Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2022 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 16, 2022
Slide 1: Quarter Ended June 30, 2022
Nuveen Churchill Direct Lending Corp. Quarter Ended June 30, 2022 16 August 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
3Nuveen Churchill Direct Lending Corp. • Closed and/or committed to $3.9 billion in over 120 distinct transactions across the platform during 2Q (79% year-over-year increase); LTM annual investment pace reached a record $13 billion • Senior lending strategy comprised 70% of quarterly originations ◦
Slide 4: 2Q22 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 2Q22 Highlights $218M Investment Volume3 7.5% Average Investment Yield6 28 Investments $7.8M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Closed approximately $128M of new shar
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $223M $214M $61M $218M 5.8% 5.3% 5.5% 5.3% 10.3% 11.0% 10.5% 10.4% 6.7% 6.2% 6.5% 7.4% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 09/30/
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. First Lien Term Loan (including DDTLs) Subordinated Debt Equity Portfolio overview Average Asset Yield11 8.0% Average Position Size12 Key Portfolio Statistics <1% 22.0 % 9.0 % 8.3 % 7.2 % 6.8 % 4.9 % 4.7 % 4.4 % 4.2 % 4.1 % 24.4 % 88.5% 10.4% 1.1% 1488% First L
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (48% called) $905M committed $435M called $470M uncalled Debt (61% drawn) $967M committed15 $588M drawn $366M available5 Overall (55% drawn) $835M liquidity2 + $1,872M committed $1,023M drawn = • $835M2 of liquidity through uncalled share
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 Financing Facility increased from $225M to $300M, and the pricing benchmark changed from LIBOR to SOFR Financing overview Financing Faci
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. • 2.8% quarter-over-quarter decline in NAV per share as a result of valuation decreases due to overall market spread widening Net Asset Value $19.31 $0.46 -$0.43 -$0.58 $18.76 NAV (3/31/22) Net investment income Shareholder distributions from income Net realize
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) June 30, 2022 March 31, 2022 December 31, 2021 September 30, 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) $6,173 $7,640 $8,552 $9,757 $0.38 $0.40 $0.41 $0.43 16.25 19.29 20.86 22.69 Distributions ($ 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 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 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 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 1,491,676 $29,207,475 $19.58 November 1, 2021 1,54
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 15: Endnotes
15Nuveen Churchill Direct Lending Corp. Note: All information is as of June 30, 2022, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv 2Q22 Pricing Analysis. 2. Represents the sum of uncalled shareholder commitments of $470M and Financing Facilities availability of $
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of June 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 the CLO
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