Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2023 Earnings Presentation
17 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 7, 2023
Slide 1: Quarter Ended September 30, 2023
Nuveen Churchill Direct Lending Corp. Quarter Ended September 30, 2023 7 November 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 Update
3Nuveen Churchill Direct Lending Corp. • Sponsored middle market deal flow has continued to increase quarter-over-quarter with Q3 2023 sponsored middle market direct lending volume 12% higher than Q2 20231 ◦ Lenders and sponsors are on the lookout for new deals and scarcity of capital is leading to
Slide 4: 3Q23 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 3Q23 Highlights $217M Investment Volume5 12.2% Average Investment Yield9 23 Investments $9.4M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Liquidity: $457M7 ◦ Uncalled sharehol
Slide 5: 3Q23 Investment Activity
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $110M $91M $110M $217M 6.2% 6.5% 6.1% 6.1% 13.4% 12.7% 13.5% 13.8% 10.8% 11.4% 11.0% 11.5% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 12
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Services: Business Healthcare & Pharmaceuticals High Tech Industries Beverage, Food & Tobacco Services: Consumer Capital Equipment Automotive Banking, Finance, Insurance, Real Estate Consumer Goods: Non-durable Construction & Building Others (14) First Lien Ter
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (73% called) $906M committed $664M called $242M uncalled Debt (79% drawn) $1.10B committed18 $867M drawn $215M available8 Overall (76% drawn) $457M liquidity7 + $2.01B committed $1.53B drawn = • $457M7 of liquidity through uncalled shareh
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. • The Company has a diversified funding profile including: two Asset Based Financing Facilities, one Collateralized Loan Obligation, and one Corporate Revolver • The SMBC Subscription Facility matured on September 8, 2023, all outstanding debt and accrued inter
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value $17.93 $0.62 -$0.55 -$0.05 $0.01 $17.96 NAV (6/30/23) Net investment income Shareholder distributions from income Net realized and unrealized gain (loss) Other NAV (9/30/23) 23 25 PLEASE DO NOT TOUCH THE FORMATTING (MOVE AROUND BOXES, CHANGE CHA
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 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 $0.50 $0.50 $0.50 $0.50 $0.05 $0.05 $0.05 $0.21 10.8% 11.3% 11.2% 11.0% 12.4% 12.3% 12.2% Regular Dividend per Share ($) Supp. Dividend per share ($) Special Dividend per share ($) Regular Annualized Dividend Yield (%) Total
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share September 28, 2023 September 28, 2023 October 12, 2023 $0.50 September 28, 2023 September 28, 2023 October 12, 2023 $0.05 June 28, 2023 June 28, 2023 July 12, 2023 $0.50 J
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share July 17, 2023 4,357,515 $78,564,514 $18.03 April 20, 2023 2,205,038 $40,000,000 $18.14 December 21, 2022 3,193,195 $60,000,000 $18.79 August 1, 2022 2,652,77
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, 2023, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv LPC’s 3Q23 Sponsored Middle Market Private Deals Analysis (July 2023). 2. Source: Direct Lending Deals’ Lender Mandates as of S
Slide 16: Notes
16Nuveen Churchill Direct Lending Corp. Note: All information is as of September 30, 2023, unless otherwise noted. Numbers may not sum due to rounding. 12. Interest rate utilizes the floating rate investment spread plus the greater of 3-Month base rate, or base rate floor, if applicable for each res
Slide 17: Endnotes
17Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2023, unless otherwise noted. Numbers may not sum due to rounding. 25. Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data bas
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