Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q2 2026 Earnings Presentation
21 slides from Nuveen Churchill Direct Lending's earnings presentation, Aug 6, 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Second Quarter 2026 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Second Quarter 2026 Earnings NYSE: NCDL 06 August 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: 2Q'26 Highlights
2Q'26 Highlights • Net investment income per share: $0.41 (vs. $0.41 in 1Q'26)1 • Net increase in net assets resulting from operations per share: $0.07 (vs. $0.18 in 1Q'26)1 2Q'26 • Net asset value per share: $17.19 (vs. $17.50 at March 31, 2026) earnings • Annualized ROE on net investment income: 9
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 $1.9B 244 100% 90% 86% 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) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Net Investment Income1 $0.41 $0.41 $0.44 $0.43 $0.46 Net Realized and Unrealized Gains (Losses)1 (0.34) (0.23) (0.12) (
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Investment Activity at Par: New Gross Commitments at Par $12,081 $82,876 $59,372 $29,236 $47,698 Investment Fundings1 $24,818 $85,359 $80,384 $36,27
Slide 7: Net Asset Value Per Share
Net Asset Value Per Share As of June 30, 2026 the Company’s net asset value per share was $17.19 $0.41 $(0.36) $17.50 $(0.02) 2Q'26: $0.38 total dividend $17.19 (8.9% dividend yield1) $(0.34) NAV Net investment Regular distributions Supplemental Net realized and NAV March 31, 2026 income 2 from inco
Slide 8: Dividend History
Dividend History Declared 3Q’26 Distribution of $0.38 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.02 per share • Record date: September 30, 2026 • Payment date: October 27, 2026 Regular distribution per share ($) Supplemental distribution per share ($) 1 2
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Portfolio Highlights Investments, at Fair Value1 $1,918,917 $1,975,862 $1,962,449 $1,967,882 $1,992,804 Number of Portfolio Companies 244 236 227 213
Slide 10: 2Q'26 Investment Activity
2Q'26 Investment Activity • Closed 11 new investments and 4 add-on investments totaling $12M1 • 4.8%2 weighted average spread of new floating rate debt investments • 12.3%3 weighted average coupon of new fixed rate debt investments Investment Activity (QoQ) 4 Volume ($ Millions) # of investments Wei
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s industry 3.1% 7.3% 18.8% Healthcare & Pharmaceuticals ~ 90% First lien debt1 Services: Business 16.0% Subordinated debt First lien debt Equity 8.1% Beverage, Food & Tobacco 7.2% 89.6% Construction & Building
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 369 bps1 as of the quarter ended June 30, 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
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average risk rating of 4.3 • Nine portfolio companies on non-accrual representing 1.5% (at fair value) and 2.7% (at cost) • Added investments in four portfolio companies to non-accrual status during 2Q'26 Portfolio risk ratings ($ thousands) June 30, 2026 March 31, 20
Slide 15: Financing Overview
Financing Overview Funding Source Debt Commitment Outstanding Par Amount Available Reinvestment Period Maturity Interest Rate Securitizations CLO-I $320.8 M $320.8 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 $213.3
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of Date (Amounts in thousands, except share and per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Assets Investments, at fair value $1,918,917 $1,975,862 $1,962,449 $1,967,882 $1,992,804 Cash & cash equivalents 45,756 50,4
Slide 17: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Amounts in thousands, except share and per share data) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Investment income Non-controlled/non-affiliated company investments: Interest income $41,810 $42,862 $46,611 $48,227 $50,213
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 June 30, 2026, unless otherwise noted. Metrics presented are calculated based on fair Slide 4: Nuveen Churchill Direct Lending Corp. Overview value unless otherwise stated. Numbers may not sum due to rounding. 1 Represents total investment portfolio at fair va
Slide 20: Endnotes
Endnotes Note: All information is as of June 30, 2026, unless otherwise noted. Metrics presented are calculated based on fair Slide 7: Net Asset Value Per Share value unless otherwise stated. Numbers may not sum due to rounding. 1 Total Distribution Yield presented is the sum of the Regular Distribu
Slide 21: Endnotes
Endnotes Note: All information is as of June 30, 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 68.68% traditional first lien positions and
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