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

  1. Slide 1: Investor Presentation Quarter Ended September 30, 2020

    Nuveen Churchill Direct Lending Corp. Investor Presentation Quarter Ended September 30, 2020 10 November 2020

  2. 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,”

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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 $

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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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