Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q1 2022 Earnings Presentation
16 slides from Nuveen Churchill Direct Lending's earnings presentation, May 11, 2022
Slide 1: Quarter Ended March 31, 2022
Nuveen Churchill Direct Lending Corp. Quarter Ended March 31, 2022 11 May 2022
Slide 2: Disclaimer
2Nuveen Churchill Direct Lending Corp. 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 Dire
Slide 3: Overview
3Nuveen Churchill Direct Lending Corp. • Churchill platform entered 2022 with momentum, despite the backdrop of broader economic uncertainty related to the Ukraine war, rising interest rates and inflation ◦ Closed and/or committed $2.8 billion in nearly 110 distinct transactions across the platform
Slide 4: 1Q22 Highlights
4Nuveen Churchill Direct Lending Corp. Investment Activity Performance Liquidity 1Q22 Highlights $61M Investment Volume2 7.1% Average Investment Yield5 14 Investments Upward trend in total dividend distributions since inception • Declared dividend of $8.6M (12% increase from 4Q21) • $0.41 dividend p
Slide 5: Investment Activity (QoQ)
5Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $145M $223M $214M $61M 5.1% 5.8% 5.3% 5.5% 10.8% 10.3% 11.0% 10.5% Volume ($ Millions) Spread (%) Coupon (%) 06/30/21 09/30/21 12/31/21 03/31/22 $0M $100M $200M $300M $400M $500M $60
Slide 6: Portfolio overview
6Nuveen Churchill Direct Lending Corp. First Lien Term Loan (including DDTLs) Subordinated Debt Equity Portfolio overview Average Asset Yield9 6.8% Average Position Size10 Key Portfolio Statistics <1% 20.5 % 9.7 % 9.0 % 8.2 % 6.3 % 5.6 % 5.0 % 4.2 % 4.1 % 4.0 % 23.4 % 87.0% 11.9% 1.2% 1287% First Li
Slide 7: Capital summary
7Nuveen Churchill Direct Lending Corp. Capital summary Equity (51% called) $778M committed $400M called $377M uncalled Debt (71% drawn) $625M committed13 $445M drawn $160M available4 Overall (60% drawn) $538M liquidity1 + $1,403M committed $845M drawn = • $538M1 of liquidity through uncalled shareho
Slide 8: Financing overview
8Nuveen Churchill Direct Lending Corp. Financing overview Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity SMBC Financing Facility $225.0 $158.3 L + 2.15% (no LIBOR floor) November 24, 2025 Wells Fargo Financing Facility $350.0 $251.0 S + 2.20% (no SOFR floor) March 31, 2027 SMBC Subsc
Slide 9: Net Asset Value
9Nuveen Churchill Direct Lending Corp. Net Asset Value • Slight decrease in NAV per share as a result of a modest decrease in valuations $19.39 $0.44 -$0.11 -$0.41 $19.31 NAV (12/31/21) Net investment income Net realized and unrealized gain (loss) Shareholder distributions from income NAV (3/31/22)
Slide 10: Internal risk rating
10Nuveen Churchill Direct Lending Corp. Internal risk rating Portfolio risk ratings ($ thousands) March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 Fair Value % of Portfolio Fair Value % of Portfolio Fair Value % of Portfolio Fair Value % of Portfolio 1 — — — — — — — — 2 — — — — — —
Slide 11: Dividend history
11Nuveen Churchill Direct Lending Corp. Dividend history As of Record Date D iv id en d p er S h ar e ($ ) D ivid en d D istribu tion s ($ T h ou san d s) $3,746 $6,173 $7,640 $8,552$0.31 $0.38 $0.40 $0.41 12.08 16.25 19.29 20.86 Distributions ($ Thousands) Dividend per Share ($) Shares Outstanding
Slide 12: Dividend distribution activity
12Nuveen Churchill Direct Lending Corp. Dividend distribution activity Date Declared Record Date Payment Date Dividend per Share March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 29, 2021 September 29, 2021 October 11, 2021 $0.38
Slide 13: Share issuance activity
13Nuveen Churchill Direct Lending Corp. Share issuance activity Issuance Date Share Issuance Aggregate Offering Price Issuance Price per Share January 21, 2022 1,541,568 $30,000,000 $19.46 December 9, 2021 1,491,676 $29,207,475 $19.58 November 1, 2021 1,546,427 $30,000,000 $19.40 August 23, 2021 2,5
Slide 14: Contact us
14Nuveen Churchill Direct Lending Corp. Company website churchillam.com/NCDL Investor Relations NCDL-IR@churchillam.com Contact us
Slide 15: Endnotes
15Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2022, unless otherwise noted. Numbers may not sum due to rounding. 1. Represents the sum of uncalled shareholder commitments of $377M and Financing Facilities availability of $160M. 2. Reflects the par amount o
Slide 16: Endnotes
16Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2022, unless otherwise noted. Numbers may not sum due to rounding. 15. The per share data was derived by using the weighted average shares outstanding during the period. 16. The per share data for distributions
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