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EX-32.1 - EXHIBIT 32.1 - Corporate Capital Trust, Inc.ex-321certificationofprinc.htm
EX-31.2 - EXHIBIT 31.2 - Corporate Capital Trust, Inc.ex-312certificationofprinc.htm
EX-31.1 - EXHIBIT 31.1 - Corporate Capital Trust, Inc.ex-311certificationofprinc.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2017


For the quarterly period ended June 30, 2018
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.)
 
 
 
201 Rouse Boulevard
Philadelphia, Pennsylvania

 
19112
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code (215) 495-1150

 Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
 
Name of exchange on which registered
 
Common Stock, $0.001 par value per share
 
The New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 
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  ☒    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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
☒  (Do not check if smaller reporting company)
  
Smaller reporting company
 
 
 
 
  
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares of common stock of the registrant outstanding as of August 8, 2018 was 124,119,644.



CORPORATE CAPITAL TRUST, INC.
INDEX
 
 
 
 
 
PAGE
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements:
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Assets and Liabilities (unaudited)
(in thousands, except share and per share amounts)
 
 
June 30, 2018
 
December 31, 2017
Assets
 
 
 
 
Investments at fair value:
 
 
 
 
Non-controlled, non-affiliated investments (amortized cost of $3,214,260 and $3,319,093, respectively)
 
$
3,152,849

 
$
3,225,827

Non-controlled, affiliated investments (amortized cost of $336,507 and $298,489, respectively)
 
258,487

 
242,985

Controlled, affiliated investments (amortized cost of $697,995 and $540,609, respectively)
 
670,978

 
500,285

Total investments, at fair value (amortized cost of $4,248,762 and $4,158,191, respectively)
 
4,082,314

 
3,969,097

Cash
 
82,658

 
127,186

Cash denominated in foreign currency (cost of $7,217 and $3,724, respectively)
 
7,111

 
3,778

Restricted cash
 
905

 
51,181

Dividends and interest receivable
 
48,847

 
42,517

Receivable for investments sold
 
126,770

 
2,320

Principal receivable
 
6,339

 
3,389

Unrealized appreciation on swap contracts
 
4,674

 
3,763

Unrealized appreciation on foreign currency forward contracts
 
2,641

 
1,194

Receivable from advisers
 
707

 
2,802

Other assets
 
12,080

 
14,273

Total assets
 
4,375,046

 
4,221,500

Liabilities
 
 
 
 
Revolving credit facilities
 
1,175,000

 
965,000

Term loan payable, net
 
381,563

 
382,768

Unsecured notes payable, net
 
241,040

 
240,612

Payable for investments purchased
 
32,715

 
47,097

Unrealized depreciation on swap contracts
 
22,606

 
29,604

Unrealized depreciation on foreign currency forward contracts
 
2,340

 
3,401

Accrued performance-based incentive fees
 
11,710

 
8,418

Accrued investment advisory fees
 
5,262

 
5,214

Shareholders’ distributions payable
 
50,186

 
46,959

Deferred tax liability
 
1,442

 
178

Accrued directors' fees
 
23

 

Other accrued expenses and liabilities
 
10,243

 
7,147

Total liabilities
 
1,934,130

 
1,736,398

Commitments and contingencies (Note 11)
 
 
 
 
Net Assets
 
$
2,440,916

 
$
2,485,102

Components of Net Assets
 
 
 
 
Common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 124,663,131 and 127,130,589 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively
 
$
125

 
$
127

Paid-in capital in excess of par value
 
2,758,334

 
2,799,400

Undistributed net investment income
 
22,454

 
37,633

Accumulated net realized losses
 
(154,397
)
 
(134,874
)
Accumulated net unrealized depreciation on investments, swap contracts, foreign currency forward contracts and foreign currency translation (net of provision for taxes of $1,442 and $178, respectively)
 
(185,600
)
 
(217,184
)
Net assets
 
$
2,440,916

 
$
2,485,102

Net asset value per share
 
$
19.58

 
$
19.55



See notes to condensed consolidated financial statements.
2


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Investment income
Interest income:
Non-controlled, non-affiliated investments (net of tax withholding, $3, $1,528, $64 and $1,801, respectively)
 
$
78,586

 
$
75,894

 
$
161,492

 
$
159,629

Non-controlled, affiliated investments
 
2,234

 
3,122

 
3,975

 
3,122

Controlled, affiliated investments
 
2,691

 

 
2,691

 

Total interest income
 
83,511

 
79,016

 
168,158

 
162,751

Payment-in-kind interest income:
Non-controlled, non-affiliated investments
 
1,330

 
1,109

 
2,439

 
2,136

Non-controlled, affiliated investments
 

 

 

 

Controlled, affiliated investments
 
3,751

 
2,940

 
7,446

 
5,403

Total payment-in-kind interest income
 
5,081

 
4,049

 
9,885

 
7,539

Fee income:
Non-controlled, non-affiliated investments
 
4,179

 
5,645

 
4,886

 
8,250

Total fee income
 
4,179

 
5,645

 
4,886

 
8,250

Dividend and other income:
Non-controlled, non-affiliated investments
 
1,166

 
3,893

 
2,132

 
4,189

Non-controlled, affiliated investments
 

 

 

 

Controlled, affiliated investments
 
9,827

 
7,871

 
18,345

 
10,593

Total dividend and other income
 
10,993

 
11,764

 
20,477

 
14,782

Total investment income
 
103,764

 
100,474

 
203,406

 
193,322

Operating expenses
Investment advisory fees
 
15,563

 
20,914

 
30,778

 
41,685

Interest expense
 
22,272

 
15,207

 
42,086

 
29,355

Performance-based incentive fees
 
11,710

 
4,748

 
24,083

 
5,675

Professional services
 
2,631

 
1,959

 
3,893

 
3,005

Investment adviser expenses
 
267

 
1,713

 
460

 
2,609

Administrative services
 
796

 
770

 
1,457

 
1,610

Custodian and accounting fees
 
443

 
399

 
838

 
836

Offering expenses
 

 
122

 

 
327

Director fees and expenses
 
150

 
168

 
298

 
301

Other
 
528

 
1,362

 
972

 
2,141

Total operating expenses
 
54,360

 
47,362

 
104,865

 
87,544

Net investment income before taxes
 
49,404

 
53,112

 
98,541

 
105,778

Income tax expense (benefit), including excise tax
 
(22
)
 
198

 
(375
)
 
321

Net investment income
 
49,426

 
52,914

 
98,916

 
105,457

Net realized and unrealized gains (losses)
Net realized gains (losses) on:
Non-controlled, non-affiliated investments
 
(11,179
)
 
(85,586
)
 
(16,127
)
 
(70,108
)
Controlled, affiliated investments
 
(12,797
)
 
(7,567
)
 
(12,797
)
 
(7,413
)
Swap contracts
 
787

 
11,995

 
2,411

 
14,311

Foreign currency forward contracts
 
6,653

 
(633
)
 
4,477

 
(78
)
Foreign currency transactions
 
3,471

 
2,397

 
2,513

 
1,882

Net realized losses
 
(13,065
)
 
(79,394
)
 
(19,523
)
 
(61,406
)

See notes to condensed consolidated financial statements.
3


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited), continued
(in thousands, except share and per share amounts)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments
 
$
2,624

 
$
88,101

 
$
31,855

 
$
99,441

Non-controlled, affiliated investments
 
(13,088
)
 
(2,879
)
 
(22,516
)
 
(708
)
Controlled, affiliated investments
 
(5,193
)
 
17,117

 
13,307

 
22,805

Swap contracts
 
15,855

 
(38,262
)
 
7,909

 
(39,890
)
Foreign currency forward contracts
 
2,265

 
(9,345
)
 
2,508

 
(11,981
)
Foreign currency translation
 
(519
)
 
(393
)
 
(215
)
 
(725
)
Provision for taxes
 
(231
)
 
9,103

 
(1,264
)
 
8,689

Net change in unrealized appreciation
 
1,713

 
63,442

 
31,584

 
77,631

Net realized and unrealized gains (losses)
 
(11,352
)
 
(15,952
)
 
12,061

 
16,225

Net increase in net assets resulting from operations
 
$
38,074

 
$
36,962

 
$
110,977

 
$
121,682

Net investment income per share
 
$
0.39

 
$
0.39

 
$
0.78

 
$
0.77

Diluted and basic earnings per share
 
$
0.30

 
$
0.27

 
$
0.88

 
$
0.89

Weighted average number of shares of common stock outstanding (basic and diluted)
 
126,056,390

 
137,064,172

 
126,558,009

 
137,275,134

Distributions declared per share
 
$
0.50

 
$
0.45

 
$
0.90

 
$
0.90


See notes to condensed consolidated financial statements.
4


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Net Assets (unaudited)
(in thousands, except share amounts)
 
 
Six Months Ended June 30,
 
 
2018
 
2017
Operations
 
 
 
 
Net investment income
 
$
98,916

 
$
105,457

Net realized gains (losses) on investments, swap contracts, foreign currency forward contracts and foreign currency transactions
 
(19,523
)
 
(61,406
)
Net change in unrealized appreciation (depreciation) on investments, swap contracts, foreign currency forward contracts and foreign currency translation
 
31,584

 
77,631

Net increase in net assets resulting from operations
 
110,977

 
121,682

Distributions to shareholders from
 
 
 
 
Net investment income
 
(98,916
)
 
(105,457
)
Distributions in excess of net investment income (Note 8)
 
(15,179
)
 
(18,870
)
Net decrease in net assets resulting from shareholders’ distributions
 
(114,095
)
 
(124,327
)
Capital share transactions
 
 
 
 
Reinvestment of shareholders’ distributions
 

 
61,325

Repurchase of shares of common stock
 
(41,068
)
 
(68,114
)
Net increase/(decrease) in net assets resulting from capital share transactions
 
(41,068
)
 
(6,789
)
Total increase (decrease) in net assets
 
(44,186
)
 
(9,434
)
Net assets at beginning of period
 
2,485,102

 
2,759,332

Net assets at end of period
 
$
2,440,916

 
$
2,749,898

Capital share activity
 
 
 
 
Shares issued from reinvestment of distributions
 

 
3,005,031

Shares repurchased
 
(2,467,458
)
 
(3,359,846
)
Net increase (decrease) in shares outstanding
 
(2,467,458
)
 
(354,815
)
Undistributed net investment income at end of period
 
$
22,454

 
$
20,696


See notes to condensed consolidated financial statements.
5


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
 
 
Six Months Ended June 30,
 
 
2018
 
2017
Operating Activities:
Net increase in net assets resulting from operations
 
$
110,977

 
$
121,682

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
 
Purchases of investments
 
(952,928
)
 
(819,207
)
Decrease in payable for investments purchased
 
(14,382
)
 
97,207

Payment-in-kind interest capitalized
 
(4,161
)
 
(2,146
)
Proceeds from sales of investments
 
395,878

 
248,741

Proceeds from principal payments
 
451,349

 
514,165

Net realized loss on investments
 
28,924

 
77,521

Net change in unrealized appreciation on investments
 
(22,646
)
 
(121,538
)
Net change in unrealized depreciation on swap contracts
 
(7,909
)
 
39,890

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts
 
(2,508
)
 
11,981

Net change in unrealized (appreciation) depreciation on foreign currency translation
 
215

 
725

Amortization of premium/discount, net
 
(10,321
)
 
(11,882
)
Amortization of deferred financing costs
 
2,634

 
2,038

Accretion of discount on term loan payable
 
207

 
200

Decrease (increase) in short-term investments, net
 
688

 
(1,439
)
Increase in collateral on deposit with custodian
 

 
95,000

Decrease (increase) in dividends and interest receivable
 
(6,330
)
 
7,101

Decrease (increase) in receivable for investments sold
 
(124,450
)
 
24,217

Increase in principal receivable
 
(2,950
)
 
(7,097
)
Decrease in receivable from advisers
 
2,095

 
(3,589
)
Decrease in deferred tax asset
 

 
(7,011
)
Decrease in other assets
 
560

 
230

Increase (decrease) in accrued investment advisory fees
 
48

 
(449
)
Increase (decrease) in accrued performance-based incentive fees
 
3,292

 
(157
)
Increase in deferred tax liability
 
1,264

 
(1,679
)
Increase (decrease) in other accrued expenses and liabilities
 
3,119

 
(393
)
Net cash provided by operating activities
 
(147,335
)
 
264,111

Financing Activities:
Payments on repurchases of shares of common stock
 
(41,068
)
 
(68,114
)
Distributions paid
 
(110,868
)
 
(63,002
)
Repayments under term loan payable
 
(2,000
)
 
(2,000
)
Borrowings under revolving credit facilities
 
583,449

 
298,500

Repayments of revolving credit facilities
 
(373,449
)
 
(558,500
)
Borrowings under unsecured notes payable
 

 
140,000

Repayments under repurchase agreement
 

 
(24,726
)
Deferred financing costs paid
 
(40
)
 
(2,829
)
Net cash used in financing activities
 
56,024

 
(280,671
)
Effect of exchange rate changes on cash
 
(160
)
 
403

Net decrease in cash
 
(91,471
)
 
(16,157
)
Cash, cash denominated in foreign currency and restricted cash, beginning of period
 
182,145

 
146,613

Cash, cash denominated in foreign currency and restricted cash, end of period
 
$
90,674

 
$
130,456

Supplemental disclosure of cash flow information and non-cash financing activities:
Cash paid for interest
 
$
34,609

 
$
26,293

Taxes paid, including excise tax
 
$
1,400

 
$
3,820

Distributions reinvested
 
$

 
$
61,325

Change in distributions payable
 
$
(3,227
)
 
$


See notes to condensed consolidated financial statements.
6


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
First Lien Senior Secured Loan—64.2%
A10 Capital, LLC

(f)(3)

Diversified Financials

L + 650

1.00
%

5/1/2023

$
30,265


$
29,836


$
29,945

Abaco Systems, Inc.

(f)(g)(h)(2)

Capital Goods

L + 600

1.00
%

12/7/2021

62,166


60,384


60,254

ABB CONCISE Optical Group, LLC

(3)

Retailing

L + 500

1.00
%

6/15/2023

13,121


13,151


13,252

Accuride Corp.

(h)(2)

Capital Goods

L + 525

1.00
%

11/17/2023

18,211


17,893


18,484

ACG Materials

(f)(g)(3)

Materials

L + 700

1.00
%

4/27/2024

427


427


351



(f)(g)(3)



L + 700

1.00
%

4/27/2024

18,788


18,600


18,571

Acosta Holdco, Inc.

(3)

Commercial & Professional Services

L + 325

1.00
%

9/26/2021

19,277


17,572


14,614

Advantage Sales & Marketing, Inc.

(3)

Commercial & Professional Services

L + 325

1.00
%

7/23/2021

6,370


6,144


6,040

Agro Merchants Global, LP

(2)

Transportation

L + 375

1.00
%

12/6/2024

699


696


702

Aleris International, Inc.

(3)

Materials

L + 475




2/27/2023

3,413


3,391


3,389

Alion Science & Technology Corp.

(3)

Capital Goods

L + 450

1.00
%

8/19/2021

2,716


2,715


2,732

AltEn, LLC

(f)(i)(j)(k)(3)

Energy

L + 900 PIK (L + 900 Max PIK)




9/12/2018

42,747


29,836


2,137

AM General, LLC

(f)(g)(h)(3)

Capital Goods

L + 725

1.00
%

12/28/2021

83,441


82,513


83,512


See notes to condensed consolidated financial statements.
7


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
American Tire Distributors, Inc.

(3)

Automobiles & Components

L + 425

1.00
%

9/1/2021

$
6,895


$
6,033


$
4,521

Amtek Global Technology Pte. Ltd. (GER)

(f)(l)(m)(n)(EUR)

Automobiles & Components

5.00%



4/1/2023

49,233


60,473


57,494

Apex Group Limited (GBR)

(f)(g)(l)(n)(2)

Diversified Financials

L + 650

1.00
%

6/15/2025

$
14,251


13,967


13,966

Bay Club, Co.

(2)

Consumer Services

L + 650

1.00
%

8/31/2022

5,522


5,491


5,584

Berner Food & Beverage, LLC

(f)(g)(h)(2)

Food & Staples Retailing

L + 675

1.00
%

2/2/2023

56,395


55,868


53,353

Blackhawk Mining LLC

(f)(3)

Energy

L + 1050




2/26/2022

3,509


3,423


3,439

Charlotte Russe, Inc.

(f)(j)(2)

Retailing

8.50%



2/2/2023

9,452


9,476


8,114

Commercial Barge Line Co.

(3)

Transportation

L + 875

1.00
%

11/12/2020

4,697


4,188


3,289

CTI Foods Holding Co., LLC

(3)

Food, Beverage & Tobacco

L + 350

1.00
%

6/29/2020

3,762


3,594


3,286

Distribution International, Inc.

(2)

Retailing

L + 500

1.00
%

12/15/2021

28,170


23,747


26,903

Eagle Family Foods, Inc.

(f)(g)(2)

Food, Beverage & Tobacco

L + 650

1.00
%

6/14/2023

835


793


793



(f)(g)(h)(2)



L + 650

1.00
%

6/14/2024

25,058


24,777


24,776

Frontline Technologies Group, LLC

(f)(g)(h)(3)

Software & Services

L + 650

1.00
%

9/18/2023

61,449


60,488


59,567

Greystone & Co, Inc.

(f)(g)(2)

Diversified Financials

L + 800

1.00
%

4/17/2024

37,781


37,451


38,869

Hunt Mortgage

(f)(g)(3)

Diversified Financials

L + 750

1.00
%

2/14/2023

60,619


59,855


61,071

Integro Ltd./United States

(f)(g)(h)(3)

Insurance

L + 575




10/30/2022

25,800


25,672


25,671


See notes to condensed consolidated financial statements.
8


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
JAKKS Pacific, Inc.

(f)(2)

Consumer Durables & Apparel

L + 900

1.50
%

6/14/2021

$
2,544


$
2,525


$
2,525

JHT Holdings, Inc.

(f)(g)(h)(3)

Capital Goods

L + 850

1.00
%

5/4/2022

27,815


27,434


29,206

Jo-Ann Stores, Inc.

(2)

Retailing

L + 500

1.00
%

10/20/2023

16,152


16,011


16,064

Koosharem, LLC

(2)

Commercial & Professional Services

L + 500

1.00
%

4/10/2025

2,816


2,871


2,846

Matchesfashion, Ltd. (GBR)

(f)(g)(l)(n)(2)

Consumer Durables & Apparel

L + 462.50




10/16/2024

12,688


11,817


12,115

Murray Energy Corp

(f)(2)

Materials

L + 900

2.00
%

2/12/2021

9,922


9,848


9,848

National Debt Relief, LLC

(f)(g)(h)(2)

Diversified Financials

L + 675

1.00
%

5/31/2023

22,397


22,301


22,617



(f)(g)(2)



L + 675

1.00
%

5/31/2023

7,344


7,312


7,487

NBG Home

(h)(7)

Consumer Durables & Apparel

L + 550

1.00
%

4/26/2024

25,513


25,057


25,513

NCI, Inc.

(f)(g)(h)(2)

Software & Services

L + 750

1.00
%

8/15/2024

83,920


82,966


84,521

Nine West Holdings

(f)

Consumer Durables & Apparel

10.00%




12/31/2018

1,281


1,113


1,244



(4)



P + 275

1.00
%

10/8/2019

16,195


15,558


15,966

Onvoy, LLC

(2)

Telecommunication Services

L + 450

1.00
%

2/10/2024

1,144


1,106


1,108


See notes to condensed consolidated financial statements.
9


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
Pacific Union Financial, LLC

(f)(3)

Diversified Financials

L + 750

1.00
%

4/21/2022

$
72,404


$
71,483


$
68,740

PAE Holding Corp.

(3)

Capital Goods

L + 550

1.00
%

10/20/2022

3,204


3,197


3,222

Patriot Well Solutions, LLC

(f)(3)

Energy

L + 875

1.00
%

3/31/2021

4,333


4,260


4,220

Payless, Inc.

(f)(3)

Retailing

L + 870

1.00
%

8/10/2022

7,406


7,255


7,340

Petroplex Acidizing, Inc.

(f)(i)(3)

Energy

L + 725, 1.75% PIK (1.75% Max PIK)

1.00
%

12/5/2019

22,696


22,696


22,511



(f)(i)(k)

Energy

15% PIK (15.00% Max PIK)




12/5/2019

22,188


13,805


8,748

Qdoba Restaurant Corp.

(3)

Consumer Services

L + 700

1.00
%

3/21/2025

12,968


12,711


13,098

Raley's

(h)(3)

Food & Staples Retailing

L + 525

1.00
%

5/18/2022

10,814


10,574


10,881

Revere Superior Holdings, Inc.

(f)(2)

Software & Services

L + 675

1.00
%

11/21/2022

14,153


14,022


14,080



(f)(g)(h)(2)



L + 675

1.00
%

11/21/2022

65,407


64,822


65,856



(f)(g)(h)(2)



L + 675

1.00
%

11/21/2022

2,345


2,303


2,361



(f)(2)



L + 675

1.00
%

11/21/2022

3,162


3,070


2,517

Savers, Inc.

(2)

Retailing

L + 375

1.25
%

7/9/2019

11,124


10,731


10,916

Sequa Corp.

(3)

Materials

L + 500

1.00
%

11/28/2021

19,507


19,669


19,575

SIRVA Worldwide, Inc.

(h)(2)

Commercial & Professional Services

L + 650

1.00
%

11/22/2022

20,925


20,513


21,004


See notes to condensed consolidated financial statements.
10


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
SMART Global Holdings Inc

(f)(h)(n)(2)

Semiconductors & Semiconductor Equipment

L + 625

1.00
%

8/9/2022

$
43,766


$
43,720


$
44,167

Smile Brands Group, Inc.

(f)(h)(3)

Health Care Equipment & Services

L + 625

1.00
%

8/15/2022

11,950


11,839


12,105

Sutherland Global Services, Inc.

(n)(2)

Software & Services

L + 537.50

1.00
%

4/23/2021

1,474


1,423


1,419



(n)(2)



L + 537.50

1.00
%

4/23/2021

6,333


6,112


6,095

Sweet Harvest Foods Management Co

(f)(g)(h)(2)

Food & Staples Retailing

L + 675

1.00
%

5/30/2023

26,886


26,770


25,050

Team Health, Inc.

(3)

Health Care Equipment & Services

L + 275

1.00
%

2/6/2024

12,660


12,270


12,201

ThreeSixty Group

(f)(g)(h)(3)

Retailing

L + 700

1.00
%

3/1/2023

51,095


50,472


50,112



(f)(g)(h)(3)



L + 700

1.00
%

3/1/2023

51,443


50,809


50,453

Utility One Source, LP

(3)

Capital Goods

L + 550

1.00
%

4/18/2023

9,656


9,581


9,910

Vee Pak, Inc.

(f)(g)(h)(2)

Household & Personal Products

L + 675

1.00
%

3/9/2023

39,537


39,050


36,693

Virgin Pulse, Inc.

(f)(g)(h)(2)

Software & Services

L + 650

1.00
%

5/22/2025

58,916


58,336


58,385

Wheels Up Partners, LLC

(f)(2)

Transportation

L + 850

1.00
%

1/26/2021

14,257


14,211


14,258



(f)(2)



L + 850

1.00
%

8/26/2021

7,196


7,179


7,163



(f)(2)



L + 710

1.00
%

8/1/2024

23,193


23,115


23,292



(f)(2)



L + 710

1.00
%

11/1/2024

9,501


9,462


9,544



(f)(2)



L + 710

1.00
%

12/21/2024

29,846


29,662


29,696



(f)(2)



L + 710

1.00
%

12/21/2024

4,862


4,816


4,881


See notes to condensed consolidated financial statements.
11


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
WireCo WorldGroup, Inc.

(3)

Capital Goods

L + 500

1.00
%

9/29/2023

$
2,619


$
2,636


$
2,637

Z Gallerie, LLC.

(f)(h)(k)(3)

Retailing

L + 650

1.00
%

10/8/2020

31,206


31,041


19,184

Total First Lien Senior Secured Loan















$
1,617,988


$
1,568,053

Second Lien Senior Secured Loan—42.6%


















Abaco Systems, Inc.
 
(f)(g)(2)

Capital Goods

L + 1050

1.00
%

6/7/2022

$
63,371


$
62,482


$
61,283

Access CIG, LLC
 
(3)

Software & Services

L + 775




2/27/2026

281


278


282

Advantage Sales & Marketing, Inc.

(3)

Commercial & Professional Services

L + 650

1.00
%

7/25/2022

731


682


669

Agro Merchants Global LP (CYM)

(f)(l)(2)

Transportation

L + 800

1.00
%

11/30/2025

15,000


14,644


14,878

Albany Molecular Research, Inc.

(3)

Pharmaceuticals, Biotechnology & Life Sciences

L + 700

1.00
%

8/28/2025

8,265


8,319


8,275

Amtek Global Technology Pte. Ltd. (GER)

(f)(l)(m)(n)(EUR)

Automobiles & Components

5.00%




4/1/2023

32,822


40,315


38,330

Belk, Inc

(f)(g)(2)

Retailing

10.50%




6/12/2023

$
99,615


98,115


74,687

CommerceHub, Inc.

(f)(3)

Software & Services

L + 775

1.00
%

6/30/2026

69,278


67,213


67,774

CTI Foods Holding Co., LLC

(3)

Food, Beverage & Tobacco

L + 725

1.00
%

6/28/2021

23,219


23,059


17,646

Culligan International Co.

(f)(3)

Household & Personal Products

L + 850

1.00
%

12/13/2024

65,984


65,338


66,355

Direct ChassisLink, Inc.

(3)

Transportation

L + 600




6/15/2023

1,315


1,346


1,330

EaglePicher Technologies, LLC

(3)

Capital Goods

L + 725




3/8/2026

2,970


2,948


2,983



See notes to condensed consolidated financial statements.
12


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount (d)
 
Cost (e)
 
Fair Value
Emerald Performance Materials, LLC

(3)

Materials

L + 775

1.00
%

8/1/2022

$
2,041


$
2,036


$
2,048

Excelitas Technologies Corp.

(7)

Technology Hardware & Equipment

L + 750

1.00
%

12/1/2025

7,344


7,475


7,523

FleetPride Corporation

(3)

Capital Goods

L + 900

1.25
%

5/19/2023

18


18


18

Genoa, a QoL Healthcare Co., LLC

(3)

Health Care Equipment & Services

L + 800

1.00
%

10/28/2024

10,828


10,690


10,991

Grocery Outlet, Inc.

(3)

Food & Staples Retailing

L + 825

1.00
%

10/21/2022

15,346


15,022


15,499

Higginbotham Insurance Agency, Inc.

(f)(3)

Insurance

L + 725

1.00
%

12/19/2025

18,696


18,522


18,647

Integro Ltd/United States

(f)(2)

Insurance

L + 925




6/8/2025

4,778


4,730


4,730

Invictus

(3)

Materials

L + 675




3/30/2026

3,371


3,413


3,409

iParadigms Holdings, LLC

(2)

Software & Services

L + 725

1.00
%

7/29/2022

21,868


21,761


21,650

Jo-Ann Stores, Inc.

(2)

Retailing

L + 925

1.00
%

5/21/2024

610


601


605

LBM Borrower, LLC



Materials

L + 925

1.00
%

8/20/2023

21,256


21,150


21,416

MedAssets, Inc.

(f)(g)(3)

Health Care Equipment & Services

L + 975

1.00
%

4/20/2023

63,000


61,534


63,945

Misys, Ltd. (GBR)

(n)(2)

Software & Services

L + 725

1.00
%

6/13/2025

8,403


8,346


8,117

NBG Home

(f)(2)

Consumer Durables & Apparel

L + 975

1.00
%

9/30/2024

34,205


33,745


34,547

NEP Group, Inc.

(2)

Media

L + 700

1.00
%

1/23/2023

5,955


5,998


5,996

One Call Medical, Inc.

(f)(i)(3)

Insurance

L + 375, 6.00% PIK (6.00% Max PIK)



4/30/2024

24,972


24,727


24,673

P2 Energy Solutions, Inc.

(2)

Software & Services

L + 800

1.00
%

4/30/2021

71,312


70,326


66,364

Petrochoice Holdings, Inc.

(f)(g)(3)

Capital Goods

L + 875

1.00
%

8/21/2023

65,000


63,558


63,974

Plaskolite, LLC

(f)(3)

Materials

L + 800

1.00
%

11/3/2023

53,793


52,714


53,833


See notes to condensed consolidated financial statements.
13


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of June 30, 2018
(in thousands, except share amounts)
Company (a)(b)
 
Footnotes
 
Industry
 
Interest
Rate
 
Base
Rate
Floor
 
Maturity
Date (c)
 
No. Shares/
Principal
Amount
(d)
 
Cost (e)
 
Fair Value
Polyconcept North America, Inc.

(f)(3)

Consumer Durables & Apparel

L + 1000


1.00
%

2/16/2024

$
29,376


$
28,812


$
30,257

Rockport (Relay)

(f)(i)(j)(2)

Consumer Durables & Apparel

13.00% PIK (13.00% Max PIK)




8/31/2018

2,194


2,085


2,194

Sequa Corp.

(6)

Materials

L + 900


1.00
%

4/28/2022

22,037


21,859


22,092

Sparta Systems, Inc.

(f)(g)(3)

Software & Services

L + 825


1.00
%

7/27/2025

35,062


34,577


34,389

Sungard Public Sector, LLC

(f)(g)(3)

Software & Services

L + 850


1.00
%

1/31/2025

16,109


15,968


15,954

Vertafore, Inc.

(f)(2)

Software & Services

L + 900


1.00
%

6/30/2024

81,500


79,587


83,071

Vestcom International, Inc.

(f)(2)

Consumer Services

L + 850


1.00
%

4/28/2024

58,000


57,320


58,580

WireCo WorldGroup, Inc.

(3)

Capital Goods

L + 900


1.00
%

9/30/2024

11,281


11,218


11,394

Total Second Lien Senior Secured Loan