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



☐	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.

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.

Table of Contents

CORPORATE CAPITAL TRUST, INC.

INDEX




		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements:
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2018 and December 31, 2017 (unaudited)	2
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017 (unaudited)	3
	Condensed Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2018 and 2017 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 (unaudited)	6
	Condensed Consolidated Schedules of Investments as of June 30, 2018 (unaudited) and December 31, 2017	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	43
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	83
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	106
Item 4.	Controls and Procedures	109

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	110
Item 4.	Mine Safety Disclosures	110
Item 5.	Other Information	110
Item 6.	Exhibits	111
Exhibit Index		112
Signatures		113

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)



	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.

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 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.

Table of Contents

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.

Table of Contents

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.

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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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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										$	1,062,531	$	1,040,408
Other Senior Secured Debt—9.1%
Alliant Holdings I, Inc.	(o)	Insurance	8.25	%			8/1/2023	$	1,524	$	1,580	$	1,577
Angelica Corp.	(f)(i)	Health Care Equipment & Services	10.00% PIK (10.00% Max PIK)				12/30/2022	37,761		37,174		37,761
Artesyn Technologies, Inc.	(o)	Technology Hardware & Equipment	9.75	%			10/15/2020	20,962		20,534		20,176
Avantor, Inc.	(o)	Pharmaceuticals, Biotechnology & Life Sciences	6.00	%			10/1/2024	10,250		10,412		10,165
Boyne USA, Inc.	(o)	Consumer Services	7.25	%			5/1/2025	5,115		5,261		5,358
Cleaver-Brooks Inc	(o)	Capital Goods	7.88	%			3/1/2023	14,542		14,901		15,015

See notes to condensed consolidated financial statements.

Table of Contents

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
Cornerstone Chemical Co.	(o)	Materials	6.75	%		8/15/2024	$	11,133	$	11,231	$	10,924
Direct ChassisLink, Inc.	(o)	Transportation	10.00	%		6/15/2023	14,026		14,889		14,938
DJO Finance, LLC	(o)	Health Care Equipment & Services	8.13	%		6/15/2021	18,575		17,620		18,894
Genesys Telecommunications Laboratories, Inc.	(o)	Technology Hardware & Equipment	10.00	%		11/30/2024	18,863		20,963		21,101
Maxim Crane Works LP / Maxim Finance Corp.	(o)	Capital Goods	10.13	%		8/1/2024	899		999		969
PAREXEL International Corp.	(o)	Pharmaceuticals, Biotechnology & Life Sciences	6.38%			9/1/2025	1,334		1,290		1,281
Pattonair Holdings, Ltd.	(n)(o)	Capital Goods	9.00	%		11/1/2022	8,350		8,505		8,642
Ply Gem Holdings, Inc.	(o)	Capital Goods	8.00	%		4/15/2026	5,235		5,249		5,061
RedPrairie Corp.	(o)	Software & Services	7.38	%		10/15/2024	1,034		1,074		1,067
Rockport (Relay)	(f)(i)(j)(k)	Consumer Durables & Apparel	15.00% PIK (15.00% Max PIK)			7/31/2022	39,344		35,336		13,988
SRS Distribution, Inc.	(o)	Capital Goods	8.25	%		7/1/2026	12,230		12,213		12,169
Surgery Partners Holdings, LLC	(o)	Health Care Equipment & Services	8.88	%		4/15/2021	479		492		495
Vivint, Inc.		Commercial & Professional Services	8.75%			12/1/2020	3,922		3,667		3,763
			7.88%			12/1/2022	8,787		8,678		8,754
			7.63%			9/1/2023	10,925		11,435		9,751
Total Other Senior Secured Debt									$	243,503	$	221,849
Total Senior Secured Loans									$	2,924,022	$	2,830,310

See notes to condensed consolidated financial statements.

Table of Contents

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
Subordinated Debt—11.4%
Alion Science & Technology Corp.	(f)(g)(o)	Capital Goods	11.00	%			8/19/2022	$	68,603	$	67,886	$	66,743
AmWINS Group, Inc.	(o)	Insurance	7.75	%			7/1/2026	2,241		2,241		2,280
ClubCorp Club Operations, Inc.	(o)	Consumer Services	8.50	%			9/15/2025	23,366		23,099		22,344
Exemplis Corp.	(f)(i)(2)	Commercial & Professional Services	L + 700, 4.00% PIK (4.00% Max PIK)				3/23/2020	5,822		5,822		5,822
Hilding Anders (SWE)	(f)(i)(l)(m)(n)(EUR)	Consumer Durables & Apparel	13.00% PIK (13.00% Max PIK)				6/30/2021	€	99,748	109,337		81,971
	(f)(i)(k)(l)(m)(n)(EUR)		12.00% PIK (12.00% Max PIK)				12/31/2022	3,026		507		1,037
	(f)(i)(k)(l)(m)(n)(EUR)		12.00% PIK (12.00% Max PIK)				12/31/2023	22,230		939		3
	(f)(i)(k)(l)(m)(n)(EUR)		18.00% PIK (18.00% Max PIK)				12/31/2024	41,136		12,850		14,100
Home Partners of America, Inc.	(f)(j)(3)	Real Estate	L + 700		1.00	%	10/8/2022	$	42,857	42,202		43,067
Hub International, Ltd.	(o)	Insurance	7.00	%			5/1/2026	1,820		1,818		1,802
Kenan Advantage Group, Inc.	(o)	Transportation	7.88	%			7/31/2023	5,205		5,233		5,335
Surgery Center Holdings, Inc.	(o)	Health Care Equipment & Services	6.75	%			7/1/2025	10,073		9,613		9,607
Team Health, Inc.	(o)	Health Care Equipment & Services	6.38	%			2/1/2025	2,496		2,248		2,159

See notes to condensed consolidated financial statements.

Table of Contents

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
Vertiv Group Corp.	(o)	Technology Hardware & Equipment	9.25	%		10/15/2024	$	22,971	$	23,174	$	22,626
Total Subordinated Debt									$	306,969	$	278,896
Asset Based Finance—16.9%
AMPLIT JV LP, Limited Partnership Interest	(f)(n)*	Diversified Financials					N/A		$	7,137	$	2,058
Bank of Ireland (IRL)	(f)(l)(n)(2)*	Banks	L + 1185			12/4/2027	$	15,105	15,105		15,255
Central Park Leasing Aggregator, L.P. (LUX), Partnership Interest	(f)(l)(n)	Capital Goods	35.44	%		5/31/2023	57,700		57,700		87,682
Comet Aircraft SARL (LUX), Common Shares	(f)(l)(m)(n)	Capital Goods	8.08	%		2/28/2022	35,838		35,838		35,838
KKR Zeno Aggregator, LP (IRL)	(f)(l)(n)*	Capital Goods					10,737		10,737		10,737
LSF IX Java Investments Ltd. (IRL)	(f)(l)(n)(5)*(EUR)	Diversified Financials	E + 365			12/3/2019	€	56,406	56,966		64,607
Montgomery Credit Holdings, LP, Membership Interest	(f)(n)	Diversified Financials					N/A		18,358		17,390
Orchard Marine, Ltd. (VGB), Class B Common Stock	(f)(j)(l)(n)*	Transportation					1,964		3,069		—
Orchard Marine, Ltd. (VGB), Series A Preferred Stock	(f)(j)(l)(n)(p)*	Transportation					58,920		57,963		29,022
Star Mountain SMB Multi-Manager Credit Platform, LP, Limited Partnership Interest	(f)(n)	Diversified Financials					N/A		60,116		70,691
Toorak Capital Partners, LLC, Membership Interest	(f)(m)(n)*	Diversified Financials					N/A		62,358		74,032
	(f)(m)(n)						N/A		4,903		5,821
Total Asset Based Finance									$	390,250	$	413,133

See notes to condensed consolidated financial statements.

Table of Contents

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
Strategic Credit Opportunities Partners, LLC—12.6%
Strategic Credit Opportunities Partners, LLC	(f)(m)(n)	Diversified Financials				294,028	$	294,028	$	306,736
Strategic Credit Opportunities Partners, LLC							$	294,028	$	306,736
Equity/Other—10.4%
Alion Science & Technology Corp., Class A Membership Interest	(f)*	Capital Goods				N/A	$	7,350	$	7,070
AltEn, LLC, Membership Units	(f)(j)*	Energy				2,384	2,955		—
Amtek Global Technology Pte, Ltd. (GER), Ordinary Shares	(f)(l)(m)(n) *(EUR)	Automobiles & Components				5,735,799,959	30,687		29,205
Amtek Global Technology Pte, Ltd. (SGP), Trade Claim		Automobiles & Components				18,585,490	15,615		14,853
Angelica Corp., Limited Partnership Interest	(f)*	Health Care Equipment & Services				877,044	47,562		4,677
Belk, Inc., Units	(f)*	Retailing				1,642	7,846		3,916
Cengage Learning Holdings II, LP, Common Stock	(f)*	Media				227,802	7,529		3,582
Charlotte Russe, Inc., Common Stock	(f)(j)*	Retailing				22,575	12,478		—
Genesys Telecommunications Laboratories, Inc., Class A Shares	(f)*	Technology Hardware & Equipment				40,529	—		—
Genesys Telecommunications Laboratories, Inc., Class A1-A5 shares	(f)*	Technology Hardware & Equipment				3,463,150	120		733
Genesys Telecommunications Laboratories, Inc., Ordinary Shares	(f)*	Technology Hardware & Equipment				41,339	—		—
	(f)*					2,768,806	—		—
Genesys Telecommunications Laboratories, Inc., Preferred Shares	(f)*	Technology Hardware & Equipment				1,050,465	—		—

See notes to condensed consolidated financial statements.

Table of Contents

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
Hilding Anders (SWE), Arle PIK Interest	(f)(i)(k)(l)(m)(n)*(EUR)	Consumer Durables & Apparel	12.00% PIK (12.00% Max PIK)		12/31/2022	€	3,834	$	—	$	—
Hilding Anders (SWE), Class A Common Stock	(f)(l)(m)(n)*(SEK)	Consumer Durables & Apparel				4,503,411		132		—
Hilding Anders (SWE), Class B Common Stock	(f)(l)(m)(n)*(SEK)	Consumer Durables & Apparel				574,791		25		—
Hilding Anders (SWE), Class C Common Stock	(f)(l)(m)(n)*(EUR)	Consumer Durables & Apparel				213,201		—		—
Hilding Anders (SWE), Equity Options	(f)(l)(m)(n)*(SEK)	Consumer Durables & Apparel			12/31/2020	236,160,807		14,988		5,001
Home Partners of America, Inc., Common Stock	(f)(j)*	Real Estate				100,044		101,876		133,661
Home Partners of America, Inc., Warrants	(f)(j)*	Real Estate			8/7/2024	2,675		292		1,219
Jones Apparel Holdings, Inc., Common Stock	(f)	Consumer Durables & Apparel				5,451		872		—
Keystone Australia Holdings, Pty. Ltd. (AUS), Residual Claim	(f)(l)(n)*(AUD)	Consumer Services				N/A		7,945		1,903
KKR BPT Holdings Aggregator, LLC, Membership Interest	(f)(m)(n)*	Diversified Financials				N/A		15,000		6,557
NBG Home, Common Stock	(f)*	Consumer Durables & Apparel				1,903		2,565		2,641
Nine West Holdings, Inc., Common Stock	(f)	Consumer Durables & Apparel				5,451		6,541		—
Petroplex Acidizing, Inc., Warrants	(f)*	Energy			12/29/2026	8		—		—
Polyconcept North America, Inc., Class A-1 Units	(f)*	Consumer Durables & Apparel				29,376		2,938		3,639
Proserv Acquisition, LLC (GBR), Class A Common Units	(f)(j)(l)(n)*	Energy				2,635,005		33,547		15,283
Proserv Acquisition, LLC (GBR), Class A Preferred Units	(f)(j)(l)(n)*	Energy				837,780		5,392		9,802
Rockport (Relay), Class A Units	(f)(j)*	Consumer Durables & Apparel				219,349		—		—

See notes to condensed consolidated financial statements.

Table of Contents

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
Sentry Holdings, Ltd. (JEY), Common Shares A	(f)(n)*(GBP)	Insurance				16,450	—		—
Sentry Holdings, Ltd. (JEY), Preferred B Shares	(f)(n)*(GBP)	Insurance				6,113,719	9,065		9,319
Stuart Weitzman, Inc., Common Stock	(f)*	Consumer Durables & Apparel				5,451	—		—
Towergate (GBR), Ordinary Shares	(f)(l)(n)*(GBP)	Insurance				116,814	173		178
Total Equity/Other							$	333,493	$	253,239
TOTAL INVESTMENTS — 167.2%(q)							$	4,248,762	$	4,082,314
LIABILITIES IN EXCESS OF OTHER ASSETS—(67.2%)									$	(1,641,398	)
NET ASSETS—100.0%									$	2,440,916

See notes to condensed consolidated financial statements.

Table of Contents

Corporate Capital Trust, Inc. and Subsidiaries

Condensed Consolidated Schedule of Investments (continued)

As of June 30, 2018

(in thousands, except share amounts)

A summary of outstanding financial instruments at June 30, 2018 is as follows:

Foreign currency forward contracts

Foreign Currency

Settlement Date

Counterparty

Amount and

Transaction

US$ Value at

Settlement

Date

US$ Value at June 30, 2018

Unrealized

Appreciation

(Depreciation)

Large accelerated filer

Accelerated filer

Non-accelerated filer

☒ (Do not check if smaller reporting company)

Smaller reporting company

Emerging growth company

Corporate Capital Trust, Inc. 10-Q