Corporate Capital Trust 10-Q 2012 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2012

OR

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

Commission file number: 814-00827

Corporate Capital Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	27-2857503
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
CNL Center at City Commons 450 South Orange Avenue Orlando, Florida	32801
(Address of principal executive offices)	(Zip Code)

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

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

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

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

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

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

The number of shares of common stock of the registrant outstanding as of May 4, 2012 was 20,581,218.

CORPORATE CAPITAL TRUST, INC.

INDEX

PART I. FINANCIAL INFORMATION		PAGE
Item 1.	Financial Statements:
	Condensed Consolidated Statements of Assets and Liabilities (unaudited)		2
	Condensed Consolidated Statement of Operations (unaudited)		3
	Condensed Consolidated Statements of Changes in Net Assets (unaudited)		4
	Condensed Consolidated Statement of Cash Flows (unaudited)		5
	Condensed Consolidated Schedule of Investments as of March 31, 2012 (unaudited)		6
	Condensed Consolidated Schedule of Investments as of December 31, 2011		13
	Notes to Condensed Consolidated Financial Statements (unaudited)		19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		29
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		39
Item 4.	Controls and Procedures		40
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		40
Item 1A.	Risk Factors		40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		40
Item 3.	Defaults Upon Senior Securities		40
Item 4.	(Removed and Reserved)		40
Item 5.	Other Information		40
Item 6.	Exhibits		40
Signatures			41
Exhibit Index			42

1

Item 1. Financial Statements

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Statements of Assets and Liabilities (unaudited)

	March 31, 2012		December 31, 2011
Assets
Investments, at fair value (amortized cost of $228,288,185 and $113,825,998)	$	232,389,145	$	114,304,509
Cash denominated in foreign currency (cost of $2,349,925 and $—)		2,362,769		—
Dividends and interest receivable		3,948,745		1,055,807
Receivable for investments sold		6,984,643		—
Principal receivable		251,004		59,399
Receivable from advisors		428,402		564,756
Deferred financing costs		204,548		203,275
Prepaid expenses and other assets		772		35,533
Total assets	$	246,570,028	$	116,223,279
Liabilities
Revolving credit facility	$	63,740,000	$	25,340,000
Payable for investments purchased		27,160,817		24,714,313
Accrued performance-based incentive fees		980,969		282,570
Accrued investment advisory fees		374,090		160,679
Shareholders’ distributions payable		—		398,637
Accrued organization expense		322,288		—
Accrued administrative services		45,594		56,390
Accrued directors’ fees		17,985		5,400
Other accrued expenses and liabilities		157,773		102,561
Total liabilities		92,799,516		51,060,550
Net Assets
Common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 15,915,252 and 7,073,166 shares issued and outstanding		15,915		7,073
Paid-in capital in excess of par value		149,736,314		64,626,198
Undistributed (distributions in excess of) net investment income		(117,020)		5,956
Accumulated net unrealized appreciation on investments and foreign currency translation		4,135,303		523,502
Net assets	$	153,770,512	$	65,162,729
Net asset value per share	$	9.66	$	9.21

See notes to condensed consolidated financial statements.

2

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Statement of Operations (unaudited)

	For the three months ended     March 31, 2012
Investment income
Interest income	$	3,374,128
Dividend income		3,253
Total investment income		3,377,381
Operating expenses
Investment advisory fees		894,160
Performance-based incentive fees		875,246
Organization expenses		527,741
Interest expense		320,129
Professional services		208,541
Administrative services		169,132
Director fees and expenses		48,235
Custodian and accounting fees		40,477
Other		121,357
Total operating expenses		3,205,018
Expense reimbursement		(962,798)
Net expenses		2,242,220
Net investment income		1,135,161
Realized and unrealized gain (loss):
Net realized gain on investments		735,251
Net realized loss on foreign currency transactions		(6,285)
Net change in unrealized appreciation on investments		3,622,449
Net change in unrealized depreciation on foreign currency translation		(10,648)
Net realized and unrealized gain		4,340,767
Net increase in net assets resulting from operations	$	5,475,928
Net Investment Income Per Share	$	0.10
Diluted and Basic Earnings Per Share	$	0.50
Weighted Average Shares Outstanding		10,949,283
Dividends Declared Per Share	$	0.19

See notes to condensed consolidated financial statements.

3

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Statements of Changes in Net Assets (unaudited)

	For the three months ended     March 31, 2012		For the three months ended      March 31, 2011
Operations
Net investment income	$	1,135,161	$	—
Net realized gain on investments and foreign currency transactions		728,966		—
Net change in unrealized appreciation on investments and foreign currency translation		3,611,801		—
Net increase in net assets resulting from operations		5,475,928		—
Distributions to shareholders from
Net investment income		(1,141,117)		—
Capital gains		(728,966)
Other sources		(117,020)		—
Net decrease in net assets resulting from shareholders distributions		(1,987,103)		—
Capital share transactions
Issuance of shares of common stock		83,870,498		—
Reinvestment of shareholders distributions		1,248,460		—
Net increase in net assets resulting from capital share transactions		85,118,958		—
Total increase in net assets		88,607,783		—
Net assets at beginning of period		65,162,729		200,000
Net assets at end of period	$	153,770,512	$	200,000
Capital share activity
Shares issued from subscriptions		8,712,413		—
Shares issued from reinvestment of distributions		129,673		—
Net increase in shares outstanding		8,842,086		—
Undistributed net investment income at end of period	$	—	$	—

See notes to condensed consolidated financial statements.

4

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Statement of Cash Flows (unaudited)

	For the three months ended     March 31, 2012
Operating Activities:
Net increase in net assets resulting from operations	$	5,475,928
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(135,291,836)
Increase in payable for investments purchased, excluding mark to market		2,422,631
Proceeds from sales of investments		21,546,060
Net realized gain on investments		(735,251)
Net change in unrealized appreciation on investments		(3,622,449)
Net change in unrealized depreciation on foreign currency translation		10,648
Increase in short-term investments, net		(2,261,866)
Proceeds from principal payments		2,372,642
Net amortization/accretion		(11,942)
Increase in dividend and interest receivable, excluding mark to market		(2,892,557)
Increase in receivable for investments sold		(6,984,643)
Increase in principal receivable		(191,605)
Decrease in receivable from advisors		136,354
Decrease in prepaid expenses and other assets		(391)
Increase in accrued investment advisory fees		213,411
Increase in accrued performance-based incentive fees		698,399
Increase in accrued organization expenses		322,288
Increase in other accrued expenses and payables		57,001
Net cash used in operating activities		(118,737,178)
Financing Activities:
Net proceeds from issuance of shares of common stock		83,870,498
Distributions paid		(1,137,280)
Borrowings under credit facility		38,400,000
Deferred financing costs		(46,115)
Net cash provided by financing activities		121,087,103
Effect of exchange rate changes on cash		12,844
Net increase in cash		2,362,769
Cash, beginning of period		—
Cash, end of period	$	2,362,769
Supplemental disclosure of cash flow information and non-cash financing activities:
Cash paid during period for:
Interest	$	261,538
Dividend distributions reinvested	$	1,248,460

See notes to condensed consolidated financial statements.

5

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
Non-Control/Non-Affiliate Investments(d)—144.6%
Alliant Holdings I, Inc.	Insurance	Senior Debt(e)		L + 300		—%		8/21/2014		84,076	$	77,070	$	83,340		0.1%
		Subordinated Debt(e)(f)		11.00%		N/A		5/1/2015		6,872,000		7,228,425		7,207,010		4.7%
												7,305,495		7,290,350		4.8%
Allison Transmission, Inc.	Automobiles & Components	Senior Debt(e)(g)		L + 350		—%		8/7/2017		7,545		7,191		7,513		0.0%
American Rock Salt Company LLC	Materials	Senior Debt(e)(h)		L + 425		1.25%		4/25/2017		5,586,658		5,250,465		5,335,286		3.5%
Amkor Technologies, Inc.	Semiconductors & Semiconductor Equipment	Subordinated Debt(e)(g)		7.38%		N/A		5/1/2018		208,000		205,495		222,820		0.1%
Aramark Corp.	Commercial & Professional Services	Subordinated Debt(e)		8.50%		N/A		2/1/2015		2,863,000		2,944,674		2,934,604		1.9%
Ardagh Packaging Holdings Ltd. (IE)(i)	Capital Goods	Senior Debt(e)(f)(g)		7.38%		N/A		10/15/2017		100,000		100,473		107,250		0.1%
Aspect Software, Inc.	Technology Hardware & Equipment	Senior Debt(e)		10.63%		N/A		5/15/2017		1,484,000		1,527,728		1,584,170		1.0%
Aspen Dental Management, Inc.	Health Care Equipment & Services	Senior Debt(e)		L + 550		1.50%		10/6/2016		5,354,712		5,272,642		5,326,252		3.5%
Asset Acceptance Capital Corp.	Diversified Financials	Senior Debt(e)(g)		L + 725		1.50%		11/14/2017		474,177		444,845		473,584		0.3%
Asurion, LLC	Software & Services	Senior Debt(e)		L + 400		1.50%		5/24/2018		3,285,425		3,236,536		3,261,162		2.1%
		Senior Debt(e)		L + 750		1.50%		5/24/2019		998,480		998,480		1,013,457		0.7%
												4,235,016		4,274,619		2.8%
Avaya, Inc.	Technology Hardware & Equipment	Senior Debt(e)(f)		7.00%		N/A		4/1/2019		2,617,000		2,566,327		2,623,542		1.7%
Avis Budget Car Rental, LLC	Transportation	Senior Debt(e)(g)		L + 500		1.25%		9/22/2018		177,171		173,820		178,869		0.1%
Bill Barrett Corporation	Energy	Subordinated Debt(e)(g)		7.63%		N/A		10/1/2019		251,000		257,218		254,765		0.2%
BJ’s Wholesale Club, Inc.	Food & Staples Retailing	Senior Debt(e)		L + 400		1.25%		9/28/2018		1,110,516		1,058,858		1,118,278		0.7%
BNY ConvergEX Group, LLC	Diversified Financials	Senior Debt(e)(g)		L + 350		1.50%		12/19/2016		110,424		109,068		110,148		0.1%
		Senior Debt(e)(g)		L + 350		1.50%		12/19/2016		250,758		247,680		250,131		0.2%
		Senior Debt(e)(g)		L + 700		1.75%		12/17/2017		1,260,169		1,253,618		1,253,868		0.8%
		Senior Debt(e)(g)		L + 700		1.75%		12/17/2017		528,772		526,023		526,129		0.3%
												2,136,389		2,140,276		1.4%
Boise Paper Holdings, LLC	Materials	Subordinated Debt(e)(g)		9.00%		N/A		11/1/2017		146,000		154,506		160,965		0.1%
Building Materials Corporation of America	Capital Goods	Subordinated Debt(e)(f)		6.75%		N/A		5/1/2021		1,802,000	$	1,945,788	$	1,912,372		1.2%
Cablevision Systems Corp.	Media	Subordinated Debt(e)(g) Subordinated Debt(e)(g)		7.75% 8.63%		N/A N/A		4/15/2018 9/15/2017		426,000 812,000		431,130 885,013		445,170 884,065		0.3%   0.6%
												1,316,143		1,329,235		0.9%
Caesars Entertainment Operating Co., Inc.	Consumer Services	Senior Debt(e)(g)		L + 300		—%		1/28/2015		12,765		11,768		12,171		0.0%
		Senior Debt(e)(g)		11.25%		N/A		6/1/2017		1,018,000		1,075,810		1,109,620		0.7%
												1,087,578		1,121,791		0.7%

See notes to condensed consolidated financial statements.

6

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
California Pizza Kitchen, Inc.	Food & Staples Retailing	Senior Debt(e)(h)		L + 550		1.25%		7/7/2017		4,338,424		4,291,267		4,316,731		2.8%
Catalina Marketing Corporation	Media	Subordinated Debt(e)(f)		10.50%		N/A		10/1/2015		6,698,000		6,657,884		6,396,590		4.2%
CDW, LLC	Technology Hardware & Equipment	Senior Debt(e)		L + 350		—%		10/10/2014		1,069,055		1,047,005		1,066,954		0.7%
Cequel Communications, LLC	Media	Subordinated Debt(e)(f)		8.63%		N/A		11/15/2017		524,000		567,683		562,645		0.4%
Charter Communications Operating Holdings, LLC	Media	Subordinated Debt(e)(g)		7.25%		N/A		10/30/2017		573,000		582,796		614,543		0.4%
CHS / Community Health Systems, Inc.	Health Care Equipment & Services	Subordinated Debt(e)(f)(g) Subordinated Debt(e)(g)		8.00% 8.88%		N/A N/A		11/15/2019 7/15/2015		905,000 520,000		913,921 528,437		934,413 538,850		0.6%   0.4%
												1,442,358		1,473,263		1.0%
Citco III, Ltd. (IE)(i)	Diversified Financials	Senior Debt(e)(g)		L + 425		1.25%		6/29/2018		17,264		17,304		16,908		0.0%
ClubCorp Club Operations, Inc.	Consumer Services	Senior Debt(e)		L + 450		1.50%		11/30/2016		136,746		129,538		137,886		0.1%
Continental Airlines, Inc.	Transportation	Senior Debt(e)(g)		7.34%		N/A		4/19/2014		448,573		454,736		448,012		0.3%
		Senior Debt(e)(g)		8.31%		N/A		4/2/2018		752,446		747,693		761,852		0.5%
												1,202,429		1,209,864		0.8%
CRC Health Corp.	Health Care Equipment & Services	Senior Debt(e) Subordinated Debt(e)		L + 450 10.75%		—% N/A		11/16/2015 2/1/2016		957,169 1,114,000		912,314 1,067,440		871,024 1,027,665		0.6%   0.7%
												1,979,754		1,898,689		1.3%
Cricket Communications, Inc.	Telecommunication Services	Senior Debt(e)(g)		7.75%		N/A		5/15/2016		1,529,000		1,540,550		1,613,095		1.1%
DineEquity, Inc.	Consumer Services	Senior Debt(e)(g)		L + 300		1.25%		10/19/2017		67,867	$	65,241	$	68,003		0.0%
DuPont Fabros Technology, LP	Real Estate	Subordinated Debt(e)(g)		8.50%		N/A		12/15/2017		100,000		106,378		110,000		0.1%
E*Trade Financial Corp.	Diversified Financials	Subordinated Debt(e)(g)		6.75%		N/A		6/1/2016		11,000		11,080		11,248		0.0%
		Subordinated Debt(e)(g)		7.88%		N/A		12/1/2015		1,269,000		1,264,712		1,289,621		0.8%
		Subordinated Debt(e)(g)		12.50%		N/A		11/30/2017		839,000		955,642		976,386		0.6%
												2,231,434		2,277,255		1.4%
Easton-Bell Sports, Inc.	Consumer Durables & Apparel	Senior Debt(e)		9.75%		N/A		12/1/2016		1,190,000		1,272,048		1,316,438		0.9%
Education Management, LLC	Consumer Services	Senior Debt(e)(g)(h)		L + 700		1.25%		3/30/2018		7,136,303		6,922,214		7,136,303		4.6%
		Subordinated Debt(e)(g)		8.75%		N/A		6/1/2014		3,344,000		3,360,047		3,210,240		2.1%
												10,282,261		10,346,543		6.7%

See notes to condensed consolidated financial statements.

7

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
Emergency Medical Services Corp.	Health Care Equipment & Services	Senior Debt(e)(h)		L + 375		1.50%		5/25/2018		1,542,374		1,533,109		1,545,960		1.0%
Express, LLC / Express Finance Corp.	Retailing	Subordinated Debt(e)(g)		8.75%		N/A		3/1/2018		43,000		46,145		47,623		0.0%
Fidelity National Information Services, Inc.	Software & Services	Subordinated Debt(e)(g) Subordinated Debt(e)(g)		7.63%     7.88%		N/A N/A		7/15/2017 7/15/2020		26,000 114,000		27,278 122,970		28,470 126,540		0.0%   0.1%
												150,248		155,010		0.1%
FTI Consulting, Inc.	Diversified Financials	Subordinated Debt(e)(g)		6.75%		N/A		10/1/2020		87,000		86,833		93,199		0.1%
GCI, Inc.	Telecommunication Services	Subordinated Debt(e)		8.63%		N/A		11/15/2019		4,303,000		4,598,841		4,684,891		3.0%
General Nutrition Centers, Inc.	Retailing	Senior Debt(e)(g)		L + 300		1.25%		3/2/2018		23,369		23,370		23,360		0.0%
Genesys Telecommunications Laboratories Inc.	Software & Services	Subordinated Debt (EUR)(l) Common Stock		12.50%     —%		N/A N/A		1/31/2020		2,044,000 448,908		2,627,122 448,908		2,726,082 448,908		1.8%   0.3%
												3,076,030		3,174,990		2.1%
Good Sam Enterprises, LLC	Media	Senior Debt(e)		11.50%		N/A		12/1/2016		7,196,000		7,357,529		7,411,880		4.8%
Goodman Global, Inc.	Capital Goods	Senior Debt(e)(h)		L + 700		2.00%		10/30/2017		1,246,673		1,254,091		1,271,868		0.8%
Great Lakes Dredge & Dock Corp.	Capital Goods	Subordinated Debt(e)(g)		7.38%		N/A		2/1/2019		691,000		706,848		706,548		0.5%
Guitar Center, Inc.	Retailing	Senior Debt(e)		L + 525		—%		4/9/2017		7,238,739		6,551,188		6,890,773		4.5%
The Gymboree Corp.	Retailing	Senior Debt(e)(h)		L + 350		1.50%		2/23/2018		6,938,890	$	6,504,602	$	6,591,113		4.3%
		Subordinated Debt(e)		9.13%		N/A		12/1/2018		748,000		612,756		690,030		0.5%
												7,117,358		7,281,143		4.8%
HUB International, Ltd.	Insurance	Subordinated Debt(e)(f)		9.00%		N/A		12/15/2014		8,674,000		8,877,613		8,890,850		5.8%
		Senior Debt(e)		L + 250		—%		6/13/2014		1,159,613		1,115,636		1,144,306		0.7%
		Senior Debt(e)		L + 475		2.00%		6/13/2014		331,500		331,500		332,675		0.2%
												10,324,749		10,367,831		6.7%
Hubbard Radio, LLC	Media	Senior Debt(e)		L + 375		1.50%		4/28/2017		604,600		600,328		607,623		0.4%
		Senior Debt(e)		L + 725		1.50%		4/30/2018		3,934,770		3,915,760		3,998,710		2.6%
												4,516,088		4,606,333		3.0%
Husky Injection Molding Systems, Ltd. (CA)(i)	Capital Goods	Senior Debt(e)(g)		L + 525		1.25%		6/29/2018		1,156,732		1,146,723		1,165,616		0.8%
Immucor, Inc.	Health Care Equipment & Services	Senior Debt(e)		L + 575		1.50%		8/17/2018		2,522,420		2,526,679		2,554,744		1.6%
Ineos Holdings, Ltd. (UK)(i)	Materials	Subordinated Debt(g)(EUR)		E + 600 PIK		3.00%		6/16/2015		1,497,686		1,840,058		2,080,108		1.4%
Infor Enterprise Solutions Holdings, Inc.	Software & Services	Senior Debt(e)		L + 575		—%		7/28/2015		1,606,936		1,542,201		1,601,914		1.1%
Interactive Data Corp.	Diversified Financials	Senior Debt(e)		L + 325		1.25%		2/11/2018		17,629		17,275		17,649		0.0%

See notes to condensed consolidated financial statements.

8

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
iPayment, Inc.	Software & Services	Senior Debt(e)		L + 425		1.50%		5/8/2017		1,910,441		1,889,233		1,912,915		1.2%
		Subordinated Debt(e)		10.25%		N/A		5/15/2018		4,013,000		3,779,533		3,691,960		2.4%
												5,668,766		5,604,875		3.6%
IPC Systems, Inc.	Technology Hardware & Equipment	Senior Debt(e)(h)		L + 525		—%		7/30/2017		3,896,512		3,832,945		3,847,806		2.5%
J. Crew Group, Inc.	Retailing	Subordinated Debt(e)		8.13%		N/A		3/1/2019		1,866,000		1,776,378		1,898,655		1.2%
Jo-Ann Stores, Inc.	Retailing	Senior Debt(e)		L + 350		1.25%		3/16/2018		22,942		22,729		22,860		0.0%
Kerling PLC (UK)(i)	Materials	Senior Debt(f)(g)(EUR)		10.63%		N/A		2/1/2017		1,745,000		2,326,927		2,315,669		1.5%
Kinetic Concepts, Inc.	Health Care Equipment & Services	Senior Debt(e)		L + 525		1.25%		11/4/2016		1,316,771	$	1,311,083	$	1,326,976		0.9%
		Senior Debt(e)		L + 575		1.25%		5/4/2018		374,240		365,640		382,292		0.3%
		Senior Debt(e)(f)		10.50%		N/A		11/1/2018		4,051,000		4,052,256		4,207,976		2.7%
												5,728,979		5,917,244		3.9%
Lawson Software, Inc.	Software & Services	Subordinated Debt(e)(f)		11.50%		N/A		7/15/2018		549,000		543,526		606,645		0.4%
Liz Claiborne Inc	Consumer Durables & Apparel	Senior Debt(e)(f)(g)		10.50%		N/A		4/15/2019		2,098,000		2,247,949		2,328,780		1.5%
Local TV Finance, LLC	Media	Senior Debt(e)		L + 400		—%		5/7/2015		370,225		355,417		369,570		0.2%
Lord & Taylor Holdings, LLC	Consumer Durables & Apparel	Senior Debt(e)		L + 450		1.25%		1/11/2019		93,389		94,089		94,089		0.1%
McJunkin Red Man Corp.	Energy	Senior Debt(e)		9.50%		N/A		12/15/2016		3,393,000		3,374,958		3,698,370		2.4%
MedAssets, Inc.	Health Care Equipment & Services	Subordinated Debt(e)(g)		8.00%		N/A		11/15/2018		489,000		490,361		513,450		0.3%
MetroPCS Wireless, Inc.	Telecommunication Services	Subordinated Debt(e)(g)		7.88%		N/A		9/1/2018		1,762,000		1,842,349		1,854,505		1.2%
Michaels Stores, Inc.	Retailing	Senior Debt(e)		L + 225		—%		10/31/2013		215,942		203,883		215,837		0.1%
		Senior Debt(e)		L + 450		—%		7/31/2016		681,714		667,773		685,388		0.4%
												871,656		901,225		0.5%
Momentive Performance Materials USA, Inc.	Materials	Senior Debt(e)		L + 350		—%		5/5/2015		1,208,974		1,160,987		1,164,206		0.8%
Mueller Water Products, Inc.	Capital Goods	Subordinated Debt(e)(g) Subordinated Debt(e)(g)		7.38%     8.75%		N/A N/A		6/1/2017 9/1/2020		1,034,000   250,000		876,952 253,628		1,018,490 280,000		0.7%     0.2%
												1,130,580		1,298,490		0.9%
NBTY, Inc.	Household & Personal Products	Senior Debt(e)		L + 325		1.00%		10/1/2017		26,355		26,043		26,418		0.0%
The Neiman Marcus Group, Inc.	Retailing	Senior Debt(e) Subordinated Debt(e)		L + 350     10.38%		1.25% N/A		5/16/2018 10/15/2015		188,713   1,967,000		181,887 2,036,609		188,757 2,048,158		0.1%     1.3%
												2,218,496		2,236,915		1.4%
New Enterprise Stone & Lime Co., Inc.	Capital Goods	Senior Debt(e)(f)		4% CASH +     9% PIK		N/A		3/15/2018		6,002,000		6,002,000		6,197,065		4.0%

See notes to condensed consolidated financial statements.

9

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
Newport Television LLC	Media	Senior Debt		L + 675		3.00%		9/14/2016		283,908		279,963		285,741		0.1%
Nexstar Broadcasting, Inc.	Media	Senior Debt(e)(g)		8.88%		N/A		4/15/2017		170,000		177,585		182,325		0.1%
NPC International, Inc.	Consumer Services	Senior Debt(e)		L + 525		1.50%		12/28/2018		1,515,463	$	1,515,463	$	1,524,934		1.0%
NuSil Technology, LLC	Materials	Senior Debt(e)		L + 400		1.25%		4/7/2017		24,612		24,612		24,653		0.0%
Nuveen Investments, Inc.	Diversified Financials	Senior Debt(e)(g)		L + 525		—%		5/13/2017		25,629		23,998		25,710		0.0%
		Senior Debt(e)(g)		L + 600		1.25%		5/13/2017		282,184		276,742		284,770		0.2%
		Senior Debt(e)(g)		L + 700		1.25%		2/28/2019		641,271		634,922		651,423		0.4%
		Subordinated Debt(e)(g)		5.50%		N/A		9/15/2015		889,000		820,443		813,435		0.5%
		Subordinated Debt(e)(g)		10.50%		N/A		11/15/2015		4,694,000		4,789,755		4,864,157		3.2%
												6,545,860		6,639,495		4.3%
Ocwen Financial Corp.	Banks	Senior Debt(e)(g)		L + 550		1.50%		9/1/2016		357,946		353,706		359,885		0.2%
Penn National Gaming, Inc.	Consumer Services	Subordinated Debt(e)(g)		8.75%		N/A		8/15/2019		401,000		431,747		450,123		0.3%
Petco Animal Supplies, Inc.	Retailing	Senior Debt(e)		L + 325		1.25%		11/24/2017		118,888		113,186		118,985		0.1%
Pharmaceutical Product Development, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	Senior Debt(e)		L + 500		1.25%		12/5/2018		806,641		796,490		817,671		0.5%
Pinnacle Entertainment, Inc.	Consumer Services	Subordinated Debt(e)(g)		8.63%		N/A		8/1/2017		4,215,000		4,495,343		4,594,350		3.0%
Pinnacle Foods Finance, LLC	Food & Staples Retailing	Senior Debt(e)		L + 250		—%		4/2/2014		546,314		530,761		546,109		0.4%
Prestige Brands, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	Senior Debt(e)(g)		L + 400		1.25%		1/31/2019		107,067		105,482		107,907		0.1%
		Subordinated Debt(e)(f)(g)		8.13%		N/A		2/1/2020		227,000		227,000		246,011		0.2%
												332,482		353,918		0.3%
Roofing Supply Group LLC	Retailing	Senior Debt(e)(f)		8.63%		N/A		12/1/2017		1,490,000		1,597,569		1,579,400		1.0%
Roundy’s Supermarkets, Inc.	Food & Staples Retailing	Senior Debt(e)(g)		L + 450		1.25%		2/13/2019		1,296,326		1,277,113		1,307,267		0.9%
Ryerson, Inc.	Materials	Senior Debt(e)		L + 737.5		—%		11/1/2014		98,000		97,397		92,120		0.1%
		Senior Debt(e)		12.00%		N/A		11/1/2015		44,000		46,387		45,100		0.0%
												143,784		137,220		0.1%
Schaeffler AG (UK)(i)	Automobiles & Components	Senior Debt(f)(g)(h)		L + 475		1.25%		1/27/2017		49,189		49,374		49,520		0.0%
Scitor Corp.	Capital Goods	Senior Debt(e)		L + 350		1.50%		2/15/2017		22,395		22,345		21,808		0.0%
Sedgwick Claims Management Services Holdings, Inc.	Insurance	Senior Debt(e)		L + 350		1.50%		12/31/2016		113,044	$	107,560	$	112,125		0.1%
		Senior Debt(e)		L + 750		1.50%		5/30/2017		1,338,888		1,315,473		1,335,540		0.9%
												1,423,033		1,447,665		1.0%
Sheridan Holdings, Inc.	Health Care Equipment & Services	Senior Debt(e)		L + 225		—%		6/13/2014		347,264		322,998		340,537		0.2%
The SI Organization, Inc.	Capital Goods	Senior Debt(e)		L + 325		1.25%		11/22/2016		187,432		176,021		179,935		0.1%
Sinclair Television Group, Inc.	Media	Subordinated Debt(e)(g)		8.38%		N/A		10/15/2018		27,000		28,328		29,160		0.0%
Skilled Healthcare Group, Inc.	Health Care Equipment & Services	Senior Debt(e)(g)		L + 375		1.50%		4/9/2016		16,137		15,704		15,830		0.0%
SNL Financial, LLC	Commercial & Professional Services	Senior Debt(e)		L + 700		1.50%		8/17/2018		700,538		703,098		702,640		0.5%
Softbrands, Inc.	Software & Services	Senior Debt(e)		L + 525		1.50%		7/5/2017		1,762,019		1,732,520		1,769,234		1.2%
Solutia, Inc.	Materials	Subordinated Debt(e)(g)		7.88%		N/A		3/15/2020		120,000		126,223		140,700		0.1%
Sophia, LP	Software & Services	Senior Debt(e)		L + 500		1.25%		7/19/2018		406,204		400,242		412,976		0.3%
Sports Authority, Inc.	Retailing	Senior Debt(e)		L + 600		1.50%		11/16/2017		1,409,529		1,363,994		1,357,559		0.9%
Springleaf Financial Funding Co.	Diversified Financials	Senior Debt(e)(g)		L + 425		1.25%		5/10/2017		2,551,580		2,284,207		2,351,166		1.5%
Sprint Nextel Corp.	Telecommunication Services	Subordinated Debt(e)(g)		8.38%		N/A		8/15/2017		664,000		576,912		640,760		0.4%
SSI Investments II, Ltd.	Software & Services	Subordinated Debt(e)		11.13%		N/A		6/1/2018		1,422,000		1,510,093		1,578,420		1.0%
Standard Chartered Bank (SG)(i)	Banks	Subordinated Debt(f)(g)(m)		L + 1600		—%		4/1/2014		3,310,000		3,341,283		3,280,541		2.1%

See notes to condensed consolidated financial statements.

10

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

Company (a)	Industry	Investments	Interest Rate		EURIBOR/ LIBOR Floor		Maturity Date		No. Shares/ Principal Amount		Cost (c)		Fair Value		% of Net   Assets
Symphony / IRI Group, Inc.	Commercial & Professional Services	Senior Debt(e)		L + 375		1.25%		12/1/2017		19,972		19,575		19,988		0.0%
TowerCo Finance LLC	Real Estate	Senior Debt		L + 375		1.50%		2/2/2017		30,256		29,662		30,398		0.0%	��
TransUnion, LLC	Diversified Financials	Subordinated Debt(e)		11.38%		N/A		6/15/2018		1,403,000		1,555,039		1,645,018		1.1%
Triple Point Technology, Inc.	Software & Services	Senior Debt(e)		L + 650		1.50%		10/27/2017		200,064		192,465		202,065		0.1%
Univar, Inc.	Materials	Senior Debt(e)		L + 350		1.50%		6/30/2017		960,475		932,420		963,476		0.6%
Vision Solutions, Inc.	Commercial & Professional Services	Senior Debt(e)		L + 450		1.50%		7/23/2016		1,425,000		1,409,840		1,417,875		0.9%
VWR Funding, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	Senior Debt(e)		L + 250		—%		6/30/2014		147,212		$137,376		$146,415		0.1%
		Subordinated Debt(e)		10.25% CASH or 11.25% PIK		N/A		7/15/2015		4,506,000		4,662,059		4,663,710		3.0%
												4,799,435		4,810,125		3.1%
Warner Chilcott Co., LLC	Pharmaceuticals, Biotechnology & Life Sciences	Subordinated Debt(e)(g)		7.75%		N/A		9/15/2018		1,225,000		1,219,076		1,277,063		0.8%
West Corp.	Software & Services	Senior Debt		L + 425		—%		7/15/2016		4,987		4,841		5,003		0.0%
		Subordinated Debt(e)		7.88%		N/A		1/15/2019		1,743,000		1,730,700		1,856,295		1.2%
		Subordinated Debt(e)		8.63%		N/A		10/1/2018		2,600,000		2,645,367		2,853,500		1.9%
												4,380,908		4,714,798		3.1%
Wm. Bolthouse Farms, Inc.	Food, Beverage & Tobacco	Senior Debt(e)		L + 750		2.00%		8/11/2016		500,000		499,623		503,543		0.3%
Zayo Group, LLC	Telecommunication Services	Senior Debt(e)(h)		L + 550		1.50%		12/1/2016		2,932,908		2,900,200		2,946,839		1.9%
		Senior Debt(e)		10.25%		N/A		3/15/2017		2,005,000		2,144,206		2,240,587		1.5%
												5,044,406		5,187,426		3.4%
Total Non-Control/Non-Affiliate Investments												218,311,567		222,412,527		144.6%
Short Term Investments—6.5%
Goldman Sachs Financial Square Funds - Prime Obligations Fund		Short Term Investments(e)		0.15%(j)		N/A		N/A		8,400,710		8,400,710		8,400,710		5.5%
State Street Institutional Liquid Reserves Fund		Short Term Investments		0.23%(j)		N/A		N/A		1,575,908		1,575,908		1,575,908		1.0%
Total Short Term Investments												9,976,618		9,976,618		6.5%
TOTAL INVESTMENTS—151.1%(k)											$	228,288,185		232,389,145		151.10%
LIABILITIES IN EXCESS OF OTHER ASSETS—(51.1%)														(78,618,633)		(51.10)%
NET ASSETS—100.0%													$	153,770,512		100.00%

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

(b) (Reserved).

(c) Represents amortized cost for debt securities and cost for common stock.

(d)   Non-Control/Non-Affiliate investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”) as investments that are neither Control Investments nor Affiliate Investments. Controlled investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained. Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as Controlled investments.

11

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (unaudited) (continued)

As of March 31, 2012

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

(f) 144A securities. Securities restricted for resale to Qualified Institutional Buyers.

(g)   The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. As of March 31, 2012 , the portfolio held 29.1% of non-qualifying assets under the 1940 Act, as a percentage of total assets, as defined in Section 55(a) of the 1940 Act.

(h) Position or portion thereof unsettled as of March 31, 2012.

(i) A portfolio company domiciled in a foreign country.

(j) 7-day effective yield as of March 31, 2012.

(k)   As of March 31, 2012, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $4,100,960; the aggregate gross unrealized appreciation for all securities in which there was an excess of tax cost over value was $4,872,640; the net unrealized depreciation was $771,680; the aggregate cost of securities for Federal income tax purposes was $228,288,185.

(l) A portfolio company investment that contains original issue discount.

(m) A portfolio company investment structured as a credit-linked floating rate note.

Abbreviations:

CA - Canada

EUR - Euros; principal amount is denominated in Euros currency.

E = EURIBOR – Euro Interbank Offered Rate

IE - Ireland

L = LIBOR – London Interbank Offered Rate, typically 3-month rate

PIK - Payment-in-kind

SG - Singapore

UK - United Kingdom

See notes to condensed consolidated financial statements.

12

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value		% of Net   Assets
Non-Control/Non-Affiliate Investments(a)—163.6%
Alliant Holdings I, Inc.	Insurance	Senior Debt(e)	L + 300	—%		8/21/2014		85,889	$	78,083	$	83,689	0.1%
Allison Transmission, Inc.	Automobiles & Components	Senior Debt(e)	L + 250	—%		8/7/2014		7,564		7,018		7,389	0.0%
Ally Financial, Inc.	Banks	Preferred Stocks(e)(f)						5,575		99,595		102,524	0.2%
Amkor Technologies, Inc.	Semiconductors & Semiconductor Equipment	Subordinated Debt(e)(f)	7.38%	N/A		5/1/2018		208,000		205,404		212,680	0.3%
Aramark Corp.	Commercial & Professional Services	Subordinated Debt(e)	8.50%	N/A		2/1/2015		1,187,000		1,222,134		1,216,675	1.9%
Aspect Software, Inc.	Technology Hardware & Equipment	Subordinated Debt(e)	10.63%	N/A		5/15/2017		1,484,000		1,529,365		1,539,650	2.4%
Aspen Dental Management, Inc.	Health Care Equipment & Services	Senior Debt(e)(g)	L + 450	1.50%		10/6/2016		155,886		150,857		151,989	0.2%
Asset Acceptance Capital Corp.	Diversified Financials	Senior Debt(e)(f)(h)	L + 725	1.50%		11/14/2017		480,179		449,331		463,373	0.7%
Associated Materials, LLC	Capital Goods	Senior Debt(e)	9.13%	N/A		11/1/2017		13,000		13,184		11,343	0.0%
Avaya, Inc.	Technology Hardware & Equipment	Senior Debt(e)(g) Senior Debt(e)(g)	L + 275 L + 450	—% —%		10/24/2014 10/26/2017		1,142,373 974,527		1,067,943 883,793		1,095,010 890,474	1.7%   1.4%
										1,951,736		1,985,484	3.0%
Avis Budget Car Rental, LLC	Transportation	Senior Debt(e)(f)	L + 500	1.25%		9/22/2018		276,675		271,282		278,837	0.4%
BJ’s Wholesale Club, Inc.	Food & Staples Retailing	Senior Debt(e)	L + 575	1.25%		9/28/2018		1,113,299		1,093,129		1,118,164	1.7%
Boise Paper Holdings, LLC	Materials	Subordinated Debt(e)(f)	9.00%	N/A		11/1/2017		146,000		154,801		156,950	0.2%
Cablevision Systems Corp.	Media	Subordinated Debt(e)(f)	7.75%	N/A		4/15/2018		426,000		431,245		451,560	0.7%
Caesars Entertainment Operating Co., Inc.	Consumer Services	Senior Debt(e)(g)	L + 300	—%		1/28/2015		12,797		11,723		11,157	0.0%
		Senior Debt(e)	11.25%	N/A		6/1/2017		1,070,000		1,135,422		1,135,537	1.7%
										1,147,145		1,146,694	1.8%
California Pizza Kitchen, Inc.	Food & Staples Retailing	Senior Debt(e)(g)(h)	L + 550	1.25%		7/7/2017		1,068,431		1,023,743		1,041,721	1.6%
Calpine Corp.	Utilities	Senior Debt(e)(f)(g)	L + 325	1.25%		4/1/2018		68,276	$	65,451	$	67,090	0.1%
CDW, LLC	Technology Hardware & Equipment	Senior Debt(e) Subordinated Debt(e)	L + 350 11.50% CASH or 12.50% PIK	—% N/A		10/10/2014 10/12/2015		1,229,473 135,000		1,201,984 142,433		1,194,316 141,750	1.8%   0.2%
										1,344,417		1,336,066	2.1%
Cengage Learning Acquisitions, Inc.	Media	Senior Debt(e)(g)	L + 225	—%		7/3/2014		1,954,781		1,624,504		1,670,243	2.6%
Ceridian Corp.	Software & Services	Senior Debt(e)(g)	L + 300	—%		11/10/2014		1,793,378		1,652,772		1,621,330	2.5%
Charter Communications Operating Holdings, LLC	Media	Subordinated Debt(e)(f)	7.25%	N/A		10/30/2017		573,000		583,128		603,799	0.9%
CHS / Community Health Systems, Inc.	Health Care Equipment & Services	Subordinated Debt(e)(f)	8.88%	N/A		7/15/2015		433,565		439,405		447,656	0.7%
Citco III, Ltd. IE(i)	Diversified Financials	Senior Debt(e)(f)(g)	L + 500	1.25%		6/29/2018		17,307		17,349		16,572	0.0%
ClubCorp Club Operations, Inc.	Consumer Services	Senior Debt(e)(g)	L + 450	1.50%		11/30/2016		137,092		129,554		136,864	0.2%
Continental Airlines, Inc.	Transportation	Senior Debt(e)(f)	8.31%	N/A		4/2/2018		691,761		686,329		672,738	1.0%
CRC Health Corp.	Health Care Equipment & Services	Senior Debt(e) Subordinated Debt(e)	L + 450 10.75%	—% N/A		11/16/2015 2/1/2016		973,846 1,114,000		926,057 1,065,237		883,766 1,058,300	1.4%   1.6%
										1,991,294		1,942,066	3.0%

See notes to condensed consolidated financial statements.

13

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (continued)

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value		% of Net   Assets
Cricket Communications, Inc.	Telecommunication Services	Senior Debt(e)(f)	7.75%	N/A		5/15/2016		1,529,000		1,541,150		1,578,692		2.4%
Datatel, Inc.	Software & Services	Senior Debt(e) Senior Debt(e) Senior Debt(e)(g)	L + 350 L + 725 L + 525	1.50% 1.50% 1.50%		2/20/2017 2/19/2018 9/15/2018		556,984 150,000 406,204		554,944 153,568 400,111		557,750 150,750 406,840		0.9%   0.2%   0.6%
										1,108,623		1,115,340		1.7%
DineEquity, Inc.	Consumer Services	Senior Debt(e)(f)(g)	L + 300	1.25%		10/19/2017		75,685		72,728		74,791		0.1%
DuPont Fabros Technology, LP	Real Estate	Subordinated Debt(e)(f)	8.50%	N/A		12/15/2017		100,000		106,616		107,000		0.2%
E*TRADE Financial Corp.	Diversified Financials	Subordinated Debt(e)(f)	7.88%	N/A		12/1/2015		1,269,000	$	1,264,604	$	1,275,345		2.0%
Easton-Bell Sports, Inc.	Consumer Durables & Apparel	Senior Debt(e)	9.75%	N/A		12/1/2016		1,190,000		1,275,766		1,297,100		2.0%
Education Management, LLC	Consumer Services	Subordinated Debt(e)(f)	8.75%	N/A		6/1/2014		1,728,000		1,732,881		1,732,320		2.7%
Emergency Medical Services Corp.	Health Care Equipment & Services	Senior Debt(e)(g)	L + 375	1.50%		5/25/2018		216,967		205,433		211,814		0.3%
Express, LLC / Express Finance Corp.	Retailing	Subordinated Debt(e)(f)	8.75%	N/A		3/1/2018		43,000		46,248		46,547		0.1%
Fidelity National Information Services, Inc.	Software & Services	Subordinated Debt(e)(f) Subordinated Debt(e)(f)	7.63% 7.88%	N/A N/A		7/15/2017 7/15/2020		46,000 122,000		48,686 130,244		49,795 131,760		0.1%   0.2%
										178,930		181,555		0.3%
Fifth Third Processing Solutions, LLC	Software & Services	Senior Debt(e)(g)	L + 325	1.25%		11/3/2016		61,304		59,554		61,258		0.1%
FTI Consulting, Inc.	Diversified Financials	Subordinated Debt(e)(f)	6.75%	N/A		10/1/2020		87,000		86,817		89,827		0.1%
GCI, Inc.	Telecommunication Services	Subordinated Debt(e)	8.63%	N/A		11/15/2019		2,294,000		2,438,105		2,434,507		3.7%
General Nutrition Centers, Inc.	Retailing	Senior Debt(e)(f)	L + 300	1.25%		3/2/2018		23,369		23,370		23,029		0.0%
Good Sam Enterprises, LLC	Media	Senior Debt(e)	11.50%	N/A		12/1/2016		1,375,000		1,343,093		1,347,500		2.1%
Goodman Global, Inc.	Capital Goods	Senior Debt(e)(g)	L + 700	2.00%		10/30/2017		948,221		952,962		954,541		1.5%
Great Lakes Dredge & Dock Corp.	Capital Goods	Subordinated Debt(e)(f)	7.38%	N/A		2/1/2019		96,000		94,738		95,040		0.1%
Guitar Center, Inc.	Retailing	Senior Debt(e)(g)	L + 525	—%		4/9/2017		4,238,739		3,716,872		3,736,449		5.7%
The Gymboree Corp.	Retailing	Senior Debt(e)(g) Subordinated Debt(e)	L + 350 9.13%	1.50% N/A		2/23/2018 12/1/2018		904,502 748,000		847,281 609,721		807,607 654,500		1.2%   1.0%
										1,457,002		1,462,107		2.2%
High Plains Broadcasting Operating Co.	Media	Senior Debt(g)	L + 675	3.00%		9/14/2016		351,687		347,295		349,561		0.5%
HUB International, Ltd.	Insurance	Senior Debt(e)(g)	L + 250	2.00%		6/13/2014		1,134,886		1,088,373		1,089,139		0.5%
		Senior Debt(e)(g)	L + 475	—%		6/13/2014		332,350	$	332,350	$	331,283		1.7%
										1,420,723		1,420,422		2.2%
Hubbard Radio, LLC	Media	Senior Debt(e)(g)	L + 375	1.50%		4/28/2017		606,123		601,661		598,359		0.9%
		Senior Debt(e)(g)	L + 725	1.50%		4/30/2018		2,834,070		2,819,267		2,798,644		4.3%
										3,420,928		3,397,003		5.2%

See notes to condensed consolidated financial statements.

14

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (continued)

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value		% of Net   Assets
Husky Injection Molding Systems, Ltd. CA(i)	Capital Goods	Senior Debt(e)(f)(g)	L + 525	1.25%		6/29/2018		1,159,646		1,149,330		1,159,194		1.8%
Immucor, Inc.	Health Care Equipment & Services	Senior Debt(e)(g)	L + 575	1.50%		8/19/2018		2,528,757		2,533,137		2,547,407		3.9%
Ineos Holdings, Ltd. UK(i)	Materials	Subordinated Debt(f)(g) (EUR)	E + 600 PIK	3.00%		6/16/2015		889,214		1,109,884		1,061,432		1.6%
Infor Enterprise Solutions Holdings, Inc.	Software & Services	Senior Debt(e)(g)	L + 575	—%		7/28/2015		1,610,000		1,541,287		1,521,450		2.3%
Interactive Data Corp.	Diversified Financials	Senior Debt(e)(g)	L + 325	1.25%		2/11/2018		18,262		17,899		18,037		0.0%
iPayment, Inc.	Software & Services	Senior Debt(e)(g)	L + 425	1.50%		5/8/2017		1,953,798		1,931,324		1,932,629		3.0%
		Subordinated Debt(e)(j)	10.25%	N/A		5/15/2018		415,000		375,604		390,100		0.6%
										2,306,928		2,322,729		3.6%
IPC Systems, Inc.	Technology Hardware & Equipment	Senior Debt(e)(g)	L + 225	—%		6/2/2014		4,855		4,515		4,535		0.0%
J. Crew Group, Inc.	Retailing	Senior Debt(e)(g)	L + 350	1.25%		3/7/2018		2,765,351		2,588,677		2,604,366		4.0%
		Subordinated Debt(e)	8.13%	N/A		3/1/2019		1,026,000		963,411		979,830		1.5%
										3,552,088		3,584,196		5.5%
Jo-Ann Stores, Inc.	Retailing	Senior Debt(e)	L + 350	1.25%		3/16/2018		23,488		23,262		22,453		0.0%
Kinetic Concepts, Inc.	Health Care Equipment & Services	Senior Debt(e)(f)	L + 525	1.25%		11/4/2016		329,847		320,184		329,642		0.5%
		Senior Debt(e)(f)(g)	L + 575	1.25%		5/4/2018		375,178	$	366,342	$	379,071		0.6%
										686,526		708,713		1.1%
Lamar Media Corp.	Media	Subordinated Debt(e)(f)	6.63%	N/A		8/15/2015		206,000		206,000		210,120		0.3%
Lawson Software, Inc.	Software & Services	Senior Debt(e)	L + 525	1.50%		7/5/2017		1,766,446		1,735,811		1,726,542		2.6%
Local TV Finance, LLC	Media	Senior Debt(e)	L + 200	—%		5/7/2013		370,225		352,992		358,191		0.5%
The Manitowoc Co., Inc.	Capital Goods	Subordinated Debt(e)(f)	9.50%	N/A		2/15/2018		21,000		22,983		22,365		0.0%
McJunkin Red Man Corp.	Energy	Senior Debt(e)	9.50%	N/A		12/15/2016		3,393,000		3,374,953		3,443,895		5.3%
MedAssets, Inc.	Health Care Equipment & Services	Senior Debt(e)(f)(g)	L + 375	1.50%		11/16/2016		699,792		699,730		698,742		1.1%
		Subordinated Debt(e)(f)	8.00%	N/A		11/15/2018		316,000		311,267		309,680		0.5%
										1,010,997		1,008,422		1.5%
MetroPCS Wireless, Inc.	Telecommunication Services	Subordinated Debt(e)(f)	7.88%	N/A		9/1/2018		281,000		284,117		284,864		0.4%
Michaels Stores, Inc.	Retailing	Senior Debt(e)	L + 225	—%		10/31/2013		215,942		202,264		212,726		0.3%
		Senior Debt(e)(g)	L + 450	—%		7/31/2016		681,714		667,113		671,659		1.0%
										869,377		884,385		1.4%
Momentive Performance Materials USA, Inc.	Materials	Senior Debt(e)(g)	L + 350	—%		5/5/2015		1,212,164		1,161,622		1,158,623		1.8%
Mondrian Investment Partners, Ltd. UK(i)	Diversified Financials	Senior Debt(e)(f)(g)	L + 425	1.25%		7/12/2018		488,020		484,049		488,020		0.7%
Mueller Water Products, Inc.	Capital Goods	Subordinated Debt(e)(f)	7.38%	N/A		6/1/2017		1,034,000		871,542		940,940		1.4%
		Subordinated Debt(e)(f)	8.75%	N/A		9/1/2020		250,000		253,683		271,562		0.4%
										1,125,225		1,212,502		1.9%

See notes to condensed consolidated financial statements.

15

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (continued)

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value		% of Net   Assets
N.E.W. Holdings I, LLC	Software & Services	Senior Debt(e)	L + 425	1.75%		3/23/2016		8,655		8,250		8,407	0.0%
		Subordinated Debt(e)(h)	L + 750	2.00%		3/23/2017		998,480		986,123		963,533	1.5%
										994,373		971,940	1.5%
NBTY, Inc.	Household & Personal Products	Senior Debt(e)(g)	L + 325	1.00%		10/1/2017		26,355	$	26,031	$	26,126	0.0%
The Neiman Marcus Group, Inc.	Retailing	Senior Debt(e)	L + 350	1.25%		5/16/2018		188,713		181,660		182,344	0.3%
		Subordinated Debt(e)	10.38%	N/A		10/15/2015		1,967,000		2,040,359		2,043,241	3.1%
										2,222,019		2,225,585	3.4%
Nexstar Broadcasting, Inc.	Media	Senior Debt(e)(f)	8.88%	N/A		4/15/2017		170,000		177,868		174,250	0.3%
NPC International, Inc.	Consumer Services	Senior Debt(e)(g)	L + 525	1.50%		11/7/2018		1,515,463		1,519,252		1,521,146	2.3%
NuSil Technology, LLC	Materials	Senior Debt(e)(g)	L + 400	1.25%		4/7/2017		25,312		25,312		24,848	0.0%
Nuveen Investments, Inc.	Diversified Financials	Senior Debt(e)(f)	L + 300	—%		11/13/2014		25,629		25,290		24,556	0.0%
		Senior Debt(e)(f)	L + 550	—%		5/13/2017		133,224		130,890		128,395	0.2%
		Senior Debt(e)(f)(g)	L + 600	1.25%		5/13/2017		282,184		276,540		278,891	0.4%
		Subordinated Debt(e)(f)	10.50%	N/A		11/15/2015		1,715,000		1,671,568		1,702,137	2.6%
										2,104,288		2,133,979	3.3%
Ocwen Financial Corp.	Banks	Senior Debt(e)(f)(g)	L + 550	1.50%		9/1/2016		1,400,877		1,381,333		1,380,359	2.1%
Penn National Gaming, Inc.	Consumer Services	Subordinated Debt(e)(f)	8.75%	N/A		8/15/2019		401,000		432,531		436,087	0.7%
Petco Animal Supplies, Inc.	Retailing	Senior Debt(e)	L + 325	1.25%		11/24/2017		120,101		114,129		117,280	0.2%
Pharmaceutical Product Development, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	Senior Debt(e)(f)(g)	L + 500	1.25%		12/5/2018		808,662		798,202		804,938	1.2%
Pinnacle Entertainment, Inc.	Consumer Services	Subordinated Debt(e)(f)	8.63%	N/A		8/1/2017		167,000		176,491		176,602	0.3%
Pinnacle Foods Finance, LLC	Food & Staples Retailing	Senior Debt(e)(g)	L + 250	—%		4/2/2014		547,748		530,579		537,133	0.8%
Realogy Corp.	Real Estate	Senior Debt(e)	L + 425	—%		10/10/2016		1,566,113		1,379,558		1,403,269	2.2%
		Senior Debt(e)	L - 15	—%		10/10/2016		123,163		108,445		110,357	0.2%
										1,488,003		1,513,626	2.3%
Ryerson, Inc.	Materials	Senior Debt(e)(f)	L + 737.5	—%		11/1/2014		98,000		97,346		90,160	0.1%
		Senior Debt(e)(f)	12.00%	N/A		11/1/2015		44,000	$	46,519	$	44,440	0.1%
										143,865		134,600	0.2%
Sabre, Inc.	Transportation	Senior Debt(e)(g)	L + 200	—%		9/30/2014		3,257,513		2,788,750		2,704,632	4.2%
SandRidge Energy, Inc.	Energy	Subordinated Debt(e)(f)	L + 362.5	—%		4/1/2014		23,000		22,952		22,352	0.0%
Scitor Corp.	Capital Goods	Senior Debt(e)(g)	L + 350	1.50%		2/15/2017		23,310		23,255		22,203	0.0%
Sedgwick Claims Management Services Holdings, Inc.	Insurance	Senior Debt(e)(g)(h)	L + 350	1.50%		12/31/2016		113,219		107,480		111,662	0.2%
		Senior Debt(e)(h)	L + 750	1.50%		5/30/2017		907,195		882,412		898,123	1.4%
										989,892		1,009,785	1.5%

See notes to condensed consolidated financial statements.

16

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (continued)

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value		% of Net   Assets
Sheridan Holdings, Inc.	Health Care Equipment & Services	Senior Debt(e)(g)	L + 225	—%		6/13/2014		348,178		321,180		329,899	0.5%
The SI Organization, Inc.	Capital Goods	Senior Debt(e)(g)	L + 325	1.25%		11/22/2016		187,907		175,980		177,572	0.3%
Sinclair Television Group, Inc.	Media	Subordinated Debt(e)(f)	8.38%	N/A		10/15/2018		27,000		28,364		27,877	0.0%
Skilled Healthcare Group, Inc.	Health Care Equipment & Services	Senior Debt(e)(f)(g)	L + 375	1.50%		4/9/2016		16,179		15,723		15,125	0.0%
SNL Financial, LC	Commercial & Professional Services	Senior Debt(e)(g)(h)	L + 700	1.50%		8/17/2018		709,520		712,180		707,746	1.1%
Solutia, Inc.	Materials	Subordinated Debt(e)(f)	7.88%	N/A		3/15/2020		120,000		126,355		130,500	0.2%
The Sports Authority, Inc.	Retailing	Senior Debt(e)(g)	L + 600	1.50%		11/16/2017		1,413,097		1,366,092		1,367,171	2.1%
Springleaf Financial Funding Co.	Diversified Financials	Senior Debt(e)(f)(g)	L + 425	1.25%		5/10/2017		2,551,580		2,275,043		2,230,502	3.4%
Sprint Nextel Corp.	Telecommunication Services	Subordinated Debt(e)(f)	8.38%	N/A		8/15/2017		664,000		574,028		595,110	0.9%
SSI Investments II, Ltd.	Software & Services	Subordinated Debt(e)	11.13%	N/A		6/1/2018		1,422,000		1,512,863		1,503,765	2.3%
Symphony / IRI Group, Inc.	Commercial & Professional Services	Senior Debt(e)(g)	L + 375	1.25%		12/1/2017		20,023		19,610		19,914	0.0%
The TelX Group, Inc.	Telecommunication Services	Senior Debt(e)(g)	L + 650	1.25%		9/25/2017		333,726	$	314,266	$	333,726	0.5%
TowerCo Finance, LLC	Real Estate	Senior Debt	L + 375	1.50%		2/2/2017		30,333		29,710		30,345	0.0%
TransUnion, LLC	Diversified Financials	Subordinated Debt(e)	11.38%	N/A		6/15/2018		1,403,000		1,559,885		1,602,927	2.5%
Triple Point Technology, Inc.	Software & Services	Senior Debt(e)	L + 650	1.50%		10/27/2017		200,566		192,696		201,067	0.3%
Univar, Inc.	Materials	Senior Debt(e)(g)	L + 350	1.50%		6/30/2017		962,906		933,677		931,010	1.4%
Vision Solutions, Inc.	Commercial & Professional Services	Senior Debt(e)(h)	L + 450	1.50%		7/23/2016		1,443,750		1,427,658		1,429,312	2.2%
VWR Funding, Inc.	Pharmaceuticals, Biotechnology & Life Sciences	Senior Debt(e)(g) Subordinated Debt(e)	L + 250 10.25% CASH or 11.25% PIK	—% N/A		6/30/2014 7/15/2015		147,590 3,051,000		136,713 3,155,464		140,358 3,150,157	0.2%   4.8%
										3,292,177		3,290,515	5.0%
Warner Chilcott Co., LLC	Pharmaceuticals, Biotechnology & Life Sciences	Subordinated Debt(e)(f)	7.75%	N/A		9/15/2018		1,225,000		1,218,819		1,251,031	1.9%
West Corp.	Software & Services	Senior Debt	L + 425	—%		7/15/2016		5,000		4,846		4,979	0.0%
		Subordinated Debt(e)(g)	7.88%	N/A		1/15/2019		1,743,000		1,730,393		1,729,927	2.7%
		Subordinated Debt(e)	8.63%	N/A		10/1/2018		2,600,000		2,646,996		2,626,000	4.0%
										4,382,235		4,360,906	6.7%
Wm. Bolthouse Farms, Inc.	Food, Beverage & Tobacco	Senior Debt(e)	L + 750	2.00%		8/11/2016		500,000		499,608		498,905	0.8%
Zayo Group, LLC	Telecommunication Services	Senior Debt(e)(g)	L + 550	1.50%		12/1/2016		2,749,427		2,715,285		2,740,835	4.2%
		Senior Debt(e)(g)	10.25%	N/A		3/15/2017		1,549,000		1,649,012		1,653,557	2.5%
										4,364,297		4,394,392	6.7%

See notes to condensed consolidated financial statements.

17

Corporate Capital Trust, Inc. and Subsidiary

Condensed Consolidated Schedule of Investments (continued)

As of December 31, 2011

Company (b)	Industry (c)	Investments	Interest Rate	EURIBOR/ LIBOR Floor	Maturity Date		No. Shares/ Principal Amount		Cost (d)		Fair Value			% of Net Assets
Total Non-Control/Non-Affiliate Investments									$	106,111,246	$	106,589,757			163.6%
Short Term Investments—11.8%
Goldman Sachs Financial Square Funds - Prime Obligations Fund		Short Term Investments(e)	0.11%(k)	N/A		NA		6,541,055		6,541,055		6,541,055			10.0%
State Street Institutional Liquid Reserves Fund		Short Term Investments	0.15%(k)	N/A		NA		1,173,697		1,173,697		1,173,697			1.8%
Total Short Term Investments										7,714,752		7,714,752			11.8%
TOTAL INVESTMENTS —175.4%(l)									$	113,825,998		114,304,509			175.4%
LIABILITIES IN EXCESS OF OTHER ASSETS—(75.4%)												(49,141,780	)		-75.4%
NET ASSETS—100.0%											$	65,162,729			100.0%

(a) Non-Control/Non-Affiliate investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”) as investments that are neither Control Investments nor Affiliate Investments. Controlled investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained. Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as Controlled investments.

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

(c) Unaudited.

(d) Represents amortized cost for debt securities and cost for preferred stock.

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

(f) The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act.

(g) Position or portion thereof unsettled as of December 31, 2011.

(h) Fair value was determined by the Company’s Board of Directors (see Note 2).

(i) A portfolio company domiciled in a foreign country.

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

(k) 7-day effective yield as of December 31, 2011.

(l) As of December 31, 2011, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $971,241; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $492,730; the net unrealized appreciation was $478,511; the aggregate cost of securities for Federal income tax purposes was $113,825,998.

Abbreviations:

CA - Canada

EUR - Euros; principal amount is denominated in Euros currency

E = EURIBOR - Euro Interbank Offered Rate

IE - Ireland

L = LIBOR - London Interbank Offered Rate, typically 3-month rate

PIK - Payment-in-kind

UK - United Kingdom

See notes to condensed consolidated financial statements.

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CORPORATE CAPITAL TRUST, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements

1. Principal Business and Organization

Corporate Capital Trust, Inc. (the “Company”) was incorporated under the general corporation laws of the State of Maryland on June 9, 2010. The Company is a non-diversified closed-end management investment company and it is regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “40 Act”). The Company’s investment objective is to provide its shareholders with current income and, to a lesser extent, long-term capital appreciation, by investing primarily in the debt of privately owned U.S. companies with a focus on originated transactions sourced through the networks of its advisors.

The Company is externally managed by CNL Fund Advisors Company (“CNL”) and KKR Asset Management LLC (“KKR”) (collectively the “Advisors”), which are responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring the Company’s investment portfolio on an ongoing basis. Both Advisors are registered as investment advisers with the Securities and Exchange Commission (“SEC”). CNL also provides the administrative services necessary for the Company to operate.

The Company is currently selling shares of its common stock pursuant to a registration statement on Form N-2 (as amended and supplemented, the “Registration Statement”) and it is offering to sell, on a continuous basis, shares of common stock for approximately $1.6 billion (150 million shares at an initial offering price of $10.85 per share) (the “Offering”). The Registration Statement was declared effective by the SEC on April 4, 2011 and the Company commenced its Offering. The Company commenced business operations on June 17, 2011 and it commenced investment operations on July 1, 2011. As a result, there are no comparative financial statements for the three months ended March 31, 2011.

As of March 31, 2012, the Company had one wholly owned financing subsidiary, CCT Funding LLC (“CCT Funding”), which was established on July 15, 2011 for the purpose of arranging a secured, revolving credit facility with a bank and to borrow money for the primary purpose of investing in portfolio companies.

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation- The accompanying financial statements of the Company are prepared in accordance with the instructions to Form 10-Q and accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods, have been included. The results of operations for interim periods are not indicative of results to be expected for the full year.

Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These financial statements should be read in conjunction with the Company’s financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the SEC on March 16, 2012. A comparative statement of operations for the three months ended March 31, 2011 and a comparative statement of cash flows for the three months ended March 31, 2011 have been omitted from these condensed consolidated financial statements since the Company had not commenced business operations prior to June 17, 2011. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany account balances and transactions have been eliminated in consolidation.

Use of Estimates- The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Actual results could differ from those estimates.

Cash and Cash Equivalents- Cash and cash equivalents consist of demand deposits, repurchase agreements, and highly liquid investments with original maturities of three months or less.

Valuation of Investments- The Company measures the value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 820”), issued by the Financial Accounting Standards Board (“FASB”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Company’s board of directors, with the assistance of the Company’s Advisors, officers and independent valuation agents, is responsible for determining in good faith the fair value in accordance with the valuation policy approved by the board of directors. The board of directors will make this fair value determination on a quarterly basis and any other time when a

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decision regarding the fair value of the portfolio investments is required. A determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

ASC Topic 820 also defines hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, and are described as follows:

Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities, debt securities and publicly listed derivatives are generally included in Level 1. The Company will not adjust the quoted price for these investments.

Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, and various relationships between investments. Investments generally included in this category are corporate bonds and loans, convertible debt indexed to publicly listed securities, and certain over-the-counter derivatives.

Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

The Company has implemented ASU 2011-04,Fair Value Measurement:Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“ASU 2011-04”), which amends the existing fair value guidance within ASC Topic 820.

Security Transactions, Realized/Unrealized Gains or Losses, and Income Recognition- Security transactions are recorded on a trade-date basis. The Company measures realized gains or losses from the repayment or sale of investments using the specific identification method. The amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. The Company reports changes in fair value of investments that are measured at fair value as a component of net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statement of operations.

Interest income, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Original issue discount, principally representing the estimated fair value of detachable equity or warrants obtained in conjunction with the acquisition of debt securities, and market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments are included in amortized cost of the investment and accreted over the contractual life of the loan based on the effective interest method as interest income. Upon prepayment of a loan or debt security, any prepayment penalties, unamortized loan origination fees, and unamortized market discounts are recorded as interest income.

The Company has investments in debt securities which contain a contractual payment-in-kind, or PIK, interest provision. If the borrower elects to pay, or is obligated to pay, interest under the optional PIK provision, and if deemed collectible in management’s judgment, then the interest is computed at the contractual rate specified in the investment’s credit agreement, the computed interest is added to the principal balance of the investment, and computed interest is recorded as interest income.

Loans or debt securities are placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or a debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs- Deferred financing costs represent fees and other direct costs incurred in connection with arranging the Company’s borrowings. These amounts are capitalized and amortized over the contractual term of the credit facility as interest expense.

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Paid In Capital- The Company records the proceeds from the sale of its common stock on a net basis to capital stock and paid in capital in excess of par value, excluding all commissions and marketing support fees that are deducted from the gross sale proceeds and paid to the managing dealer.

Foreign Currency Translation, Transactions and Gains/Losses- Foreign currency amounts are translated into U.S. dollars on the following basis: (i) at the exchange rate on the last business day of the period for the fair value of investment securities, other assets and liabilities; and (ii) at the rates of exchange prevailing on the respective recording dates for the purchase and sale of investment securities, income, expenses, gains and losses.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held; the fluctuations related to foreign exchange rate conversion are included with the net realized and unrealized gain or loss from investments. Unrealized appreciation (depreciation) from currency translation for other receivables or payables is presented as net change in unrealized appreciation (depreciation) on foreign currency translation on the condensed consolidated statements of operations.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Company and the U.S. dollar equivalent of the amounts actually received or paid by the Company.

Management Fees- The Company accrues for the base management fee and performance-based incentive fees, including (i) a subordinated incentive fee on income and (ii) an incentive fee on capital gains. The Company records the liability for the incentive fee on capital gains based on a hypothetical liquidation of its investment portfolio at the end of each reporting period. Therefore the accrual for incentive fee on capital gains includes the recognition of incentive fee on both net realized gains and net unrealized appreciation, if any, although any such incentive fee associated with net unrealized appreciation is neither earned nor payable to the Advisors until net unrealized appreciation is realized as net capital gains.

Organization and Offering Expenses- Organization expenses, including reimbursement payments to Advisors, are expensed on the Company’s condensed consolidated statement of operations. Continuous offering expenses, including reimbursement payments to Advisors and excluding commission and marketing support fees, will be capitalized on the condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed over a 12-month period.

Earnings per Share- Earnings per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

Dividends and Distributions- Dividends and distributions are declared by the Company’s board of directors each calendar quarter and are recognized as distribution liabilities on the ex-dividend date. The ex-dividend date for the Company’s common stock is the same as the record date. Net realized capital gains, if any, generally are distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a distribution reinvestment plan that provides for reinvestment of distributions on behalf of shareholders. As a result, if the Company’s board of directors authorizes and declares a cash distribution, then shareholders who have elected to participate in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of common stock at a price equivalent to the public offering price, exclusive of commissions and marketing support fees, rather than receiving the cash distribution.

Federal Income Taxes- The Company intends to elect for the tax year ended December 31, 2011 to be treated for federal income tax purposes, and intends to qualify thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of “Investment Company Taxable Income,” as defined in the Code. The Company intends to distribute sufficient dividends to maintain its RIC status each year and it does not anticipate paying any material level of federal income taxes in the future.

The Company is also generally subject to nondeductible federal excise taxes if it does not distribute an amount at least equal to the sum (i) 98% of net ordinary income for the calendar year, (ii) 98.2% of the Company’s capital gains in excess of capital losses for the one-year period generally ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year) and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which the Company paid no federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this excess taxable income. If the Company chooses to do so, all other things being equal, this federal excise tax would increase expenses and reduce the amount available to be distributed to shareholders.

Recently Issued Accounting Pronouncements–Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the Company’s financial position, results of operations or liquidity.

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3. Investments

The Company is engaged in a strategy to invest primarily in the debt of privately owned U.S. companies. The primary investment concentrations include (i) senior debt and (ii) subordinated debt securities. The value of debt investments will generally fluctuate with, among other things, changes in prevailing interest rates, general economic conditions, the condition of certain financial markets, developments or trends in any particular industry and changes in the financial condition and credit quality of the security’s issuer.

Purchases of investments for the three months ended March 31, 2012 and 2011 totaled $135,291,836 and $0, respectively. Sales of investments for the three months ended March 31, 2012 and 2011 totaled $21,546,060 and $0, respectively. Proceeds from principal payments for the three months ended March 31, 2012 and 2011 totaled $2,372,642 and $0, respectively. The amounts exclude consideration of the purchase and sale of short-term investments.

As of March 31, 2012, the Company’s investments consisted of the following:

Asset Category	Cost		Fair Value		Percentage of Portfolio			Percentage of Net Assets
Senior debt securities	$	128,489,222	$	131,350,200		59.1	%		85.4	%
Subordinated debt securities		89,373,437		90,613,419		40.7			58.9
Total debt securities		217,862,659		221,963,619		99.8			144.3
Common stock		448,908		448,908		0.2			0.3
Subtotal		218,311,567		222,412,527		100.0	%		144.6
Short term investments		9,976,618		9,976,618					6.5
Total investments	$	228,288,185	$	232,389,145					151.1	%

At December 31, 2011, the Company’s investments consisted of the following:

Asset Category	Cost		Fair Value		Percentage of Portfolio			Percentage of Net Assets
Senior debt securities	$	71,398,157	$	71,609,433		67.2	%		109.9	%
Subordinated debt securities		34,613,494		34,877,800		32.7			53.5
Total debt securities		106,011,651		106,487,233		99.9			163.4
Preferred stock		99,595		102,524		0.1			0.2
Subtotal		106,111,246		106,589,757		100.0	%		163.6
Short term investments		7,714,752		7,714,752					11.8
Total investments	$	113,825,998	$	114,304,509					175.4	%

The industry composition of the portfolio, excluding short-term investments, at fair value at March 31, 2012 and December 31, 2011 was as follows:

Industry	March 31, 2012			December 31, 2011
Software & Services		10.8	%		14.6	%
Retailing		10.1			12.6
Media		9.8			8.1
Health Care Equipment & Services		8.8			6.9
Insurance		8.6			2.4
Consumer Services		8.2			4.9
Diversified Financials		7.0			7.8
Telecommunication Services		6.3			9.0
Capital Goods		5.8			3.4
Materials		5.5			3.4
Remaining Industries		19.1			26.9
Total		100.0	%		100.0	%

The portfolio’s geographic dispersion, excluding short-term investments, at fair value at March 31, 2012 was United States 96.0%, United Kingdom 2.0%, Singapore 1.5%, Canada 0.5%, and Ireland <0.1%. The geographic dispersion is determined by the portfolio company’s country of domicile. The portfolio’s currency denomination was 96.9% US dollars and 3.1% Euros at March 31, 2012.

The portfolio’s geographic dispersion, excluding short-term investments, at fair value at December 31, 2011 was United States 97.4%, Canada 1.1%, United Kingdom 1.5% and Ireland <0.1%. The geographic dispersion is determined by the portfolio company’s country of domicile. The portfolio’s currency denomination was 99.0% US dollars and 1.0% Euros at December 31, 2011.

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During the period ended March 31, 2012, the Company did not hold any non-controlled investments where it owned 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, the Company did not own more than 25% of a portfolio company’s outstanding voting securities as investments in “controlled” companies.

4. Fair Value of Financial Instruments

The carrying values of the Company’s financial instruments approximate fair value. The carrying values of receivables, other assets, accounts payable and accrued expenses approximate fair value due to their short maturities. The carrying and fair values of the revolving credit facility were $63,740,000 and $62,947,000 at March 31, 2012, respectively. The revolving credit facility would be classified as Level 2 with respect to the fair value hierarchy.

The Company’s investments were categorized in the fair value hierarchy as follows at March 31, 2012 and December 31, 2011:

	March 31, 2012
Investment Type	Level 1		Level 2		Level 3		Total
Senior debt	$	—	$	122,789,640	$	8,560,560	$	131,350,200
Subordinated debt		—		84,606,796		6,006,623		90,613,419
Common stock		—		—		448,908		448,908
Subtotal		—		207,396,436		15,016,091		222,412,527
Short-term investments		9,976,618		—		—		9,976,618
Total	$	9,976,618	$	207,396,436	$	15,016,091	$	232,389,145

	December 31, 2011
Investment Type	Level 1		Level 2		Level 3		Total
Senior debt	$	—	$	66,957,496	$	4,651,937	$	71,609,433
Subordinated debt		—		33,914,267		963,533		34,877,800
Preferred stock		102,524		—		—		102,524
Subtotal		102,524		100,871,763		5,615,470		106,589,757
Short-term investments		7,714,752		—		—		7,714,752
Total	$	7,817,276	$	100,871,763	$	5,615,470	$	114,304,509

At March 31, 2012, the Company held 10 distinct investment positions that were classified as Level 3, representing an aggregate fair value of $15.0 million and 6.5% of the total investment portfolio. The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of March 31, 2012 were as follows:

Asset Group	Fair Value as of March 31, 2012		Valuation Techniques (1)	Unobservable Input (2)	Range (Weighted Average)
Senior Debt Securities	$	6,237,980	Broker quotes	Offered quotes	98-101 (99.6)
		2,322,580	Broker quotes	Offered quotes	99-101(99.9)
			Market Comparables	Yield	6%-9% (7%)
				Discount margin	504-694 bps (571 bps)
				Total leverage EBITDA multiple	3.6x – 5.2x (4.0x)
				Illiquidity discount	1-3% (1%)
Subordinated Debt Securities		6,006,623	Broker quotes	Offered quotes	99.11 – 100 (N/A)
			Market Comparables	Yield	17% (N/A)
				Discount margin	1650 bps (N/A)
				Total leverage EBITDA multiple	5.3x (N/A)
Common Stock		448,908	Market Comparables	EBITDA multiple	5.8x (N/A)
Total	$	15,016,091

(1) For the assets and investment that have more than one valuation technique, the Company may rely on the stated techniques individually or in the aggregate based on a weight ascribed to each valuation technique, ranging from 0 – 100%. Broker quotes obtained for valuation purposes are reviewed by the Company relative to other valuation techniques when only one broker quote is available at the valuation measurement date.

(2) Weighted average amounts are based on the estimated fair values. If NA, then sample size is too small to compute the weighted average for the range.

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The more significant unobservable inputs used in the fair value measurement of the Company’s senior and subordinated loan investments are quotes obtained from unaffiliated brokers. In the event that there are limited broker quotes, then the valuation process will further rely on the inputs from comparable investments. Depending on the type of loan investment position held by the Company, the relative value analysis may rely on any of a) market yields, b) discount margin, c) illiquidity discount and d) leverage EBITDA multiples analysis to either confirm a single broker quote, or to generate a fair value in the absence of any broker quote. Other significant unobservable inputs used in the fair value measurement of the Company’s investments are also disclosed in the table above. Any significant increases or decreases in these unobservable inputs would result in significant increases or decreases in the fair value of the Company’s investments.

The following table presents a roll forward of the changes in fair value during the three months ended March 31, 2012 for investments classified within Level 3. There were no investments held for the three month period ending March 31, 2011. One senior debt security was transferred into the Level 3 hierarchy during the three months ended March 31, 2012. This investment was transferred at fair value as of the beginning of the period. This transfer from Level 2 to Level 3 was based on observed lack of liquidity (i.e. insufficient broker quotes) from information supplied by a third party pricing source, whereby such liquidity information is routinely reviewed no less frequently than monthly.

	Senior Debt			Subordinated Debt			Common Stock		Total
Fair Value Balance as of January 1, 2012	$	4,651,937		$	963,533		$	—	$	5,615,470
Purchases		3,698,099			5,969,804			448,908		10,116,811
Sales		—			—			—		—
Net realized gain		629			11,960			—		12,589
Net change in unrealized appreciation*		38,507			60,809			—		99,316
Principal reduction		(34,409	)		(998,479	)		—		(1,032,888	)
Net discount accretion		4,730			(1,004	)		—		3,726
Transfers into Level 3		201,067			—			—		201,067
Fair Value Balance as of March 31, 2012	$	8,560,560		$	6,006,623		$	448,908	$	15,016,091
Change in net unrealized appreciation in investments still held as of March 31, 2012*	$	46,878		$	38,209		$	—	$	85,087

* Amount is included in the related amount on investments in the condensed consolidated statement of operations.

5. Agreements and Related Party Transactions

The Company entered into an investment advisory agreement with CNL (the “Investment Advisory Agreement”) for the overall management of the Company’s investment activities. The Company and CNL have entered into a sub-advisory agreement with KKR (the “Sub-Advisory Agreement”), under which KKR is responsible for the day-to-day management of the Company’s investment portfolio. CNL compensates KKR for advisory services that it provides to the Company with 50% of the fees that CNL receives under the Investment Advisory Agreement.

CNL earns a management fee equal to an annual rate of 2% of the Company’s average gross assets and an incentive fee based on the Company’s performance. The performance-based incentive fee is comprised of the following two parts: (i) a subordinated incentive fee on income, (ii) an incentive fee on capital gains. The subordinated incentive fee, paid quarterly, is computed as the sum of (A) 100% of quarterly pre-incentive fee net investment income in excess of 1.75% of average adjusted capital up to a limit of 0.4375% of average adjusted capital, and (B) 20% of pre-incentive net investment income in excess of 2.1875% of average adjusted capital. The incentive fee on capital gains, paid annually, is equal to 20% of realized capital gains on a cumulative basis from inception, net of (A) all realized capital losses and unrealized depreciation on a cumulative basis and (B) net of the aggregate amount of any previously paid incentive fee on capital gains.

The Company entered into a managing dealer agreement with CNL Securities Corp., an affiliate of CNL. CNL Securities Corp. serves as the managing dealer of the Offering and in connection therewith receives selling commissions of up to 7% of gross offering proceeds, a marketing support fee of up to 3% of gross offering proceeds, and reimbursement of due diligence and certain other expenses incurred in connection with the Offering. All or any portion of these fees and expense reimbursements may be re-allowed to participating brokers. The Company will pay a maximum sales load of 10% of gross offering proceeds for all combined selling commissions, marketing support fees and expense reimbursements.

The Company entered into an administrative services agreement with CNL (the “Administrative Services Agreement”) whereby CNL performs, and oversees the performance of, various administrative services on behalf of the Company. Administrative services may include investor services, general ledger accounting, fund accounting, maintaining required financial records, calculating the Company’s net asset value, filing tax returns, preparing and filing SEC reports, preparing, printing and disseminating shareholder reports, overseeing the payment of the Company’s expenses, oversight of services providers and the performance of administrative and professional services rendered to the Company by others. The Company reimburses CNL for the expenses it incurs in performing its administrative obligations on behalf of the Company.

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CNL, certain CNL affiliates, and KKR receive compensation and reimbursement of expenses in connection with (i) the performance and supervision of administrative services and (ii) the Offering. Related party fees, expenses and reimbursement of expenses incurred in the three-month period ended March 31, 2012 are summarized below:

Related Party	Description	Amount
CNL Securities Corp.	Selling commissions and marketing support fees	$	8,869,023
CNL and KKR	Investment advisory fees		894,160
CNL and KKR	Reimbursement of organization expenses		527,741
CNL	Administrative and Compliance services		118,818

During the three months ended March 31, 2012, the Company recorded performance-based incentive fee expense of $875,246, including subordinated incentive fee on income of $0 and incentive fee on capital gains of $875,246. The incentive fee on capital gains was not earned by the Advisors or payable to the Advisors as of March 31, 2012.

The terms of the Investment Advisory Agreement entitle CNL (and indirectly KKR) to receive up to 5% of gross proceeds in connection with the Offering as reimbursement for organization and offering expenses incurred by the Advisors on behalf of the Company. The Advisors waived the requirement for the Company to reimburse them for organization and offering expenses for the period from June 17, 2011 through January 31, 2012. The waiver of the reimbursement requirements did not reduce the amount of organization and offering expenses incurred by the Advisors that is eligible for reimbursement in future periods. Beginning February 1, 2012, the Company implemented an expense accrual rate of 0.75% of gross offering proceeds to initiate the reimbursement of organization expenses incurred by the Advisors. Payments of organization expenses were made to the Advisors in the amount of $205,453 with a remaining payable due to the Advisors of $322,288 as of March 31, 2012. During the three months ended March 31, 2012, the Advisors incurred $0.7 million in additional offering costs. As of March 31, 2012, approximately $5.4 million was the net amount of organization and offering expenses incurred by the Advisors, net of both increases and reimbursements in the three months ended March 31, 2012. Approximately $368,000 was classified as organization expenses and the remainder was classified as offering expenses.

Beginning on June 7, 2011, the Company entered into an Expense Support and Conditional Reimbursement Agreement, and subsequently one amendment (the “Expense Support Agreement”) with CNL and KKR pursuant to which CNL and KKR jointly and severally agreed to pay to the Company all operating expenses (an “Expense Support Payment”) during the Expense Support Payment Period between June 17, 2011 to December 31, 2011. On December 16, 2011, the Company and the Advisors entered into an amendment to the Expense Support Agreement, effective January 1, 2012, that extended the terminal date of the Expense Support Payment Period to March 31, 2012 and reduced the Reimbursement Ratio from 100% to 65% of the Company’s Operating Expenses. The Amendment also redefined Operating Expenses as all costs and expenses paid or incurred by the Company, as determined under GAAP, including base advisory fees payable pursuant to the Advisory Agreements, and excluding (i) incentive advisory fees payable pursuant to the Advisory Agreements, (ii) offering and organization expenses, and (iii) all interest costs related to indebtedness for such period, if any. On March 16, 2012, the Company and the Advisors entered into an amendment and restatements of the Expense Support Agreement, effective April 1, 2012, that extended the terminal date of the Expense Support Payment Period to June 30, 2012 and reduced the Reimbursement Ratio from 65% to 25% of the Company’s Operating Expenses.

During the term of the Expense Support Agreement, the Advisors are entitled to an annual year-end reimbursement by the Company (a “Reimbursement Payment”) for unreimbursed Expense Support Payments made under the Agreement, but such Reimbursement Payments may only be made within three years after the year in which such Expense Support Payments are made. No Reimbursement Payment may be paid by the Company to the extent that it would cause the Company’s operating expenses (excluding investment advisory fees, organization and offering expenses and interest expenses) to exceed 1.91% of average net assets attributable to common shares as of the end of any such calendar year. The Agreement also states that in no event shall the Company be required to make any repayment of Expense Support Payments prior to January 1, 2013.

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Presented below is a summary of Expense Support Payments for the year ending December 31, 2011 and the three months ended March 31, 2012 as well as the terminal eligibility dates for Reimbursement Payments. Management believes that Reimbursement Payments are not probable as of March 31, 2012.

Period	Expense  Support Payments		Other Expense Ratio Cap	Eligible for  Reimbursement Payments through
Period ended December 31, 2011	$	1,375,592	1.91%		December 31, 2014
Three months ended March 31, 2012	$	962,798	1.91%		December 31, 2015
Total		2,338,390

6. Earnings Per Share

The following information sets forth the computation of basic and diluted net increase in net assets from operations per share (earnings per share).

	Three Months Ended March 31, 2012
Numerator for basic and diluted net increase in net assets per share	$	5,475,928
Denominator for basic and diluted net increase in net assets per share: Weighted average shares outstanding		10,949,283
Basic/diluted net increase in net assets from operations per share	$	0.50

Diluted net increase in net assets per share from operations equals basic net increase in net assets per share from operations for each period because there were no common stock equivalents outstanding during the above periods.

7. Distributions

The board of directors declared 13 distribution record dates in the three months ended March 31, 2012. Declared distributions are paid monthly. The total of declared distributions and the sources of distribution payments for the three months ended March 31, 2012 are presented in the table below. Distributions from Other Sources is the result of recording the incentive fee on capital gains on the condensed consolidated statement of operations, even though this incentive fee is not earned nor payable to the Advisors. Therefore unearned incentive fees represent a source of distributions declared and payable to common shareholders.

Total Distributions	$	1,987,103	100.0	%
From Net Investment Income		1,141,117	57.4	%
From Capital Gains		728,966	36.7	%
From Other Sources		117,020	5.9	%

For federal income tax purposes, the distributions paid to shareholders for the three months ended March 31, 2012 are expected to be fully taxable as ordinary income and capital gains, if any; accordingly management does not expect any return of capital. The tax characteristics of the distributions will be reported to shareholders after the end of the calendar year.

8. Share Transactions

Transactions in shares of common stock were as follows for the three months ended March 31, 2012. The Company began investment operations on July 1, 2011 so there is no presentation of comparative three month period ending March 31, 2011.

	Three Months Ended March 31, 2012
	Shares		Amount
Gross Proceeds from Offering		8,712,413	$	92,739,521
Commissions and Marketing Support Fees				(8,869,023	)
Reinvestment of Distributions		129,673		1,248,460
Net Proceeds		8,842,086	$	85,118,958
Average Net Proceeds Per Share		$9.63

On January 4, 2012, January 23, 2012 and February 28, 2012, the Company’s board of directors increased the public offering price per share of common stock under the Offering to $10.40, $10.65 and $10.85, respectively, to ensure that the revised net price per share, excluding sales load ($9.360, $9.585 and $9.765, respectively) equaled or exceeded the net asset value per share on each subsequent subscription closing date.

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9. Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights for one share of common stock outstanding during the three months ended March 31, 2012. The Company began investment operations on July 1, 2011 so there is no presentation of comparative three month period ending March 31, 2011.

Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	9.21
Net Investment Income, Before Expense Reimbursement(1)		0.01
Expense Reimbursement(1)		0.09
Net Investment Income(1)		0.10
Net Realized and Unrealized Gain(1)(2)		0.49
Net Increase Resulting from Investment Operations		0.59
Distributions from Net Investment Income to Common Shareholders(3)		(0.11	)
Distributions from Capital Gains		(0.07	)
Distributions from Other Sources		(0.01	)
Net Decrease Resulting from Distributions to Common Shareholders		(0.19	)
Capital share transactions -Issuance of common stock above net asset value (4)		0.05
Net Increase Resulting from Capital Share Transactions		0.05
Net Asset Value, End of Period	$	9.66
Total Investment Return (5)		6.91	%
Ratios/Supplemental Data (amounts in thousands):
Net Assets, End of Period	$	153,771
Average Net Assets(6)	$	104,551
Average Credit Facility Borrowings	$	57,599
Asset Coverage Ratio		3.41
Shares Outstanding, End of Period		15,915
Weighted Average Shares Outstanding		10,949
Ratios to Average Net Assets: (6)
Total Expenses Before Operating Expense Reimbursement		3.07	%
Total Expenses After Operating Expense Reimbursement		2.14	%
Net Investment Income		1.09	%
Portfolio Turnover Rate		13	%

⁽¹⁾  The per share data was derived by using the weighted average shares outstanding during the period.

⁽²⁾  The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

⁽³⁾  The per share data for distributions is the actual amount of paid or payable distributions per share of common stock during the period.

⁽⁴⁾  The continuous issuance of shares of common stock may cause an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share in excess of net asset value per share. The per share data was derived by dividing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date times (B) the differences between the net proceeds per share to the Company and the net asset value per share on each share transaction date, divided by (ii) the total shares outstanding at the end of the period.

⁽⁵⁾  Total investment return is based on (i) the purchase of one share at the initial public offering price, net of sales load, on the first day of the period, (ii) the sale at the net asset value per share, on the last day of the period, of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the cash payment for any distributions payable on the last day of the period. The total return calculation assumes that (i) the cash distributions are reinvested in accordance with the Company’s distribution reinvestment plan and (ii) the shares issued pursuant to the distribution reinvestment plan are issued at the then public offering price, net of sales load, on each distribution payment date. Since there is no public market for the Company’s shares, then current market value is assumed to be equal to (i) the initial public offering price, net of sales load, on the first day of the period and (ii) net asset value per share on the last day of the period. Total investment return is not annualized.

⁽⁶⁾  The computation of average net assets during the period is based on the daily value of net assets. Ratios are not annualized.

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10. Revolving Credit Facility and Borrowings

On August 22, 2011, CCT Funding entered into a revolving credit facility agreement (the “Credit Agreement”) with Deutsche Bank AG, New York Branch (“Deutsche Bank”). Deutsche Bank is the sole initial lender and serves as administrative agent under the Credit Agreement. The Credit Agreement currently provides for borrowings in an aggregate amount up to $175 million on a committed basis, with an accordion feature that can increase the aggregate maximum credit commitment up to $250 million, if exercised and under certain circumstances. On February 28, 2012, CCT Funding entered into an amendment (the “Amendment”) to the Credit Agreement to partially exercise the available accordion feature provided in the Credit Agreement. The Amendment provided for the extension of a new tranche of commitments (the “Tranche B Loans”) with borrowings in an aggregate amount up to $100 million, in addition to the initial $75 million of available borrowings, or Tranche A Loans. The Company has incurred costs of $278,920 in connection with obtaining and amending the credit facility, which the Company has recorded as prepaid expenses and other assets on its condensed consolidated statements of assets and liabilities and is amortizing to interest expense over the two year life of the credit facility.

Tranche A Loans under the Credit Agreement generally bear interest based on one-month adjusted London interbank offered rate for the relevant interest period, plus a spread of 1.70% per annum. Interest is payable monthly in arrears. Beginning on March 27, 2012, any unused commitment balance incurs a continuing commitment fee of 0.75% per annum. Tranche B Loans will generally bear interest based on a three-month adjusted London interbank offered rate for the relevant interest period, plus a spread of 2.35% per annum. Beginning on April 28, 2012, any unused Tranche B Loan commitment balances will be subject to a continuing commitment fee of 0.75% per annum. All amounts borrowed under the credit facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on August 22, 2013.

As of March 31, 2012, $63.74 million was borrowed and outstanding as Tranche A Loans under the Credit Agreement. The unused commitment amount was $11.26 million under the Tranche A Loan commitment and $100 million under the Trance B Loan commitment. The Company may further increase the aggregate maximum credit commitment in the future. The carrying amount of the outstanding borrowing approximates its fair value.

The effective interest rate under the Credit Agreement was 2.00% on March 31, 2012, exclusive of any commitment fees and of other deferred financing costs related to establishing the credit facility. The weighted average interest rate for the period ending March 31, 2012 was 1.97% per annum. The Company incurred interest expense, including loan commitment fees and amortization of deferred financing costs, of $320,129 for the period ended March 31, 2012.

Under the Credit Agreement, CCT Funding has made certain representations and warranties and it is required to comply with various covenants, reporting requirements and other customary requirements for Credit Agreement of this nature. As of March 31, 2012 management believes that the Company was in compliance with the covenants of the credit facility.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

STATEMENT REGARDING FORWARD LOOKING INFORMATION

The following information contains statements that constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements generally are characterized by the use of terms such as “may,” “should,” “plan,” “anticipate,” “estimate,” “intend,” “predict,” “believe” and “expect” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic downturn, increased direct competition, changes in government regulations or accounting rules, changes in local, national and global capital market conditions, our ability to obtain credit lines or credit facilities on satisfactory terms, changes in interest rates, availability of proceeds from our offering of shares, our ability to identify suitable investments, our ability to close on identified investments, inaccuracies of our accounting estimates, our ability to locate suitable borrowers for our loans and the ability of such borrowers to make payments under their respective loans. Given these uncertainties, we caution you not to place undue reliance on such statements, which apply only as of the date hereof. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances or to reflect the occurrence of unanticipated events. The forward-looking statements should be read in light of the risk factors identified in the “Risk Factors” section of our annual report on Form 10-K filing for the year ended December 31, 2011.

EXECUTIVE OVERVIEW

We are a non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Formed as a Maryland corporation on June 9, 2010, we are externally managed by CNL Fund Advisors Company (“CNL”) and KKR Asset Management LLC (“KKR”), collectively, the “Advisors”, which are responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Both Advisors are registered as investment advisers with the SEC.

Our investment objective is to provide our shareholders with current income and, to a lesser extent, long-term capital appreciation. We intend to meet our investment objective by investing primarily in the debt of privately owned U.S. companies (also referred to as “portfolio companies”) with a focus on originated transactions sourced through the networks of our Advisors. We anticipate that a substantial portion of our portfolio will consist of senior and subordinated debt, which we believe offer opportunities for superior risk-adjusted returns and income generation. Our debt investments may take the form of corporate loans or bonds, may be secured or unsecured and may, in some cases, be accompanied by warrants, options or other forms of equity participation. We may also potentially purchase common or preferred equity interests in portfolio companies.

The level of our investment activity depends on many factors, including: the amount of debt and equity capital available at large to finance the business activities of portfolio companies; the level of merger, acquisition and refinancing activity involving private companies; the availability of credit to finance transactions; and the general economic and competitive environment for the types of investments we intend to make.

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Financial and operating highlights

At March 31, 2012:
Investment Portfolio:	$232.4 million
Net Assets:	$153.8 million
Indebtedness (borrowings under credit facility):	$63.7 million
Net Asset Value per share:	$9.66
Portfolio Activity for the Three Months Ended March 31, 2012:
Cost of investments during period:	$135.3 million
Sales, repayments and other exits during period:	$23.9 million
Number of portfolio companies at end of period:	115
Operating Results for the Three Months Ended March 31, 2012:
Net investment income before incentive fees:	$2.0 million
Net investment income:	$1.1 million
Net realized gains:	$0.7 million
Net increase in net assets from operations:	$5.5 million
Net investment income before incentive fees per share:	$0.18
Net investment income per share:	$0.10
Dividends declared per share:	$0.19
Earnings per share:	$0.50

PORTFOLIO AND INVESTMENT ACTIVITY

Portfolio Investment Activity for the Three Months Ended March 31, 2012

Nine months ago on July 1, 2011, we commenced investment operations and began executing on our strategy of investing in the debt of privately owned U.S. companies. During the three months ended March 31, 2012, we acquired investments in portfolio companies totaling $135.3 million. During the same three-month period, we sold investment positions totaling $21.5 million and collected principal payments of $2.4 million. As of March 31, 2012, our investment portfolio consisted of investment interests in 115 portfolio companies, for a total fair value of $232.4 million, including our short term investments, with an associated cost of $228.3 million. During the three months ended March 31, 2012 we added 19 new portfolio companies with an aggregate investment of approximately $43.2 million; we completely exited from our investment positions in 14 portfolio companies that had been held in the investment portfolio at December 31, 2011.

As of December 31, 2011, the investment portfolio was valued at $114.3 million with an associated cost of $113.8 million; accordingly the +100% growth in the investment portfolio in the first quarter of 2012 accounted for much of the significant changes in investment income, expenses and net investment income during the same period, as discussed below in Results of Operations.

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The information below presents the segmentation and investment characteristics of our portfolio. However, our portfolio is not managed with any specific investment diversification or dispersion target goals. The following table summarizes the composition of our investment portfolio at cost and fair value as of March 31, 2012.

Asset Category	Cost		Fair Value		Percentage of Portfolio		Percentage of Net Assets
Senior debt securities	$	128,489,222	$	131,350,200		59.1%		85.4%
Subordinated debt securities		89,373,437		90,613,419		40.7		58.9
Total debt securities		217,862,659		221,963,619		99.8		144.3
Common stock		448,908		448,908		0.2		0.3
Subtotal		218,311,567		222,412,527		100.0%		144.6
Short term investments		9,976,618		9,976,618				6.5
Total investments	$	228,288,185	$	232,389,145				151.1%

The primary investment concentrations include (i) senior debt and (ii) subordinated debt securities. The debt investments in our portfolio were purchased at an average price of 99.6% of par value.

At March 31, 2012, 43.7% of our debt investments, based on fair value, featured floating interest rates, generally based on London Interbank Offered Rate (“LIBOR”), and 56.3% of our debt investments featured fixed interest rates. Approximately 77% of our floating rate debt investments featured interest rate floors and the weighted average interest rate floor was 1.47%.

As of March 31, 2012 our investment portfolio of 115 portfolio companies was diversified across 23 industries, as compared to our investment portfolio as of December 31, 2011 that consisted of 110 portfolio companies with the presence of 24 different industry classifications. The table below presents an industry class diversification summary of our investments excluding our short term investments:

Industry	March 31, 2012	December 31, 2011
Software & Services	10.8%	14.6%
Retailing	10.1%	12.6%
Media	9.8%	8.1%
Health Care Equipment & Services	8.8%	6.9%
Insurance	8.6%	2.4%
Consumer Services	8.2%	4.9%
Diversified Financials	7.0%	7.8%
Telecommunication Services	6.3%	9.0%
Capital Goods	5.8%	3.4%
Materials	5.5%	3.4%
Technology Hardware & Equipment	4.1%	4.6%
Food & Staples Retailing	3.3%	2.5%
Pharmaceuticals, Biotechnology & Life Sciences	3.3%	5.0%
Commercial & Professional Services	2.3%	3.2%
Energy	1.8%	3.3%
Consumer Durables & Apparel	1.7%	1.2%
Banks	1.6%	1.4%
Transportation	0.6%	3.4%
Food, Beverage & Tobacco	0.2%	0.5%
Semiconductors & Semiconductor Equipment	0.1%	0.2%
Real Estate	0.1%	1.5%
Automobiles & Components	<.1%	<.1%
Household & Personal Products	<.1%	<.1%
Utilities	--	0.1%
Grand Total	100.0%	100.0%

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We neither “control” nor are we an “affiliated person” of any of our portfolio companies, each as defined in the 1940 Act. Under the 1940 Act, we generally would be presumed to “control” a portfolio company if we own beneficially, either directly or through one or more controlled companies, 25% or more of its voting securities; and generally would be an “affiliated person” of a portfolio company if we directly or indirectly own or otherwise control 5% or more of its voting securities.

LIQUIDITY AND CAPITAL RESOURCES

We generate cash primarily from (i) the net proceeds from our Offering, (ii) borrowing funds under a revolving credit facility, (iii) interest income, dividends, fees earned from our portfolio investments, and principal repayments and (iv) proceeds from sales of our portfolio investments.

Offering of Common Stock

On June 23, 2010, we filed a registration statement on SEC Form N-2 (as amended and supplemented, the “Registration Statement”) with the SEC to register the continuous offering and sale of our common stock. The Registration Statement offers for sale up to $1.6 billion of shares of common stock (150 million shares at an initial offering price of $10.85 per share, as amended) (the “Offering”), and it was declared effective on April 4, 2011, at which time our Offering commenced. We raised net proceeds of $85.1 million in the three months ended March 31, 2012 and $149.5 million since the start of our Offering, including the reinvestment of distributions.

Credit Facility

We borrow funds to invest alongside the proceeds of our Offering for the purpose of making investments that increase our investment amounts in current holdings and to increase the number of portfolio holdings. As we previously reported, on August 22, 2011, CCT Funding LLC (“CCT Funding”) entered into a revolving credit facility agreement (the “Credit Agreement”) with Deutsche Bank AG, New York Branch (“Deutsche Bank”). Deutsche Bank is the sole initial lender and serves as administrative agent under the Credit Agreement. The Credit Agreement currently provides for borrowings in an aggregate amount up to $175 million on a committed basis, with an accordion feature that can increase the aggregate maximum credit commitment up to $250 million, if exercised and under certain circumstances. On February 28, 2012, CCT Funding LLC entered into an amendment (the “Amendment”) to the Credit Agreement to partially exercise the available accordion feature provided in the Credit Agreement. The Amendment provided for the extension of a new tranche of commitments (the “Tranche B Loans”) with borrowings in an aggregate amount up to $100 million, in addition to the initial $75 million of available borrowings, or Tranche A Loans. We have incurred costs of $0.3 million in connection with obtaining and amending the credit facility, primarily consisting of legal fees.

Tranche A Loans under the Credit Agreement generally bear interest based on one-month adjusted London interbank offered rate for the relevant interest period, plus a spread of 1.70% per annum. Interest is payable monthly in arrears. Beginning on March 27, 2012, any unused commitment balance incurs a continuing commitment fee of 0.75% per annum. Tranche B Loans will generally bear interest based on a three-month adjusted London interbank offered rate for the relevant interest period, plus a spread of 2.35% per annum. Beginning on April 28, 2012, any unused Tranche B Loans commitment balances will be subject to a continuing commitment fee of 0.75% per annum. All amounts borrowed under the credit facility will mature, and all accrued and unpaid interest thereunder, will be due and payable on August 22, 2013.

CCT Funding has appointed us to manage its portfolio of investments pursuant to the terms of an investment management agreement. CCT Funding’s obligations to Deutsche Bank are secured by a first priority security interest in substantially all of the assets of CCT Funding, including its portfolio of investments. The obligations of CCT Funding under the credit facility are non-recourse to us.

As of March 31, 2012, $63.74 million was borrowed and outstanding as Tranche A Loans under the Credit Agreement. The unused commitment amount was $11.26 million under the Tranche A Loans commitment and $100 million under the Trance B Loans commitment. As of March 31, 2012, ratio of borrowings-to-net asset value was 41%, or an asset coverage ratio of 3.41. The Company may further increase the aggregate maximum credit commitment in the future.

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Organization and Offering Costs

The terms of the Investment Advisory Agreement entitle CNL (and indirectly KKR) to receive up to 5% of gross proceeds in connection with the Offering as reimbursement for organization and offering expenses incurred by the Advisors on behalf of the Company. The Advisors waived the requirement for the Company to reimburse them for organization and offering expenses for the period from June 17, 2011 through January 31, 2012. The waiver of the reimbursement requirements did not reduce the amount of organization and offering expenses incurred by the Advisors that is eligible for reimbursement in future periods. Beginning February 1, 2012, the Company implemented an expense accrual rate of 0.75% of gross offering proceeds to initiate the reimbursement of organization expenses incurred by the Advisors. Reimbursement payments of organization expenses were made to the Advisors in the amount of $0.2 million with a remaining payable due to the Advisors of $0.3 million as of March 31, 2012. During the three months ended March 31, 2012, the Advisors incurred $0.7 million in additional offering costs. As of March 31, 2012, approximately $5.4 million was the net amount of organization and offering expenses incurred by the Advisors, net of both expense increases and reimbursement payments in the three months ended March 31, 2012.

We will continue to reimburse the Advisors for the organization and offering expenses in connection with gross proceeds raised under the Offering only to the extent that the reimbursement payments would not cause the total organization and offering expenses (which excludes selling commissions and marketing support fees) borne by us to exceed 5% of the aggregate gross proceeds from our Offering. The Advisors continue to be responsible for the payment of our organization and offering expenses to the extent they exceed 5% of the aggregate gross proceeds from the Offering, without recourse against or reimbursement by us.

Expense Support Agreement

Beginning on June 7, 2011, we entered into an Expense Support and Conditional Reimbursement Agreement, and subsequently one amendment (the “Expense Support Agreement”) with CNL and KKR pursuant to which CNL and KKR jointly and severally agreed to pay to us all operating expenses (an “Expense Support Payment”) during the Expense Support Payment Period between June 17, 2011 to December 31, 2011. On December 16, 2011, the company and the Advisors entered into a second amendment to the Expense Support Agreement, effective January 1, 2012, that extended the terminal date of the Expense Support Payment Period to March 31, 2012 and reduced the Reimbursement Ratio from 100% to 65% of our Operating Expenses. The second amendment also redefined Operating Expenses as all costs and expenses paid or incurred by us, as determined under GAAP, including base advisory fees payable pursuant to the Advisory Agreements, and excluding (i) incentive advisory fees payable pursuant to the Advisory Agreements, (ii) offering and organization expenses, and (iii) all interest costs related to indebtedness for such period, if any. On March 16, 2012, the company and the Advisors entered into an amendment and restatement of the Expense Support Agreement, effective April 1, 2012, that extended the terminal date of the Expense Support Payment Period to June 30, 2012 and reduced the Reimbursement Ratio from 65% to 25% of our Operating Expenses.

During the term of the Expense Support Agreement, the Advisors are entitled to an annual year-end reimbursement by us (a “Reimbursement Payment”) for unreimbursed Expense Support Payments made under the Agreement, but such Reimbursement Payments may only be made within three years after the year in which such Expense Support Payments are made. No Reimbursement Payment may be paid by us to the extent that it would cause our operating expenses (excluding investment advisory fees, organization and offering expenses and interest expenses) to exceed 1.91% of average net assets attributable to common shares as of the end of any such calendar year. The Agreement also states that in no event shall we be required to make any repayment of Expense Support Payments prior to January 1, 2013. As of March 31, 2012, management believes that such Reimbursement Payment are not probable. Management will periodically assess the likelihood that Reimbursement Payments become probable. As of March 31, 2012, the amount of Expense Support Payment, received or receivable by us from the Advisors, is $2.3 million, including $1.0 million of Expense Support Payments received or receivable by us in the three months ended March 31, 2012.

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The Expense Support Agreement may be terminated by the Advisors acting jointly, without payment of any penalty, upon written notice to us, except the Advisors may not terminate their obligations to make Expense Support Payments. In addition, the Expense Support Agreement will automatically terminate in the event of (a) the termination by us of either our Investment Advisory Agreement or our Sub-Advisory Agreement, or (b) our dissolution or liquidation. If the Expense Support Agreement is terminated due to termination of the Investment Advisory Agreement or the Sub-Advisory Agreement, then we must make a Reimbursement Payment to the Advisors, pro rata based on the aggregate unreimbursed Expense Support Payments made by each Advisor.

Distributions Paid and Declared

We pay our ordinary monthly distributions in the form of cash, unless shareholders elect to receive their ordinary monthly distributions and/or long-term capital gains distributions in additional shares of our common stock pursuant to the terms our distribution reinvestment plan. Any distributions reinvested under our distribution reinvestment plan will nevertheless remain taxable for U.S. shareholders. For the three months ended March 31, 2012, we paid total distributions of $2.0 million, which consisted of distributions in the amounts of $1.1 million from net investment income, $0.7 million from capital gains, and $0.1 million from other sources. Overall, net investment income and capital gains represented 94% of total distributions as of March 31, 2012. Alternatively, our net investment income before incentive fees was $2.0 million which fully covered the total distributions in the three months ended March 31, 2012. Since the performance incentive fee incurred by us during the three months ended March 31, 2012 is neither earned nor payable to the Advisors, then we believe that net investment income before incentive fees is useful in evaluating the relationship between distributions and (i) investment income and (ii) capital gains.

Our shareholders who held our common stock during the entire three months ended March 31, 2012 received distributions of $0.1857 per share. The following table provides the details of the cash distributions per share that we have declared and paid on our common stock during the three months ended March 31, 2012.

Distribution Record Date	Distribution Payment Date	Distribution Amount Per Share
January 3, 2012	February 1, 2012	$ 0.013798
January 10, 2012	February 1, 2012	0.013798
January 17, 2012	February 1, 2012	0.014000
January 24, 2012	February 1, 2012	0.014000
January 31, 2012	February 1, 2012	0.014336
February 7, 2012	February 29, 2012	0.014336
February 14, 2012	February 29, 2012	0.014336
February 21, 2012	February 29, 2012	0.014336
February 28, 2012	February 29, 2012	0.014336
March 6, 2012	March 28, 2012	0.014606
March 13, 2012	March 28, 2012	0.014606
March 20, 2012	March 28, 2012	0.014606
March 27, 2012	March 28, 2012	0.014606

We anticipate that our distributions, in the aggregate, will be substantially supported by taxable ordinary income and, if any, realized capital gains.

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RESULTS OF OPERATIONS

Set forth below are our results of operations for the three months ended March 31, 2012; our business operations started on June 17, 2011 and our portfolio investment activity commenced on July 1, 2011. Therefore there are no results of operations for the three months ended March 31, 2011 to present for comparative purposes. It should be noted that our investment portfolio grew by approximately 100% in the first quarter of 2012 due to growth in capital available for investment, and this growth accounted for much of the significant changes in investment income, expenses and net investment income during the same period, as discussed below.

Operating Expenses and Net Investment Income

Investment income for the period ended March 31, 2012 was $3.4 million, consisting primarily of interest income in the amount of $3.4 million. Incremental amounts of investment capital were deployed throughout the three-month period ended March 31, 2012 in the acquisition of portfolio investments as we received net proceeds from our Offering on a weekly basis. The investment portfolio doubled in size during the three months ended March 31, 2012, and accordingly we believe that reported interest income for the three months ended March 31, 2012 is not completely representative of our stabilized performance or our future performance. We expect further increases in interest income in future periods due to i) an increasing proportion of investments held for the entire period relative to incremental net investment activity during each quarter, and ii) a growing base of portfolio company investments that we expect to result from the expected increase in investment capital available from our Offering.

Operating expenses were $3.2 million for the three months ended March 31, 2012. Investment advisory fees and performance-based incentive fees totaled $1.8 million, or 55% of total operating expenses. The performance-based incentive fee, consisting entirely of incentive fee on capital gains, in the amount of $0.9 million was neither earned by, nor payable to, the Advisors as of March 31, 2012. Furthermore, $1.0 million in operating expenses was offset by the Advisors’ Expense Support Payments, resulting in net expenses of $2.2 million for the three months ended March 31, 2012. The Expense Support Payments were based on 65% of operating expenses incurred during the three months ended March 31, 2012, excluding (i) incentive advisory fees payable pursuant to the Advisory Agreements, (ii) offering and organization expenses, and (iii) all interest costs related to indebtedness.

Beginning February 1, 2012, the Company implemented an expense accrual rate of 0.75% of gross offering proceeds to initiate the reimbursement of organization expenses incurred by the Advisors. Payments of organization expenses were made to the Advisors in the amount of $0.2 million with a remaining payable due to the Advisors of $0.3 million as of March 31, 2012.

The effective interest rate under the Credit Agreement for Tranche A Loans was 2.00% on March 31, 2012, exclusive of any commitment fees and of other deferred financing costs related to establishing the credit facility. The weighted average interest rate for the three months ended March 31, 2012 was 1.97% per annum. We incurred interest expense, including loan commitment fees and amortization of deferred financing costs, of $0.3 million for the period ended March 31, 2012 solely in connection with borrowing under the Tranche A Loans commitment.

We consider the following expense categories to be relatively fixed in the near term: administrative services, director’ fees and expenses, custodian and accounting fees, insurance, and a component of other operating expense related to compliance services and investor services. Variable operating expenses include professional services, investment advisory fees, performance-based incentive fees, interest expense, and a component of other operating expenses related to transfer agency services and shareholder services. We expect these variable operating expenses to continue to increase at a faster rate relative to fixed operating costs, either in connection with the growth in the asset base (investment advisory fees and interest expense), the number of shareholders and open accounts (transfer agency services and shareholder services) and the complexity of our investment processes and capital structure (professional services).

Net investment income was $1.1 million for the three months ended March 31, 2012, or approximately $0.10 per share. Net investment income before incentive fees was $2.0 million over the same period, or $0.18 per share.

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Net Assets, Net Asset Value per Share and Total Return

Net assets increased $88.6 million during the three-month period ended March 31, 2012. The most significant increase during the three months ended March 31, 2012 was attributable to the issuance of shares of common stock in the current Offering and reinvestment of distributions in the amount of $85.1 million. Net investment income contributed $1.1 million to the growth in net assets during the three months ended March 31, 2012. Other increases in net assets during the three months ended March 31, 2012 were attributable to (i) unrealized appreciation on investments of $3.6 million and (ii) realized gains of $0.7 million. Distributions to shareholders in the amount of $2.0 million contributed to a reduction in net assets in the three months ended March 31, 2012. Fluctuations in prevailing interest rates may cause further changes in unrealized appreciation and depreciation on investments. None of the portfolio investments were non-accrual or in default as of March 31, 2012.

Our net asset value per share was $9.21 on December 31, 2011 and $9.66 on March 31, 2012. After considering the changes in net asset value per share, distributions of approximately $0.19 per share, and assuming the reinvestment of those distributions at the prevailing offering price per share, net of sales load, then the total return (not annualized) was 6.91% over the three months ended March 31, 2012.

Capital Stock Activity

Shares of our common stock outstanding increased by 8,842,086 during the three months ended March 31, 2012, including shares sold in our Offering and shares issued in connection with our distribution reinvestment plan. The public offering price was increased three times and ranged between $10.25 per share to $10.85 per share during the three months ended March 31, 2012; the public offering price was $10.85 per share and the net price (net of sales load) was $9.765 per share as of March 31, 2012.

OFF-BALANCE SHEET ARRANGEMENTS

We had no off-balance sheet arrangements as of March 31, 2012.

CONTRACTUAL OBLIGATIONS

Investment Advisory Agreements–We have entered into the Investment Advisory Agreement with CNL for the overall management of our investment activities. CNL has also entered into the Sub-Advisory Agreement with KKR, under which KKR is responsible for the day-to-day management of our investment portfolio. Pursuant to the Investment Advisory Agreement, CNL will earn a management fee equal to an annual rate of 2% of our average gross assets, and an incentive fee based on our performance. The incentive fee is comprised of the following three parts: (i) a subordinated incentive fee on income, (ii) an incentive fee on capital gains and (iii) a subordinated listing incentive fee. CNL will compensate KKR for advisory services that it provides to us with 50% of the fees that CNL receives under the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, CNL (and indirectly KKR) are also entitled to receive up to 5% of gross proceeds in connection with the Offering as reimbursement for organization and offering expenses incurred by the Advisors on our behalf.

On March 14, 2012, we and CNL agreed to two technical changes to the Investment Advisory Agreement, which will reduce the amount of performance-based incentive fees payable to CNL and KKR in the future. The changes (i) delete from any performance-based incentive fees payable to CNL and KKR any subordinated listing incentive fee (which, among other things and subject to certain conditions, as previously disclosed, would have been earned by CNL and KKR following a liquidity event involving a listing of our shares on a national securities exchange) and (ii) refine the previously disclosed definition of “pre-incentive net investment income,” to exclude from the calculation thereof any Expense Support Payments and any reimbursement payments by us of Expense Support Payments, effective from and after January 1, 2012.

Revolving Credit Facility–As discussed above under “Financial Condition, Liquidity and Capital Resources – Credit Facility,” CCT Funding has entered into a revolving credit facility with Deutsche Bank. The credit facility provides for borrowings in an aggregate amount up to $75 million on a committed basis (which we call the Tranche A Loans), with an accordion feature that can increase the aggregate maximum credit commitment up to $250 million, if exercised and under certain circumstances. On February 28, 2012, CCT Funding entered into an amendment to the credit facility to partially exercise the available accordion feature. The Amendment provides for the extension of a new tranche of commitments (which we call the Tranche B Loans) with borrowings in an aggregate amount up to $100 million, in addition to the aggregate Tranche A Loan commitment of up to $75 million. As of March 31, 2012, approximately $63.74 million was borrowed and outstanding under the credit facility. The Tranche A Loans generally bear interest based on a one-month adjusted London interbank offered rate (LIBOR) for the relevant interest period, plus a spread of 1.70% per annum. The Tranche B Loans will generally bear interest based on a three-month adjusted LIBOR for the relevant interest period, plus a spread of 2.35% per annum.

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A summary of our significant contractual payment obligations for the repayment of outstanding borrowings at March 31, 2012 is as follows:

	Payments Due By Period (dollars in millions)
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Credit Facility(1)	$	63.74	$	—	$	63.74	$	—	$	—
Interest and Credit Facility Fees Payable		0.29		0.29		—		—		—

(1) At March 31, 2012, $111.26 million remained unused under our Credit Facility.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical Accounting Policies

Below is a discussion of the accounting policies that management believes are critical in connection with our investment operations. We consider these accounting policies critical because they will involve management judgments and assumptions, require estimates about matters that are inherently uncertain and because they will be important for understanding and evaluating our reported financial results. These judgments will affect the reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Additionally, other companies may use different accounting policies and estimates that may impact the comparability of our results of operations to those of companies in similar businesses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we will describe and expand our critical accounting policies as they pertain to specific investment activities in the notes to our future financial statements.

Valuation of Investments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure the value of our investments in accordance with fair value accounting guidance promulgated under GAAP, which establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available actively quoted prices or for which fair value can be measured from actively quoted prices, generally, will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. A determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

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Investments measured and reported at fair value are classified and disclosed in one of the following categories:

• Level 1—Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities, debt securities and publicly listed derivatives will be included in Level 1. In addition, securities sold, but not yet purchased, and call options will be included in Level 1. We will not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably affect the quoted price.

• Level 2—Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, and various relationships between investments. Investments which are generally expected to be included in this category include corporate bonds and loans, convertible debt indexed to publicly listed securities and certain over-the-counter derivatives.

• Level 3—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments that are expected to be included in this category are our private portfolio companies.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance, we generally do not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. Original issue discounts, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis as of ex-dividend date.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Management Fees

We accrue for the base management fee and performance-based incentive fees, including (i) a subordinated incentive fee on income and (ii) an incentive fee on capital gains. We record the liability for the incentive fee on capital gains based on a hypothetical liquidation of the investment portfolio at the end of each reporting period. Therefore the accrual for incentive fee on capital gains includes the recognition of incentive fee on both net realized gains and net unrealized appreciation, if any, although any such incentive fee associated with net unrealized appreciation is neither earned nor payable to the Advisors until net unrealized appreciation is realized as net capital gains.

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Organization and Offering Expenses

Organization expenses, including reimbursement payments to Advisors, are expensed on our company’s statement of operations. Continuous offering expenses, including reimbursement payments to Advisors and excluding commission and marketing support fees, will be capitalized on the statements of assets and liabilities as deferred offering expenses and expensed over a 12-month period.

Federal Income Taxes

We intend to elect to be treated for federal income tax purposes, beginning with our taxable year ending December 31, 2011, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, we generally will not pay corporate-level federal income taxes on any ordinary income or capital gains that we distribute to our shareholders from our tax earnings and profits. To obtain and maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and distribute annually at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any.

RECENT ACCOUNTING PRONOUNCEMENTS

We do not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on our condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures about Market Risks

We are subject to financial market risks, in particular changes in interest rates. Future changes in interest rates will likely have effects on the interest income we earn on our portfolio investments, the fair value of our fixed income investments, the interest rates and interest expenses associates with the money we borrow for investment purposes, and the fair value of loan balances.

Assets

As of March 31, 2012, approximately 43.7% of our portfolio of debt investments, or approximately $96.9 million measured at fair value, featured floating or variable interest rates. The variable interest rate investments are usually based on a floating LIBOR (the base rate) and typically have durations of three months after which the interest rates reset to current market interest rates. At March 31, 2012, approximately 33.6% of our portfolio of debt investments, or approximately $74.5 million measured at fair value, featured minimum base rates, or base rate floors, and the weighted average base rate floor for such investments was 1.47%. Variable interest rate investments that feature a base rate floor generally reset to the current base rate only if the rest interest rate exceeds the base rate floor on the applicable interest reset date, in which cases we may benefit through an increase in interest income from such investments after the interest reset date.

At March 31, 2012, we held an aggregate investment position of $22.4 million at fair value in the debt of portfolio companies that featured variable rates without any minimum base rates, or approximately 10% of our portfolio of debt investment. In the case of these investments held in our portfolio, we may benefit from increases in the base rates that may subsequently result in an increase in interest income from such investments after the interest reset date.

Assuming that the condensed consolidated schedule of investments as of March 31, 2012 was to remain constant with regards to the investment portfolio and no actions were taken to alter the existing interest rate sensitivity or investment portfolio allocations, then we estimate that a hypothetical immediate and persistent 100-basis-point increase in the base rates associated with our debt investments featuring variable rates and no minimum base rate would increase our interest income by approximately $216,000 over a 12-month forward measurement period starting April 1, 2012, depending on the timing of the actual interest reset dates. Additionally we estimate a hypothetical immediate and persistent 100-basis-point increase in the base rates associated with our minimum base rate debt investments would increase our interest income by approximately $54,000 over a 12-month measurement period starting April 1, 2012, depending on the timing of the actual interest reset dates. Although management believes that these measurements are indicative of our interest income sensitivity to interest rate changes in relation to our assets, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the consolidated statements of assets and liabilities and other business developments that could affect net increases in net assets resulting from operations, or net income. Accordingly, no assurances can be given that actual results would not differ materially from the estimates above. Additionally, an increase in interest rates and interest income should make it easier for us to meet or exceed our quarterly preferred return that triggers the quarterly subordinated incentive fee on income, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income and the amount of incentive fees payable to our Advisors with respect to an increase in pre-incentive fee net investment income.

In addition, any fluctuations in prevailing interest rates may affect the fair value of our fixed rate debt instruments and result in changes in unrealized gains and losses, and may affect a net increase or decrease in net assets resulting from operations. Such changes in unrealized appreciation and depreciation will materialize into realized gains and losses if we are compelled to sell our investments before the debt maturity date.

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Liabilities (Borrowings)

Because we borrow money to make investments, our net investment income is partially dependent upon the difference between the interest rate at which we borrow funds and the interest rate at which we invest these borrowed funds. In periods of rising interest rates and when we have outstanding borrowing balances, our interest expense would increase, which could increase our financing costs and reduce our net investment income, especially to the extent we acquire and continue to hold fixed-rate debt investments. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Pursuant to the terms of our revolving credit facility agreement as discussed above under “— Financial Condition, Liquidity and Capital Resources — Credit Facility”), as of March 31, 2012, CCT Funding borrows at a floating base rate of 30-day LIBOR plus 1.7% for Tranche A Loans ($63.74 million borrowing balance outstanding and $11.26 million unused commitment). When we borrow funds under the Tranche B Loans commitment ($100 million), then our marginal interest cost for borrowed funds will be based on a floating base rate of 90-day LIBOR plus 2.35%. Therefore we expect that our marginal interest cost will increase by approximately 90 basis points, or more, as compared to our current interest cost for borrowed funds. We expect that any expansion of the current revolving credit facility, or any future credit facilities that we or any subsidiary may enter into, will also be based on a floating base rate. As a result, we are subject to continuous risks relating to changes in market interest rates.

Subject to the requirements of the 1940 Act, we may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. Although hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates. During the period from January 1, 2012 to March 31, 2012, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) under the Exchange Act of 1934, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, our management, including our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures are effective as of the end of the period covered by this report.

We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

In the most recent fiscal quarter, there was no change in our internal controls over financial reporting (as defined under Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings - None

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in our annual report on Form 10-K filing for the year ended December 31, 2011.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended March 31, 2012, we issued 129,673 shares of common stock under our distribution reinvestment plan pursuant to an exemption from the registration requirements of the Securities Act.

Item 3. Defaults Upon Senior Securities -None

Item 4. (Removed and Reserved)

Item 5. Other Information -None

Item 6. Exhibits

The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this report.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on the 10th day of May, 2012.

CORPORATE CAPITAL TRUST, INC.
By:	/s/ Andrew A. Hyltin
	ANDREW A. HYLTIN
	Chief Executive Officer
	(Principal Executive Officer)
By:	/s/ Paul S. Saint-Pierre
	PAUL S. SAINT-PIERRE
	Chief Financial Officer
	(Principal Financial Officer)

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EXHIBIT INDEX

The following exhibits are filed or incorporated as part of this report.

3.1	Second Amended and Restated Articles of Incorporation of the Registrant.(Incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed on May 8, 2012.)
3.2	Amended and Restated Bylaws of the Registrant.(Incorporated by reference to Exhibit 2(b) filed with Amendment No. 3 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on March 29, 2011.)
10.1	Form of Managing Dealer Agreement by and between Registrant and CNL Securities Corp.(Incorporated by reference to Exhibit 2(h)(1) filed with Amendment No. 2 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on February 18, 2011.)
10.2	Form of Participating Broker Agreement.(Incorporated by reference to Exhibit 2(h)(2) filed with Amendment No. 2 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on February 18, 2011.)
10.3	Form of Distribution Reinvestment Plan.(Incorporated by reference to Exhibit 2(e) filed with Amendment No. 2 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on February 18, 2011.)
10.4	Intellectual Property License Agreement by and between Registrant and CNL Intellectual Properties, Inc.(Incorporated by reference to Exhibit 2(k)(3) filed with Amendment No. 2 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on February 18, 2011.)
10.5	Administrative Services Agreement by and between the Registrant and CNL Fund Advisors Company.(Incorporated by reference to Exhibit 2(k)(2) filed with Amendment No. 3 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on March 29, 2011.)
10.6	Custodian Agreement.(Incorporated by reference to Exhibit 2(j) filed with Amendment No. 3 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on March 29, 2011.)
10.7	Investment Advisory Agreement by and between Registrant and CNL Fund Advisors Company.(Incorporated by reference to Exhibit 2(g)(1) filed with Amendment No. 3 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on March 29, 2011.)
10.8	Sub-Advisory Agreement by and among the Registrant, CNL Fund Advisors Company and KKR Asset Management LLC.(Incorporated by reference to Exhibit 2(g)(2) filed with Amendment No. 3 to the Company’s registration statement on Form N-2 (File No. 333-167730) filed on March 29, 2011.)
10.9	Amended and Restated Escrow Agreement by and among Registrant, UMB Bank N.A., and CNL Securities Corp. (Incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q filed on August 12, 2011.)
10.10	Selected Dealer Agreement among the Registrant, CNL Securities Corp., CNL Fund Advisors Company, CNL Financial Group, LLC, KKR Asset Management LLC and Ameriprise Financial Services, Inc. (Incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.) (Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.)
10.11	Limited Liability Company Agreement of CCT Funding LLC. (Incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.)
10.12	Credit Agreement between CCT Funding LLC and Deutsche Bank AG, New York Branch.(Incorporated by reference to Exhibit 10.14 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.) (Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.)

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10.13	Custodial Agreement among the Registrant, CCT Funding LLC, Deutsche Bank AG, New York Branch and Deutsche Bank Trust Company Americas.(Incorporated by reference to Exhibit 10.15 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.) (Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.)
10.14	Asset Contribution Agreement between the Registrant and CCT Funding LLC. (Incorporated by reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.)
10.15	Security Agreement between CCT Funding LLC and Deutsche Bank AG, New York Branch.(Incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.)
10.16	Investment Management Agreement between the Registrant and CCT Funding LLC. (Incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10-Q filed on November 10, 2011.)
10.17	First Amendment to Credit Agreement between CCT Funding LLC and Deutsche Bank AG, New York Branch.(Incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on March 16, 2012.) (Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.)
10.18	Amended and Restated Expense Support and Conditional Reimbursement Agreement by and among the Registrant, CNL Fund Advisors Company and KKR Asset Management LLC.(Incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K filed on March 16, 2012.)
10.19	Amendment No. 1 to Investment Advisory Agreement by and between Registrant and CNL Fund Advisors Company.(Incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K filed on March 16, 2012.)
31.1	Certification of Chief Executive Officer of Corporate Capital Trust, Inc., Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(Filed herewith.)
31.2	Certification of Chief Financial Officer of Corporate Capital Trust, Inc., Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(Filed herewith.)
32.1	Certification of Chief Executive Officer and Chief Financial Officer of Corporate Capital Trust, Inc., Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(Filed herewith.)

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