Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2021 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 16, 2021
Slide 1: Quarter Ended September 30, 2021
Nuveen Churchill Direct Lending Corp. Quarter Ended September 30, 2021 16 November 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: Market Update, Churchill Investment Activity and Portfolio Update
3Nuveen Churchill Direct Lending Corp. • Year-to-date total sponsored middle market direct lending issuance was over $78.3 billion, already exceeding 2020’s total volume of $71.1 billion • Lenders with substantial hold sizes, underwriting capabilities and the benefit of incumbency in a transaction h
Slide 4: 3Q21 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 3Q21 Highlights $223M Investment Volume2 7.5% Average Investment Yield5 34 Investments Upward trend in total dividend distributions since inception • Declared dividend of $6.2M (65% increase from 2Q21); $0.38 per share
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read (% ) Investment Activity (QoQ) $162M $83M $145M $223M 5.9% 4.8% 5.1% 5.8% Volume ($ Millions) Spread (%) 12/31/20 03/31/21 06/30/21 09/30/21 $0M $50M $100M $150M $200M $250M $300M $350M $400M 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Portfolio overview Average Asset Yield9 6.8% Average Position Size10 Key Portfolio Statistics <1% Services: Business High Tech Industries Beverage, Food & Tobacco Consumer Goods: Non-durable Healthcare & Pharmaceuticals Banking, Finance, Insurance & Real Estate
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (60% called) $520M committed $311M called $208M uncalled Debt (76% drawn) $475M committed13 $360M drawn $87M available4 Overall (67% drawn) $295M liquidity1 + $995M committed $671M drawn = • $295M1 of liquidity through uncalled shareholde
Slide 8: Financing
8Nuveen Churchill Direct Lending Corp. Financing Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity SMBC Financing Facility $150.0 $117.5 L + 2.50% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $275.0 $200.6 L + 2.50% (no LIBOR floor) October 28, 2025 SMBC Subscriptio
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 $19.07 $0.41 $0.19 -$0.38 -$0.02 $19.27 NAV (6/30/21) Net investment income Net realized and unrealized gain (loss) Shareholder distributions from
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 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) $2,356 $2,760 $3,746 $6,173 $0.28 $0.30 $0.31 $0.38 8.41 9.20 12.08 16.25 Distributions ($ Thousands) Dividend per Share ($) Shares Outstanding (
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share September 29, 2021 September 29, 2021 October 11, 2021 $0.38 June 29, 2021 June 29, 2021 July 12, 2021 $0.31 March 29, 2021 March 29, 2021 April 19, 2021 $0.30 December 29
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share August 23, 2021 2,593,357 $50,000,000 $19.28 July 26, 2021 1,564,928 $30,000,000 $19.17 June 22, 2021 1,034,668 $20,000,000 $19.33 April 23, 2021 1,845,984 $
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 15: Endnotes
15Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2021, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of uncalled shareholder commitments of $208M and Financing Facilities availability of $87M. 2. Reflects the par amoun
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2021, unless otherwise noted. Numbers may not sum due to rounding. 15. The per share data was derived by using the weighted average shares outstanding during the period. 16. The per share data for distribut
Nuveen Churchill Direct Lending — Q3 2021 Earnings Presentation on 6ix