Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q4 2024 Earnings Presentation
43 slides from Nuveen Churchill Direct Lending's earnings presentation, March 2025
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation
Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation March 2025
Slide 2: Important information
Important information 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 “Compa
Slide 3: Table of contents
Table of contents 1. Executive Summary 4 2. Churchill Platform Overview 6 3. Investment Approach 13 4. NCDL Overview 21 5. Appendices 30 6. Endnotes 39 Nuveen Churchill Direct Lending Corp. 3
Slide 4: 1. Executive Summary
1. Executive Summary Nuveen Churchill Direct Lending Corp. 4
Slide 5: Executive summary
Executive summary Nuveen Churchill Direct Lending Corp. (NCDL) is Churchill’s flagship middle market private credit BDC with a diversified, senior-focused portfolio, managed by a team of industry veterans with an 18-year track record and 625+ private equity relationships • NCDL held its initial clos
Slide 6: 2. Churchill Platform Overview
2. Churchill Platform Overview Nuveen Churchill Direct Lending Corp. 6
Slide 7: Backed by TIAA, Nuveen is an established leader in private capital
Backed by TIAA, Nuveen is an established leader in private capital A global capability with the collective size and scale to offer both investors and private equity sponsors a broader range of products and financing options TIAA , our parent company and anchor investor Nuveen, a $1.3T global investm
Slide 8: Churchill's strategically integrated U.S. middle market private capital platform
Churchill’s strategically integrated U.S. middle market private capital platform Churchill provides a full array of solutions across the capital structure to leading private equity firms Senior lending Junior capital Equity co- Secondaries $28.2B $5.5B investments $1.7B $ 52B+ $5.7B committed capita
Slide 9: A competitive edge that's difficult to replicate
A competitive edge that’s difficult to replicate 18+ $70B 625+ $11B+ year track of private capital private equity committed as an LP to record investments1 relationships private equity funds2 Scale Track record We believe our rigorous and disciplined With $52B+ of committed capital3, our approach to
Slide 10: Access to top quartile U.S. middle market GPs
Access to top quartile U.S. middle market GPs Churchill has committed $11B+ to U.S. middle market private equity funds since 20111 325 ~80% 76% $1B+ 7-10 Fund with Committed to U.S. middle New GP relationships Fund commitments Top quartile GPs2 advisory board seats market per annum3 added per annum
Slide 11: Experienced team of professionals
Experienced team of professionals Churchill has over 195 dedicated professionals focused on originating, underwriting, managing and supporting investments in middle market companies EXECUTIVE COMMITTEE Ken Kencel* Randy Schwimmer* Mathew Linett* Jason Strife** Shai Vichness, CFA* President & CEO Vic
Slide 12: Churchill's nationally recognized platform
Churchill’s nationally recognized platform Lender Firm Private Markets Manager Best Places to Work of the Year1 of the Year2 in Money Management3 2021, 2022, 2023, 2024 2021 and 2024 2021, 2022, 2023, 2024 Highly ranked in industry league tables Influential thought leader #1 most active U.S. Mid-Mar
Slide 13: 3. Investment Approach
3. Investment Approach Nuveen Churchill Direct Lending Corp. 13
Slide 14: Investment strategy: senior lending
Investment strategy: senior lending Highly experienced management Focus on first lien secured loans $28B+ committed capital3 • Consistent management team for • Aims to lend at conservative leverage over 18 years levels to companies with stable and • Averaging over 25 years of middle market lending e
Slide 15: Investment strategy: junior capital
Investment strategy: junior capital Churchill’s edge is underpinned by a sponsor-centric model and investment excellence Scaled & leading Highly Selective Partner of choice platform Criteria $9.4B ~70% 76% Total Invested Capital1 Lead/Co-Lead Deals Top Quartile GPs2 $11B+ 250 391 / 5% Private equity
Slide 16: How we define the middle market
How we define the middle market Churchill focuses on the traditional U.S. middle market to seek diversification, reliability, and attractive risk-adjusted returns as a complement to other private market loan segments Churchill investment universe ($10-$100M) Lower Traditional Upper Broadly syndicate
Slide 17: How we invest in the middle market
How we invest in the middle market We invest in middle market companies between $10-$250 million in EBITDA with a primary focus on companies between $10-$100 million in EBITDA. Relationships drive Rigorous underwriting Strong risk management robust deal flow • ~$11B of LP commitments to Disciplined,
Slide 18: The opportunity today in middle market senior loans
The opportunity today in middle market senior loans Churchill all-in yield (AIY) per unit of leverage The middle market opportunity 2.9% • All-in asset level yield 2.72% up to 10%+ 2.7% Attractive spreads with tailwinds from high reference rates 2.5% 2.30% • Lower leverage 2.3% • High quality busine
Slide 19: Selectivity, diversification and rigorous underwriting are key to our philosophy
Selectivity, diversification and rigorous underwriting are key to our philosophy Majority of transactions sourced from LP Fund commitments • Highly selective with 5% of transactions reviewed closed Illustrative Senior Lending Transactions1 Deals screened • Screen deals from leading private equity sp
Slide 20: Proactive portfolio and risk management process
Proactive portfolio and risk management process aims to eliminate surprises and minimize defaults • Investment team meetings as required • Review stories on borrowers/industries via news wires and email alerts • Assess potential covenant defaults Daily / • Changes to internal risk ratings evaluated
Slide 21: 4. NCDL Overview
4. NCDL Overview Nuveen Churchill Direct Lending Corp. 21
Slide 22: 4Q'24 Highlights
4Q’24 Highlights All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending Corp. 22
Slide 23: Nuveen Churchill Direct Lending Corp. overview
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 All information presented above is as of December 31, 2024, unless otherwise not
Slide 24: Dividend history
Dividend history • Declared Q1’25 regular dividend of $0.45 per share payable on April 28, 2025 for shareholders of record as of March 31, 2025 • The final IPO special dividend of $0.10 per share is payable on April 28, 2025 for shareholders of record as of February 12, 2025 13 16 12 All information
Slide 25: Portfolio overview
Portfolio overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 26 91% First Lien Debt Portfolio composition by interest rate type ~95% Floating Rate Debt All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does n
Slide 26: Portfolio overview - diversification
Portfolio overview - diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.2% of the portfolio Top 10 represents 13.2% of investment portfolio All information presented above is as of December 31, 2024, unless otherwise noted. Past performanc
Slide 27: Net interest margin
Net interest margin NCDL had a Net Interest Margin of 323 bps27 as of the quarter ended December 31, 2024 28 All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appen
Slide 28: Internal risk rating
Internal risk rating • Weighted average rating remained stable at 4.1 • No new investments placed on non-accrual status during the quarter • One portfolio company on non-accrual representing 0.09% (at fair value) and 0.35% (at amortized cost) as of December 31, 2024 Portfolio risk ratings ($ thousan
Slide 29: Financing overview
Financing overview • NCDL has a diversified funding profile including: one Asset Based Financing Facility (ABL), three Collateralized Loan Obligations (CLOs), and one Corporate Revolver • NCDL has ample liquidity of $250 million through cash and debt capacity • Rated investment grade by Moody’s (Baa
Slide 30: 5. Appendices
5. Appendices Nuveen Churchill Direct Lending Corp. 30
Slide 31: Financial highlights
Financial highlights All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending Corp. 3
Slide 32: Quarterly investment activity
Quarterly investment activity All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lendin
Slide 33: Net asset value
Net asset value • $0.03 quarter-over-quarter increase in NAV per share 4Q'24: $0.55 total dividend (12.0% dividend yield12) 21 19 20 20 19 All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endn
Slide 34: Portfolio highlights
Portfolio highlights All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending Corp. 3
Slide 35: Q4'24 Investment activity
Q4’24 Investment activity • Closed 16 new investments and 13 add-ons totaling $163M22 • 4.6%23 average spread of new floating rate investments • 12.0%24 average coupon of new fixed rate investments 36 Investments 22 Investments 29 Investments 34 Investments 29 Investments 25 All information presente
Slide 36: Dividend activity
Dividend activity All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending Corp. 36
Slide 37: Quarterly balance sheets
Quarterly balance sheets All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending Cor
Slide 38: Quarterly operating results
Quarterly operating results All information presented above is as of December 31, 2024, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices" for corresponding disclosure information. Nuveen Churchill Direct Lending
Slide 39: 6. Endnotes
6. Endnotes Nuveen Churchill Direct Lending Corp. 39
Slide 40: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Per share net investment income (“NII”), net realized and unrealized
Slide 41: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 12 Total annualized distribution yield includes the regular distributio
Slide 42: Definitions and endnotes
Definitions and endnotes Note: All information is as of December 31, 2024, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. "Committed capital" refers to the capital committed to client accounts in the form of
Slide 43: Contact Us
Contact Us Our website www.NCDL.com Investor Relations Robert.Paun@churchillam.com 4318752 Nuveen Churchill Direct Lending Corp. 43
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