Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2026 Earnings Presentation
43 slides from Nuveen Churchill Direct Lending's earnings presentation, May 19, 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2026 Investor Presentation
Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2026 Investor Presentation NYSE: NCDL 19 May 2026 NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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 15 4. NCDL Overview 22 5. Appendices 31 6. Endnotes 39
Slide 4: Executive Summary
Executive Summary ncdl.com | 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 over 20-year track record and 750+ private equity relationships • NCDL held its initial
Slide 6: Churchill Platform Overview
Churchill Platform Overview ncdl.com | 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 $1.4T global investm
Slide 8: Nuveen Private Capital: Combining the capabilities of two leading managers
Nuveen Private Capital: Combining the capabilities of two leading managers A broad array of capabilities across the capital structure offering strong long-term risk- adjusted return potential US Senior European Lending Direct Lending $35.9B $30.3B US Junior Capital Capital $7.2B Solutions $1.6B A $6
Slide 9: 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 $65B+ to leading private equity firms Committed capital Senior Junior Equity Secondaries lending capital co-investments $36.5B $6.6B $6.6B $2.1B
Slide 10: A competitive edge that's difficult to replicate
A competitive edge that’s difficult to replicate 20+ $89B 750+ $14B 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 $65B+ of committed capital, our approach to u
Slide 11: Trusted and tenured private equity relationships
Trusted and tenured private equity relationships Promote robust proprietary deal flow and a high level of investment selectivity With LP relationship Prior investor relationship 750+ Alpine Investors Kohlberg & Company Wind Point Sentinel Capital Partners Court Square private equity relationships1 •
Slide 12: Experienced team of professionals
Experienced team of professionals Churchill has over 215 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 13: Churchill's nationally recognized platform
Churchill’s nationally recognized platform Lender Firm Private Markets Best Places to Work of the Year1 Manager of the Year2 in Money Management3 2021 - 2025 2021, 2024, and 2025 2021 - 2025 Highly ranked in industry league tables Influential thought leader most active U.S. mid-cap private #1 credit
Slide 14: Platform update
Platform update $16.1B of LTM 385+ transactions in the 750+ sponsor investment activity LTM period relationships Churchill advantages for private equity sponsors Annual investment activity ($B)1 PE Fund Investments, VC, and Secondaries Equity Co-Investments Junior Capital • Broad & deep sponsor rela
Slide 15: Investment Approach
Investment Approach ncdl.com | 15
Slide 16: Investment strategy: senior lending
Investment strategy: senior lending 20+ 40+ 560+ ~$37B year track record existing portfolio investments dedicated investment committed capital professionals Highly experienced management — Consistent management team for over 20 years — Averaging over 25 years of middle market lending experience for
Slide 17: Investment strategy: private equity & junior capital
Investment strategy: private equity & junior capital 15 years 33 350+ 95%+ as an active private equity investor existing LP commitments to dedicated investment of direct investments are private equity funds professionals managing four alongside leading sponsors in complementary mandates Churchill’s
Slide 18: 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 middle market mi
Slide 19: 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 robust deal flow Rigorous underwriting Strong risk management • $14B of LP commitments1 to private Disciplined, w
Slide 20: Selectivity, diversification and rigorous underwriting are key to our philosophy
Selectivity, diversification and rigorous underwriting are key to our philosophy Highly selective Diversified 6% of transactions reviewed closed LTM Our investments target diversification across: sector, sponsor, and borrower2 Majority of transactions sourced from LP Fund commitments Healthcare & Ph
Slide 21: Proactive portfolio and risk management
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 22: NCDL Overview
NCDL Overview ncdl.com | 22
Slide 23: 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%
Slide 24: 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 $2.0B 236 100% 90% 87% Debt Investments Investment Portfolio Private Equity Firs
Slide 25: Dividend history
Dividend history Declared 2Q’26 Distribution of $0.38 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.02 per share • Record date: June 30, 2026; Payment date: July 28, 2026 Past performance is not a guarantee of future results. See endnotes for additional info
Slide 26: Portfolio overview
Portfolio overview Portfolio composition by investment type Portfolio composition by Moody’s industry Healthcare & Pharmaceuticals 1 ~ 90% Services: Business First lien debt Beverage, Food & Tobacco Construction & Building Capital Equipment Portfolio composition by interest rate type Environmental I
Slide 27: Portfolio overview - diversification
Portfolio overview - diversification Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.2% of the portfolio (at fair value) Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Firstcall Mechanical Group Capital Equipment 1.5
Slide 28: Net interest margin
Net interest margin Net interest margin of 356 bps1 as of the year ended March 31, 2026 2 Past performance is not a guarantee of future results. See endnotes for additional information.
Slide 29: Internal risk rating
Internal risk rating • Weighted average risk rating of 4.3 • Five portfolio companies on non-accrual representing 0.6% (at fair value) and 1.3% (at cost) • Added one portfolio company to non-accrual status during 1Q'26 Portfolio risk ratings ($ thousands) Rating Definition Rating Definition 1 Perfor
Slide 30: 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 31: Appendices
Appendices ncdl.com | 31
Slide 32: 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 33: 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 34: 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 1Q'26: $0.40 total dividend (9.3% dividend yield1) 2 3 3 2 Past performance is not a guarantee of future results. See endnotes for additional information.
Slide 35: 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 36: 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) 4 23 22 20 24 10 Past performance is not a
Slide 37: 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 38: 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 39: Endnotes
Endnotes ncdl.com | 39
Slide 40: Endnotes
Endnotes Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on Slide 24: 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
Slide 41: Endnotes
Endnotes Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on Slide 32 Financial Highlights fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Per share net investment income (“NII”), net realized and unrealized gain
Slide 42: 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 35: Portfolio Highlights 1 Represents total investment portfolio at fair value. Total par value of
Slide 43: Contact Us
Contact Us Our website www.NCDL.com Investor relations NCDL-IR@churchillam.com 5499680 NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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