Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2024 Earnings Presentation
22 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 7, 2024
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Third Quarter 2024 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Third Quarter 2024 Earnings 7 November 2024
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: 3Q'24 Highlights
3Q’24 Highlights • Net investment income per share: $0.58 (vs. $0.57 in 2Q’24)1 • Net increase in net assets resulting from operations per share: $0.67 (vs. $0.37 in 2Q’24)1 3Q’24 • Net asset value per share: $18.15 (vs. $18.03 at 6/30/2024) Earnings • Annualized ROE on net investment income: 12.6%2
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 202 100% 90% 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) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Net Investment Income1 $0.58 $0.57 $0.56 $0.66 $0.62 1 Net Realized and Unrealized Gains (Losses) 0.09 (0.20) 0.01 0.07
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Net Funded Investment Activity New Gross Commitments at Par $225,612 $360,218 $206,815 $253,620 $216,710 Net Investments Funded17 $203,159 $304,976
Slide 7: Net Asset Value
Net Asset Value • $0.12 quarter-over-quarter increase in NAV per share $0.58 $18.03 $0.09 $18.15 -$0.45 -$0.10 3Q’24: $0.55 total dividend (12.1% dividend yield12) NAV Net investment Regular Special distributions Net realized and NAV 19 20 (6/30/24) income distributions from from income unrealized g
Slide 8: Dividend History
Dividend History • Declared a regular dividend of $0.45 per share for shareholders of record as of December 31, 2024 • The next special dividend of $0.10 per share is payable on January 28, 2025 for shareholders of record as of November 11, 2024 $1.20 12.2% 12.0% 12.3% 12.1% 12.5% $1.00 11.0% 10.9%
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Portfolio Highlights Investments, at Fair Value4 2,046,887 1,990,856 1,794,559 1,641,686 1,481,012 Number of Portfolio Companies 202 198 195 179 174
Slide 10: 3Q'24 Investment Activity
3Q’24 Investment Activity • Closed 18 new investments and 11 add-ons totaling $226M21 • 5.0%22 average spread of new floating rate investments • 13.7%23 average coupon of new fixed rate investments Investment Activity (QoQ) $800M 14.0% 13.8% 13.9% 13.8% 13.7% $700M 13.0% 12.0% 11.5% $600M 11.2% 10.0
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s Industry 1.7% 8.3% Services: Business 16.5% 25 Healthcare & Pharmaceuticals 14.2% 90% First Lien Debt First Lien Debt Subordinated Debt Equity High Tech Industries 8.7% Beverage, Food & Tobacco 8.3% 90.1% Ca
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 14.1% of the portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.5% Handgards, LLC Beverage, Food & Tobacco 1.5% Rise Baking Beverag
Slide 13: Net Interest Margin
Net Interest Margin NCDL had a Net Interest Margin of 320 bps26 as of the quarter ended September 30, 2024 11.9% 11.7% 11.9% 11.7% 12.0% 11.4% 11.4% 10.9% 10.9% 11.6% 11.7% 11.6% 11.4% 11.3% 11.0% 9.8% 10.9% 10.0% 10.6% 9.6% 8.0% 7.7% 7.7% 7.7% 8.0% 7.5% 7.4% 7.2% 6.7% 6.8% 6.7% 6.8% 7.9% 6.8% 6.3%
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average rating remained stable at 4.2 • No new investments placed on non-accrual status during the quarter • Three portfolio companies on non-accrual representing 0.55% (at fair value) and 1.40% (at amortized cost) as of September 30, 2024 Portfolio risk ratings ($ th
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 November 4, 2024 December 31, 2024 January 28, 2025 Q4’24 Regular Dividend $0.45 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 Regu
Slide 17: Quarterly Balance Sheets
Quarterly Balance Sheets As of Date (Dollar amounts in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Assets Investments, at fair value $2,046,887 $1,990,856 $1,794,559 $1,641,686 $1,481,012 Cash and cash equivalents 69,304 70,986 64,146 67,395 35,
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Dollar amounts in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Investment income Non-controlled/non-affiliated company investments: Interest income 57,317 53,018 49,078 46,819 40,371 PIK inc
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 September 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
Slide 21: Endnotes
Endnotes Note: All information is as of September 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 b
Slide 22: Endnotes
Endnotes Note: All information is as of September 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 24 Interest rate utilizes the average spread plus the greater of 3-Month base rate (i.e. SOFR), or base rate floor, if applicable for each respective transaction. SOFR as of Septe
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