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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 September 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 every Interactive Data File required to be submitted 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 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
 
☒  
  
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 November 6, 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)
 
 
September 30, 2018
 
December 31, 2017
Assets
 
 
 
 
Investments at fair value:
 
 
 
 
Non-controlled, non-affiliated investments (amortized cost of $3,257,152 and $3,319,093, respectively)
 
$
3,182,671

 
$
3,225,827

Non-controlled, affiliated investments (amortized cost of $302,845 and $298,489, respectively)
 
261,305

 
242,985

Controlled, affiliated investments (amortized cost of $712,653 and $540,609, respectively)
 
672,295

 
500,285

Total investments, at fair value (amortized cost of $4,272,650 and $4,158,191, respectively)
 
4,116,271

 
3,969,097

Cash
 
129,797

 
127,186

Cash denominated in foreign currency (cost of $19,094 and $3,724, respectively)
 
18,939

 
3,778

Restricted cash
 
10,008

 
51,181

Dividends and interest receivable
 
43,737

 
42,517

Receivable for investments sold
 
20,276

 
2,320

Principal receivable
 
3,480

 
3,389

Unrealized appreciation on swap contracts
 
6,644

 
3,763

Unrealized appreciation on foreign currency forward contracts
 
1,179

 
1,194

Receivable from advisers
 

 
2,802

Other assets
 
20,783

 
14,273

Total assets
 
4,371,114

 
4,221,500

Liabilities
 
 
 
 
Revolving credit facilities
 
1,579,226

 
965,000

Term loan payable, net
 

 
382,768

Unsecured notes payable, net
 
241,267

 
240,612

Payable for investments purchased
 
29,586

 
47,097

Unrealized depreciation on swap contracts
 
19,673

 
29,604

Unrealized depreciation on foreign currency forward contracts
 
793

 
3,401

Accrued performance-based incentive fees
 
10,946

 
8,418

Accrued investment advisory fees
 
5,176

 
5,214

Shareholders’ distributions payable
 
49,920

 
46,959

Deferred tax liability
 
3,410

 
178

Accrued directors' fees
 
3

 

Other accrued expenses and liabilities
 
17,636

 
7,147

Total liabilities
 
1,957,636

 
1,736,398

Commitments and contingencies (Note 11)
 
 
 
 
Net Assets
 
$
2,413,478

 
$
2,485,102

Components of Net Assets
 
 
 
 
Common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 124,119,644 and 127,130,589 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
 
$
124

 
$
127

Paid-in capital in excess of par value
 
2,749,403

 
2,799,400

Accumulated deficit

(336,049
)

(314,425
)
Net assets
 
$
2,413,478

 
$
2,485,102

Net asset value per share
 
$
19.44

 
$
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 September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Investment income
Interest income:
Non-controlled, non-affiliated investments (net of tax withholding, $-, $(1,416), $64 and $385, respectively)
 
$
80,970

 
$
80,539

 
$
242,462

 
$
240,168

Non-controlled, affiliated investments
 
1,190

 
1,475

 
5,165

 
4,597

Controlled, affiliated investments
 
1,942

 
5

 
4,633

 
5

Total interest income
 
84,102

 
82,019

 
252,260

 
244,770

Payment-in-kind interest income:
Non-controlled, non-affiliated investments
 
1,501

 
2,531

 
3,940

 
4,667

Non-controlled, affiliated investments
 
58

 

 
58

 

Controlled, affiliated investments
 
4,086

 
2,706

 
11,532

 
8,109

Total payment-in-kind interest income
 
5,645

 
5,237

 
15,530

 
12,776

Fee income:
Non-controlled, non-affiliated investments
 
1,881

 
4,416

 
6,767

 
12,666

Total fee income
 
1,881

 
4,416

 
6,767

 
12,666

Dividend and other income:
Non-controlled, non-affiliated investments
 
569

 
722

 
2,701

 
4,911

Non-controlled, affiliated investments
 

 

 

 

Controlled, affiliated investments
 
11,664

 
5,199

 
30,009

 
15,792

Total dividend and other income
 
12,233

 
5,921

 
32,710

 
20,703

Total investment income
 
103,861

 
97,593

 
307,267

 
290,915

Operating expenses
Investment advisory fees
 
15,817

 
21,173

 
46,595

 
62,858

Interest expense
 
23,663

 
18,177

 
65,749

 
47,532

Performance-based incentive fees
 
10,946

 
2,046

 
35,029

 
7,721

Professional services
 
5,885

 
1,045

 
9,778

 
4,050

Investment adviser expenses
 
905

 
373

 
1,365

 
2,982

Administrative services
 
827

 
876

 
2,284

 
2,486

Custodian and accounting fees
 
435

 
439

 
1,273

 
1,275

Offering expenses
 

 
67

 

 
394

Director fees and expenses
 
118

 
131

 
416

 
432

Other
 
740

 
926

 
1,712

 
3,067

Total operating expenses
 
59,336

 
45,253

 
164,201

 
132,797

Net investment income before taxes
 
44,525

 
52,340

 
143,066

 
158,118

Income tax expense (benefit), including excise tax
 
741

 
(1,024
)
 
366

 
(703
)
Net investment income
 
43,784

 
53,364

 
142,700

 
158,821

Net realized and unrealized gains (losses)
Net realized gains (losses) on:
Non-controlled, non-affiliated investments
 
(411
)
 
(11,731
)
 
(16,538
)
 
(81,839
)
Non-controlled, affiliated investments
 
(27,146
)
 

 
(27,146
)
 

Controlled, affiliated investments
 
(550
)
 
(7,869
)
 
(13,347
)
 
(15,282
)
Swap contracts
 
82

 
3,471

 
2,493

 
17,782

Foreign currency forward contracts
 
2,604

 
(7,848
)
 
7,081

 
(7,926
)
Foreign currency transactions
 
10

 
1,471

 
2,523

 
3,353

Net realized losses
 
(25,411
)
 
(22,506
)
 
(44,934
)
 
(83,912
)

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 September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments
 
$
(13,070
)
 
$
21,464

 
$
18,785

 
$
120,905

Non-controlled, affiliated investments
 
36,480

 
189

 
13,964

 
(519
)
Controlled, affiliated investments
 
(13,341
)
 
12,720

 
(34
)
 
35,525

Swap contracts
 
4,903

 
(13,558
)
 
12,812

 
(53,448
)
Foreign currency forward contracts
 
85

 
2,746

 
2,593

 
(9,235
)
Foreign currency translation
 
(48
)
 
(1,911
)
 
(263
)
 
(2,636
)
Provision for taxes
 
(1,968
)
 
(7,227
)
 
(3,232
)
 
1,462

Net change in unrealized appreciation
 
13,041

 
14,423

 
44,625

 
92,054

Net realized and unrealized gains (losses)
 
(12,370
)
 
(8,083
)
 
(309
)
 
8,142

Net increase in net assets resulting from operations
 
$
31,414

 
$
45,281

 
$
142,391

 
$
166,963

Net investment income per share
 
$
0.35

 
$
0.39

 
$
1.13

 
$
1.16

Diluted and basic earnings per share
 
$
0.25

 
$
0.33

 
$
1.13

 
$
1.22

Weighted average number of shares of common stock outstanding (basic and diluted)
 
124,194,701

 
136,484,597

 
125,761,583

 
137,008,726

Distributions declared per share
 
$
0.40

 
$
0.40

 
$
1.31

 
$
1.31


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)
 
 
Nine Months Ended September 30,
 
 
2018
 
2017
Operations
 
 
 
 
Net investment income
 
$
142,700

 
$
158,821

Net realized gains on investments, swap contracts, foreign currency forward contracts and foreign currency transactions
 
(44,934
)
 
(83,912
)
Net change in unrealized appreciation on investments, swap contracts, foreign currency forward contracts and foreign currency translation
 
44,625

 
92,054

Net increase in net assets resulting from operations
 
142,391

 
166,963

Distributions to shareholders from
 
 
 
 
Net investment income
 
(142,700
)
 
(158,821
)
Distributions in excess of net investment income (Note 8)
 
(21,315
)
 
(20,134
)
Net decrease in net assets resulting from shareholders’ distributions
 
(164,015
)
 
(178,955
)
Capital share transactions
 
 
 
 
Reinvestment of shareholders’ distributions
 

 
88,089

Repurchase of shares of common stock
 
(50,000
)
 
(116,221
)
Net decrease in net assets resulting from capital share transactions
 
(50,000
)
 
(28,132
)
Total decrease in net assets
 
(71,624
)
 
(40,124
)
Net assets at beginning of period
 
2,485,102

 
2,759,332

Net assets at end of period
 
$
2,413,478

 
$
2,719,208

Capital share activity
 
 
 
 
Shares issued from reinvestment of distributions
 

 
4,316,511

Shares repurchased
 
(3,010,945
)
 
(5,764,919
)
Net decrease in shares outstanding
 
(3,010,945
)
 
(1,448,408
)

See notes to condensed consolidated financial statements.
5


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
 
 
Nine Months Ended September 30,
 
 
2018
 
2017
Operating Activities:
Net increase in net assets resulting from operations
 
$
142,391

 
$
166,963

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
 
Purchases of investments
 
(1,231,600
)
 
(1,167,065
)
Decrease in payable for investments purchased
 
(17,511
)
 
(22,204
)
Payment-in-kind interest capitalized
 
(12,512
)
 
(8,301
)
Proceeds from sales of investments
 
435,054

 
530,159

Proceeds from principal payments
 
653,825

 
731,751

Net realized loss on investments
 
57,031

 
97,121

Net change in unrealized appreciation on investments
 
(32,715
)
 
(155,911
)
Net change in unrealized (appreciation) depreciation on swap contracts
 
(12,812
)
 
53,448

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts
 
(2,593
)
 
9,235

Net change in unrealized depreciation on foreign currency translation
 
263

 
2,636

Amortization of premium/discount, net
 
(16,945
)
 
(16,819
)
Amortization of deferred financing costs
 
5,276

 
3,232

Accretion of discount on term loan payable
 
582

 
304

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

 
(732
)
Increase in collateral on deposit with custodian
 

 
95,000

Decrease (increase) in dividends and interest receivable
 
(1,222
)
 
4,769

Decrease (increase) in receivable for investments sold
 
(17,956
)
 
21,318

Increase in principal receivable
 
(91
)
 
(15,049
)
Decrease in receivable from advisers
 
2,802

 
2,040

Decrease in deferred tax asset
 

 

Decrease (increase) in other assets
 
348

 
(773
)
Decrease in accrued investment advisory fees
 
(38
)
 
(478
)
Increase (decrease) in accrued performance-based incentive fees
 
2,528

 
(2,859
)
Increase (decrease) in deferred tax liability
 
3,232

 
(1,462
)
Increase in other accrued expenses and liabilities
 
10,204

 
2,300

Net cash provided by (used in) operating activities
 
(31,771
)
 
328,623

Financing Activities:
Payments on repurchases of shares of common stock
 
(50,000
)
 
(116,221
)
Distributions paid
 
(161,054
)
 
(90,866
)
Repayments under term loan payable
 
(385,000
)
 
(3,000
)
Borrowings under revolving credit facilities
 
1,772,675

 
718,500

Repayments of revolving credit facilities
 
(1,158,449
)
 
(902,500
)
Borrowings under unsecured notes payable
 

 
245,000

Repayments under repurchase agreement
 

 
(24,726
)
Deferred financing costs paid
 
(9,594
)
 
(4,613
)
Net cash provided by (used in) financing activities
 
8,578

 
(178,426
)
Effect of exchange rate changes on cash
 
(208
)
 
44

Net increase (decrease) in cash
 
(23,401
)
 
150,241

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(1)
 
$
158,744

 
$
296,854

Supplemental disclosure of cash flow information and non-cash financing activities:
Cash paid for interest
 
$
50,041

 
$
39,732

Taxes paid, including excise tax
 
$
1,893

 
$
3,830

Distributions reinvested
 
$

 
$
88,089

Change in distributions payable
 
$
(2,961
)
 
$

Deferred financing costs accrued in other accrued expenses and liabilities
 
$
288

 
$

(1) 
Includes cash of $129,797 and $255,363, cash denominated in foreign currency of $18,939 and $32,747 and restricted cash of $10,008 and $8,744 as of September 30, 2018 and 2017, respectively.

See notes to condensed consolidated financial statements.
6


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments
As of September 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—66.7%
A10 Capital, LLC

(f)(2)

Diversified Financials

L + 650

1.00
%

5/1/2023

$
30,265


$
29,731


$
29,879

Abaco Systems, Inc.

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

Capital Goods

L + 500

1.00
%

12/7/2021

62,006


60,341


60,836

ABB CONCISE Optical Group, LLC

(2)

Retailing

L + 500

1.00
%

6/15/2023

13,095


13,124


13,168

Accuride Corp.

(h)(3)

Capital Goods

L + 525

1.00
%

11/17/2023

18,165


17,859


18,386

ACG Materials

(f)(g)(2)

Materials

L + 700

1.00
%

4/27/2024

18,741


18,566


18,382



(f)(g)(2)



L + 700

1.00
%

4/27/2024

425


425


299

Acosta Holdco, Inc.

(2)

Commercial & Professional Services

L + 325

1.00
%

9/26/2021

19,227


17,669


14,408

Advantage Sales & Marketing, Inc.

(2)

Commercial & Professional Services

L + 325

1.00
%

7/23/2021

15,029


14,227


13,955

Agro Merchants Global, LP

(3)

Transportation

L + 375

1.00
%

12/6/2024

698


694


703

Aleris International, Inc.

(2)

Materials

L + 475




2/27/2023

3,405


3,372


3,472

Alion Science & Technology Corp.

(2)

Capital Goods

L + 450

1.00
%

8/19/2021

2,716


2,715


2,735

AltEn, LLC

(f)(i)(j)(k)(4)

Energy

L + 400 (L + 400 Max PIK)




9/12/2021

33,055


2,691


2,691

AM General, LLC

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

Capital Goods

L + 725

1.00
%

12/28/2021

81,681


80,833


82,621


See notes to condensed consolidated financial statements.
7


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Amtek Global Technology Pte. Ltd. (GER)

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

Automobiles & Components

5.00%




4/1/2023

49,233


$
60,473


$
57,162

Berner Food & Beverage, LLC

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

Food & Staples Retailing

L + 675

1.00
%

2/2/2023

$
56,395


55,891


53,696

Blackhawk Mining, LLC

(f)(3)

Energy

L + 1050




2/26/2022

3,320


3,244


3,239

Charlotte Russe, Inc.

(f)(j)

Retailing

8.50%




2/2/2023

9,428


9,428


7,170

Commercial Barge Line Co.

(2)

Transportation

L + 875

1.00
%

11/12/2020

4,631


4,174


3,599

CSM Bakery Products

(3)

Food, Beverage & Tobacco

L + 400

1.00
%

7/3/2020

1,119


1,085


1,085

CTI Foods Holding Co., LLC

(5)

Food, Beverage & Tobacco

L + 350

1.00
%

6/29/2020

3,762


3,614


3,146

Distribution International, Inc.

(3)

Retailing

L + 500

1.00
%

12/15/2021

28,144


23,996


26,737

Eagle Family Foods, Inc.

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

Food, Beverage & Tobacco

L + 650

1.00
%

6/14/2024

25,046


24,734


24,311

Eagleclaw Midstream Ventures, LLC

(2)

Energy

L + 425

1.00
%

6/24/2024

1,030


1,009


1,017

Frontline Technologies Group, LLC

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

Software & Services

L + 650

1.00
%

9/18/2023

61,295


60,373


58,586

Greystone & Co, Inc.

(f)(g)(6)

Diversified Financials

L + 800

1.00
%

4/17/2024

37,687


37,368


38,735

Hunt Mortgage

(f)(g)(2)

Diversified Financials

L + 750

1.00
%

2/14/2023

60,619


59,888


60,917

Integro Ltd./United States

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

Insurance

L + 575




10/30/2022

25,719


25,598


25,719

JAKKS Pacific, Inc.

(f)(2)

Consumer Durables & Apparel

L + 900

1.50
%

6/14/2021

2,544


2,527


2,524

JHT Holdings, Inc.

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

Capital Goods

L + 850

1.00
%

5/4/2022

26,765


26,405


28,104


See notes to condensed consolidated financial statements.
8


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Jo-Ann Stores, Inc.

(3)

Retailing

L + 500

1.00
%

10/20/2023

$
16,110


$
15,975


$
16,211

Koosharem, LLC

(3)

Commercial & Professional Services

L + 500

1.00
%

4/18/2025

2,781


2,818


2,810

Matchesfashion, Ltd. (GBR)

(f)(g)(l)(n)(3)

Consumer Durables & Apparel

L + 462.50




10/16/2024

12,688


11,849


12,149

Mitel US Holdings, Inc.

(3)

Technology Hardware & Equipment

L + 450



7/11/2025

7,696


7,676


7,785

Murray Energy Corp

(f)(2)

Materials

L + 900

1.00
%

2/12/2021

9,922


9,854


9,846

National Debt Relief, LLC

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

Diversified Financials

L + 675

1.00
%

5/31/2023

22,397


22,305


22,621



(f)(g)(3)



L + 675

1.00
%

5/31/2023

7,163


7,130


7,270



(f)(g)(3)



L + 675

1.00
%

5/31/2023

3,763


3,749


3,801

NaviHealth, Inc.

(2)

Health Care Equipment & Services

L + 500




8/1/2025

12,201


11,470


11,774

NBG Home

(h)(5)

Consumer Durables & Apparel

L + 550

1.00
%

4/26/2024

25,350


24,913


25,604

NCI, Inc.

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

Software & Services

L + 750

1.00
%

8/15/2024

83,758


82,838


83,802

Nine West Holdings

(f)

Consumer Durables & Apparel

10.00%




12/31/2018

2,562


2,464


2,591



(7)



P + 275




10/8/2019

6,223


5,714


6,114


See notes to condensed consolidated financial statements.
9


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Onvoy, LLC

(3)

Telecommunication Services

L + 450

1.00
%

2/10/2024

$
1,141


$
1,105


$
1,119

Pacific Union Financial, LLC

(f)(2)

Diversified Financials

L + 750

1.00
%

4/21/2022

72,102


71,528


67,625

PAE Holding Corp.

(3)

Capital Goods

L + 550

1.00
%

10/20/2022

2,499


2,494


2,513

Patriot Well Solutions, LLC

(f)(2)

Energy

L + 875

1.00
%

3/31/2021

4,333


4,265


4,223

Payless, Inc.

(f)(2)

Retailing

L + 870

1.00
%

8/10/2022

7,219


7,079


7,146

Petroplex Acidizing, Inc.

(f)(i)(3)

Energy

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

1.00
%

12/5/2019

22,740


22,740


22,607



(f)(i)(k)



15.00% PIK (15.00% Max PIK)




12/5/2019

23,029


13,809


11,980

Qdoba Restaurant Corp.

(2)

Consumer Services

L + 700

1.00
%

3/21/2025

12,935


12,686


13,162

Raley's

(h)(2)

Food & Staples Retailing

L + 525

1.00
%

5/18/2022

7,206


7,055


7,251

Refinitiv

(3)

Application Software

L + 400




10/1/2025

1,233


1,233


1,234

Reliant Rehab Hospital Cincinnati, LLC

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

Health Care Equipment & Services

L + 675

1.00
%

7/31/2024

50,245


49,747


50,044

Revere Superior Holdings, Inc.

(f)(3)

Software & Services

L + 675

1.00
%

11/21/2022

17,860


17,704


17,769



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



L + 675

1.00
%

11/21/2022

65,192


64,638


65,262



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



L + 675

1.00
%

11/21/2022

2,345


2,305


2,347



(f)(3)



L + 675

1.00
%

11/21/2022

3,162


3,074


2,507


See notes to condensed consolidated financial statements.
10


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Savers, Inc.

(3)

Retailing

L + 375

1.25
%

7/9/2019

$
11,095


$
10,795


$
10,810

Sequa Corp.

(3)

Materials

L + 500

1.00
%

11/28/2021

25,930


25,971


25,552

SI Group, Inc.

(3)

Materials

L + 475




8/21/2025

2,060


1,977


2,072

SIRVA Worldwide, Inc.

(3)

Commercial & Professional Services

L + 550




8/2/2025

4,216


4,154


4,232

SMART Global Holdings Inc.

(f)(n)(3)

Semiconductors & Semiconductor Equipment

L + 625

1.00
%

8/9/2022

37,618


37,604


37,995

Smile Brands Group, Inc.

(f)(h)(3)

Health Care Equipment & Services

L + 625

1.00
%

8/15/2022

11,887


11,783


12,006



(f)(2)



L + 625

1.00
%

8/17/2022

778


778


813

Staples Canada (CAN)

(f)(l)(n)(8)(CAD)

Retailing

CDOR + 700

1.00
%

9/12/2023

C$
4,500


3,484


3,526

Sutherland Global Services, Inc.

(n)(3)

Software & Services

L + 537.50

1.00
%

4/23/2021

$
1,470


1,423


1,411



(n)(3)



L + 537.50

1.00
%

4/23/2021

6,316


6,113


6,061

Sweet Harvest Foods Management Co.

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

Food & Staples Retailing

L + 675

1.00
%

5/30/2023

26,818


26,707


22,778

Team Health, Inc.

(2)

Health Care Equipment & Services

L + 275

1.00
%

2/6/2024

12,628


12,254


12,304

ThreeSixty Group

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

Retailing

L + 700

1.00
%

3/1/2023

51,111


50,508


49,828



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



L + 700

1.00
%

3/1/2023

50,294


49,700


49,154

Utility One Source, LP

(2)

Capital Goods

L + 550

1.00
%

4/18/2023

9,632


9,555


9,861

Vee Pak, Inc.

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

Household & Personal Products

L + 675

1.00
%

3/9/2023

33,094


32,703


31,398

Virgin Pulse, Inc.
 
(f)(g)(h)(2)
 
Software & Services
 
L + 650
 
1.00
%
 
5/22/2025
 
58,769

 
58,209

 
58,179

Vivint, Inc.

(3)

Commercial & Professional Services

L + 500




4/1/2024

22,203


22,125


22,147


See notes to condensed consolidated financial statements.
11


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Wheels Up Partners, LLC

(f)(3)

Transportation

L + 850

1.00
%

1/26/2021

$
13,668


$
13,640


$
13,654



(f)(3)



L + 850

1.00
%

8/26/2021

6,961


6,952


6,932



(f)(3)



L + 710

1.00
%

6/30/2024

22,633


22,595


22,705



(f)(3)



L + 710

1.00
%

11/1/2024

9,277


9,258


9,307



(f)(3)



L + 710

1.00
%

12/21/2024

29,510


29,413


29,615



(f)(3)



L + 710

1.00
%

12/21/2024

4,751


4,707


4,767

WireCo WorldGroup, Inc.

(2)

Capital Goods

L + 500

1.00
%

9/29/2023

2,613


2,629


2,650

Z Gallerie, LLC

(f)(k)(4)

Retailing

L + 650

1.00
%

10/8/2020

30,790


30,186


13,963

Total First Lien Senior Secured Loan















$
1,637,494


$
1,610,169

Second Lien Senior Secured Loan—41.4%


















Abaco Systems, Inc.

(f)(g)(3)

Capital Goods

L + 1050

1.00
%

6/7/2022

$
63,371


$
62,526


$
62,566

Access CIG, LLC

(2)

Software & Services

L + 775




2/27/2026

548


549


551

Advantage Sales & Marketing, Inc.

(2)

Commercial & Professional Services

L + 650

1.00
%

7/25/2022

3,868


3,439


3,273

Agro Merchants Global LP (CYM)

(f)(l)(3)

Transportation

L + 800

1.00
%

11/30/2025

15,000


14,653


14,839

Albany Molecular Research, Inc.

(2)

Pharmaceuticals, Biotechnology & Life Sciences

L + 700

1.00
%

8/28/2025

8,265


8,318


8,303

Ammeraal Beltech Holding BV (NLD)

(f)(l)(2)

Capital Goods

L + 800




7/27/2026

30,000


29,400


29,400



See notes to condensed consolidated financial statements.
12


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
Amtek Global Technology Pte. Ltd. (GER)

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

Automobiles & Components

5.00%




4/1/2023

32,822


$
40,315


$
38,108

Belk, Inc.

(f)(g)

Retailing

10.50%




6/12/2023

$
99,615


98,170


85,465

CommerceHub, Inc.

(f)(2)

Software & Services

L + 775




5/21/2026

69,278


67,255


67,584

CTI Foods Holding Co., LLC

(5)

Food, Beverage & Tobacco

L + 725

1.00
%

6/28/2021

23,219


23,071


9,868

Culligan International Co.

(f)(2)

Household & Personal Products

L + 850

1.00
%

12/13/2024

65,984


65,357


66,281

Direct ChassisLink, Inc.

(2)

Transportation

L + 600




6/15/2023

1,315


1,345


1,330

EaglePicher Technologies, LLC

(2)

Capital Goods

L + 725




3/8/2026

2,970


2,949


2,973

Emerald Performance Materials, LLC

(2)

Materials

L + 775

1.00
%

8/1/2022

2,041


2,036


2,048

Excelitas Technologies Corp.

(5)

Technology Hardware & Equipment

L + 750

1.00
%

12/1/2025

7,344


7,472


7,460

FleetPride Corporation

(3)

Capital Goods

L + 900

1.25
%

5/19/2023

18


18


19

Grocery Outlet, Inc.

(2)

Food & Staples Retailing

L + 825

1.00
%

10/21/2022

15,346


15,036


15,423

Higginbotham Insurance Agency, Inc.

(f)(2)

Insurance

L + 725

1.00
%

12/19/2025

18,696


18,532


18,693

Integro Ltd/United States

(f)(3)

Insurance

L + 925



6/8/2025

4,778


4,732


4,773

Invictus

(2)

Materials

L + 675



3/30/2026

3,371


3,412


3,363

iParadigms Holdings, LLC

(3)

Software & Services

L + 725

1.00
%

7/29/2022

21,868


21,766


21,814

Jo-Ann Stores, Inc.

(2)

Retailing

L + 925

1.00
%

5/21/2024

610


601


605

LBM Borrower, LLC

(6)

Capital Goods

L + 925

1.00
%

8/20/2023

21,256


21,153


21,415

MedAssets, Inc.

(f)(g)(2)

Health Care Equipment & Services

L + 975

1.00
%

4/20/2023

63,000


61,589


63,945

Misys, Ltd. (GBR)

(n)(3)

Software & Services

L + 725

1.00
%

6/13/2025

8,403


8,347


8,348


See notes to condensed consolidated financial statements.
13


Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Schedule of Investments (continued)
As of September 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
NBG Home

(f)(3)

Consumer Durables & Apparel

L + 975

1.00
%

9/30/2024

$
34,205


$
33,758


$
34,582

NEP Broadcasting, LLC

(2)

Media & Entertainment

L + 700

1.00
%

1/23/2023

5,955


5,996


5,978

One Call Medical, Inc.

(f)(2)

Insurance

L + 975



4/30/2024

25,366


25,127


25,023

P2 Energy Solutions, Inc.

(3)

Software & Services

L + 800

1.00
%

4/30/2021

71,312


70,407


66,944

Peak 10 Holding Corp.

(3)

Telecommunication Services

L + 725

1.00
%

8/1/2025

190


187


186

Petrochoice Holdings, Inc.

(f)(g)(6)

Capital Goods

L + 875

1.00
%

8/21/2023

65,000


63,611


64,570

Plaskolite, LLC

(f)(2)

Materials

L + 800

1.00
%

11/3/2023

53,793


52,753


53,550

Polyconcept North America, Inc.

(f)(2)

Consumer Durables & Apparel

L + 1000

1.00
%

2/16/2024

29,376


28,835