     (995

Proceeds from sales of investments

     442,624        422,376   

Proceeds from principal payments

     351,163        78,029   

Net realized gain on investments

     (15,738     (5,905

Net change in unrealized (appreciation) depreciation on investments

     21,216        (18,081

Net change in unrealized (appreciation) depreciation on derivative instruments

     (28,139     3,457   

Net change in unrealized (appreciation) depreciation on foreign currency translation

     (1,453     (86

Amortization of premium/discount, net

     (4,541     (586

Amortization of deferred financing costs

     2,073        665   

Accretion of discount on term loan payable

     132        —     

Decrease in short-term investments, net

     148,676        4,499   

Decrease (increase) in cash collateral for total return swap

     (25,899     32,953   

Increase in interest and dividends receivable

     (14,012     (15,144

Decrease in receivable for investments sold

     37,949        23,294   

Decrease (increase) in principal receivable

     67        (2,291

Increase in receivable from advisors

     (680     —     

Decrease (increase) in other assets

     251        (2,061

Increase in accrued investment advisory fees

     492        1,422   

Increase in accrued performance-based incentive fees

     2,556        6,028   

Increase (decrease) in other accrued expenses and liabilities

     (330     656   
  

 

 

   

 

 

 

Net cash used in operating activities

     (311,458     (899,698
  

 

 

   

 

 

 

Financing Activities:

    

Proceeds from issuance of shares of common stock

     498,652        613,980   

Payment on repurchase of shares of common stock

     (12,591     (2,642

Distributions paid

     (48,917     (26,589

Borrowings under term loan

     398,000        —     

Repayments under term loan

     (2,000     —     

Borrowings under revolving credit facilities

     347,000        496,806   

Repayments of revolving credit facilities

     (867,331     (150,000

Deferred financing costs paid

     (7,026     (5,002
  

 

 

   

 

 

 

Net cash provided by financing activities

     305,787        926,553   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     —          46   
  

 

 

   

 

 

 

Net increase (decrease) in cash

     (5,671     26,901   

Cash and cash denominated in foreign currency, beginning of period

     86,205        306   
  

 

 

   

 

 

 

Cash and cash denominated in foreign currency, end of period

   $ 80,534      $ 27,207   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information and non-cash financing activities:

  

Cash paid for interest

   $ 14,767      $ 4,172   

Distributions reinvested

   $ 51,383      $ 27,215   

Deferred financing costs accrued in other expenses and liabilities

   $ —        $ 256   

See notes to condensed consolidated financial statements.

 

5


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited)

As of September 30, 2014

(in thousands, except share amounts)

 

Company (a)(b)    Footnotes  
Industry
  Interest
Rate
    Base Rate
Floor
    Maturity
Date
    No. Shares/
Principal
Amount (c)
   
        Cost (d)
   
Fair Value
 

Senior Secured Loans—First Lien—44.7%

  

       

ABILITY Network, Inc.

   (e)(f)(g)   Health Care Equipment & Services     L + 500        1.00     5/14/2021      $         20,215      $         20,002      $         20,266   

Algeco/Scotsman (LU)

   (e)(h)(i)(j)   Consumer Durables & Apparel     15.75% PIK                5/1/2018        28,560        28,674        29,131   

AltEn, LLC

   (k)(l)   Energy     L + 900        1.00     9/12/2018        29,610        26,684        26,655   

Aspen Dental Management, Inc.

   (e)(g)   Health Care Equipment & Services     L + 550        1.50     10/6/2016        6,007        5,970        6,002   

Bluestem Brands, Inc.

   (e)(l)   Consumer Durables & Apparel     L + 650        1.00     12/6/2018        37,601        36,259        37,719   

BRG Sports, Inc.

   (e)(l)   Consumer Durables & Apparel     L + 550        1.00     4/15/2021        4,544        4,457        4,578   

Caesars Entertainment Operating Co., Inc.

   (e)(f)(g)(i)   Consumer Services     L + 675                3/1/2017        10,800        10,111        9,876   

California Pizza Kitchen, Inc.

   (e)(f)(g)   Food & Staples Retailing     L + 425        1.00     3/29/2018        18,649        17,812        17,920   

Charlotte Russe, Inc.

   (e)(g)   Retailing     L + 550        1.25     5/22/2019        18,314        18,139        18,177   
     (e)(g)         L + 550        1.25     5/22/2019        4,727        4,699        4,656   

Distribution International, Inc.

   (g)   Retailing     L + 650        1.00     7/16/2019        48,022        47,619        48,142   

Emerald Performance Materials, LLC

   (e)(l)   Materials     L + 350        1.00     7/30/2021        655        652        651   

Football Association of Ireland (IE)

   (h)(i)(k)(EUR)   Consumer Durables & Apparel     6.40             12/20/2020      44,615        59,718        56,383   

Greenway Medical Technologies

   (e)(g)   Health Care Equipment & Services     L + 500        1.00     11/4/2020      $ 1,768        1,759        1,765   

Greystone & Co., Inc.

   (g)(k)   Diversified Financials     L + 800        1.00     3/26/2021        34,003        33,440        34,099   

Gymboree Corp.

   (e)(g)   Retailing     L + 350        1.50     2/23/2018        14,197        12,619        9,477   

iPayment, Inc.

   (e)(g)   Software & Services     L + 525        1.50     5/8/2017        36,163        35,879        35,873   

J. Jill

   (g)(k)   Retailing     L + 850        1.50     4/29/2017        6,418        6,418        6,418   

Jacuzzi Brands, Inc.

   (g)(k)   Capital Goods     L + 650        1.25     7/3/2019        20,786        20,437        20,655   

Jacuzzi Brands, Inc. (LU)

   (g)(h)(k)   Capital Goods     L + 650        1.25     7/3/2019        20,118        19,781        19,992   

KeyPoint Government Solutions, Inc.

   (k)(g)   Capital Goods     L + 600        1.25     11/13/2017        30,071        29,642        30,071   

Keystone Australia Holdings, Pty. Ltd. (AU)

   (h)(i)(j)(k)(AUD)   Consumer Services    

 

7.00%, 8.00%

PIK

 

  

            8/7/2019      A$ 37,292        32,581        31,859   

Kurt Geiger Ltd. (UK)

   (h)(i)(j)(k)(GBP)   Consumer Durables & Apparel    

 

10.00%, 1.00%

PIK

 

  

            4/8/2019      £ 46,625        76,629        76,282   

Marshall Retail Group, LLC

   (k)(g)   Retailing     L + 600        1.00     8/25/2020      $ 16,804        16,639        16,646   

MCS AMS Sub-Holdings, LLC (g)

       Commercial & Professional Services     L + 600        1.00     10/15/2019        46,511        45,334        44,651   

MSX International, Inc.

   (g)   Software & Services     L + 500        1.00     8/18/2020        10,017        9,450        9,979   

New Enterprise Stone & Lime Co., Inc.

   (g)(k)   Capital Goods     L + 700        1.00     2/12/2019        56,298        56,298        56,442   

Nine West Holdings, Inc.

   (e)(g)   Consumer Durables & Apparel     L + 375        1.00     10/8/2019        3,554        3,585        3,443   

OpenLink Financial, Inc.

   (g)   Software & Services     L + 500        1.25     10/30/2017        46        46        46   

Pacific Union Financial, LLC

   (i)(k)(g)   Diversified Financials     L + 800        1.00     5/31/2019        41,147        40,556        41,272   

RedPrairie Corp.

   (e)(g)   Software & Services     L + 500        1.00     12/21/2018        3,995        3,995        3,899   

See notes to condensed consolidated financial statements.

 

6


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 


Company (a)(b)
  Footnotes  
Industry
  Interest
Rate
    Base Rate
Floor
    Maturity
Date
    No.
Shares/
Principal
Amount (c)
          
Cost (d)
          
Fair Value
 

Sportsman’s Warehouse, Inc.

  (g)(k)   Retailing     L + 600        1.25     8/20/2019      $ 27,335      $          27,102      $          27,380   
    (g)(k)         L + 1075        1.25     8/20/2019        16,079                15,775                16,122   

Surgery Center Holdings, Inc.

  (e)(f)(g)   Health Care Equipment & Services     L + 425        1.00     7/24/2020        14,834                14,760                14,816   

Travelport, LLC (LU)

  (e)(h)(m)   Software & Services     L + 500        1.00     9/2/2021        19,751                19,506                19,765   

Tweddle Group, Inc.

  (g)(k)   Automobiles & Components     L + 675        1.00     4/7/2020        45,822                44,733                45,868   

Willbros United States Holding, Inc.

  (e)(i)(l)   Energy     L + 975        1.25     8/7/2019        29,684                29,142                30,031   

Wilton Brands, LLC

  (e)(g)   Materials     L + 625        1.25     8/30/2018        5,214                5,135                4,941   

Total Senior Secured Loans - First Lien

              $              882,037      $              881,948   
               

 

 

     

 

 

 

Senior Secured Loans - Second Lien—37.8%

                                                                       

ABILITY Network, Inc.

  (g)   Health Care Equipment & Services     L + 825        1.00     5/16/2022      $ 8,230      $          8,151      $          8,271   

American Casino & Entertainment Properties, LLC

  (g)   Consumer Services     L + 1000        1.25     1/3/2020        1,832                1,891                1,915   

Angelica Corp.

  (g)(k)   Health Care Equipment & Services     L + 875        1.25     7/15/2019        50,869                50,869                49,826   

Applied Systems, Inc.

  (e)(f)(g)   Software & Services     L + 650        1.00     1/24/2022        24,905                25,348                24,936   

Arysta Lifescience SPC, LLC

  (e)(g)(i)   Food, Beverage & Tobacco     L + 700        1.25     11/30/2020        16,305                16,163                16,448   

AssuredPartners, Inc.

  (g)   Insurance     L + 675        1.00     4/2/2022        7,115                7,110                7,043   

Brake Bros Ltd. (UK)

  (h)(i)(j)(n)(GBP)   Food & Staples Retailing    

 

L + 325, 3.00%

PIK

  

  

            3/12/2017      £ 8,823                12,634                13,883   

BRG Sports, Inc.

  (l)   Consumer Durables & Apparel     L + 925        1.00     4/15/2022      $ 23,855                23,657                23,974   

Catalina Marketing Corp.

  (l)   Media     L + 675        1.00     4/11/2022        6,020                5,977                5,794   

CHG Companies, Inc.

  (e)(g)   Health Care Equipment & Services     L + 775        1.25     11/19/2020        10,485                10,372                10,682   

CRC Health Group, Inc.

  (g)   Health Care Equipment & Services     L + 800        1.00     9/28/2021        42,358                42,128                42,763   

CTI Foods Holding Co., LLC

  (g)   Food, Beverage & Tobacco     L + 725        1.00     6/28/2021        23,219                22,909                23,408   

Emerald Performance Materials, LLC

  (l)   Materials     L + 675        1.00     8/1/2022        2,041                2,030                2,033   

Excelitas Technologies Corp.

  (g)(j)(k)   Technology Hardware & Equipment    

 

L + 975, 1.50%

PIK

  

  

    1.00     4/29/2021        108,581                108,581                109,374   

Greenway Medical Technologies

  (g)   Health Care Equipment & Services     L + 825        1.00     11/4/2021        26,396                26,025                26,264   

Gruppo Argenta S.p.A. (LU)

  (h)(i)(j)(k)(EUR)   Retailing     12.00% PIK                1/31/2019      22,754                25,071                25,211   

Gypsum Management & Supply, Inc.

  (g)   Capital Goods     L + 675        1.00     4/1/2022      $ 13,207                13,082                13,207   

Integra Telecom Holdings, Inc.

  (g)   Telecommunication Services     L + 850        1.25     2/21/2020        3,000                3,061                3,015   

iParadigms Holdings, LLC

  (f)(g)   Software & Services     L + 725        1.00     7/29/2022        20,727                20,561                20,624   

Learfield Communications, Inc.

  (g)   Media     L + 775        1.00     10/8/2021        12,767                12,878                12,751   

Lightower Fiber, LLC

  (e)(g)   Telecommunication Services     L + 675        1.25     4/12/2021        5,282                5,318                5,278   

Maxim Crane, LP

  (e)(g)   Capital Goods     L + 925        1.00     11/26/2018        5,168                5,300                5,286   

Misys Ltd. (UK)

  (e)(h)(i)   Software & Services     12.00             6/12/2019        3,000                3,315                3,405   

NewWave Communications, Inc.

  (g)   Media     L + 800        1.00     10/30/2020        13,712                13,671                13,781   

P2 Energy Solutions, Inc.

  (o)   Software & Services     L + 800        1.00     4/30/2021        9,283                9,197                9,376   

 

See notes to condensed consolidated financial statements.

 

7


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 


Company (a)(b)
  Footnotes  
Industry
  Interest
Rate
    Base Rate
Floor
    Maturity
Date
    No. Shares/
Principal
Amount (c)
          
Cost (d)
          
Fair Value
 

Polyconcept Finance BV (NL)

  (h)(i)(k)(l)   Consumer Durables & Apparel     L + 875        1.25     6/28/2020      $ 46,727      $          46,727      $          46,502   

Progressive Solutions

  (l)   Health Care Equipment & Services     L + 850        1.00     10/22/2021        21,145                20,987                21,145   

RedPrairie Corp.

  (e)(f)(g)   Software & Services     L + 1000        1.25     12/21/2019        28,404                28,033                27,141   

Sabine Oil & Gas, LLC

  (e)(g)   Energy     L + 750        1.25     12/31/2018        14,527                14,416                14,554   

SafeNet, Inc.

  (k)(l)   Software & Services     L + 750        1.00     3/5/2021        20,829                20,536                21,038   

Safety Technology Holdings, Inc.

  (g)(k)   Technology Hardware & Equipment     L + 825        1.00     6/2/2020        30,402                29,715                30,682   

SI Organization, Inc.

  (g)   Capital Goods     L + 800        1.00     5/23/2020        56,000                55,465                56,980   

Talbots, Inc.

  (g)   Retailing     L + 725        1.00     3/19/2021        15,074                14,973                14,961   

The TelX Group, Inc.

  (g)   Telecommunication Services     L + 650        1.00     4/9/2021        11,696                11,681                11,672   

Websense, Inc.

  (g)   Technology Hardware & Equipment     L + 725        1.00     12/24/2020        22,131                22,034                22,131   

Total Senior Secured Loans—Second Lien

              $              739,866      $              745,354   
               

 

 

     

 

 

 

Senior Secured Bonds—8.4%

                                                                       

Artesyn Technologies, Inc.

  (p)(q)   Technology Hardware & Equipment     9.75%                10/15/2020      $ 12,976      $          12,886      $          12,879   

Essar Steel Algoma, Inc. (CA)

  (h)(i)(p)(q)   Materials     9.38%                3/15/2015        339                340                338   

Guitar Center, Inc.

  (p)(q)   Retailing     6.50%                4/15/2019        26,191                25,810                23,637   

Hot Topic, Inc.

  (p)(q)   Consumer Durables & Apparel     9.25%                6/15/2021        2,396                2,374                2,564   

Jeld-Wen, Inc. (p)(q)

      Capital Goods     12.25%                10/15/2017        9,922                10,666                10,530   

Louisiana Public Facilities Authority, 2013 C Bonds

  (k)(p)   Energy     11.50%                1/1/2020        50,580                49,235                51,086   

Louisiana Public Facilities Authority, 2014 B Bonds

  (k)(p)   Energy     11.50%                1/1/2020        10,650                10,650                10,692   

New Enterprise Stone & Lime Co., Inc.

  (j)(q)   Capital Goods    

 

6.00%, 7.00%

PIK

  

  

            3/15/2018        10,841                10,921                11,816   

OAG Holdings, LLC

  (j)(k)   Energy    

 

8.00%, 2.00%

PIK

  

  

            12/20/2020        20,313                17,665                18,989   

Ryerson, Inc.

  (e)   Materials     9.00%                10/15/2017        5,814                5,814                6,134   

SquareTwo Financial Corp.

  (q)   Banks     11.63%                4/1/2017        16,359                16,142                16,318   

Total Senior Secured Bonds

              $                162,503      $                164,983   
               

 

 

     

 

 

 

Total Senior Debt

              $              1,784,406      $              1,792,285   
               

 

 

     

 

 

 

Subordinated Debt—24.2%

                                                                       

Cemex Materials, LLC

  (p)(q)   Materials     7.70%                7/21/2025      $       25,312      $          25,259      $          28,425   

Cequel Communications Holdings, LLC

  (p)(q)   Media     5.13%                12/15/2021        7,205                7,008                6,899   

Ceridian Corp.

  (p)(q)   Commercial & Professional Services     8.13%          11/15/2017        19,725          19,727          19,750   
    (q)         11.00%                3/15/2021        16,201                17,473                18,388   

CHS/Community Health Systems, Inc.

  (i)(p)(q)   Health Care Equipment & Services     6.88%                2/1/2022        114                114                119   

Datatel, Inc.

  (e)(j)(p)   Software & Services     9.63%                12/1/2018        9,287                9,210                9,380   

Eagle Midco, Inc.

  (j)(p)(q)   Software & Services     9.00%                6/15/2018        31,796                32,653                32,472   

Education Management Corp.

  (i)(j)(k)(p)(q)   Consumer Services    

 

16.00%

PIK

  

  

            7/1/2018        1,403                1,411                662   

 

See notes to condensed consolidated financial statements.

 

8


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 


Company (a)(b)
   Footnotes  
Industry
  Interest
Rate
    Base Rate
Floor
  Maturity
Date
    No. Shares/
Principal
Amount (c)
          
        Cost (d)
          
Fair Value
 

Essar Steel Algoma, Inc. (CA)

   (h)(i)(p)(q)(r)   Materials     9.88%            6/15/2015      $ 6,973      $          5,481      $          5,822   

GCI, Inc.

   (q)   Telecommunication Services     8.63%            11/15/2019        47,812                50,481                49,246   
     (q)         6.75%            6/1/2021        158                151                157   

Global Closure Systems (FR)

   (h)(i)(j)(k)(EUR)   Materials     13.00% PIK            11/15/2019      18,987                25,031                23,647   

Griffins Foods, Ltd. (NZ)

   (h)(i)(j)(k)(NZD)   Food, Beverage & Tobacco     13.75% PIK            1/31/2019      N$ 52,406                41,206                42,138   

Gruppo Argenta S.p.A. (LU)

   (h)(i)(j)(k)(EUR)   Retailing     15.00% PIK            11/11/2018      668                919                691   

Gymboree Corp.

   (q)   Retailing     9.13%            12/1/2018      $ 3,335                3,216                934   

Hilding Anders (SE)

   (h)(i)(j)(k)(t)(EUR)   Consumer Durables & Apparel     13.00% PIK          6/30/2021      86,803          103,612          99,511   
   (h)(i)(j)(k)(t)(EUR)       12.00% PIK          12/31/2023        15,739          1,001          1,640   
     (h)(i)(j)(k)(t)(EUR)         18.00% PIK            12/31/2024        7,046                6,846                7,727   

Hot Topic, Inc.

   (j)(p)(q)   Consumer Durables & Apparel     12.00%            5/15/2019      $ 8,113                7,967                8,377   

iPayment, Inc.

   (q)   Software & Services     10.25%            5/15/2018        12,066                9,900                10,648   

JC Penney Corp., Inc.

   (i)(q)   Retailing     5.65%            6/1/2020        8,549                6,389                7,181   

Pharmaceutical Product Development, Inc.

   (j)(p)(q)   Pharmaceuticals, Biotechnology & Life Sciences     9.38%            10/15/2017        5,151                5,244                5,202   

Stuart Weitzman, Inc.

   (j)(k)(l)   Consumer Durables & Apparel     11.50%            8/29/2019        56,918                55,518                57,163   

Summit Materials, LLC

   (q)   Materials     10.50%          1/31/2020        9,711          10,506          10,731   
     (p)(q)         10.50%            1/31/2020        5,748                6,317                6,352   

The TelX Group, Inc.

   (j)(k)   Telecommunication Services     13.50% PIK            7/9/2021        3,239                3,472                3,311   

Towergate Finance PLC (UK)

   (h)(i)(p)(q)(GBP)   Insurance     10.50%            2/15/2019      £ 14,608                23,263                20,366   

Total Subordinated Debt

               $                  479,375      $                  476,939   
                

 

 

     

 

 

 

Structured Products—1.7%

                                                                    

KKR BPT Holdings Aggregator, LLC

   (i)(k)(s)*   Diversified Financials                         N/A      $          2,500      $          2,500   

Trade Finance Funding I, Ltd. 2013-1A Class B (KY)

   (h)(i)(k)(p)   Diversified Financials     10.75%            11/13/2018      $ 28,221                28,221                28,362   

VSK Holdings, Ltd. (KY)

   (h)(i)(k)(t)(EUR)   Diversified Financials                                 620,377                               3,080   

Total Structured Products

               $          30,721      $          33,942   
                

 

 

     

 

 

 

Equity / Other—5.5%

                                                                    

Ally Financial, Inc., Preferred Stock

   (i)(p)(q)   Banks     7.00%                    230      $          229      $          230   

AltEn, LLC, Membership Interests

   (k)(t)*   Energy                         611                2,955                2,955   

Cengage Learning Holdings II, LP, Common Stock

   (e)   Media                         227,802                7,529                7,176   

Excelitas Technologies Corp., Class A Membership Interest

   (k)*   Technology Hardware & Equipment                         N/A                5,636                6,025   

Genesys Telecommunications Laboratories, Inc., Common Stock

   (k)*   Software & Services                         5,775                449                761   

Global Closure Systems (FR), Limited Partnership Interest

   (h)(i)(k)*(EUR)   Materials                         N/A                823                1,473   

Gruppo Argenta S.p.A. (LU), Warrants

   (h)(i)(k)*(EUR)   Retailing                         225,289                5,342                4,501   

 

See notes to condensed consolidated financial statements.

 

9


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 


Company (a)(b)
   Footnotes  
Industry
  Interest
Rate
    Base Rate
Floor
  Maturity
Date
    No. Shares/
Principal
Amount (c)
          
        Cost (d)
          
Fair Value
 

Hilding Anders (SE), Class A Common Stock

   (h)(i)(k)(t)*(SEK)   Consumer Durables & Apparel                         1,394,288      $          132      $          312   

Hilding Anders (SE), Class B Common Stock

   (h)(i)(k)(t)*(SEK)                             260,253                25                58   

Hilding Anders (SE), Equity Options

   (h)(i)(k)(t)*(SEK)                     12/31/2020        236,160,807                14,988                13,582   

Hyperion Homes, Inc., Common Stock

   (k)(t)*   Real Estate                         12,840                12,752                12,752   

Hyperion Homes, Inc., Warrant Delivery Rights

   (k)(t)*                             2,193                36                36   

Hyperion Homes, Inc., Warrants

   (k)(t)*                             482                53                53   

Jones Apparel Group Holdings, Inc., Common Stock

   (k)   Consumer Durables & Apparel                         5,451                872                2,766   

Keystone Australia Holdings, Pty. Ltd., Warrants

   (h)(i)(k)*(AUD)   Consumer Services                         1,588,469                1,019                1,081   

Kurt Geiger, Ltd. (UK), Common Stock

   (k)*   Consumer Durables & Apparel                         5,451                1,090                6,502   

Nine West Holdings, Inc., Common Stock

   (k)*   Consumer Durables & Apparel                         5,451                6,541                5,671   

OAG Holdings, LLC, Overriding Royalty Interest

   (k)   Energy                         N/A                2,354                1,688   

Orchard Marine, Ltd., (VG), Class B Common Stock

   (h)(i)(k)(t)*   Transportation                         1,964                3,069                3,069   

Orchard Marine, Ltd., (VG), Series A Preferred Stock

   (h)(i)(k)(t)         9.00                 9,820                8,862                8,862   

Star Mountain SMB Multi-Manager Credit Platform, LP, Limited Partnership Interest(i)(k)

       Diversified Financials                         N/A                22,803                19,910   

Stuart Weitzman, Inc., Common Stock

   (k)   Consumer Durables & Apparel                         5,451      $          3,025      $          8,509   

Total Equity / Other

               $          100,584      $          107,972   
                

 

 

     

 

 

 

Total Investments, excluding Short Term Investments—122.3%

          $              2,395,086      $              2,411,138   
                

 

 

     

 

 

 

Short Term Investments—0.1%

                    

Goldman Sachs Financial Square Funds - Prime Obligations Fund, FST Preferred Shares (e)(u)

             0.01                 1,142,000      $          1,142      $          1,142   

State Street Institutional Liquid Reserves Fund, Institutional Class

   (u)         0.06                 84,848                85                85   

Total Short Term Investments

               $          1,227      $          1,227   
                

 

 

     

 

 

 

TOTAL INVESTMENTS — 122.4%(v)

               $          2,396,313      $          2,412,365   
                

 

 

     

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS—(22.4%)

                       (442,124
                    

 

 

 

NET ASSETS—100.0%

                   $          1,970,241   
                    

 

 

 

Collateral on Deposit with Custodian—3.2%

                                                                    

Bank of Nova Scotia - Certificate of Deposit

             0.13         12/31/2014        63,400      $          63,400                63,400   

Total Collateral on Deposit with Custodian

            $          63,400      $          63,400   
                

 

 

     

 

 

 

Derivative Instruments (Note 4)—1.4%

                                                                    

Foreign currency forward contracts

   (i)         N/A            10/2014-4/2017              $               $          27,838   

 

See notes to condensed consolidated financial statements.

 

10


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 


Company (a)(b)
   Footnotes    
Industry
   Interest
Rate
     Base Rate
Floor
   Maturity
Date
     No. Shares/
Principal
Amount (c)
  
        Cost (d)
    
Fair Value
 

Total return swaps

     (i )(k)           N/A              1/15/2016                      (1,019)   

Total Derivative Instruments

                    $         —       $         26,819   
                   

 

 

    

 

 

 

 

* Non-income producing security.

 

(a) Security may be an obligation of one or more entities affiliated with the named company.

 

(b) Non-Controlled/Non-Affiliate investments as defined by the Investment Company Act of 1940, as amended (“1940 Act”), unless otherwise indicated. Non-controlled/Non-Affiliate Investments are investments that are neither Controlled Investments nor Affiliate Investments.

 

(c) Denominated in U.S. Dollars unless otherwise noted.

 

(d) Represents amortized cost for debt securities and cost for common stocks translated to U.S. dollars.

 

(e) Security or portion thereof is held within CCT Funding, LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Deutsche Bank.

 

(f) Position or portion thereof unsettled as of September 30, 2014.

 

(g) The interest rate on these investments is subject to a base rate of 3-Month LIBOR, which at September 30, 2014 was 0.24%. The current base rate for each investment may be different from the reference rate on September 30, 2014.

 

(h) A portfolio company domiciled in a foreign country. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

 

(i) The investment is not a qualifying asset as defined in Section 55(a) under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The Company calculates its compliance with the qualifying assets test on a “look through” basis by disregarding the value of the Company’s total return swaps and treating each loan underlying the total return swaps as either a qualifying asset or non-qualifying asset based on whether the obligor is an eligible portfolio company. On this basis, 72.7% of the Company’s total assets represented qualifying assets as of September 30, 2014.

 

(j) The interest rate on these investments contains a PIK provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum PIK interest rate allowed under the existing credit agreements.

 

See notes to condensed consolidated financial statements.

 

11


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 

              Nine Months Ended September 30, 2014                    

PIK Security Name

  Local
Currency
  Local Par
as of
December 31,
2013
    Local Par
Additions
    Local Par
Capitalized
PIK
    Local Par
Reductions
    Local Par
as of
September 30,
2014
    Total
Current
Interest
Rate
    Currant
PIK Rate
    Maximum
Current
PIK Rate
 

Algeco/Scotsman - 15.75% PIK

  USD   $ 26,464      $      $ 2,096      $      $ 28,560        15.75     15.75     15.75

Brake Bros Ltd. - L + 325, 3.00% PIK

  GBP     8,650               173               8,823        L + 625        3.00     3.00

Datatel, Inc. - 9.63%

  USD     9,287                             9,287        9.63     0.00     10.38

Eagle Midco, Inc. - 9.00%

  USD     39,815        31,796               (39,815     31,796        9.00     0.00     9.75

Education Management, LLC - 15.00%, 1.00% PIK

  USD     1,299                 (1,299            N/A        N/A        N/A   

Education Management, LLC - 16.00% PIK

  USD            1,299        104               1,403        16.00     16.00     16.00

Excelitas Technologies Corp. - L + 975, 1.50% PIK

  USD     107,355               1,226               108,581        L + 1125        1.50     1.50

Global Closure Systems - 13.00% PIK

  EUR     17,828               1,159               18,987        13.00     13.00     13.00

Griffins Foods, Ltd. - 13.75% PIK

  NZD     47,417               4,989               52,406        13.75     13.75     13.75

Gruppo Argenta S.p.A. - 15.00% PIK

  EUR            635        33               668        15.00     15.00     15.00

Gruppo Argenta S.p.A. - 12.00% PIK

  EUR            21,459        1,295               22,754        12.00     12.00     12.00

Hilding Anders - 18.00% PIK

  EUR            7,046                      7,046        18.00     18.00     18.00

Hilding Anders - 13.00% PIK

  EUR     81,478               5,325               86,803        13.00     13.00     13.00

Hilding Anders - 12.00% PIK

  EUR            15,739                      15,739        12.00     12.00     12.00

Hot Topic, Inc. - 12.00%

  USD     8,113                             8,113        12.00     0.00     12.75

Keystone Australia Holdings, Pty. Ltd. - 7.00%, 8.00% PIK

  AUD            36,858        434               37,292        15.00     8.00     8.00

Kurt Geiger Ltd. - 10.00%, 1.00% PIK

  GBP            46,625                      46,625        11.00     1.00     1.00

New Enterprise Stone & Lime Co., Inc. - 6.00%, 7.00% PIK

  USD     10,071               770               10,841        13.00     7.00     11.00

OAG Holdings, LLC - 8.00%, 2.00% PIK

  USD     20,008               305               20,313        10.00     2.00     2.00

Pharmaceutical Product Development, Inc. - 9.38%

  USD            5,151                      5,151        9.38     0.00     10.13

Stuart Weitzman, Inc. - 11.50%

  USD            56,918                      56,918        11.50     0.00     12.50

The TelX Group, Inc. - 13.50% PIK

  USD            3,142        97               3,239        13.50     13.50     13.50

 

(k) Investments classified as Level 3 whereby fair value was determined by the Company’s Board of Directors (see Note 2).

 

(l) The interest rate on these investments is subject to a base rate of 1-Month LIBOR, which at September 30, 2014 was 0.16%. The current base rate for each investment may be different from the reference rate on September 30, 2014.

 

(m) The interest rate on these investments is subject to a base rate of 2 month Libor, which at September 30, 2014 was 0.20%. The current base rate for each investment may be different from the reference rate on September 30, 2014.

 

(n) The interest rate on these investments is subject to a base rate of GBP Libor, which at September 30, 2014 was 0.48%. The current base rate for each investment may be different from the reference rate on September 30, 2014.

 

(o) The interest rate on these investments is subject to a base rate of 6-Month LIBOR, which at September 30, 2014 was 0.33%. The current base rate for each investment may be different from the reference rate on September 30, 2014.

 

See notes to condensed consolidated financial statements.

 

12


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 

(p) This security was acquired in a transaction that was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Rule 144A thereunder. This security may be resold only in transactions that are exempt from the registration requirements of the Securities Act, normally to qualified institutional buyers.

 

(q) Security or portion thereof is held within Paris Funding, LLC and is pledged as collateral supporting the amounts outstanding under the committed facility agreement with BNP Paribas Prime Brokerage, Inc. and eligible to be hypothecated as allowed under Rule 15c2-1(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) subject to the limits of the Rehypothecation Agreement.

 

(r) Investment was on non-accrual status as of September 30, 2014.

 

(s) Controlled investment as defined by the 1940 Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities or maintains the ability to nominate greater than 50% of the board representation. The aggregate fair value of controlled investments at September 30, 2014 represented 0.1% of the Company’s net assets. Fair value as of December 31, 2013 and September 30, 2014 along with transactions during the nine months ended September 30, 2014 in these controlled investments were as follows (amounts in thousands):

 

            Nine Months Ended September 30, 2014             Nine Months Ended September 30, 2014  

Controlled Investments

   Fair Value at
December 31,
2013
     Gross
Additions
(Cost)*
     Gross
Reductions
(Cost)**
     Net
Unrealized
Gain (Loss)
     Fair Value at
September 30,
2014
     Net Realized
Gain (Loss)
     Interest
Income
     Fee
Income
     Dividend
Income
 

KKR BPT Holdings Aggregator, LLC

                          

Structured Product

   $ 2,500       $ —         $ —         $ —         $ 2,500       $ —         $ —         $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Totals

   $ 2,500       $ —         $ —         $ —         $ 2,500       $ —         $ —         $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  * Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

 

  ** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

See notes to condensed consolidated financial statements.

 

13


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 

 

(t) Affiliated investment as defined by the 1940 Act, whereby the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities and the investments are not classified as Controlled investments. The aggregate fair value of non-controlled, affiliated investments at September 30, 2014 represented 7.8% of the Company’s net assets. Fair value as of December 31, 2013 and September 30, 2014 along with transactions during the nine months ended September 30, 2014 in these Affiliated investments are as follows (amounts in thousands):

 

          Nine Months Ended September 30, 2014           Nine Months Ended September 30, 2014  

Non-controlled, Affiliated Investments

  Fair Value at
December 31,
2013
    Gross
Additions
(Cost)*
    Gross
Reductions
(Cost)**
    Net
Unrealized
Gain (Loss)
    Fair Value at
September 30,
2014
    Net Realized
Gain (Loss)
    Interest
Income
    Fee
Income
    Dividend
Income
 

AltEn, LLC

             

Common Stock

  $ -      $ 2,955      $ -      $ -      $ 2,955      $ -      $ -      $ -      $ -   

Hilding Anders

             

Subordinated Debt

    -        111,459        -        (2,581     108,878        -        8,787        -        -   

Class A Common Stock

    -        132        -        180        312        -        -        -        -   

Class B Common Stock

    -        25        -        33        58        -        -        -        -   

Equity Options

    -        14,988        -        (1,406     13,582        -        -        -        -   

Hyperion Homes, Inc.

             

Common Stock

    -        12,752        -        -        12,752        -        -        -        -   

Warrants

    -        53        -        -        53        -        -        -        -   

Warrants Delivery Rights

    -        36        -        -        36        -        -        -        -   

Orchard Marine, Ltd.

             

Class B Common Stock

    -        3,069        -        -        3,069        -        -        -        -   

Series A Preferred Stock

    -        8,862        -        -        8,862        -        -        -        -   

VSK Holdings, Ltd.

                -        -   

Structured Product

    21,481        -        (21,474     3,073        3,080        -        -        -        2,643   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 21,481      $ 154,331      $ (21,474   $ (701   $ 153,637      $ -      $ 8,787      $ -      $ 2,643   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  * Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

 

  ** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

(u) 7-day effective yield as of September 30, 2014.

 

(v) As of September 30, 2014, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $50,904; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $34,852; the net unrealized appreciation was $16,052; the aggregate cost of securities for Federal income tax purposes was $2,396,313.

 

See notes to condensed consolidated financial statements.

 

14


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of September 30, 2014

(in thousands, except share amounts)

 

Abbreviations:

AUD - Australian Dollar; local currency investment amount is denominated in Australian Dollar. A$1 / US $0.873 as of September 30, 2014.

EUR - Euro; local currency investment amount is denominated in Euros. €1 / US $1.269 as of September 30, 2014.

GBP - British Pound Sterling; local currency investment amount is denominated in Pound Sterling. £1 / US $1.624 as of September 30, 2014.

NZD - New Zealand Dollar; local currency investment amount is denominated in New Zealand Dollars. N$1 / US $0.778 as of September 30, 2014.

SEK - Swedish Krona; local currency investment amount is denominated in Swedish Kronor. SEK1 / US $0.138 as of September 30, 2014.

CA - Canada

FR - France

IE - Ireland

KY - Cayman Islands

LU - Luxembourg

NL - The Netherlands

NZ - New Zealand

SE - Sweden

UK - United Kingdom

VG - British Virgin Islands

L = LIBOR - London Interbank Offered Rate, typically 3-Month

PIK - Payment-in-kind; the issuance of additional securities by the borrower to settle interest payment obligations.

 

See notes to condensed consolidated financial statements.

 

15


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Consolidated Schedule of Investments

As of December 31, 2013

(in thousands, except share amounts)

 

Company (a)(b)

   Footnotes    Industry    Interest
Rate
    

EURIBOR

/LIBOR
Floor

   Maturity
Date
     No. Shares/
Principal
Amount (c)
     Cost (d)     

Fair Value  

 

 

 

Senior Secured Loans - First Lien—44.7%

                 

 

 

Algeco/Scotsman (LU)

   (e)(f)    Consumer Durables & Apparel      15.75% PIK            5/1/2018         $        26,464         $        26,243         $        27,787   

 

 

Aspen Dental Management, Inc.

   (g)    Health Care Equipment & Services      L + 550       1.50%      10/6/2016         6,053         6,005         6,008   

 

 

Avaya, Inc.

   (g)    Technology Hardware & Equipment      L + 675       1.25%      3/31/2018         33,909         33,105         34,468   

 

 

Bluestem Brands, Inc.

   (g)(h)    Consumer Durables & Apparel      L + 650       1.00%      12/6/2018         57,731         55,422         57,154   

 

 

Catalina Marketing Corp.

   (g)    Media      L + 425       1.00%      10/12/2020         5,215         5,273         5,295   

 

 

Cemex S.A.B. de C.V. (MX)

   (e)(f)    Materials      L + 450            2/14/2017         3,441         3,222         3,411   

 

 

Cengage Learning Acquisitions, Inc.

   (g)(i)    Media      L + 550            7/5/2017         2,701         2,036         2,119   

 

 

Continental Building Products, LLC

   (g)    Materials      L + 375       1.00%      8/28/2020         9,203         9,159         9,221   

 

 

Data Device Corp.

   (g)    Capital Goods      L + 650       1.50%      7/11/2018         10,873         10,683         10,900   

 

 

Distribution International, Inc.

      Retailing      L + 650       1.00%      7/16/2019         48,387         47,932         48,174   

 

 

Easton-Bell Sports, Inc.

   (j)    Consumer Durables & Apparel      11.50%            12/31/2015         24,247         24,259         24,247   

 

 

Flagstone Foods Holding Corp.

   (j)    Food & Staples Retailing      L + 575       1.25%      4/15/2018         20,103         19,916         20,017   

 

 

Football Association of Ireland (IE)

   (e)(f)(j)(EUR)    Consumer Durables & Apparel      6.20%            12/20/2020         €        44,390         59,588         59,843   

 

 

Greenway Medical Technologies

      Health Care Equipment & Services      L + 500       1.00%      11/4/2020         $        20,413         20,182         20,413   

 

 

Guitar Center, Inc.

   (g)    Retailing      L + 600            4/9/2017         19,523         19,111         19,096   

 

 

Internet Brands, Inc.

      Media      L + 500       1.25%      3/18/2019         31,792         30,254         31,991   

 

 

iPayment, Inc.

   (g)    Software & Services      L + 525       1.50%      5/8/2017         3,186         3,134         3,107   

 

 

IPC Systems, Inc.

   (g)    Technology Hardware & Equipment      L + 650       1.25%      7/31/2017         1,487         1,455         1,492   
   (g)         L + 650       1.25%      7/31/2017         6,372         6,270         6,352   

 

 

J. Jill

   (j)    Retailing      L + 850       1.50%      4/29/2017         7,954         7,954         7,954   

 

 

Jacuzzi Brands, Inc. (LU)

   (f)(j)    Capital Goods      L + 650       1.25%      7/3/2019         41,938         41,151         41,854   

 

 

KeyPoint Government Solutions, Inc.

   (j)    Capital Goods      L + 600       1.25%      11/13/2017         31,383         30,871         31,383   

 

 

MCS AMS Sub-Holdings, LLC

      Commercial & Professional Services      L + 600       1.00%      10/15/2019         50,455         48,973         48,879   

 

 

North American Breweries Holdings, LLC

      Food, Beverage & Tobacco      L + 625       1.25%      12/11/2018         4,920         4,836         4,821   

 

 

OpenLink Financial, Inc.

      Software & Services      L + 625       1.50%      10/30/2017         46         46         46   

 

 

Sportsman’s Warehouse, Inc.

   (j)    Retailing      L + 1075       1.25%      8/20/2019         23,654         23,159         23,760   
   (j)         L + 600       1.25%      8/20/2019         40,211         39,830         40,593   

 

 

Travelport, LLC

   (g)    Software & Services      L + 500       1.25%      6/26/2019         5,416         5,338         5,565   

 

 

Willbros United States Holding, Inc.

   (e)    Energy      L + 975       1.25%      8/5/2019         33,614         32,477         34,118   

 

 

Wilton Brands, LLC

   (g)    Materials      L + 625       1.25%      8/30/2018         8,720         8,573         8,335   

 

 

Total Senior Secured Loans - First Lien

                     $

 

        626,457

 

  

 

   $

 

        638,403

 

  

 

                    

 

 

    

 

 

 

See notes to consolidated financial statements.

 

16


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Consolidated Schedule of Investments (continued)

As of December 31, 2013

(in thousands, except share amounts)

 

Company (a)(b)

   Footnotes    Industry   

Interest

Rate

    

EURIBOR

/LIBOR
Floor

   Maturity
Date
     No. Shares/
Principal
Amount (c)
     Cost (d)      Fair Value    

 

 

Senior Secured Loans - Second Lien—46.9%

                 

 

 

American Casino & Entertainment Properties, LLC

      Consumer Services      L + 1000       1.25%      1/3/2020         $          1,832         $          1,897         $          1,915   

 

 

Angelica Corp.

   (j)    Health Care Equipment & Services      L + 875       1.25%      7/15/2019         50,869         50,869         50,512   

 

 

Applied Systems, Inc.

   (g)    Software & Services      L + 725       1.00%      6/8/2017         5,895         5,969         5,932   

 

 

Arysta Lifescience SPC, LLC

   (e)(g)    Food, Beverage & Tobacco      L + 700       1.25%      11/30/2020         16,305         16,150         16,606   

 

 

Brake Bros Ltd. (UK)

   (e)(f)(GBP)    Food & Staples Retailing     
 
L + 325, 3.00%
PIK
  
  
        3/12/2017         £          8,650                 12,049                 13,661   

 

 

CHG Companies, Inc.

   (g)    Health Care Equipment & Services      L + 775       1.25%      11/19/2020         $        10,485         10,363         10,669   

 

 

Continental Building Products, LLC

   (g)(h)    Materials      L + 775       1.00%      2/26/2021         19,378         19,509         19,475   

 

 

CSM Bakery Products

   (e)    Food, Beverage & Tobacco      L + 750       1.00%      7/3/2021         15,175         15,322         15,336   

 

 

CTI Foods Holding Co., LLC

      Food, Beverage & Tobacco      L + 725       1.00%      6/28/2021         23,219         22,884         23,451   

 

 

Data Device Corp.

      Capital Goods      L + 1000       1.50%      7/11/2019         8,000         7,864         7,680   

 

 

Excelitas Technologies Corp.

   (j)    Technology Hardware & Equipment     
 
L + 975, 1.50%
PIK
  
  
   1.00%      4/29/2021         107,355         107,355         107,033   

 

 

EZE Castle Software, Inc.

   (g)    Software & Services      L + 725       1.25%      4/5/2021         12,962         12,922         13,210   

 

 

GENEX Services, Inc.

   (g)    Health Care Equipment & Services      L + 825       1.00%      1/26/2019         21,029         20,828         21,266   

 

 

Greenway Medical Technologies

      Health Care Equipment & Services      L + 825       1.00%      11/4/2021         26,396         25,998         26,660   

 

 

Hudson’s Bay Co. (CA)

   (e)(f)    Retailing      L + 725       1.00%      11/4/2021         2,933         2,904         3,039   

 

 

Learfield Communications, Inc.

      Media      L + 775       1.00%      10/8/2021         4,743         4,696         4,861   

 

 

Lightower Fiber, LLC

   (g)    Telecommunication Services      L + 675       1.25%      4/12/2021         3,381         3,349         3,420   

 

 

Misys Ltd. (UK)

   (e)(f)(g)    Software & Services      12.00%            6/12/2019         3,000         3,367         3,463   

 

 

Monarch (LU)

   (e)(f)(g)    Materials      L + 700       1.25%      4/3/2020         5,416         5,392         5,576   

 

 

NewWave Communications, Inc.

      Media      L + 800       1.00%      10/30/2020         8,339         8,264         8,506   

 

 

P2 Energy Solutions, Inc.

      Software & Services      L + 800       1.00%      4/30/2021         9,283         9,191         9,469   

 

 

Packaging Coordinators, Inc.

   (j)    Materials      L + 825       1.25%      10/31/2020         11,827         11,716         11,886   

 

 

Polyconcept Finance BV (NL)

   (e)(f)(j)    Consumer Durables & Apparel      L + 875       1.25%      6/28/2020                 46,727                 46,727                 45,886   

 

 

Progressive Solutions

   (h)    Health Care Equipment & Services      L + 850       1.00%      10/22/2021         19,903         19,704         20,002   

 

 

RedPrairie Corp.

   (g)    Software & Services      L + 1000       1.25%      12/21/2019         18,150         18,169         18,691   

 

 

Sabine Oil & Gas, LLC

   (e)(g)    Energy      L + 750       1.25%      12/31/2018         14,527         14,400         14,708   

 

 

Safety Technology Holdings, Inc.

   (j)    Technology Hardware & Equipment      L + 825       1.25%      6/2/2020         30,402         29,651         29,642   

 

 

Sedgwick Claims Management Services Holdings, Inc.

      Insurance      L + 700       1.00%      12/15/2018         25,735         25,615         26,217   

 

 

 

See notes to consolidated financial statements.

 

17


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Consolidated Schedule of Investments (continued)

As of December 31, 2013

(in thousands, except share amounts)

 

Company (a)(b)    Footnotes    Industry   

Interest

Rate

    

EURIBOR

/LIBOR
Floor

   Maturity
Date
     No. Shares/
Principal
Amount (c)
     Cost (d)      Fair Value    

 

 

Sheridan Holdings, Inc.

   (h)    Health Care Equipment & Services      L + 725       1.00%      12/13/2021         $        13,899         $          13,830         $         14,030   

 

 

StoneRiver Holdings, Inc.

      Insurance      L + 725       1.25%      5/30/2020         15,860         15,782         16,029   

 

 

Talbots, Inc.

   (j)    Retailing      L + 800       1.25%      8/30/2018         50,000         50,000         50,450   

 

 

Travelport, LLC

   (g)    Software & Services      L + 800       1.50%      1/31/2016         18,868         18,533         19,582   

 

 

Websense, Inc.

      Technology Hardware & Equipment      L + 725       1.00%      12/24/2020         32,018         31,866         32,098   

 

 

Total Senior Secured Loans - Second Lien

               $

 

        663,135

 

  

 

   $

 

        670,961

 

  

 

                    

 

 

    

 

 

 

Senior Secured Bonds—11.5%

                 

 

 

Allen Systems Group, Inc.

   (k)(l)    Software & Services      10.50%            11/15/2016         106         73         57   

 

 

American Rock Salt Co., LLC

   (k)(l)    Materials      8.25%            5/1/2018         9,690         9,051         9,763   

 

 

Artesyn Technologies, Inc.

   (e)(k)    Technology Hardware & Equipment      9.75%            10/15/2020         3,567         3,567         3,745   

 

 

Avaya, Inc.

   (g)(k)    Technology Hardware & Equipment      7.00%            4/1/2019         3,722         3,436         3,648   
   (k)         9.00%            4/1/2019         7,048         7,035         7,365   

 

 

Cengage Learning Acquisitions, Inc.

   (i)(k)(l)    Media      11.50%            4/15/2020                 12,154                 12,398                   9,738   

 

 

Hot Topic, Inc.

   (k)(l)    Consumer Durables & Apparel      9.25%            6/15/2021         27,300         27,464         28,597   

 

 

Louisiana Public Facilities Authority

   (j)    Energy      11.50%            1/1/2020         50,580         49,070         49,063   

 

 

New Enterprise Stone & Lime Co., Inc.

   (l)    Capital Goods     
 
5.00%, 8.00%
PIK
  
  
        3/15/2018         10,071         10,162         11,381   

 

 

OAG Holdings, LLC

   (e)(j)    Energy     
 
8.00%, 2.00%
PIK
  
  
        12/20/2020         20,008         17,163         17,153   

 

 

Pinnacle Agriculture Holdings, LLC

   (k)(l)    Materials      9.00%            11/15/2020         2,193         2,193         2,327   

 

 

Ryerson, Inc.

   (g)    Materials      9.00%            10/15/2017         5,814         5,814         6,163   

 

 

SquareTwo Financial Corp.

   (l)    Banks      11.63%            4/1/2017         6,309         6,566         6,522   

 

 

Wise Metals Group, LLC

   (k)(l)    Materials      8.75%            12/15/2018         2,148         2,148         2,261   

 

 

Xella Holdco Finance SA (LU)

   (e)(f)(k)(l)(EUR)    Materials     
 
9.13% or
9.88% PIK
  
  
        9/15/2018         €          5,097         6,860         7,345   

 

 

Total Senior Secured Bonds

               $

 

        163,000

 

  

 

   $

 

        165,128

 

  

 

                    

 

 

    

 

 

 

Total Senior Debt—103.1%

               $

 

    1,452,592

 

  

 

   $

 

    1,474,492

 

  

 

                    

 

 

    

 

 

 

Subordinated Debt—25.9%

                 

 

 

Algeco/Scotsman (LU)

   (e)(f)(k)(l)    Consumer Durables & Apparel      10.75%            10/15/2019         $              179       $ 181       $ 189   

 

 

CDW Corp.

   (e)    Technology Hardware & Equipment      12.54%            10/12/2017         1,879         1,986         1,964   

 

 

Cemex Materials, LLC

   (k)(l)    Materials      7.70%            7/21/2025         23,312         22,941         24,128   

 

 

Cequel Communications Holdings, LLC

   (k)(l)    Media      5.13%            12/15/2021         5,000         4,834         4,688   

 

 

 

See notes to consolidated financial statements.

 

18


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Consolidated Schedule of Investments (continued)

As of December 31, 2013

(in thousands, except share amounts)

 

Company (a)(b)    Footnotes    Industry   

Interest

Rate

    

EURIBOR

/LIBOR
Floor

   Maturity
Date
     No. Shares/
Principal
Amount (c)
     Cost (d)      Fair Value    

 

 

Ceridian Corp.

   (l)    Commercial & Professional Services      11.00%            3/15/2021         $        16,201         $        17,574         $        18,672   

 

 

Commscope, Inc.

   (k)(l)    Technology Hardware & Equipment     
 
6.63% or
7.38% PIK
  
  
        6/1/2020         5,000         4,976         5,200   

 

 

CompuCom Systems, Inc.

   (k)(l)    Software & Services      7.00%            5/1/2021         9,847         9,566         9,773   

 

 

ConvaTec Healthcare E SA (LU)

   (e)(f)(k)(l)    Health Care Equipment & Services     

 

8.25% or

9.00% PIK

  

  

        1/15/2019         2,545         2,521         2,605   

 

 

CRC Health Group, Inc.

   (l)    Health Care Equipment & Services      10.75%            2/1/2016         6,021         6,047         6,036   

 

 

Datatel, Inc.

   (g)(k)    Software & Services     
 
9.63% or 9.63%
PIK
  
  
        12/1/2018         9,287         9,195         9,566   

 

 

Education Management, LLC

   (e)    Consumer Services      15.00%            7/1/2018         1,299         1,307         1,409   

 

 

Epicor Software Corp.

   (k)(l)    Software & Services     

 

9.00% or

9.75% PIK

  

  

        6/15/2018         39,815         39,090         41,507   

 

 

GCI, Inc.

   (l)    Telecommunication Services      8.63%            11/15/2019         8,575         9,041         9,111   
   (l)         6.75%            6/1/2021         14,381         13,737         13,770   

 

 

Genesys Telecommunications Laboratories, Inc.

   (j)(EUR)    Software & Services      12.50%            1/31/2020         €          2,044         2,637         2,924   

 

 

Global Closure Systems (FR)

   (e)(f)(j)(EUR)    Materials     
 
12.00% or
13.00% PIK
  
  
        11/15/2019         17,828         23,443         25,140   

 

 

Griffins Foods, Ltd. (NZ)

   (e)(f)(j)(NZD)    Food, Beverage & Tobacco      13.75% PIK            1/31/2019         N$        47,417         36,916         39,035   

 

 

Gymboree Corp.

   (l)    Retailing      9.13%            12/1/2018         $          3,335         3,199         3,072   

 

 

Hilding Anders (SE)

   (e)(f)(j)(EUR)    Consumer Durables & Apparel     
 
12.00% or
13.00% PIK
  
  
        6/30/2021         €        81,478         95,634         98,974   

 

 

Hot Topic, Inc.

   (k)(l)    Consumer Durables & Apparel     
 
12.00% or
12.75% PIK
  
  
        5/15/2019         $          8,113                   7,951                   8,032   

 

 

iPayment, Inc.

      Software & Services      10.25%            5/15/2018         4,634         4,289         3,800   

 

 

JC Penney Corp., Inc.

   (e)    Retailing      5.65%            6/1/2020         11,139         8,338         8,744   

 

 

Summit Materials, LLC

   (l)    Materials      10.50%            1/31/2020         462         518         508   

 

 

The TelX Group, Inc.

   (j)(k)    Telecommunication Services     
 
 
12.00% or
10.00%, 2.00%
PIK
  
  
  
        9/26/2019         5,517         5,952         5,848   

 

 

Towergate Finance PLC (UK)

   (e)(f)(k)(l)(GBP)    Insurance      10.50%            2/15/2019         £        14,608         23,366         25,436   

 

 

Total Subordinated Debt

                

 

$        355,239

 

  

 

    

 

$        370,131

 

  

 

                    

 

 

    

 

 

 

Structured Products—3.9%

                 

 

 

KKR BPT Holdings Aggregator, LLC

   (e)(j)(q)*    Diversified Financials               $          2,500         2,500         2,500   

 

 

Start CLO Ltd. 2010-6A Class A (KY)

   (e)(f)(j)(k)(m)    Diversified Financials      L + 1600            4/1/2014         3,310         3,325         3,359   

 

 

Trade Finance Funding I, Ltd. 2013-1A Class B

   (e)(j)(k)    Diversified Financials      10.75%            11/13/2018         28,221         28,221         28,235   

 

 

VSK Holdings, Ltd. (KY)

   (e)(f)(j)(p)*    Diversified Financials               620         21,474         21,481   

 

 

Total Structured Products

                      

 

$        55,520

 

  

 

    

 

$        55,575

 

  

 

                    

 

 

    

 

 

 

 

See notes to consolidated financial statements.

 

19


Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Consolidated Schedule of Investments (continued)

As of December 31, 2013

(in thousands, except share amounts)

 

Company (a)(b)    Footnotes    Industry   

Interest

Rate

    

EURIBOR

/LIBOR
Floor

   Maturity
Date
     No. Shares/
Principal
Amount (c)
     Cost (d)      Fair Value    

 

 

Equity / Other—1.7%

                 

 

 

Excelitas Technologies Corp., Common Stock

   (j)*    Technology Hardware & Equipment               5,636,153       $ 5,636       $ 5,566   

 

 

Genesys Telecommunications Laboratories, Inc., Common Stock

   (j)*    Software & Services               448,908         449         672   

 

 

Global Closure Systems (FR), Common Stock

   (e)(f)(j)*    Materials               597,989         823         823   

 

 

Hilding Anders (SE), Equity Options

   (e)(f)(j)*    Consumer Durables & Apparel            12/31/2020         236,160,807         14,988         15,256   

 

 

OAG Holdings, LLC, Overriding Royalty Interest

   (e)(j)*    Energy               2,353,940         2,354         2,354   

 

 

Total Equity / Other

                  $

 

        24,250

 

  

 

   $

 

        24,671

 

  

 

                    

 

 

    

 

 

 

Total Investments, excluding Short Term Investments – 134.6%

               $

 

        1,887,601

 

  

 

   $

 

    1,924,869

 

  

 

                    

 

 

    

 

 

 

Short Term Investments—10.5%

                 

 

 

Goldman Sachs Financial Square Funds - Prime Obligations Fund, FST Preferred Shares

   (g)(n)         0.01%               149,800,957       $         149,801       $ 149,801   

State Street Institutional Liquid Reserves Fund, Institutional Class

   (n)         0.06%               102,061         102         102  &nbs