Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2021 Earnings Presentation
14 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 11, 2021
Slide 1: Quarter Ended June 30, 2021
Nuveen Churchill Direct Lending Corp. Quarter Ended June 30, 2021 11 August 2021
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 portfolio update
3Nuveen Churchill Direct Lending Corp. • On pace to meet or exceed our record 2020 annual investment activity of over $6 billion • Churchill closed/committed over $2 billion in 75+ distinct transactions across the platform in Q2 2021 alone • Remained very disciplined with a 7% selectivity rate in Q2
Slide 4: Investment Activity, Performance, Liquidity
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity Near record level of activity in 2Q • Second most active quarter behind 4Q 2020 • Robust pipeline of opportunities into 3Q • Strong economic recovery driving record M&A and private equity deal activity 2Q21 Highlights $
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read (% ) Investment Activity (QoQ) $71M $162M $83M $145M 5.98% 5.90% 4.82% 5.09% Volume ($ Millions) Spread (%) 09/30/20 12/31/20 03/31/21 06/30/21 $0M $50M $100M $150M $200M $250M $300M 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00%
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Portfolio overview First Lien Term Loan (including DDTLs) Subordinated Debt Equity Services: Business High Tech Industries Consumer Goods: Non-durable Containers, Packaging & Glass Beverage, Food & Tobacco Banking, Finance, Insurance & Real Estate Healthcare &
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (46% called) $506M committed $231M called $275M uncalled Debt (66% drawn) $455M committed12 $298M drawn $125M available5 Overall (55% drawn) $399M liquidity1 + $961M committed $529M drawn = • $399M1 of liquidity through uncalled equity co
Slide 8: Financing
8Nuveen Churchill Direct Lending Corp. Financing Financing Facilities Amount ($ Millions) Drawn ($ Millions) Pricing Maturity SMBC Financing Facility $150.0 $92.5 L + 2.50% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $275.0 $182.5 L + 2.50% (no LIBOR floor) October 28, 2025 SMB
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value • QoQ increase in NAV per share as a result of continued portfolio growth and improving valuations $18.89 $0.36 $0.14 -$0.31 -$0.01 $19.07 NAV (3/31/21) Net investment income Net realized and unrealized gain (loss) Shareholder distributions from
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 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) $1,505 $2,356 $2,760 $3,746 $0.23 $0.28 $0.30 $0.31 6.54 8.41 9.20 12.08 Distributions ($ Thousands) Dividend per Share ($) Shares Outstanding (M
Slide 12: Share issuance and distribution activity
12Nuveen Churchill Direct Lending Corp. Share issuance and distribution activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share June 22, 2021 1,034,668 $20,000,000 $19.33 April 23, 2021 1,845,984 $35,000,000 $18.96 March 11, 2021 785,751 $15,000,000 $19.09 November 6,
Slide 13: Contact us
13Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 14: Endnotes
14Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of June 30, 2021, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of uncalled equity commitments of $275M and Financing Facilities Available of $125M. 2. Reflects the par amount of total n
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