Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2024 Earnings Presentation
22 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 7, 2024
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Second Quarter 2024 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Second Quarter 2024 Earnings 7 August 2024
Slide 2: Disclaimer
Disclaimer 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'24 Highlights
2Q’24 Highlights • Net investment income per share: $0.57 (vs. $0.56 3/31/2024)1 • Net increase in net assets resulting from operations per share: $0.37 (vs. $0.57 3/31/2024)1 • Net asset value per share: $18.03 (vs. $18.21 3/31/2024) 2Q’24 • Annualized ROE on net investment income: 12.6%2; annualiz
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 198 100% 91% 83% Debt Investments Investment Portfolio Private Equity Fir
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, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Net Investment Income1 $0.57 $0.56 $0.66 $0.62 $0.61 1 Net Realized and Unrealized Gains (Losses) (0.20) 0.01 0.07 (0.0
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Net Funded Investment Activity New Gross Commitments at Par $360,218 $206,815 $253,620 $216,710 $109,654 Net Investments Funded17 $304,976 $204,330
Slide 7: Net Asset Value
Net Asset Value • $(0.18) quarter-over-quarter decrease in NAV per share $0.57 $18.21 $18.03 -$0.45 -$0.10 -$0.20 2Q’24: $0.55 total dividend (12.3% dividend yield12) NAV Net investment Regular Special distributions Net realized and NAV 19 20 (3/31/24) income distributions from from income unrealize
Slide 8: Dividend History
Dividend History • Declared a regular dividend of $0.45 per share for shareholders of record as of June 28, 2024 • The first of four special dividends of $0.10 per share was paid on July 29, 2024 for shareholders of record as of May 13, 2024 $1.20 12.3% 12.2% 12.3% 12.0% 12.5% $1.00 11.2% 11.0% 10.9
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Portfolio highlights Investment at Fair Value4 1,990,856 1,794,559 1,641,686 1,481,012 1,350,757 Number of Portfolio Companies 198 195 179 174 161 Av
Slide 10: 2Q'24 Investment Activity
2Q’24 Investment Activity • Closed 11 new investments and 25 add-ons totaling $360M21 • 5.0%22 average spread of new floating rate investments • 13.8%23 average coupon of new fixed rate investments Investment Activity (QoQ) $800M 14.0% 13.8% 13.9% 13.8% 13.5% $700M 13.0% 12.0% 11.5% $600M 11.0% 11.2
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 7.8% 1.6% Services: Business 17.5% First Lien Term Loan Healthcare & Pharmaceuticals 12.7% 91% (including DDTLs) 25 First Lien Subordinated Debt Equity High Tech Industries 10.0% Beverage, Food & To
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 14.4% of the portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.6% Rise Baking Beverage, Food & Tobacco 1.5% Containers, Packaging
Slide 13: Net Interest Margin
Net Interest Margin NCDL maintains a Net Interest Margin of 368 bps as of the quarter ended June 30, 2024 11.9% 11.9% 11.7% 11.7% 12.0% 11.4% 11.4% 10.9% 11.6% 11.7% 11.6% 11.4% 11.3% 11.0% 9.8% 10.6% 10.0% 9.6% 8.0% 7.7% 7.7% 8.0% 7.5% 7.4% 7.2% 6.7% 6.8% 6.7% 6.8% 7.9% 6.8% 6.3% 6.3% 6.5% 6.5% 6.3
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average rating remained stable at 4.1 • Three portfolio companies on non-accrual representing 0.49% (at fair value) and 1.44% (at amortized cost) as of June 30, 2024 Portfolio risk ratings ($ thousands) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023
Slide 15: Financing Overview
Financing Overview • NCDL has a diversified funding profile including: two Asset Based Financing Facilities (ABLs), three Collateralized Loan Obligations (CLOs), and one Corporate Revolver • NCDL has ample liquidity of $361 million through cash and debt capacity • NCDL has no near-term debt maturiti
Slide 16: Dividend Activity
Dividend Activity Date Declared Record Date Payment Date Dividend Type Dividend per Share July 31, 2024 September 30, 2024 October 28, 2024 Q3’24 Regular Dividend $0.45 May 1, 2024 June 28, 2024 July 29, 2024 Q2’24 Regular Dividend $0.45 January 10, 2024 February 12, 2025 April 28, 2025 Q1’25 Specia
Slide 17: Quarterly Balance Sheets
Quarterly Balance Sheets As of Date (Dollar amounts in thousands, except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Assets Investments, at fair value $1,990,856 $1,794,559 $1,641,686 $1,481,012 $1,350,757 Cash and cash equivalents 70,986 64,146 67,395 35,971 45,
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except per share data) Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Investment income: Non-controlled/non-affiliated company investments: Interest income 53,018 49,078 46,819 40,371 36,291 PIK in
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, 2024, unless otherwise noted. Numbers may not sum due to rounding. 1 Per share Net Investment Income, Net Realized and Unrealized Gains (Losses) on Investments and Net Increase (Decrease) from Net Assets from Operations data was derived by using the p
Slide 21: Endnotes
Endnotes Note: All information is as of June 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 11 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser, and is a weighted average based
Slide 22: Endnotes
Endnotes Note: All information is as of June 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 24 Interest rate utilizes the floating rate investment spread plus the greater of 3-Month base rate, or base rate floor, if applicable for each respective transaction SOFR as of June 3
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