Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2025 Earnings Presentation
41 slides from Nuveen Churchill Direct Lending's earnings presentation, November 2025
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation
Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation November 2025
Slide 2: Important information
Important information 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 Direct Lending Corp. (the “Compa
Slide 3: Table of contents
Table of contents 1. Executive Summary 4 2. Churchill Platform Overview 6 3. Investment Approach 13 4. NCDL Overview 20 5. Appendices 29 6. Endnotes 37 Nuveen Churchill Direct Lending Corp. 3
Slide 4: 1. Executive Summary
1. Executive Summary Nuveen Churchill Direct Lending Corp. 4
Slide 5: Executive summary
Executive summary Nuveen Churchill Direct Lending Corp. (NCDL) is Churchill’s flagship middle market private credit BDC with a diversified, senior-focused portfolio, managed by a team of industry veterans with a nearly 20-year track record and 750+ private equity relationships NCDL’s • NCDL held its
Slide 6: 2. Churchill Platform Overview
2. Churchill Platform Overview Nuveen Churchill Direct Lending Corp. 6
Slide 7: Backed by TIAA, Nuveen is an established leader in private capital
Backed by TIAA, Nuveen is an established leader in private capital A global capability with the collective size and scale to offer both investors and private equity sponsors a broader range of products and financing options TIAA , our parent company and anchor investor Nuveen, a $1.4T global investm
Slide 8: Churchill's strategically integrated U.S. middle market private capital platform
Churchill’s strategically integrated U.S. middle market private capital platform Churchill provides a full array of solutions across the capital structure to leading private equity firms Senior lending Junior capital Equity co- Secondaries $29.9B $6.2B investments $2.2B $ 56B+ $6.4B committed capita
Slide 9: A competitive edge that's difficult to replicate
A competitive edge that’s difficult to replicate 19+ $75B 750+ $12B+ year track of private capital private equity committed as an LP to record investments1 relationships private equity funds2 Scale Track record We believe our rigorous and disciplined With $56B+ of committed capital, our approach to
Slide 10: Sourcing: Differentiated relationships with private equity sponsors through LP commitments
Sourcing: Differentiated relationships with private equity sponsors through LP commitments Churchill has committed $12+ billion1 in middle market private equity funds driving improved access to deal flow 350 ~80% 76% $1B+ 5-10 Fund with Committed to U.S. middle New GP relationships Fund commitments
Slide 11: Experienced team of professionals
Experienced team of professionals Churchill has over 200 dedicated professionals focused on originating, underwriting, managing and supporting investments in middle market companies EXECUTIVE COMMITTEE Ken Kencel* Randy Schwimmer* Mathew Linett* Jason Strife** Shai Vichness, CFA* President & CEO Vic
Slide 12: Churchill's nationally recognized platform
Churchill’s nationally recognized platform Lender Firm Private Markets Manager Best Places to Work of the Year1 of the Year2 in Money Management3 2021, 2022, 2023, 2024 2021, 2024, and 2025 2021, 2022, 2023, 2024 Highly ranked in industry league tables Influential thought leader #1 most active U.S.
Slide 13: 3. Investment Approach
3. Investment Approach Nuveen Churchill Direct Lending Corp. 13
Slide 14: Investment strategy: senior lending
Investment strategy: senior lending Highly experienced management Focus on first lien secured loans ~$30B committed capital • Consistent management team for • Aims to lend at conservative leverage over 19 years levels to companies with stable and • Averaging over 25 years of middle market lending ex
Slide 15: Investment strategy: private equity & junior capital
Investment strategy: private equity & junior capital 15 years 30 350 95%+ as an active private equity investor existing LP commitments to dedicated investment of direct investments closed from private equity funds professionals managing five middle-market GP sponsor complementary mandates1 relations
Slide 16: How we define the middle market
How we define the middle market Churchill focuses on the traditional U.S. middle market to seek diversification, reliability, and attractive risk-adjusted returns as a complement to other private market loan segments Churchill investment universe ($10-$100M) Lower Traditional Upper Broadly syndicate
Slide 17: How we invest in the middle market
How we invest in the middle market Our investment team focuses on investing in the traditional middle market representing companies between $10-$100 million in EBITDA Relationships drive Rigorous underwriting Strong risk management robust deal flow • $12B+ of LP commitments1 to Disciplined, well-def
Slide 18: Selectivity, diversification and rigorous underwriting are key to our philosophy
Selectivity, diversification and rigorous underwriting are key to our philosophy Majority of transactions sourced from LP Fund commitments • Highly selective with 5% of transactions reviewed closed Illustrative Senior Lending Transactions1 Deals screened • Screen deals from leading private equity sp
Slide 19: Proactive portfolio and risk management process
Proactive portfolio and risk management process aims to eliminate surprises and minimize defaults • Investment team meetings as required • Review stories on borrowers/industries via news wires and email alerts • Assess potential covenant defaults Daily / • Changes to internal risk ratings evaluated
Slide 20: 4. NCDL Overview
4. NCDL Overview Nuveen Churchill Direct Lending Corp. 20
Slide 21: 3Q'25 Highlights
3Q’25 Highlights • Net investment income per share: $0.43 (vs. $0.46 in 2Q'25)1 • Net increase in net assets resulting from operations per share: $0.38 (vs. $0.32 in 2Q'25) 1 3Q'25 • Net asset value per share: $17.85 (vs. $17.92 at 6/30/2025) Earnings • Annualized ROE on net investment income: 9.6%2
Slide 22: Nuveen Churchill Direct Lending Corp. overview (NYSE: NCDL)
Nuveen Churchill Direct Lending Corp. overview (NYSE: NCDL) Scaled, publicly-traded business development company with well-diversified, defensively constructed private equity sponsor backed senior loan-focused portfolio $2.0B 213 100% 90% 88% Investment Portfolio Private Equity Sponsor First Lien De
Slide 23: Dividend history
Dividend history Declared Q4’25 regular distribution of $0.45 per share payable on January 27, 2026 for shareholders of record as of December 31, 2025 1 2 All information presented above is as of September 30, 2025, unless otherwise noted. Past performance is not a guarantee of future results. Refer
Slide 24: Portfolio overview
Portfolio overview Portfolio composition by investment type Portfolio composition by Moody’s Industry Healthcare & Pharmaceuticals Services: Business ~90% 1 First lien debt Beverage, Food & Tobacco Construction & Building Capital Equipment Portfolio composition by interest rate type Services: Consum
Slide 25: Portfolio overview - diversification
Portfolio overview - diversification Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.6% of the portfolio Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Trilon Group Services: Business 1.5 % MGM Transformer Company Ene
Slide 26: Net interest margin
Net interest margin NCDL had a Net Interest Margin of 337 bps1 as of the quarter ended September 30, 2025 2 All information presented above is as of September 30, 2025, unless otherwise noted. Past performance is not a guarantee of future results. Refer to Endnotes for corresponding disclosure infor
Slide 27: Internal risk rating
Internal risk rating • Weighted average rating of 4.2 • Investments in three portfolio companies on non-accrual representing 0.4% (at fair value) and 0.9% (at cost) as of September 30, 2025 Portfolio risk ratings ($ thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Fair Va
Slide 28: Financing overview
Financing overview Financing source Debt commitment Outstanding par Amount Reinvestment period Maturity Interest rate available Securitizations CLO-I $321.2 M $321.2 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 January 20, CLO-II $213.6 M $213.6 M N/A January 20, 2028 2036 S + 2.50%1 CLO-III $214.
Slide 29: 5. Appendices
5. Appendices Nuveen Churchill Direct Lending Corp. 29
Slide 30: Financial highlights
Financial highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Net Investment Income1 $0.43 $0.46 $0.53 $0.56 $0.58 Net Realized and Unrealized Gains (Losses)1 (0.05) (0.14) (0.24) (
Slide 31: Quarterly investment activity
Quarterly investment activity For the Three Months Ended (Dollar amounts in thousands) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Investment Activity at Par: New Gross Commitments at Par $29,236 $47,698 $166,239 $162,663 $225,612 Investment Fundings1 $36,277 $81,061 $153,019 $1
Slide 32: Net asset value
Net asset value As of September 30, 2025 the Company’s net asset value per share was $17.85 1 2 1 3 All information presented above is as of September 30, 2025, unless otherwise noted. Past performance is not a guarantee of future results. Refer to Endnotes for corresponding disclosure information.
Slide 33: Portfolio highlights
Portfolio highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Portfolio Highlights Investments, at Fair Value1 $1,967,882 $1,992,804 $2,077,570 $2,081,379 $2,046,887 Number of Portfolio Companies 213 207 210 210
Slide 34: 3Q'25 Investment activity
3Q’25 Investment activity • Closed 10 new investments totaling $29M1 • 4.7%2 average spread of new floating rate investments • 13.0%3 weighted average coupon of new fixed rate investments 20 29 29 23 10 4 All information presented above is as of September 30, 2025, unless otherwise noted. Past perfo
Slide 35: Quarterly statements of financial condition
Quarterly statements of financial condition As of Date (Dollar amounts in thousands, except share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Assets Investments, at fair value $1,967,882 $1,992,804 $2,077,570 $2,081,379 $2,046,887 Cash & cash equivalents 46,333 44,008 49,1
Slide 36: Quarterly operating results
Quarterly operating results For the Three Months Ended (Dollar amounts in thousands, except share data) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income $48,227 $50,213 $50,846 $53,683 $57,317 PIK in
Slide 37: 6. Endnotes
6. Endnotes Nuveen Churchill Direct Lending Corp. 37
Slide 38: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of September 30, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 21: 3Q'25 Highlights 1 Per share net investment income (“NII”),
Slide 39: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of September 30, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 24: Portfolio Overview 1 First lien debt is comprised of 68.12%
Slide 40: Endnotes and Definitions
Endnotes – NCDL overview and appendices Note: All information is as of September 30, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 34: Investment Activity 1 New investments reported at par exclud
Slide 41: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com 5013289 Nuveen Churchill Direct Lending Corp. 41
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