ADS Analytics is a team of analysts with experience in research and trading departments at several industry-leading global investment banks. They focus on generating income ideas from a range of security types including: CEFs, ETFs and mutual funds, BDCs as well as individual preferred stocks and baby bonds.Analyst’s Disclosure:I/we have a beneficial long position in the shares of NCDL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinion ...

Nuveen Churchill Direct Lending Corp. Announces Second Quarter 2025 Results Reports Second Quarter Net Investment Income of $0.46 per Share Declares Third Quarter Regular Distribution of $0.45 per Share NEW YORK, August 6, 2025 - Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) ("NCDL" or the "Company"), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the "Adviser"), and by its sub- adviser, Churchill Asset Management LLC ("Churchill"), today reporte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission file number: 000-56133 NUVEEN CHURCHILL DIRECT LENDING CORP. (Exact name of registrant as specified in its charter) Maryland 84-3613224 (St ...

Nuveen Churchill Direct Lending Corp. (NCDL) came out with quarterly earnings of $0.53 per share, missing the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.02%. A quarter ago, it was expected that this company would post earnings of $0.58 per share when it actually produced earnings of $0.56, delivering a surprise of -3.45%.Over the last four ...

"During the first quarter, we continued to optimize our balance sheet and capital structure by issuing $300 million of unsecured notes and refinancing one of our CLOs allowing us to reduce our borrowing costs going forward," said Shai Vichness, Chief Financial Officer of NCDL and Churchill. "We remain confident in the Company's positioning as a leader in the core, traditional middle market, and we remain focused on continuing to deliver an attractive yield to our shareholders." Distribution Declaration The ...

Financial Performance - For the three months ended March 31, 2025, new gross commitments at par totaled $166.239 million, a decrease from $206.815 million in the same period of 2024[351]. - Net investments funded were $153.019 million in Q1 2025, down from $204.330 million in Q1 2024[351]. - Investment income increased to $53.6 million for the three months ended March 31, 2025, up from $51.6 million for the same period in 2024, primarily due to increased investment activity[368]. - Total expenses before waived incentive fees rose to $28.4 million for the three months ended March 31, 2025, from $26.3 million in the same period of 2024[369]. - Interest and debt financing expenses increased to $20.6 million for the three months ended March 31, 2025, compared to $16.9 million for the same period in 2024, driven by higher average daily borrowings[370]. - Net realized gain on investments was $1.1 million for the three months ended March 31, 2025, compared to a net realized loss of $(3.6) million for the same period in 2024[373]. - A net change in unrealized loss of $(13.6) million was recorded for the three months ended March 31, 2025, compared to a net change in unrealized gain of $4.1 million for the same period in 2024[374]. Portfolio and Investment Details - The portfolio companies at the beginning of the period numbered 210, with 12 new portfolio companies added and 12 exited, maintaining the total at 210 by the end of the period[351]. - The weighted average reported annual EBITDA for the portfolio was $76.3 million[352]. - The weighted average Internal Risk Rating of the investment portfolio was 4.14 as of March 31, 2025, compared to 4.13 as of December 31, 2024[365]. - The largest portfolio company investment was valued at $31,125, accounting for 1.50% of the total fair value as of March 31, 2025[354]. - The healthcare and pharmaceuticals sector represented 16.46% of the portfolio's fair value as of March 31, 2025, up from 14.47% as of December 31, 2024[356]. - As of March 31, 2025, total investments amounted to $2,077,570, with a fair value of $2,077,570, compared to $2,081,379 as of December 31, 2024[354]. Debt and Financing - Total gross commitments at par included $151.995 million in first-lien debt and $13.230 million in subordinated debt for Q1 2025[351]. - As of March 31, 2025, total debt obligations amount to $1,202.3 million, with significant portions due beyond five years[438]. - The company established an ATM Program on March 10, 2025, allowing for the sale of up to $200 million in common stock[385]. - The Company entered into a share repurchase plan on March 5, 2024, allowing for the purchase of up to $99.3 million of its common stock in the open market[394]. - The 2022 Debt Securitization raised $448.3 million, with various classes of notes issued, including $199.0 million of AAA Class A-1 2022 Notes[412][413]. - The Company completed a $298.1 million term debt securitization on December 7, 2023, known as the 2023 Debt Securitization[423]. - The Company issued $300 million in aggregate principal amount of 6.650% Notes due 2030 on January 22, 2025, with interest payable semi-annually[435]. Interest Rates and Risk Management - The weighted average annual interest rate on new debt investments at par was 9.38% in Q1 2025, compared to 10.27% in Q1 2024[351]. - The percentage of debt investments bearing a floating rate was 94.55% as of March 31, 2025, slightly down from 94.68% as of December 31, 2024[358]. - The Federal Reserve held interest rates steady in Q1 2025 after three consecutive rate reductions in Q3 and Q4 2024, with potential future rate cuts uncertain[469]. - The company is subject to interest rate risk, affecting net investment income based on the difference between investment and borrowing rates[468]. - The company has entered into a fixed-to-floating interest rate swap to align the interest rates of liabilities with the investment portfolio[470]. Shareholder Returns - The Board declared a regular dividend of $0.45 per share payable on or around July 28, 2025, to shareholders of record as of June 30, 2025[464]. - As of March 31, 2025, a total of 4,113,398 shares have been repurchased under the Company 10b5-1 Plan, with a total value of approximately $70.585 million[397]. - BofA Securities, Inc. repurchased an additional 935,888 shares of common stock for approximately $14 million from April 1, 2025, through May 6, 2025[465]. Regulatory and Compliance - The company is regulated as a business development company (BDC) and must invest at least 70% of total assets in qualifying assets[346]. - The SEC granted an exemptive order on October 14, 2022, allowing the company to complete follow-on investments in existing portfolio companies with certain affiliates[444]. - The company evaluates tax positions to determine if they are "more-likely-than-not" to be sustained, with no uncertain tax positions as of March 31, 2025[462]. - The company’s critical accounting policies include the valuation of portfolio investments, revenue recognition, and U.S. federal income taxes[447].

Core Viewpoint - Nuveen Churchill Direct Lending (NCDL) is a notable player in the Business Development Company (BDC) sector, although less recognized compared to Blackstone Secured Lending Fund (BXSL) and Morgan Stanley Direct Lending Fund (MSDL) [1] Company Insights - NCDL is positioned as a viable investment option within the BDC landscape, emphasizing its potential for steady income through dividend investing [1] - The article highlights the author's extensive experience in M&A and business valuation, indicating a strong foundation for evaluating companies like NCDL [1] Investment Philosophy - The focus on dividend investing is presented as an accessible path to financial freedom, with the author sharing insights to help others navigate this investment strategy [1] - The article aims to demystify the process of dividend investing, making it more approachable for individuals seeking to build long-term wealth [1]

Core Insights - Nuveen Churchill Direct Lending Corp (NYSE: NCDL) reported a regular dividend yield of 10.45% and has a net investment yield [1] Group 1 - The article discusses the Q4 results for NCDL and maintains a Buy rating for the stock [1] - The company is highlighted for its performance in the Business Development Company (BDC) sector [1] - The article suggests exploring various investment tools for navigating BDC, Closed-End Funds (CEF), Open-End Funds (OEF), preferred stocks, and baby bonds [1]

Nuveen Churchill Direct Lending Corp. (NYSE: NCDL ) is one of six BDCs, which I currently own in my portfolio together with such high-quality names as Morgan Stanley Direct Lending Fund ( MSDLRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital markets. Other polic ...

Financial Data and Key Metrics Changes - For the full year 2024, the company generated a return on equity (ROE) of 12.4% on net investment income and paid total distributions of $2.10 per share, resulting in an attractive yield of 11.6% based on year-end net asset value [8][9] - Net investment income for Q4 2024 was $0.56 per share, which fully covered the regular distribution and previously declared special dividend totaling $0.55 per share [10][29] - The net asset value per share increased to $18.18 at December 31, 2024, up from $18.15 at the end of Q3 2024 [12][33] Business Line Data and Key Metrics Changes - Investment activity during Q4 was primarily focused on senior secured first lien loans, with new originations totaling $163 million for the quarter [11][18] - The investment portfolio had a fair value of $2.08 billion at the end of Q4, compared to $2.05 billion at the end of Q3 [34] - First lien debt represented over 90% of the fair value of the overall portfolio, maintaining a steady focus on traditional middle market senior loans [19][41] Market Data and Key Metrics Changes - The company noted that credit quality remains strong, with only 1 portfolio company on nonaccrual status, representing 0.1% of the total portfolio at fair value [9][24] - The direct lending market accounted for approximately 90% of middle market new leveraged buyout (LBO) volume, indicating a strong position in the core middle market [14][70] Company Strategy and Development Direction - The company aims to continue focusing on the core middle market direct lending space, leveraging long-standing relationships and extensive commitments to identify attractive investment opportunities [12][26] - The company plans to optimize its capital structure and balance sheet, having issued $300 million of unsecured notes in January 2025 [9][47] - The strategy includes a supplemental dividend program to distribute excess earnings while retaining capital to grow net asset value [31][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning as a leader in the core middle market direct lending space, despite competitive dynamics in the private credit market [12][13] - The economic environment is viewed as healthy and resilient, with expectations of increased M&A activity in 2025 [15][26] - Management is actively monitoring potential impacts from policy changes but does not expect a material impact on performance due to the diversification of the portfolio [16][26] Other Important Information - The company had a record year of investment activity in 2024, investing over $13 billion across approximately 400 transactions [18][34] - The company’s share repurchase program has utilized approximately $57 million, with $42 million remaining [51][52] - The final lockup release for pre-IPO shareholders occurred on January 24, 2025, increasing the number of shares available for trading [52] Q&A Session Summary Question: Details on supplemental dividends after the last $0.10 dividend - Management indicated that approximately 50% of excess earnings would form the basis of the supplemental dividend, focusing on distributing most earnings while retaining some capital for reinvestment [58] Question: Expected repricing impact on overall yield - Management estimated that around 70-75% of the portfolio has already repriced, with limited further repricing expected [62][64] Question: Anticipated changes in PIK income ratio for 2025 - Management expects PIK income to remain in the low single-digit percentage range, primarily driven by junior capital positions [66][69] Question: Sustainability of direct lenders' dominance in the middle market - Management believes direct lenders will continue to dominate the core middle market due to their ability to deliver full financing commitments quickly and maintain deep relationships [72][74]