Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2022 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 16, 2022
Slide 1: Quarter Ended September 30, 2022
Nuveen Churchill Direct Lending Corp. Quarter Ended September 30, 2022 16 November 2022
Slide 2: Disclaimer
2Nuveen Churchill Direct Lending Corp. Disclaimer This presentation is for informational purposes only. It does not convey an offer of any type and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any securities of Nuveen Churchill Dire
Slide 3: Overview, Market Update and Churchill Platform
3Nuveen Churchill Direct Lending Corp. • Closed and/or committed to $4.6 billion in nearly 120 distinct transactions across the platform during 3Q (35% year-over-year increase); LTM annual investment pace reached a record over $14 billion • Senior lending strategy comprised nearly 70% of quarterly o
Slide 4: 3Q22 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 3Q22 Highlights $146M Investment Volume2 10.1% Average Investment Yield6 20 Investments $7.3M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Liquidity: $713M4 ◦ Uncalled sharehol
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $214M $61M $218M $146M 5.3% 5.5% 5.3% 5.8% 11.0% 10.5% 10.4% 11.6% 6.2% 6.5% 7.4% 9.4% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 12/31/
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Services: Business High Tech Industries Healthcare & Pharmaceuticals Beverage, Food & Tobacco Automotive Banking, Finance, Insurance, Real Estate Consumer Goods: Non-durable Telecommunications Capital Equipment Containers, Packaging & Glass Others (13) First Li
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (54% called) $905M committed $485M called $420M uncalled Debt (69% drawn) $967M committed15 $664M drawn $293M available5 Overall (61% drawn) $713M liquidity4 + $1.87B committed $1.15B drawn = • $713M4 of liquidity through uncalled shareho
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. • The Company has one Subscription Facility, two Financing Facilities and one Collateralized Loan Obligation in place ◦ SMBC Subscription Facility maturity extended to 2023, and the pricing benchmark changed from LIBOR to SOFR Financing overview Financing Facil
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. • 1.2% quarter-over-quarter decline in NAV per share as a result of valuation decreases due to overall market spread widening Net Asset Value $18.76 $0.51 -$0.47 -$0.27 $0.01 $18.54 NAV (6/30/22) Net investment income Shareholder distributions from income Net r
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Fair Value % of Portfolio Fair Value % of Portfolio Fair Value % of Portfolio Fair Value % of Portfolio 1 — — — — — — — — 2 — — — — — —
Slide 11: Dividend history
11Nuveen Churchill Direct Lending Corp. Dividend history As of Record Date D iv id en d p er S h ar e ($ ) D ivid en d D istribu tion s ($ T h ou san d s) $7,640 $8,552 $9,757 $11,933$0.40 $0.41 $0.43 $0.47 19.29 20.86 22.69 25.39 Distributions ($ Thousands) Dividend per Share ($) Shares Outstanding
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share September 28, 2022 September 28, 2022 October 11, 2022 $0.47 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share August 1, 2022 2,652,775 $50,081,849 $18.88 April 25, 2022 1,800,426 $34,963,980 $19.42 January 21, 2022 1,541,568 $30,000,000 $19.46 December 9, 2021 1,491,
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 15: Notes
15Nuveen Churchill Direct Lending Corp. Note: All information is as of September 30, 2022, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv 3Q22 Private Deals Analysis. 2. Reflects the par amount of total new investment activity for the three months ended September 3
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2022, unless otherwise noted. Numbers may not sum due to rounding. 16. Interest rates represent the weighted average spread over 3-month SOFR for the various floating rate tranches of issued notes within th
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