Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2020 Earnings Presentation
14 slides from Nuveen Churchill Direct Lending's earnings presentation, Mar 15, 2021
Slide 1: Quarter Ended December 31, 2020
Nuveen Churchill Direct Lending Corp. Quarter Ended December 31, 2020 15 March 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
3Nuveen Churchill Direct Lending Corp. Overview Investment Activity Churchill and the Company closed out 2020 with a record level of investment activity. Churchill’s platform achieved its fourth consecutive record-breaking year of investment activity, closing and/or committing $6.0 billion, while ma
Slide 4: 4Q20 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Dividends / NAV Liquidity 4Q20 Highlights $162M Investment Volume2 5.90% Average Spread3 24 Investments 93% First Lien4 Upward trend in total dividend distributions since inception • Declared dividend of $2.4M (57% increase from 3Q20) • NAV
Slide 5: Record level of investment activity
5Nuveen Churchill Direct Lending Corp. Record level of investment activity • Closed 20 new portfolio investments and 4 add-ons totaling $162M2 • Average spread of new floating rate investments of 5.90%3 V o lu m e (i n $ M il li o n s) S p read (in b p s) New Investment Activity (QoQ) $71M $162M 598
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Portfolio overview First Lien Term Loan (including DDTLs) Subordinated Debt Equity High Tech Industries Services: Business Containers, Packaging & Glass Consumer Goods: Non-durable Banking, Finance, Insurance & Real Estate Beverage, Food & Tobacco Transportatio
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (46% drawn) $353M committed $161M drawn $191M unfunded Debt (42% drawn) $455M committed11 $192M drawn $245M available5 Overall (44% drawn) $437M liquidity1 + $808M committed $353M drawn = • $437M1 of liquidity through unfunded equity comm
Slide 8: Financing
8Nuveen Churchill Direct Lending Corp. Financing Financing Facilities Amount (in $Millions) Drawn (in $Millions) Pricing Maturity SMBC Financing Facility $150.0 $28.5 L + 2.50% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $275.0 $146.1 L + 2.50% (no LIBOR floor) October 28, 2025
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value As of Quarter End $18.96 $18.28 $18.86 $18.74 NAV per Share 03/31/20 06/30/20 09/30/20 12/31/20 $— $2.50 $5.00 $7.50 $10.00 $12.50 $15.00 $17.50 $20.00 $22.50 • QoQ decrease in NAV per share was primarily due to the $0.28 per share dividend decl
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) December 31, 2020 September 30, 2020 June 30, 2020 March 31, 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 ( in m il li o n s) D ivid en d D istrib u tio n s (in $ T h o u san d s) $550 $1,226 $1,505 $2,356 3.31 4.38 6.54 8.41 0.17 0.27 0.23 0.28 Distributions (in $Thousands) Shares Outstandin
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 November 6, 2020 1,870,660 $35,000,000 $18.71 October 16, 2020 1,057,641 $20,000,000 $18.91 August 6, 2020 1,105,425 $20,000,000 $18.09 May
Slide 13: Endnotes
13Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of December 31, 2020, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of unfunded equity commitments of $191M and Financing Facilities Available of $245M. 2. Reflects the par amount of tot
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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