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Press release content from BusinessWire. The AP news staff was not involved in its creation.

Corporate Capital Trust, Inc. Reports First Quarter 2018 Results

May 15, 2018

SAN FRANCISCO--(BUSINESS WIRE)--May 15, 2018--Corporate Capital Trust, Inc. (NYSE:CCT), a leading business development company, announced its operating results for the quarter ended March 31, 2018, and announced that its board of directors has declared its second quarter 2018 regular dividend.

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Financial Highlights for the Quarter Ended March 31, 2018

Net investment income of $49.5 million, or $0.39 per share, as compared to $51.5 million, or $0.38 per share, for the prior quarter Net realized and unrealized gains on investments of $23.4 million, or $0.18 per share, resulting from $6.5 million of net realized losses and $29.9 million of net unrealized appreciation. This compares to net realized and unrealized depreciation on investments of $44.3 million, or $(0.33) per share, for the prior quarter Paid regular cash dividends to stockholders totaling $0.40 per share Net asset value of $19.72 per share, compared to $19.55 as of December 31, 2017 For the quarter ended March 31, 2018, the Net Investment Income / Dividend coverage ratio was 97% and 101% net of the dividend reinvestment

“We are pleased with the progress we have made to transition the management of our franchise to the new adviser we’ve established with FS Investments,” said Todd Builione, President of CCT. “Through the collective scale and complementary expertise of our combined BDC franchise, we feel well positioned to drive superior results for our investors by focusing on serving the needs of our existing borrowers and sourcing new investment opportunities.”

Declaration of Regular Dividend for Second Quarter 2018

CCT’s board of directors has declared a regular quarterly cash dividend for the second quarter of $0.402 per share, which will be payable on July 10, 2018 to stockholders of record as of the close of business of June 29, 2018. As previously announced, a special dividend of $0.101 per share will be payable on May 21, 2018 to stockholders of record as of the close of business on May 14, 2018.

Share Repurchase Program

In March 2018, CCT’s board of directors authorized a stock repurchase program. Under the program, CCT may repurchase up to $50 million in the aggregate of its outstanding common stock in the open market at prices below the current net asset value per share. Between March 28, 2018 when the repurchase program commenced, through May 11, 2018, CCT repurchased and cancelled 990,288 shares for $16.6 million. The timing, manner, price and amount of any future share repurchases will be determined by CCT, in its discretion, based upon the evaluation of economic and market conditions, CCT’s stock price, applicable legal and regulatory requirements and other factors. The program does not require CCT to repurchase any specific number of shares and CCT cannot assure stockholders that any additional shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time.

Portfolio Highlights as of March 31, 2018

Total fair value of investments was $4.0 billion New investment fundings for the quarter were $378 million. At March 31, 2018, 81% of total investments at fair market value were in Originated Strategy Investments 3 Average annual yield on debt investments was 9.6%, compared to 9.5% as of December 31, 2017 4 SCJV’s total portfolio fair value increased by 15% to $590 million in the quarter, driven by $76 million of net investment activity

Funding and Liquidity Management as of March 31, 2018

Debt to equity ratio of 0.64x, based on $1.61 billion in total debt outstanding and net asset value of $2.51 billion. CCT’s weighted average stated interest rate was 4.61%. Cash and cash equivalents of approximately $166.6 million and availability under its financing arrangements of $575.3 million, subject to borrowing base and other limitations.

Conference Call Information

A conference call to discuss CCT’s financial results will be held on Tuesday, May 15, 2018 at 9:30 a.m. ET. The conference call may be accessed by dialing (833) 818-6808 (U.S. callers) or +1 (409) 350-3502 (non-U.S. callers); a passcode is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of CCT’s website at http://corporatecapitaltrust.com/investor-relations/events-presentations/.

A replay of the call will be available on CCT’s website or by dialing (855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code 7666356, beginning approximately two hours after the broadcast.

Supplemental Information

An investor presentation of financial information will be made available prior to the call in the Investor Relations section of CCT’s website at http://corporatecapitaltrust.com/investor-relations/events-presentations/ under Events & Presentations.

About Corporate Capital Trust

Corporate Capital Trust is a business development company that provides investors an opportunity to access middle market direct lending investments. The Company is externally managed by FS/KKR Advisor, LLC, and its investment objective is to provide shareholders with current income and, to a lesser extent, long-term capital appreciation. The Company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions. For additional information, please visit www.corporatecapitaltrust.com.

About FS/KKR Advisor, LLC

FS/KKR Advisor, LLC (“FS/KKR”) is a partnership between FS Investments and KKR Credit that serves as the investment adviser to six BDCs with approximately $18 billion in assets under management as of December 31, 2017. The BDCs managed by FS/KKR include FS Investment Corporation, FS Investment Corporation II, FS Investment Corporation III, FS Investment Corporation IV, Corporate Capital Trust, Inc. and Corporate Capital Trust II.

FS/KKR seeks to leverage the size of its platform, differentiated origination capabilities and expertise in capital markets to maximize returns and preserve capital for investors.

FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth and focuses on setting industry standards for investor protection, education and transparency. FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit www.fsinvestments.com to learn more.

KKR Credit is a subsidiary of KKR & Co. LP, a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Forward-Looking Statements

The information in this press release may include “forward-looking statements.” These statements are based on the beliefs and assumptions of the Company’s management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. Important factors that could cause actual results to differ materially from the Company’s expectations include the factors disclosed in the Company’s filings with the SEC, including the Company’s annual report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 14, 2018. The Company undertakes no obligation to update such statements to reflect subsequent events.

Other Information

The information in this press release is summary information only and should be read in conjunction with CCT’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2018, which CCT filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2018, as well as CCT’s other reports filed with the SEC. A copy of CCT’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2018 and CCT’s other reports filed with the SEC can be found on CCT’s website at and the SEC’s website at .

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