Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2024 Earnings Presentation
22 slides from Nuveen Churchill Direct Lending's earnings presentation, Feb 27, 2025
Slide 1: Full Year and Fourth Quarter 2024 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Full Year and Fourth Quarter 2024 Earnings 27 February 2025
Slide 2: Disclosure
Disclosure 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 “Company,” “NCDL,
Slide 3: 4Q'24 Highlights
4Q'24 Highlights • Net investment income per share: $0.56 (vs. $0.58 in 3Q'24)1 • Net increase in net assets resulting from operations per share: $0.54 (vs. $0.67 in 3Q'24)1 4Q’24 • Net asset value per share: $18.18 (vs. $18.15 at 9/30/2024) Earnings • Annualized ROE on net investment income: 12.4%2
Slide 4: Nuveen Churchill Direct Lending Corp. Overview
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 $2.1B 210 100% 91% 81% Debt Investments Investment Portfolio Private Equity Firs
Slide 5: Financial Highlights
Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Net Investment Income1 $0.56 $0.58 $0.57 $0.56 $0.66 1 Net Realized and Unrealized Gains (Losses) (0.02) 0.09 (0.20) 0.
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Net Funded Investment Activity New Gross Commitments at Par $162,663 $225,612 $360,218 $206,815 $253,620 Net Investments Funded17 $151,106 $203,159
Slide 7: Net Asset Value
Net Asset Value • $0.03 quarter-over-quarter increase in NAV per share $0.56 $18.15 $0.04 $18.18 -$0.45 -$0.10 -$0.02 4Q'24: $0.55 total dividend (12.0% dividend yield12) NAV Net investment Regular Special Net realized and Other 21 NAV (9/30/24) income19 distributions distributions20 unrealized gain
Slide 8: Dividend History
Dividend History • Declared Q1’25 regular dividend of $0.45 per share payable on April 28, 2025 for shareholders of record as of March 31, 2025 • The final IPO special dividend of $0.10 per share is payable on April 28, 2025 for shareholders of record as of February 12, 2025 $1.20 12.0% 12.3% 12.1%
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Portfolio Highlights Investments, at Fair Value4 $2,081,379 $2,046,887 $1,990,856 $1,794,559 $1,641,686 Number of Portfolio Companies 210 202 198 195
Slide 10: 4Q'24 Investment Activity
4Q'24 Investment Activity • Closed 16 new investments and 13 add-ons totaling $163M22 • 4.6%23 average spread of new floating rate investments • 12.0%24 average coupon of new fixed rate investments Investment Activity (QoQ) $800M 14.0% 13.9% 13.8% 13.7% $700M 13.0% 12.0% 12.0% $600M 11.2% 10.0% Spre
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 1.8% 7.7% Services: Business 16.5% 26 Healthcare & Pharmaceuticals 14.5% 91% First Lien Debt First Lien Debt Subordinated Debt Equity High Tech Industries 8.7% Beverage, Food & Tobacco 7.0% 90.6% Co
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.2% of the portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.5% US MetalCo Holdings LLC Energy: Electricity 1.4% (MGM Transforme
Slide 13: Net Interest Margin
Net Interest Margin NCDL had a Net Interest Margin of 323 bps27 as of the quarter ended December 31, 2024 11.9% 11.7% 11.9% 11.7% 12.0% 11.4% 11.4% 10.9% 10.9% 11.6% 11.7% 11.6% 10.4% 11.4% 11.3% 11.0% 9.8% 10.9% 10.0% 10.6% 10.3% 9.6% 8.0% 7.7% 7.7% 7.7% 8.0% 7.5% 7.4% 7.2% 7.2% 6.7% 6.8% 6.7% 6.8%
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average rating remained stable at 4.1 • No new investments placed on non-accrual status during the quarter • One portfolio company on non-accrual representing 0.09% (at fair value) and 0.35% (at amortized cost) as of December 31, 2024 Portfolio risk ratings ($ thousan
Slide 15: Financing Overview
Financing Overview • NCDL has a diversified funding profile including: one Asset Based Financing Facility (ABL), three Collateralized Loan Obligations (CLOs), and one Corporate Revolver • NCDL has ample liquidity of $250 million through cash and debt capacity • Rated investment grade by Moody’s (Baa
Slide 16: Dividend Activity
Dividend Activity Date Declared Record Date Payment Date Dividend Type Dividend per Share February 19, 2025 March 31, 2025 April 28, 2025 Q1’25 Regular Dividend $0.45 November 4, 2024 December 31, 2024 January 28, 2025 Q4’24 Regular Dividend $0.45 July 31, 2024 September 30, 2024 October 28, 2024 Q3
Slide 17: Quarterly Balance Sheets
Quarterly Balance Sheets As of Date (Dollar amounts in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Assets Investments, at fair value $2,081,379 $2,046,887 $1,990,856 $1,794,559 $1,641,686 Cash and cash equivalents 43,254 69,304 70,986 64,146 67,
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Investment income Non-controlled/non-affiliated company investments: Interest income 53,683 57,317 53,018 49,078 46,819 PIK inc
Slide 19: Contact Us
Contact Us Our website www.NCDL.com Investor Relations Robert.Paun@churchillam.com Nuveen Churchill Direct Lending Corp. 19
Slide 20: Endnotes
Endnotes Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments,
Slide 21: Endnotes
Endnotes Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 11 The interest coverage ratio calculation is derived from the most recently available portfolio compa
Slide 22: Endnotes
Endnotes Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 25 Interest rate utilizes the average spread plus the greater of 3-Month base rate (i.e. SOFR), or bas
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