Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2021 Earnings Presentation
14 slides from Nuveen Churchill Direct Lending's earnings presentation, May 7, 2021
Slide 1: Quarter Ended March 31, 2021
Nuveen Churchill Direct Lending Corp. Quarter Ended March 31, 2021 7 May 2021
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 Update and Portfolio Update
3Nuveen Churchill Direct Lending Corp. • Investment pipeline was robust and increased by 55%+ from Q1 2020, representing the second most active quarter by inbound deal flow in our history • Churchill closed/committed over $1.7 billion in 76 transactions • Remained disciplined with a historical low 6
Slide 4: Strong momentum entering 2021
4Nuveen Churchill Direct Lending Corp. Strong momentum entering 2021 • Rebuilt our investment pipeline after a record fourth quarter • Pipeline continues to pick up, particularly as delayed M&A processes launch • Pricing at origination has returned essentially to pre-COVID levels Investment Activity
Slide 5: New Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V o lu m e ($ M il li o n s) S p read (b p s) New Investment Activity (QoQ) $12M $71M $162M $83M 515 598 590 482 Volume ($ Millions) Spread (bps) 06/30/20 09/30/20 12/31/20 03/31/21 $0M $50M $100M $150M $200M $250M $300M 300 350 400 450 500 550 600 650 700 • Cl
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Portfolio overview First Lien Term Loan (including DDTLs) Subordinated Debt Equity Services: Business High Tech Industries Containers, Packaging & Glass Banking, Finance, Insurance & Real Estate Consumer Goods: Non-durable Beverage, Food & Tobacco Transportatio
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (36% drawn) $484M committed $176M drawn $308M unfunded Debt (47% drawn) $455M committed12 $216M drawn $218M available5 Overall (42% drawn) $526M liquidity1 + $939M committed $392M drawn = • $526M1 of liquidity through unfunded equity comm
Slide 8: Financing
8Nuveen Churchill Direct Lending Corp. Financing Financing Facilities Amount ($ Millions) Drawn ($ Millions) Pricing Maturity SMBC Financing Facility $150.0 $54.0 L + 2.50% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $275.0 $148.0 L + 2.50% (no LIBOR floor) October 28, 2025 SMB
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value As of Quarter End $18.28 $18.86 $18.74 $18.89 NAV per Share 06/30/20 09/30/20 12/31/20 03/31/21 $— $2.50 $5.00 $7.50 $10.00 $12.50 $15.00 $17.50 $20.00 $22.50 • QoQ increase in NAV per share as a result of continued portfolio growth and improvin
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 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 T o ta l S h ar es O u ts ta n d in g ( M il li o n s) D ivid en d D istrib u tio n s ($ T h o u san d s) $550 $1,226 $1,505 $2,356 $2,760 3.31 4.38 6.54 8.41 9.20 0.17 0.28 0.23 0.28 0.30 Distributions ($ Thousands) Shares O
Slide 12: Share issuance and distribution activity
12Nuveen Churchill Direct Lending Corp. Share issuance and distribution activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share March 11, 2021 785,751 $15,000,000 $19.09 November 6, 2020 1,870,660 $35,000,000 $18.71 October 16, 2020 1,057,641 $20,000,000 $18.91 August
Slide 13: Endnotes
13Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2021, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of unfunded equity commitments of $308M and Financing Facilities Available of $218M. 2. Reflects the par amount of total
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
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