Capital Trust Will Pay Special $2 Dividend

Capital Trust, Inc.

("Capital Trust") today announced a definitive agreement under which an affiliate of Blackstone

will acquire its investment management business, operated through its subsidiary, CT Investment Management Co., LLC ("CTIMCO").  Under the terms of the agreement, Blackstone will acquire CTIMCO and its fund co-investments for $20 million.  Blackstone will also manage Capital Trust and purchase an 18.2% equity stake in the company.  Following the closing, CTIMCO will be integrated into Blackstone's Real Estate Debt Strategies ("BREDS") business.