Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2023 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 10, 2023
Slide 1: Quarter Ended June 30, 2023
Nuveen Churchill Direct Lending Corp. Quarter Ended June 30, 2023 10 August 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 Update
3Nuveen Churchill Direct Lending Corp. • Closed and/or committed to $2.9 billion in 115 transactions across our platform for the second quarter • Ranked #2 U.S. direct lender for H1 2023 in KBRA Analytics Direct Lending Deal’s latest league tables2, a testament to our scale and deep private equity r
Slide 4: 2Q23 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 2Q23 Highlights $110M Investment Volume5 12.5% Average Investment Yield9 18 Investments $6.1M Avg. Investment Size Well-positioned with ample liquidity to support portfolio growth • Liquidity: $568M7 ◦ Uncalled sharehol
Slide 5: 2Q23 Investment Activity
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $146M $110M $91M $110M 5.8% 6.2% 6.5% 6.1% 11.6% 13.4% 12.7% 13.5% 9.4% 10.8% 11.4% 11.0% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 09/
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. Services: Business Healthcare & Pharmaceuticals High Tech Industries Automotive Beverage, Food & Tobacco Capital Equipment Services: Consumer Banking, Finance, Insurance, Real Estate Consumer Goods: Non-durable Containers, Packaging & Glass Others (13) First Li
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (65% called) $906M committed $585M called $321M uncalled Debt (72% drawn) $1.15B committed18 $825M drawn $247M available8 Overall (69% drawn) $568M liquidity7 + $2.06B committed $1.41B drawn = • $568M7 of liquidity through uncalled shareh
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. • The Company has a diversified funding profile including: one Subscription Facility, two Asset Based Financing Facilities, one Collateralized Loan Obligation, and one Corporate Revolver Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity Churchill N
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value $18.01 $0.60 -$0.55 -$0.13 $17.93 NAV (3/31/23) Net investment income Shareholder distributions from income Net realized and unrealized gain (loss) NAV (6/30/23) 23 22 PLEASE DO NOT TOUCH THE FORMATTING (MOVE AROUND BOXES, CHANGE CHARTS ETC.) TH
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) June 30, 2023 March 31, 2023 December 31, 2022 September 30, 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 $0.47 $0.50 $0.50 $0.50 $0.00 $0.00 $0.26 $0.05 10.1% 10.8% 11.3% 11.2% 17.1% 12.3% Regular Dividend per Share ($) Special / Supp. Dividend per share ($) Regular Annualized Dividend Yield (%) Total Annualized Dividend Yield (
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share June 28, 2023 June 28, 2023 July 12, 2023 $0.50 June 28, 2023 June 28, 2023 July 12, 2023 $0.05 March 30, 2023 March 30, 2023 April 12, 2023 $0.50 March 30, 2023 March 30,
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share April 20, 2023 2,205,038 $40,000,000 $18.14 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 1,800,4
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 June 30, 2023, unless otherwise noted. Numbers may not sum due to rounding. 1. Source: Refinitiv LPC’s 2Q23 Sponsored Middle Market Private Deals Analysis (July 2023). 2. Source: Direct Lending Deals’ Lender Mandates; Rankings de
Slide 16: Notes
16Nuveen Churchill Direct Lending Corp. Note: All information is as of June 30, 2023, unless otherwise noted. Numbers may not sum due to rounding. 12. Interest rate utilizes the floating rate investment spread plus the greater of 3-Month base rate, or base rate floor, if applicable for each respecti
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