Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2025 Earnings Presentation
43 slides from Nuveen Churchill Direct Lending's earnings presentation, May 2025
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation
Nuveen Churchill Direct Lending Corp. (NCDL) Investor Presentation May 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 a 19-year track record and 700+ private equity relationships • NCDL held its initial close
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 $30.0B $5.6B investments $1.6B ~$ 55B $6.1B committed capita
Slide 9: A competitive edge that's difficult to replicate
A competitive edge that’s difficult to replicate 19+ $72B 700+ $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 ~$55B of committed capital, our approach to
Slide 10: Sourcing: Differentiated relationships with private equity sponsors through LP commitments
Sourcing: Differentiated relationships with private equity sponsors through LP commitments Churchill has committed $11+ billion1 in middle market private equity funds driving improved access to deal flow 325 ~80% 76% $1B+ 5-10 Fund with Committed to U.S. middle New GP relationships Fund commitments
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 companies1 EXECUTIVE COMMITTEE Ken Kencel* Randy Schwimmer* Mathew Linett* Jason Strife** Shai Vichness, CFA* President & CEO Vi
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. buyouts
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 ~$30B committed capital • Consistent management team for • Aims to lend at conservative leverage over 19 years levels to companies with stable and • Averaging over 25 years of middle market lending ex
Slide 15: Investment strategy: private equity & junior capital
Investment strategy: private equity & junior capital 14 years 29 325+ 95%+ as an active private equity investor existing LP commitments to dedicated investment of direct investments closed from private equity funds professionals managing five middle-market GP sponsor complementary mandates1 relation
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 Our investment team focuses on investing in the traditional middle market representing companies between $10-$100 million in EBITDA Relationships drive Rigorous underwriting Strong risk management robust deal flow • $11B+ of LP commitments1 to Disciplined, well-def
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 2.71% up to 10%+ 2.7% Attractive spreads with tailwinds from high reference 2.5% rates 2.43% 2.3% • Lower leverage • High quality 2.1% 2
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 aims to eliminate surprises and minimize defaults
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: 1Q'25 Highlights
1Q’25 Highlights • Net investment income per share: $0.53 (vs. $0.56 in 4Q'24)1 • Net increase in net assets resulting from operations per share: $0.29 (vs. $0.54 in 4Q'24) 1 1Q'25 • Net asset value per share: $17.96 (vs. $18.18 at 12/31/2024) Earnings • Annualized ROE on net investment income: 12.1
Slide 23: Nuveen Churchill Direct Lending Corp. overview (NYSE: NCDL)
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 $2.1B 210 100% 91% 85% Debt Investments Investment Portfolio Private Equity Spon
Slide 24: Dividend history
Dividend history • Declared Q2’25 regular distribution of $0.45 per share payable on July 28, 2025 for shareholders of record as of June 30, 2025 15 14 All information presented above is as of March 31, 2025, unless otherwise noted. Past performance does not predict or guarantee future results. Refe
Slide 25: Portfolio overview
Portfolio overview Portfolio composition by investment type Portfolio composition by Moody’s Industry Healthcare & Pharmaceuticals Services: Business 91% 27 First Lien Debt Beverage, Food & Tobacco High Tech Industries Construction & Building Portfolio composition by interest rate type Capital Equip
Slide 26: Portfolio overview - diversification
Portfolio overview - diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.0% of the portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.5% Trilon Group Services: Business 1.4% MGM Transformer Company Ene
Slide 27: Net interest margin
Net interest margin NCDL had a Net Interest Margin of 360 bps28 as of the quarter ended March 31, 2025 29 All information presented above is as of March 31, 2025, unless otherwise noted. Past performance does not predict or guarantee future results. Refer to 'Endnotes - NCDL overview and appendices"
Slide 28: Internal risk rating
Internal risk rating • Weighted average rating remained stable at 4.1 • Investments in two portfolio companies on non-accrual representing 0.4% (at fair value) and 1.0% (at amortized cost) as of March 31, 2025 Portfolio risk ratings ($ thousands) March 31, 2025 December 31, 2024 September 30, 2024 J
Slide 29: Financing overview
Financing overview Financing Source Debt Commitment Outstanding Par Undrawn Commitment Reinvestment Period Maturity Interest Rate Securitization CLO-I $321.4 $321.4 N/A April 20, 2030 April 20, 2038 S + 1.43%30 CLO-II $214.1 $214.1 N/A January 20, 2028 January 20, 2036 S + 2.50%30 CLO-III $214.5 $21
Slide 30: 5. Appendices
5. Appendices Nuveen Churchill Direct Lending Corp. 30
Slide 31: Financial highlights
Financial highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Net Investment Income1 $0.53 $0.56 $0.58 $0.57 $0.56 Net Realized and Unrealized Gains (Losses)1 (0.24) (0.02) 0.09 (0.
Slide 32: Quarterly investment activity
Quarterly investment activity For the Three Months Ended (Dollar amounts in thousands) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Net Funded Investment Activity New Gross Commitments at Par $166,239 $162,663 $225,612 $360,218 $206,815 Net Investments Funded18 $153,019 $151,106
Slide 33: Net asset value
Net asset value • As of March 31, 2025 the Company’s net asset value was $17.96. 1Q'25: $0.55 total distribution (12.4% distribution yield14) 22 20 21 21 20 All information presented above is as of March 31, 2025, unless otherwise noted. Past performance does not predict or guarantee future results.
Slide 34: Portfolio highlights
Portfolio highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Portfolio Highlights Investments, at Fair Value4 $2,077,570 $2,081,379 $2,046,887 $1,990,856 $1,794,559 Number of Portfolio Companies 210 210 202 198
Slide 35: 1Q'25 Investment activity
1Q’25 Investment activity • Closed 12 new investments and 11 add-ons totaling $66M23 • 4.8%24 average spread of new floating rate investments • 12.6%25 average coupon of new fixed rate investments 36 Investments 29 Investments 34 Investments 29 Investments 23 Investments 26 All information presented
Slide 36: Dividend activity
Dividend activity Date Declared Record Date Payment Date Dividend Type Dividend per Share April 30, 2025 June 30, 2025 July 28, 2025 Q2’25 Regular Dividend $0.45 February 19, 2025 March 31, 2025 April 28, 2025 Q1’25 Regular Dividend $0.45 November 4, 2024 December 31, 2024 January 28, 2025 Q4’24 Reg
Slide 37: Quarterly balance sheets
Quarterly balance sheets As of Date (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Assets Investments, at fair value $2,077,570 $2,081,379 $2,046,887 $1,990,856 $1,794,559 Cash and cash equivalents 49,178 43,254 69,304 70,986 64,
Slide 38: Quarterly operating results
Quarterly operating results For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income 50,846 53,683 57,317 53,018 49,078 PIK inc
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 March 31, 2025, 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 gai
Slide 41: Endnotes – NCDL overview and appendices
Endnotes – NCDL overview and appendices Note: All information is as of March 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. 14 Total Annualized Distribution Yield includes the regular distribution p
Slide 42: Definitions and endnotes
Definitions and endnotes Note: All information is as of March 31, 2025, 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 equ
Slide 43: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com 4511884 Nuveen Churchill Direct Lending Corp. 43
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