Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2026 Earnings Presentation
21 slides from Nuveen Churchill Direct Lending's earnings presentation, May 7, 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2026 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2026 Earnings NYSE: NCDL 07 May 2026 Nuveen Churchill Direct Lending Corp. | 1
Slide 2: Disclosure
Disclosure This presentation is for informational purposes only. It does not convey an offer of any type and is not Opinions expressed reflect the current opinions of the Company as of the date appearing in the intended to be, and should not be construed as, an offer to sell, or the solicitation of
Slide 3: 1Q'26 Highlights
1Q'26 Highlights • Net investment income per share: $0.41 (vs. $0.44 in 4Q'25)1 • Net increase in net assets resulting from operations per share: $0.18 (vs. $0.32 in 4Q'25)1 1Q'26 • Net asset value per share: $17.50 (vs. $17.72 at 12/31/2025) earnings • Annualized ROE on net investment income: 9.4%2
Slide 4: 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 $2.0B 236 100% 90% 87% Debt Investments Investment Portfolio Private Equity Spon
Slide 5: Financial Highlights
Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Net Investment Income1 $0.41 $0.44 $0.43 $0.46 $0.53 Net Realized and Unrealized Gains (Losses)1 (0.23) (0.12) (0.05) (
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment Activity at Par: New Gross Commitments at Par $82,876 $59,372 $29,236 $47,698 $166,239 Investment Fundings1 $85,359 $80,384 $36,275 $81,0
Slide 7: Net Asset Value Per Share
Net Asset Value Per Share As of March 31, 2026 the Company’s net asset value per share was $17.50 $0.41 $(0.36) $17.72 $(0.04) $17.50 1Q'26: $0.40 total dividend (9.3% dividend yield1) $(0.23) NAV Net investment Regular distributions Supplemental Net realized and NAV December 31, 2025 income 2 from
Slide 8: Dividend History
Dividend History Declared 2Q’26 Distribution of $0.38 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.02 per share • Record date: June 30, 2026; Payment date: July 28, 2026 Regular distribution per share ($) Supplemental distribution per share ($) 1 Special di
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Portfolio Highlights Investments, at Fair Value1 $1,975,862 $1,962,449 $1,967,882 $1,992,804 $2,077,570 Number of Portfolio Companies 236 227 213 207
Slide 10: 1Q'26 Investment Activity
1Q'26 Investment Activity • Closed 13 new investments and 9 add-on investments totaling $83M1 • 4.7%2 weighted average spread of new floating rate debt investments • 10.3%3 weighted average coupon of new fixed rate debt investments Investment Activity (QoQ) Volume ($ Millions) # of investments Sprea
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s industry 2.8% 7.5% Healthcare & Pharmaceuticals 18.1% Services: Business ~ 90% First lien debt1 17.3% Subordinated debt First lien debt Equity Beverage, Food & Tobacco 7.9% Construction & Building 7.0% 89.7%
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.2% of the portfolio (at fair value) Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Firstcall Mechanical Group Capital Equipment 1.5
Slide 13: Net Interest Margin
Net Interest Margin Net interest margin of 356 bps1 as of the year ended March 31, 2026 Weighted avg. yield on debt and income producing investments, at cost Avg. cost of debt 2 3 Month term secured overnight financing rate ("SOFR") Weighted avg. yield on debt and income producing investments, at fa
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average risk rating of 4.3 • Five portfolio companies on non-accrual representing 0.6% (at fair value) and 1.3% (at cost) • Added one portfolio company to non-accrual status during 1Q'26 Portfolio risk ratings ($ thousands) March 31, 2026 December 31, 2025 September 3
Slide 15: Financing Overview
Financing Overview Funding Source Debt Commitment Outstanding Par Amount Available Reinvestment Period Maturity Interest Rate Securitizations CLO-I $320.9 M $320.9 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.0 M $213.0 M N/A January 20, 2031 January 20, 2039 S + 1.44%1 CLO-III $213.5
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of Date (Dollar amounts in thousands, except share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Assets Investments, at fair value $1,975,862 $1,962,449 $1,967,882 $1,992,804 $2,077,570 Cash & cash equivalents 50,400 62,482 46,3
Slide 17: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment income Non-controlled/non-affiliated company investments: Interest income $42,862 $46,611 $48,227 $50,213 $50,846 PIK in
Slide 18: Contact Us
Contact Us Our website www.NCDL.com Investor relations NCDL-IR@churchillam.com Past performance is not a guarantee of future results. See endnotes for additional information. Nuveen Churchill Direct Lending Corp. | 18
Slide 19: Endnotes
Endnotes Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on Slide 4: Nuveen Churchill Direct Lending Corp. Overview fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Represents total investment portfolio at fair v
Slide 20: Endnotes
Endnotes Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on Slide 7: Net Asset Value Per Share fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Total Distribution Yield presented is the sum of the Regular Distrib
Slide 21: Endnotes
Endnotes Note: All information is as of March 31, 2026, 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 69.35% traditional first lien positions an
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