Market Overview

LibreMax Capital to Acquire Trimaran Advisors

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Adds $3 Billion Collateralized Loan Obligations Business

LibreMax Capital, LLC ("LibreMax"), an asset management firm
specializing in structured credit, today announced that an affiliate has
entered into a definitive agreement to acquire Trimaran Advisors, LLC,
a U.S.-based investment manager with expertise in managing
collateralized loan obligations ("CLOs"), and certain affiliated
companies ("Trimaran"), from KCAP Financial Inc. (NASDAQ:KCAP).

Trimaran currently manages six CLOs with approximately $3 billion of
assets under management. Following the close of the transaction,
Trimaran's Chief Investment Officer and head of its CLO
platform, Dominick Mazzitelli, will continue to lead the business,
supported by the existing management team.

"Trimaran is a well-respected CLO manager with a seasoned team of
investment professionals, whose strategy complements our deep structured
credit expertise," said Greg Lippmann, Chief Investment Officer of
LibreMax. "The addition of Trimaran expands our core products —
diversifying our platform and offering our investors access to an asset
class that has performed well through various credit cycles."

Mr. Mazzitelli added, "LibreMax's significant experience investing
across a broad range of structured credit assets makes the firm a great
fit for our platform. We look forward to working with the LibreMax team
to provide its investors with attractive opportunities across the
leveraged loan market."

The transaction is subject to customary closing conditions and is
expected to close by year end.

Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the
transaction.

About LibreMax Capital

Founded in 2010, LibreMax Capital, LLC is a New York-based asset
management firm specializing in structured credit with $2.9 billion in
assets under management.

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