Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2022 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Mar 14, 2023
Slide 1: Quarter Ended December 31, 2022
Nuveen Churchill Direct Lending Corp. Quarter Ended December 31, 2022 14 March 2023
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 Churchill Platform
3Nuveen Churchill Direct Lending Corp. • Closed and/or committed to $11 billion in over 375 transactions across our platform in 2022, resulting in a record year of investment activity • For the senior lending strategy, senior and total net leverage on new deals decreased to 4.1x and 4.4x, respective
Slide 4: 4Q22 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 4Q22 Highlights $110M Investment Volume2 12.0% Average Investment Yield6 17 Investments $6.5M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Liquidity: $614M4 ◦ Uncalled sharehol
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $61M $218M $146M $110M 5.5% 5.3% 5.8% 6.2% 10.5% 10.4% 11.6% 13.4% 6.5% 7.4% 9.4% 10.8% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 03/31
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Services: Business Healthcare & Pharmaceuticals High Tech Industries Beverage, Food & Tobacco Automotive Services: Consumer Banking, Finance, Insurance, Real Estate Capital Equipment Telecommunications Consumer Goods: Non-durable Others (13) First Lien Term Loa
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (60% called) $905M committed $545M called $360M uncalled Debt (73% drawn) $967M committed15 $705M drawn $254M available5 Overall (67% drawn) $614M liquidity4 + $1.87B committed $1.25B drawn = • $614M4 of liquidity through uncalled shareho
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. • The Company has one Subscription Facility, two Financing Facilities and one Collateralized Loan Obligation in place Financing overview Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity NCDLC CLO-I $342.0 $342.0 S + 2.01%16 (no SOFR floor) April 2
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value $18.54 $0.55 -$0.50 -$0.26 -$0.01 $18.32 NAV (9/30/22) Net investment income Shareholder distributions from income Net realized and unrealized gain (loss) Other NAV (12/31/22) 19 18 20 PLEASE DO NOT TOUCH THE FORMATTING (MOVE AROUND BOXES, CHANG
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 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) $8,552 $9,757 $11,933 $14,325 $0.41 $0.43 $0.47 $0.50 20.86 22.69 25.39 28.65 Distributions ($ Thousands) Dividend per Share ($) Shares Outstandi
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share December 29, 2022 December 29, 2022 January 17, 2023 $0.50 September 28, 2022 September 28, 2022 October 11, 2022 $0.47 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 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 21, 2022 3,193,195 $60,000,000 $18.79 August 1, 2022 2,652,775 $50,081,849 $18.88 April 25, 2022 1,800,426 $34,963,980 $19.42 January 21, 2022 1,541
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 15: Notes
15Nuveen Churchill Direct Lending Corp. Note: All information is as of December 31, 2022, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv LPC’s 4Q22 Sponsored Middle Market Private Deals Analysis (January 2023). 2. Reflects the par amount of total new investment act
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of December 31, 2022, unless otherwise noted. Numbers may not sum due to rounding. 15. Represents current Financing Facilities amount. 16. Interest rates represent the weighted average spread over 3-month SOFR for the vario
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