Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2020 Earnings Presentation
14 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 10, 2020
Slide 1: Investor Presentation Quarter Ended September 30, 2020
Nuveen Churchill Direct Lending Corp. Investor Presentation Quarter Ended September 30, 2020 10 November 2020
Slide 2: Disclaimer
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 Direct Lending Corp. (the “Company,” “we,”
Slide 3: Overview
Overview Investment Activity During the third quarter of 2020, middle market deal volume and quality rebounded dramatically. The Company’s investment opportunities materially increased, with wider spreads and generally more lender-friendly terms. This trend has continued into the fourth quarter. Por
Slide 4: 3Q20 Highlights
3Q20 Highlights $71M Robust pipeline and strong recovery from 2Q 2020 Investment Volume2 Investment • Investment volume increased from $12M to $71M (+514%) Activity • Average spread of floating rate investments increased by 83 bps to 598 bps (+16%) • Added junior capital and equity investments to th
Slide 5: Investment activity
Investment activity Investment activity rebounded materially in 3Q • Closed 10 new portfolio investments and 2 add-ons totaling $71 million2 • Average spread of floating rate investments increased by 83 bps to 598 bps3 (+16%) • Added one subordinated debt investment and one equity investment New inv
Slide 6: Portfolio overview
Portfolio overview • 99% of the portfolio invested in first lien senior secured term loans • Highly diversified portfolio across 20 industries ◦ Average investment size of less than 1% of total committed capital Key Portfolio Statistics Portfolio composition by investment type9 10 99% First Lien Ter
Slide 7: Capital summary
Capital summary • $269 million1 of liquidity through committed equity and debt financing • Asset Coverage Ratio of 183% (debt-to-equity ratio of 1.21x) Equity $303M $106M $197M 35% committed drawn unfunded drawn + + + Debt $205M $125M $73M 61% committed11 drawn available5 drawn = = = Overall $508M $
Slide 8: Financing
Financing • The Company has committed subscription and asset-based lending Facilities ◦ Facility utilization has increased due to investment activity • Financing costs have declined due to a decrease in LIBOR and addition of lower-cost Subscription Facility Financing Facility Amount Drawn Pricing Ma
Slide 9: Net Asset Value
Net Asset Value • 3.2% increase in 3Q 2020 $22.50 $20.00 $20.00 +3.2% $18.96 $18.86 $18.28 increase $17.50 $15.00 $12.50 $10.00 $7.50 $5.00 $2.50 $— 12/31/19 03/31/20 06/30/20 09/30/20 As of Quarter End NAV per Share Nuveen Churchill Direct Lending Corp. 9
Slide 10: Internal risk rating
Internal risk rating • Weighted average rating improved from 4.3 to 4.2 • No interest and/or principal defaults since inception • No investments on non-accrual Portfolio risk ratings ($ thousands) September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Fair Value % of Portfolio Fair Value
Slide 11: Dividend history
Dividend history • Total dividend distributions continue to increase as the portfolio ramps 8.00 $5,000 $4,500 7.00 6.54 $4,000 Di vidend Distributions (in $thousands) 6.00 $3,500 5.00 4.38 $3,000 4.00 $2,500 3.31 $2,000 3.00 $1,505 $1,500 $1,226 2.00 To tal Shares Outstanding (in millions) $1,000 1
Slide 12: Share issuance and distribution activity
Share issuance and distribution activity • As of September 30, 2020, the Company had 5,485,571 shares outstanding Share issuance Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share August 6, 2020 1,105,425 $20,000,000 $18.09 May 7, 2020 1,069,522 $20,000,000 $18.70 Decembe
Slide 13: Endnotes
Endnotes Note: all information are as of September 30, 2020, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of unfunded equity commitments of $197 million and Financing Facility Available of $73 million . 2. Reflects the par amount of total new investment activity
Slide 14: Contact us
Contact us Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Nuveen Churchill Direct Lending Corp. 14
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