Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2021 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Mar 15, 2022
Slide 1: Quarter Ended December 31, 2021
Nuveen Churchill Direct Lending Corp. Quarter Ended December 31, 2021 15 March 2022
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: Overview: Market Outlook, Platform, Portfolio and Capital Raising
3Nuveen Churchill Direct Lending Corp. • Strong momentum entering 2021 rebuilding pipeline • Limited exposure to cyclical industries such as retail, energy and leisure • No principal and/or interest defaults since inception and none of the Company’s investments are on non-accrual Overview • Closed a
Slide 4: 4Q21 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 4Q21 Highlights $214M Investment Volume2 6.3% Average Investment Yield5 32 Investments Upward trend in total dividend distributions since inception • Declared dividend of $7.6M (24% increase from 3Q21) • $0.40 dividend
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $83M $145M $223M $214M 4.8% 5.1% 5.8% 5.3% 11.2% 10.8% 10.3% 11.0% Volume ($ Millions) Spread (%) Coupon (%) 03/31/21 06/30/21 09/30/21 12/31/21 $0M $100M $200M $300M $400M $500M $60
Slide 6: Portfolio Overview
6Nuveen Churchill Direct Lending Corp. First Lien Term Loan (including DDTLs) Subordinated Debt Equity Portfolio overview Average Asset Yield9 6.7% Average Position Size10 Key Portfolio Statistics <1% 21.7 % 10.2 % 8.4 % 7.8 % 5.7 % 5.4 % 4.4 % 4.3 % 4.2 % 3.9 % 24.0 % 88.3 % 10.6 % 1.1 % 1288% Firs
Slide 7: Capital Summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (65% called) $568M committed $370M called $197M uncalled Debt (75% drawn) $550M committed13 $410M drawn $86M available4 Overall (70% drawn) $283M liquidity1 + $1,118M committed $780M drawn = • $283M1 of liquidity through uncalled sharehol
Slide 8: Financing
8Nuveen Churchill Direct Lending Corp. Financing Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity SMBC Financing Facility $225.0 $144.4 L + 2.15% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $275.0 $231.6 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 a modest increase in valuations $19.27 $0.46 $0.06 -$0.40 $0.00 $19.39 NAV (9/30/21) Net investment income Net realized and unrealized gain (loss) Shareholder distribu
Slide 10: Internal Risk Rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 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) $2,760 $3,746 $6,173 $7,640 $0.30 $0.31 $0.38 $0.40 9.20 12.08 16.25 19.29 Distributions ($ 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 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 29, 2021 September 29, 2021 October 11, 2021 $0.38 June 29, 2021 June 29, 2021 July 12, 2021 $0.31 Mar
Slide 13: Share Issuance Activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share December 9, 2021 1,491,676 $29,207,475 $19.58 November 1, 2021 1,546,427 $30,000,000 $19.40 August 23, 2021 2,593,357 $50,000,000 $19.28 July 26, 2021 1,564,
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 December 31, 2021, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of uncalled shareholder commitments of $197M and Financing Facilities availability of $86M. 2. Reflects the par amount
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of December 31, 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 distributi
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