Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2025 Earnings Presentation
21 slides from Nuveen Churchill Direct Lending's earnings presentation, May 8, 2025
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2025 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2025 Earnings 08 May 2025
Slide 2: Disclosure
Disclosure 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,” “NCDL,
Slide 3: 1Q'25 Highlights
1Q'25 Highlights • Net investment income per share: $0.53 (vs. $0.56 in 4Q'24)1 • Net increase in net assets resulting from operations per share: $0.29 (vs. $0.54 in 4Q'24)1 1Q'25 • Net asset value per share: $17.96 (vs. $18.18 at 12/31/2024) Earnings • Annualized ROE on net investment income: 12.1%
Slide 4: 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 $2.1B 210 100% 91% 85% Debt Investments Investment Portfolio Private Equity Firs
Slide 5: Financial Highlights
Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Net Investment Income1 $0.53 $0.56 $0.58 $0.57 $0.56 1 Net Realized and Unrealized Gains (Losses) (0.24) (0.02) 0.09 (0
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Net Funded Investment Activity New Gross Commitments at Par $166,239 $162,663 $225,612 $360,218 $206,815 Net Investments Funded18 $153,019 $151,106
Slide 7: Net Asset Value
Net Asset Value • As of March 31, 2025 the Company’s net asset value was $17.96. $0.53 $18.18 $0.04 $17.96 -$0.45 -$0.10 -$0.24 1Q'25: $0.55 total distribution (12.4% distribution yield14) NAV Net investment Regular Special Net realized and Other 22 NAV (12/31/24) income20 distributions distribution
Slide 8: Dividend History
Dividend History • Declared Q2’25 regular distribution of $0.45 per share payable on July 28, 2025 for shareholders of record as of June 30, 2025 $1.20 12.5% 12.3% 12.4% $1.00 12.1% 12.0% 10.0% 9.9% 10.0% 10.2% Distribution per Share 9.9% 9.8% Distribution Yield $0.80 7.5% $0.60 5.0% $0.10 $0.10 $0.
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Portfolio Highlights Investments, at Fair Value4 $2,077,570 $2,081,379 $2,046,887 $1,990,856 $1,794,559 Number of Portfolio Companies 210 210 202 198
Slide 10: 1Q'25 Investment Activity
1Q'25 Investment Activity • Closed 12 new investments and 11 add-ons totaling $166M23 • 4.8%24 average spread of new floating rate investments • 12.6%25 average coupon of new fixed rate investments Investment Activity (QoQ) $800M 14.0% 13.9% 13.8% 13.7% $700M 12.6% 12.0% 12.0% $600M 10.0% Spread / C
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 1.7% 7.8% Healthcare & Pharmaceuticals 16.5% 27 Services: Business 16.3% 91% First Lien Debt First Lien Debt Subordinated Debt Equity Beverage, Food & Tobacco 7.5% High Tech Industries 6.8% 90.5% Co
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.0% of the portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.5% Trilon Group Services: Business 1.4% MGM Transformer Company Ene
Slide 13: Net Interest Margin
Net Interest Margin NCDL had a Net Interest Margin of 360 bps28 as of the quarter ended March 31, 2025 11.9% 11.7% 11.9% 11.7% 12.0% 11.4% 11.4% 10.9% 10.9% 11.6% 11.7% 11.6% 10.4% 11.4% 11.3% 10.2% 11.0% 9.8% 10.6% 10.9% 10.0% 10.3% 10.1% 9.6% 8.0% 7.7% 7.7% 7.7% 8.0% 7.5% 7.4% 7.2% 7.2% 6.7% 6.8%
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average rating remained stable at 4.1 • Investments in two portfolio companies on non-accrual representing 0.4% (at fair value) and 1.0% (at amortized cost) as of March 31, 2025 Portfolio risk ratings ($ thousands) March 31, 2025 December 31, 2024 September 30, 2024 J
Slide 15: Financing Overview
Financing Overview Financing Source Debt Commitment Outstanding Par Undrawn Commitment Reinvestment Period Maturity Interest Rate Securitization CLO-I $321.4 $321.4 N/A April 20, 2030 April 20, 2038 S + 1.43%30 CLO-II $214.1 $214.1 N/A January 20, 2028 January 20, 2036 S + 2.50%30 CLO-III $214.5 $21
Slide 16: Dividend Activity
Dividend Activity Date Declared Record Date Payment Date Dividend Type Dividend per Share April 30, 2025 June 30, 2025 July 28, 2025 Q2’25 Regular Dividend $0.45 February 19, 2025 March 31, 2025 April 28, 2025 Q1’25 Regular Dividend $0.45 November 4, 2024 December 31, 2024 January 28, 2025 Q4’24 Reg
Slide 17: Quarterly Balance Sheets
Quarterly Balance Sheets As of Date (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Assets Investments, at fair value $2,077,570 $2,081,379 $2,046,887 $1,990,856 $1,794,559 Cash and cash equivalents 49,178 43,254 69,304 70,986 64,
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income 50,846 53,683 57,317 53,018 49,078 PIK inc
Slide 19: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Nuveen Churchill Direct Lending Corp. 19
Slide 20: Endnotes
Endnotes Note: All information is as of March 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments, and
Slide 21: Endnotes
Endnotes Note: All information is as of March 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 14 Total Annualized Distribution Yield includes the regular distribution per share and the special distri
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