Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2025 Earnings Presentation
22 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 6, 2025
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Second quarter 2025 earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Second quarter 2025 earnings 06 August 2025
Slide 2: Disclosure
Disclosure 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 “Company,” “NCDL,
Slide 3: 2Q'25 Highlights
2Q'25 Highlights • Net investment income per share: $0.46 (vs. $0.53 in 1Q'25)1 • Net increase in net assets resulting from operations per share: $0.32 (vs. $0.29 in 1Q'25)1 2Q'25 • Net asset value per share: $17.92 (vs. $17.96 at 3/31/2025) Earnings • Annualized ROE on net investment income: 10.3%2
Slide 4: 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 207 100% 90% 88% Debt Investments Investment Portfolio Private Equity Firs
Slide 5: Financial Highlights
Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Net Investment Income1 $0.46 $0.53 $0.56 $0.58 $0.57 Net Realized and Unrealized Gains (Losses)1 (0.14) (0.24) (0.02) 0
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Net Funded Investment Activity New Gross Commitments at Par $47,698 $166,239 $162,663 $225,612 $360,218 Net Investments Funded1 $81,061 $153,019 $15
Slide 7: Net Asset Value
Net Asset Value As of June 30, 2025 the Company’s net asset value was $17.92. $0.46 $17.96 $0.09 $17.92 -$0.45 -$0.14 3 NAV Net investment Regular distributions Net realized and Other NAV (3/31/25) income1 from income 2 unrealized gain (6/30/25) (loss)1 Past performance is not a guarantee of future
Slide 8: Dividend History
Dividend History Declared Q3’25 regular distribution of $0.45 per share payable on October 28, 2025 for shareholders of record as of September 30, 2025 $1.20 $1.00 12.4% 12.3% 12.1% 12.0% Distribution per Share Distribution Yield $0.80 10.0% 10.2% 10.1% 9.9% 9.8% $0.60 $0.10 $0.10 $0.10 $0.10 $0.45
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Portfolio Highlights Investments, at Fair Value1 $1,992,804 $2,077,570 $2,081,379 $2,046,887 $1,990,856 Number of Portfolio Companies 207 210 210 202
Slide 10: 2Q'25 Investment Activity
2Q'25 Investment Activity • Closed 14 new investments and 6 add-ons totaling $48M1 • 4.8%2 average spread of new floating rate investments • 12.0%3 weighted average coupon of new fixed rate investments Investment Activity (QoQ) $800M 14.0% 13.8% 13.7% 12.6% 12.0% 12.0% 12.0% $600M Spread / Coupon (%
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 2.0% 8.0% Healthcare & Pharmaceuticals 17.3% 90% 1 Services: Business First lien debt 16.2% First lien Subordinated debt debt Equity Beverage, Food & Tobacco 7.6% Construction & Building 7.2% 90.0%
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 13.6% of the portfolio Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % MGM Transformer Company Energy: Electricity 1.5 % Trilon Group Se
Slide 13: Net Interest Margin
Net Interest Margin NCDL had a Net Interest Margin of 358 bps1 as of the quarter ended June 30, 2025 11.9% 11.9% 11.7% 12.0% 11.7% 11.4% 11.4% 10.9% 10.9% 11.6% 11.7% 11.6% 11.4% 11.3% 10.4% 11.0% 10.2% 10.2% 10.9% 9.8% 10.6% 10.0% 10.3% 10.1% 10.1% 9.6% 8.0% 7.7% 7.7% 7.7% 8.0% 7.5% 7.4% 7.2% 7.2%
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average rating remained stable at 4.1 • Investments in one portfolio company on non-accrual representing 0.2% (at fair value) and 0.4% (at amortized cost) as of June 30, 2025 Portfolio risk ratings ($ thousands) June 30, 2025 March 31, 2025 December 31, 2024 September
Slide 15: Financing Overview
Financing Overview Amount Reinvestment Financing source Debt commitment Outstanding par Maturity Interest rate available period Securitization CLO-I $321.4 $321.4 N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.9 $213.9 N/A January 20, 2028 January 20, S + 2.50%1 2036 CLO-III $214.3 $214.3
Slide 16: Dividend Activity
Dividend Activity Date declared Record date Payment date Dividend type Dividend per share July 30, 2025 September 30, 2025 October 28, 2025 Q3’25 Regular Dividend $0.45 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 Regul
Slide 17: Quarterly Balance Sheets
Quarterly Balance Sheets As of Date (Dollar amounts in thousands, except share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Assets Investments, at fair value $1,992,804 $2,077,570 $2,081,379 $2,046,887 $1,990,856 Cash and cash equivalents 44,008 49,178 43,254 69,304 70,986
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income 50,213 50,846 53,683 57,317 53,018 PIK income
Slide 19: Contact Us
Contact Us Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Nuveen Churchill Direct Lending Corp. 19
Slide 20: Endnotes
Endnotes Note: All information is as of June 30, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 3 2Q'25 Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains (los
Slide 21: Endnotes
Endnotes Note: All information is as of June 30, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 5: Financial Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains
Slide 22: Endnotes
Endnotes Note: All information is as of June 30, 2025, 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% traditional first lien positions and 31
Nuveen Churchill Direct Lending — Q2 2025 Earnings Presentation on 6ix