Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2023 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, May 10, 2023
Slide 1: Quarter Ended March 31, 2023
Nuveen Churchill Direct Lending Corp. Quarter Ended March 31, 2023 10 May 2023
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 $2.6 billion in over 90 transactions across our platform for the first quarter, consistent with the investment activity for the same time period of 2022 • Our senior loan all-in yields increased to over 12% (compared to 6.6% one yea
Slide 4: 1Q23 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 1Q23 Highlights $91M Investment Volume2 12.4% Average Investment Yield6 15 Investments $6.0M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Liquidity: $554M4 ◦ Uncalled sharehold
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $218M $146M $110M $91M 5.3% 5.8% 6.2% 6.5% 10.4% 11.6% 13.4% 12.7% 7.4% 9.4% 10.8% 11.4% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 06/3
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Services: Business Healthcare & Pharmaceuticals High Tech Industries Beverage, Food & Tobacco Automotive Services: Consumer Capital Equipment Banking, Finance, Insurance, Real Estate Telecommunications Consumer Goods: Non-durable Others (13) First Lien Term Loa
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (60% called) $905M committed $545M called $360M uncalled Debt (80% drawn) $967M committed15 $769M drawn $194M available5 Overall (70% drawn) $554M liquidity4 + $1.87B committed $1.31B drawn = • $554M4 of liquidity through uncalled shareho
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. • The Company has one Subscription Facility, two Financing Facilities and one Collateralized Loan Obligation in place Financing overview Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity Churchill NCDLC CLO-I $342.0 $342.0 S + 2.01%16 (no SOFR floo
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value $18.32 $0.60 -$0.55 -$0.21 -$0.16 $0.01 $18.01 NAV (12/31/22) Net investment income Shareholder distributions from income Shareholder distributions from realized gains Net realized and unrealized gain (loss) Other NAV (3/31/23) 19 18 20 PLEASE D
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 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 $0.43 $0.47 $0.50 $0.50$0.00 $0.00 $0.00 $0.26 9.2% 10.1% 10.8% 11.3% 17.1% Regular Dividend per Share ($) Special / Supp. Dividend per share ($) Annualized Dividend Yield (%) Annualized Dividend Yield (w. Special / Supp.) (%
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share March 30, 2023 March 30, 2023 April 12, 2023 $0.50 March 30, 2023 March 30, 2023 April 12, 2023 $0.26 December 29, 2022 December 29, 2022 January 17, 2023 $0.50 September
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share December 21, 2022 3,193,195 $60,000,000 $18.79 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
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 March 31, 2023, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv LPC’s 1Q23 Sponsored Middle Market Private Deals Analysis (April 2023). 2. Reflects the par amount of total new investment activity
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2023, unless otherwise noted. Numbers may not sum due to rounding. 15. Represents current Financing Facilities amount. 16. Interest rates represent the weighted average spread over 3-month SOFR for the various
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