Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2025 Earnings Presentation
21 slides from Nuveen Churchill Direct Lending's earnings presentation, Feb 26, 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Full Year and Fourth Quarter 2025 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Full Year and Fourth Quarter 2025 Earnings 26 February 2026 NYSE: NCDL
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: 4Q'25 Highlights
4Q'25 Highlights • Net investment income per share: $0.44 (vs. $0.43 in 3Q'25)1 • Net increase in net assets resulting from operations per share: $0.32 (vs. $0.38 in 3Q'25)1 4Q'25 • Net asset value per share: $17.72 (vs. $17.85 at 9/30/2025) Earnings • Annualized ROE on net investment income: 9.8%2;
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 $2.0B 227 100% 90% 87% 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) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Net Investment Income1 $0.44 $0.43 $0.46 $0.53 $0.56 Net Realized and Unrealized Gains (Losses)1 (0.12) (0.05) (0.14) (
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment Activity at Par: New Gross Commitments at Par $59,372 $29,236 $47,698 $166,239 $162,663 Investment Fundings1 $80,384 $36,275 $81,061 $153
Slide 7: Net Asset Value Per Share
Net Asset Value Per Share As of December 31, 2025 the Company’s net asset value per share was $17.72 $0.44 $17.85 $17.72 $(0.45) $(0.12) 2 1 NAV Net investment income 1 Regular distributions Net realized and NAV September 30, 2025 from income unrealized gain (loss) December 31, 2025 Past performance
Slide 8: Dividend History
Dividend History Declared 1Q’26 Distribution of $0.40 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.04 per share (9% distribution yield1) • Record date: March 31, 2026; Payment date: April 28, 2026 $1.20 $1.00 12.4% 12.0% Distribution per Share $0.80 Distrib
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Portfolio Highlights Investments, at Fair Value1 $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Number of Portfolio Companies 227 213 207 210
Slide 10: 4Q'25 Investment Activity
4Q'25 Investment Activity • Closed 21 new investments and 3 add-on investments totaling $59M1 • 4.7%2 weighted average spread of new floating rate debt investments • 13.0%3 weighted average coupon of new fixed rate debt investments Investment Activity (QoQ) 14.0% $500M 13.0% 13.0% 12.6% 12.0% 12.0%
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s industry 8.2%2.3% Healthcare & Pharmaceuticals 18.2% Services: Business ~90% First lien debt1 17.2% First lien Subordinated debt debt Equity Beverage, Food & Tobacco 7.6% Construction & Building 6.9% 89.5% C
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.1% of the portfolio (at fair value) Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Trilon Group Services: Business 1.5 % Insulation
Slide 13: Net Interest Margin
Net Interest Margin Net interest margin of 336 bps1 as of the year ended December 31, 2025 11.9% 11.9% 11.7% 12.0% 11.7% 11.4% 11.4% 10.9% 10.9% 11.6% 11.7% 11.6% 11.4% 11.3% 10.4% 11.0% 10.2% 10.2% 10.0% 10.9% 9.8% 10.6% 9.6% 10.0% 10.3% 10.1% 10.1% 9.9% 9.6% 9.5% 8.0% 7.7% 7.7% 8.0% 7.5% 7.4% 7.7%
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average risk rating of 4.2 • Four portfolio companies on non-accrual representing 0.5% (at fair value) and 1.2% (at cost) • Added one portfolio company to non-accrual status during 4Q’25 Portfolio risk ratings ($ thousands) December 31, 2025 September 30, 2025 June 30
Slide 15: Financing Overview
Financing Overview Debt Amount Reinvestment Funding Source Outstanding Par Maturity Interest Rate Commitment Available Period Securitizations CLO-I $321.1 M $321.1 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.3 M $213.3 M N/A January 20, 2028 January 20, 2036 S + 2.50%1 CLO-III $213.8
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of Date (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Assets Investments, at fair value $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Cash & cash equivalents 62,481 46,333 44,0
Slide 17: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income $46,611 $48,227 $50,213 $50,846 $53,683 PIK in
Slide 18: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Nuveen Churchill Direct Lending Corp. 18
Slide 19: Endnotes
Endnotes Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 3 4Q'25 Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains
Slide 20: Endnotes
Endnotes Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 5: Financial Highlights 1 Per share net investment income (“NII”), net realized and unrealized g
Slide 21: Endnotes
Endnotes Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 11: Portfolio Overview 1 First lien debt is comprised of 68.27% traditional first lien positions
Nuveen Churchill Direct Lending — Q4 2025 Earnings Presentation on 6ix