Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2025 Earnings Presentation
42 slides from Nuveen Churchill Direct Lending's earnings presentation, April 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation
Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation April 2026
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 14 4. NCDL Overview 21 5. Appendices 30 6. Endnotes 38 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 an over 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: Nuveen Private Capital: Combining the capabilities of two leading managers
Nuveen Private Capital: Combining the capabilities of two leading managers A broad array of capabilities across the capital structure offering strong long-term risk- adjusted return potential US Senior European Lending Direct Lending $35.9B $30.3B US Junior Capital Capital $7.2B Solutions $1.6B A $6
Slide 9: 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 Junior capital Equity co- Secondaries lending $7.2B investments $1.9B $ 64B+ $35.9B $6.5B committed capita
Slide 10: A competitive edge that's difficult to replicate
A competitive edge that’s difficult to replicate 20+ $84B 750+ $13B 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 $64B+ of committed capital, our approach to u
Slide 11: Sourcing: Differentiated relationships with private equity sponsors through LP commitments
Sourcing: Differentiated relationships with private equity sponsors through LP commitments Churchill has committed $13 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 12: 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 13: 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 - 2025 2021, 2024, and 2025 2021 - 2025 Highly ranked in industry league tables Influential thought leader most active U.S. mid-cap #1 private credit
Slide 14: 3. Investment Approach
3. Investment Approach Nuveen Churchill Direct Lending Corp. 14
Slide 15: Investment strategy: senior lending
Investment strategy: senior lending 20+ 40+ 560+ ~$36B year track record existing portfolio investments dedicated investment committed capital professionals Highly experienced management — Consistent management team for over 20 years — Averaging over 25 years of middle market lending experience for
Slide 16: 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 four middle-market GP sponsor complementary mandates relations
Slide 17: 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 18: 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 • $13B of LP commitments1 to Disciplined, well-defi
Slide 19: 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 20: Proactive portfolio and risk management process aims to eliminate surprises and minimize defaults
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 21: 4. NCDL Overview
4. NCDL Overview Nuveen Churchill Direct Lending Corp. 21
Slide 22: 4Q'25 Highlights
4Q’25 Highlights • Net investment income per share: $0.44 (vs. $0.43 in 3Q'25)1 • Net increase in net assets resulting from operations per share: $0.32 (vs. $0.38 in 3Q'25) 1 4Q'25 • Net asset value per share: $17.72 (vs. $17.85 at 9/30/2025) Earnings • Annualized ROE on net investment income: 9.8%2
Slide 23: 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 227 100% 90% 87% Investment Portfolio Private Equity Sponsor First Lien De
Slide 24: Dividend history
Dividend history Declared 1Q’26 Distribution of $0.40 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.04 per share (9% distribution yield 1) • Record date: March 31, 2026; Payment date: April 28, 2026 2 3 All information presented above is as of December 31, 2
Slide 25: Portfolio overview
Portfolio overview Portfolio composition by investment type Portfolio composition by Moody’s Industry Healthcare & Pharmaceuticals 1 Services: Business ~90% First lien debt Beverage, Food & Tobacco Construction & Building Capital Equipment Portfolio composition by interest rate type Environmental In
Slide 26: Portfolio overview - diversification
Portfolio overview - diversification Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.1% of the portfolio (at fair value) Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Trilon Group Services: Business 1.5 % Insulation
Slide 27: Net interest margin
Net interest margin NCDL had a Net interest margin of 336 bps1 as of the year ended December 31, 2025 2 All information presented above is as of December 31, 2025, unless otherwise noted. Past performance is not a guarantee of future results. Refer to Endnotes for corresponding disclosure informatio
Slide 28: Internal risk rating
Internal risk rating • Weighted average risk rating of 4.2 • Four portfolio companies on non-accrual representing 0.5% (at fair value) and 1.2% (at cost) • Added one portfolio company to non-accrual status during 4Q’25 Portfolio risk ratings ($ thousands) December 31, 2025 September 30, 2025 June 30
Slide 29: Financing overview
Financing overview Financing source Debt commitment Outstanding par Amount Reinvestment period Maturity Interest rate available Securitizations CLO-I $321.1 M $321.1 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.3 M $213.3 M N/A January 20, 2028 January 20, 2036 S + 2.50%1 CLO-III $213.
Slide 30: 5. Appendices
5. Appendices Nuveen Churchill Direct Lending Corp. 30
Slide 31: Financial highlights
Financial highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Net Investment Income1 $0.44 $0.43 $0.46 $0.53 $0.56 Net Realized and Unrealized Gains (Losses)1 (0.12) (0.05) (0.14) (
Slide 32: Quarterly investment activity
Quarterly investment activity For the Three Months Ended (Dollar amounts in thousands) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment Activity at Par: New Gross Commitments at Par $59,372 $29,236 $47,698 $166,239 $162,663 Investment Fundings1 $80,384 $36,275 $81,061 $153
Slide 33: Net asset value
Net asset value As of December 31, 2025 the Company’s net asset value per share was $17.72 1 2 1 All information presented above is as of December 31, 2025, unless otherwise noted. Past performance is not a guarantee of future results. Refer to Endnotes for corresponding disclosure information. Nuve
Slide 34: Portfolio highlights
Portfolio highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Portfolio Highlights Investments, at Fair Value1 $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Number of Portfolio Companies 227 213 207 210
Slide 35: 4Q'25 Investment activity
4Q’25 Investment activity • Closed 21 new investments and 3 add-on investments totaling $59M1 • 4.7%2 weighted average spread of new floating rate debt investments • 13.0%3 weighted average coupon of new fixed rate debt investments 24 20 10 29 23 4 All information presented above is as of December 3
Slide 36: Quarterly statements of financial condition
Quarterly statements of financial condition As of Date (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Assets Investments, at fair value $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Cash & cash equivalents 62,481 46,333 44,0
Slide 37: Quarterly operating results
Quarterly operating results For the Three Months Ended (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income $46,611 $48,227 $50,213 $50,846 $53,683 PIK in
Slide 38: 6. Endnotes
6. Endnotes Nuveen Churchill Direct Lending Corp. 38
Slide 39: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 22: 4Q'25 Highlights 1 Per share net investment income (“NII”), n
Slide 40: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 25: Portfolio Overview 1 First lien debt is comprised of 68.27% t
Slide 41: Endnotes – NCDL overview and appendices Definitions
Endnotes – NCDL overview and appendices Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 35: Investment Activity 1 New investments reported at par exclude
Slide 42: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com 5327513 Nuveen Churchill Direct Lending Corp. 42
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