Group 1 - ADS Analytics is a team of analysts with experience in research and trading departments at leading global investment banks [1] - The focus of ADS Analytics is on generating income ideas from various security types including CEFs, ETFs, mutual funds, BDCs, individual preferred stocks, and baby bonds [1]

Financial Performance - Nuveen Churchill Direct Lending Corp. reported quarterly earnings of $0.46 per share, matching the Zacks Consensus Estimate, but down from $0.57 per share a year ago [1] - The company posted revenues of $53.13 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 2.33% and down from $55.09 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2][3] Market Performance - Nuveen Churchill Direct Lending Corp. shares have declined approximately 5% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The company's current Zacks Rank is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.46 on revenues of $54.9 million, and for the current fiscal year, it is $1.90 on revenues of $218.2 million [7] - The estimate revisions trend for the company was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Financial - SBIC & Commercial Industry, to which Nuveen Churchill Direct Lending Corp. belongs, is currently in the top 41% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

Second Quarter 2025 Earnings Announcement Nuveen Churchill Direct Lending Corp. reported Q2 2025 net investment income of $0.46 per share, declared a $0.45 per share distribution, and maintained a healthy portfolio with strong liquidity [Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Quarter%20Ended%20June%2030,%202025) Nuveen Churchill Direct Lending Corp. reported Q2 2025 net investment income of $0.46 per share and a net increase in net assets from operations of $0.32 per share. The company's NAV per share was $17.92, a slight decrease from the previous quarter. A third quarter regular distribution of $0.45 per share was declared Q2 2025 Per Share Financial Highlights | Metric | Q2 2025 (per share) | | :----------------------------------- | :------------------ | | Net investment income | $0.46 | | Net realized and unrealized loss on investments | $(0.14) | | Net increase in net assets from operations | $0.32 | | Net asset value (NAV) | $17.92 | | Paid Q2 regular distribution | $0.45 | | Declared Q3 regular distribution | $0.45 | - The company completed a nearly **$100 million** share repurchase program in July, repurchasing approximately **5.9 million shares** at a meaningful discount to NAV[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed satisfaction with Q2 returns, highlighting a healthy portfolio with a low non-accrual rate of 0.2% and no new non-accruals. They emphasized a disciplined underwriting approach, focus on high-quality investments in resilient sectors, and strong liquidity position with over $300 million - Portfolio remains healthy, with a low non-accrual rate of **0.2%** on a fair value basis, and no new non-accruals during the quarter[3](index=3&type=chunk)[7](index=7&type=chunk) - The company maintains over **$300 million** of liquidity and no near-term debt maturities, positioning it well to take advantage of attractive investment opportunities[3](index=3&type=chunk) - Management remains focused on maintaining a highly disciplined approach to underwriting and sourcing high-quality investments in resilient, service-oriented sectors in the core middle market[3](index=3&type=chunk) [Distribution Declaration](index=1&type=section&id=Distribution%20Declaration) The Board of Directors declared a third quarter 2025 regular distribution of $0.45 per share, payable on October 28, 2025, to shareholders of record as of September 30, 2025. This follows a second quarter distribution of $0.45 per share, representing a 10.1% total annualized distribution yield based on Q2 NAV Distribution Declaration | Quarter | Distribution per Share | Payment Date | Record Date | Annualized Yield (Q2 NAV) | | :------ | :--------------------- | :----------- | :---------- | :------------------------ | | Q3 2025 | $0.45 | Oct 28, 2025 | Sep 30, 2025 | N/A | | Q2 2025 | $0.45 | Jul 28, 2025 | N/A | 10.1% | Portfolio Composition and Activity The investment portfolio decreased slightly to $2.0 billion, primarily in first-lien debt, with improved non-accrual rates and net investment outflows during Q2 2025 [Portfolio Composition](index=1&type=section&id=PORTFOLIO%20COMPOSITION) As of June 30, 2025, the fair value of the investment portfolio was $2.0 billion across 207 portfolio companies and 26 industries, a slight decrease from $2.1 billion and 210 companies as of March 31, 2025. The portfolio primarily consists of first-lien debt (90.0%) Portfolio Fair Value and Company Count | Metric | As of Jun 30, 2025 | As of Mar 31, 2025 | Change | | :-------------------- | :----------------- | :----------------- | :----- | | Portfolio Fair Value | $2.0 billion | $2.1 billion | $(0.1) billion | | Portfolio Companies | 207 | 210 | (3) | | Industries | 26 | 26 | 0 | Portfolio Composition by Asset Type (Fair Value) | Asset Type | As of Jun 30, 2025 | As of Mar 31, 2025 | | :----------------- | :----------------- | :----------------- | | First-lien debt | 90.0% | 90.5% | | Subordinated debt | 8.0% | 7.8% | | Equity investments | 2.0% | 1.7% | [Portfolio Risk Profile](index=1&type=section&id=Portfolio%20Risk%20Profile) The weighted average Internal Risk Rating of the portfolio remained stable at 4.1. The non-accrual status improved, with investments in one portfolio company representing 0.2% of total investments at fair value, down from two companies and 0.4% in the prior quarter Portfolio Risk Metrics | Metric | As of Jun 30, 2025 | As of Mar 31, 2025 | | :----------------------------------- | :----------------- | :----------------- | | Weighted average Internal Risk Rating | 4.1 | 4.1 | | Non-accrual (fair value) | 0.2% (1 company) | 0.4% (2 companies) | | Non-accrual (amortized cost) | 0.4% | 1.0% | [Investment Activity Summary](index=3&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY) For the three months ended June 30, 2025, the Company funded $81.1 million of portfolio investments and received $162.2 million of proceeds from principal repayments and sales, resulting in net outflows. This contrasts with the prior quarter, which saw $153.0 million funded and $148.4 million received Quarterly Investment Activity | Metric | Q2 2025 (3 months ended Jun 30) | Q1 2025 (3 months ended Mar 31) | | :--------------------------------- | :------------------------------ | :------------------------------ | | Investments funded | $81.1 million | $153.0 million | | Proceeds from repayments and sales | $162.2 million | $148.4 million | Results of Operations for Q2 2025 Q2 2025 saw a decrease in investment income due to lower yields, an increase in net expenses from higher fees, and a net realized loss on investments [Investment Income](index=3&type=section&id=Investment%20Income) Total investment income for the three months ended June 30, 2025, was $53.1 million, a decrease from $55.1 million for the same period in 2024. This decline was primarily due to a decrease in the weighted average yield of debt and income-producing investments to 10.08% from 11.32% year-over-year, driven by tightening spreads and lower base interest rates Investment Income (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------------------- | :---------- | :---------- | :--------- | | Total Investment Income | $53.1 million | $55.1 million | $(2.0) million | | Weighted average yield of debt and income producing investments (at cost) | 10.08% | 11.32% | (1.24)% | - The decrease in weighted average yield was primarily due to overall tightening of spreads in new investments and the decline in base interest rates[10](index=10&type=chunk) [Net Expenses](index=3&type=section&id=Net%20Expenses) Net expenses increased to $30.3 million for the three months ended June 30, 2025, from $24.1 million for the same period in 2024. This rise was mainly due to higher interest and debt financing expenses, increased management fees (due to a base rate increase from 0.75% to 1.00% effective March 31, 2025), and the expiration of the Adviser's incentive fee waiver Net Expenses (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--------------------------------- | :---------- | :---------- | :--------- | | Net Expenses | $30.3 million | $24.1 million | $6.2 million | | Management fee base rate | 1.00% (effective Mar 31, 2025) | 0.75% | +0.25% | | Income based incentive fees | $2.8 million | N/A | N/A | - The increase in management fees was primarily attributable to the increase in the management fee base rate from **0.75% to 1.00%**, effective March 31, 2025, and the expiration of the Adviser's waiver of incentive fees[11](index=11&type=chunk) [Net Realized and Unrealized Gain (Loss) on Investments](index=3&type=section&id=Net%20Realized%20Gain%20(Loss)%20and%20Net%20Change%20in%20Unrealized%20Gain%20(Loss)%20on%20Investments) For Q2 2025, the Company recorded a net realized loss on investments of $(10.7) million, primarily from the restructuring of an underperforming debt position, compared to a net realized gain of $1.0 million in Q2 2024. A net change in unrealized gain of $3.8 million was recorded, mainly due to a reversal of an unrealized loss on the restructured debt, offset by fair value decreases in other underperforming investments Realized and Unrealized Gains/Losses (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------------------- | :------------ | :------------ | :----------- | | Net realized gain (loss) on investments | $(10.7) million | $1.0 million | $(11.7) million | | Net change in unrealized gain (loss) on investments | $3.8 million | $(12.1) million | $15.9 million | | Total net realized and unrealized gain (loss) on investments | $(6.8) million | $(10.8) million | $4.0 million | - The net realized loss was primarily driven by the restructuring of an underperforming debt position[12](index=12&type=chunk) Financial Condition, Liquidity and Capital Resources NCDL maintained strong liquidity with $44.0 million in cash and $260.3 million available credit, while improving its debt to equity ratio to 1.26x [Financial Condition, Liquidity and Capital Resources](index=3&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) As of June 30, 2025, NCDL had $44.0 million in cash and cash equivalents and $1.1 billion in total debt outstanding. The company maintained strong liquidity with approximately $260.3 million available under its revolving credit facility. The debt to equity ratio improved to 1.26x (1.21x net) from 1.31x (1.25x net) at March 31, 2025 Financial Condition Metrics | Metric | As of Jun 30, 2025 | As of Mar 31, 2025 | | :------------------------------------ | :----------------- | :----------------- | | Cash and cash equivalents | $44.0 million | N/A | | Total debt outstanding | $1.1 billion | N/A | | Available borrowings (revolving credit) | $260.3 million | N/A | | Debt to equity ratio | 1.26x | 1.31x | | Net debt to equity ratio | 1.21x | 1.25x | Corporate Information This section provides details on the Q2 2025 earnings call, company profile, forward-looking statement disclaimers, and contact information [Conference Call and Webcast Information](index=3&type=section&id=CONFERENCE%20CALL%20AND%20WEBCAST%20INFORMATION) Nuveen Churchill Direct Lending Corp. held a conference call on August 6, 2025, at 11:00 AM ET to discuss its Q2 2025 financial results. A live webcast and replay were made available on the company's website - A conference call was held on **August 6, 2025**, at **11:00 AM Eastern Time** to discuss the second quarter 2025 financial results[14](index=14&type=chunk) - A live webcast and replay of the conference call are available on the Company's website at https://www.ncdl.com/news/events[15](index=15&type=chunk) [About Nuveen Churchill Direct Lending Corp.](index=4&type=section&id=About%20Nuveen%20Churchill%20Direct%20Lending%20Corp.) NCDL is a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. It operates as a business development company (BDC) and is externally managed by Churchill DLC Advisor LLC and Churchill Asset Management LLC, both affiliates of Nuveen, LLC and TIAA - NCDL is a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies[16](index=16&type=chunk) - NCDL is regulated as a business development company (**BDC**) and is externally managed by Churchill DLC Advisor LLC and Churchill Asset Management LLC, which are affiliates of Nuveen, LLC and TIAA[16](index=16&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to substantial risks and uncertainties, including changes in financial markets, interest rates, trade policy, and general economic conditions. Investors are cautioned not to place undue reliance on these statements, which are based on current expectations and may differ materially from actual results - The press release contains forward-looking statements regarding NCDL's future performance and financial condition, which involve substantial risks and uncertainties[17](index=17&type=chunk) - Key risks include changes in financial, capital, and lending markets; changes in the interest rate environment; and general economic, political, and industry trends[17](index=17&type=chunk) - Investors should not place undue reliance on these statements, which apply only as of the date of the release, and NCDL does not undertake any obligation to update or revise them[17](index=17&type=chunk) [Contacts](index=4&type=section&id=Contacts) Contact information for investor relations and media inquiries is provided for Nuveen Churchill Direct Lending Corp - Investor relations can be reached via email at **NCDL-IR@churchillam.com**[18](index=18&type=chunk) - Media inquiries can be directed to Madison Hanlon at Prosek Partners (**Pro-churchill@prosek.com**)[18](index=18&type=chunk) Consolidated Financial Statements Consolidated financial statements show a decrease in total assets and net assets, with Q2 2025 net investment income and net increase in net assets from operations declining year-over-year [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20ASSETS%20AND%20LIABILITIES) The consolidated balance sheet shows total assets decreased to $2,074,396 thousand as of June 30, 2025, from $2,143,725 thousand at December 31, 2024. Total net assets also decreased to $887,738 thousand from $970,320 thousand over the same period, leading to a NAV per share of $17.92 Consolidated Statements of Assets and Liabilities (Key Figures) | Metric (in thousands) | Jun 30, 2025 | Dec 31, 2024 | Change | | :------------------------------------ | :----------- | :----------- | :------- | | Total assets | $2,074,396 | $2,143,725 | $(69,329) | | Total liabilities | $1,186,658 | $1,173,405 | $13,253 | | Total net assets | $887,738 | $970,320 | $(82,582) | | Net asset value per share | $17.92 | $18.18 | $(0.26) | - Investments at fair value decreased from **$2,081,379 thousand** at Dec 31, 2024, to **$1,992,804 thousand** at Jun 30, 2025[19](index=19&type=chunk) - Common shares issued and outstanding decreased from **53,387,277** at Dec 31, 2024, to **49,548,098** at Jun 30, 2025, reflecting share repurchases[19](index=19&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20%28UNAUDITED%29) For the three months ended June 30, 2025, net investment income was $22,856 thousand ($0.46 per share), down from $31,008 thousand ($0.57 per share) in the prior year period. The net increase in net assets from operations was $16,016 thousand ($0.32 per share), a decrease from $20,205 thousand ($0.37 per share) in Q2 2024, primarily due to lower investment income and higher expenses Consolidated Statements of Operations (Key Figures - Three Months Ended June 30) | Metric (in thousands, except per share) | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------------------- | :---------- | :---------- | :--------- | | Total investment income | $53,132 | $55,089 | $(1,957) | | Net expenses after incentive fees waived | $30,276 | $24,081 | $6,195 | | Net investment income | $22,856 | $31,008 | $(8,152) | | Net investment income per share | $0.46 | $0.57 | $(0.11) | | Total net realized and unrealized gain (loss) on investments | $(6,840) | $(10,803) | $3,963 | | Net increase in net assets resulting from operations | $16,016 | $20,205 | $(4,189) | | Net increase in net assets resulting from operations per share | $0.32 | $0.37 | $(0.05) | Consolidated Statements of Operations (Key Figures - Six Months Ended June 30) | Metric (in thousands, except per share) | H1 2025 | H1 2024 | YoY Change | | :------------------------------------------------- | :---------- | :---------- | :--------- | | Total investment income | $106,718 | $106,684 | $34 | | Net expenses after incentive fees waived | $56,410 | $45,943 | $10,467 | | Net investment income | $50,308 | $60,741 | $(10,433) | | Net investment income per share | $0.98 | $1.13 | $(0.15) | | Total net realized and unrealized gain (loss) on investments | $(19,271) | $(10,512) | $(8,759) | | Net increase in net assets resulting from operations | $31,037 | $50,229 | $(19,192) | | Net increase in net assets resulting from operations per share | $0.61 | $0.93 | $(0.32) | Detailed Portfolio and Investment Activity Tables Detailed tables show a significant year-over-year decrease in net funded investment activity and new gross commitments for both Q2 and H1 2025, alongside declining weighted average interest rates on new debt [Portfolio and Investment Activity (Three Months Ended June 30)](index=10&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY%20(Three%20Months%20Ended%20June%2030)) For the three months ended June 30, 2025, net funded investment activity was negative $(81.1) million, a significant decrease from $205.0 million in Q2 2024. New gross commitments were $47.7 million, predominantly in first-lien debt, compared to $360.2 million in Q2 2024. The weighted average interest rate on new debt investments decreased to 9.07% from 10.45% year-over-year Net Funded Investment Activity (Q2 YoY) | Metric (in thousands) | Q2 2025 | Q2 2024 | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | New gross commitments at par | $47,698 | $360,218 | $(312,520) | | Net investments funded | $81,061 | $304,975 | $(223,914) | | Investments sold or repaid | $(162,202) | $(99,977) | $(62,225) | | Net funded investment activity | $(81,141) | $204,998 | $(286,139) | Gross Commitments by Asset Type (Q2 YoY) | Asset Type (in thousands) | Q2 2025 | Q2 2024 | | :------------------------ | :---------- | :---------- | | First-Lien Debt | $45,224 | $343,237 | | Subordinated Debt | $100 | $14,501 | | Equity Investments | $2,374 | $2,479 | | Total gross commitments | $47,698 | $360,218 | New Investment Activity Rates (Q2 YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------------------------------------------- | :-------- | :-------- | :--------- | | Weighted average annual interest rate on new debt investments at par | 9.07% | 10.45% | (1.38)% | | Weighted average annual interest rate on new floating rate debt investments at par | 9.06% | 10.31% | (1.25)% | | Weighted average spread on new floating rate debt investments at par | 4.77% | 4.99% | (0.22)% | [Portfolio and Investment Activity (Six Months Ended June 30)](index=11&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY%20(Six%20Months%20Ended%20June%2030)) For the six months ended June 30, 2025, net funded investment activity was negative $(76.5) million, a substantial shift from positive $354.4 million in H1 2024. New gross commitments decreased significantly to $213.9 million from $567.0 million year-over-year. The weighted average interest rate on new debt investments also declined to 9.31% from 10.37% year-over-year Net Funded Investment Activity (H1 YoY) | Metric (in thousands) | H1 2025 | H1 2024 | YoY Change | | :-------------------------- | :---------- | :---------- | :--------- | | New gross commitments at par | $213,937 | $567,033 | $(353,096) | | Net investments funded | $234,080 | $509,305 | $(275,225) | | Investments sold or repaid | $(310,552) | $(154,873) | $(155,679) | | Net funded investment activity | $(76,472) | $354,432 | $(430,904) | Gross Commitments by Asset Type (H1 YoY) | Asset Type (in thousands) | H1 2025 | H1 2024 | | :------------------------ | :---------- | :---------- | | First-Lien Debt | $197,219 | $544,242 | | Subordinated Debt | $13,330 | $19,816 | | Equity Investments | $3,388 | $2,975 | | Total gross commitments | $213,937 | $567,033 | New Investment Activity Rates (H1 YoY) | Metric | H1 2025 | H1 2024 | YoY Change | | :------------------------------------------------- | :-------- | :-------- | :--------- | | Weighted average annual interest rate on new debt investments at par | 9.31% | 10.37% | (1.06)% | | Weighted average annual interest rate on new floating rate debt investments at par | 9.09% | 10.25% | (1.16)% | | Weighted average spread on new floating rate debt investments at par | 4.80% | 4.93% | (0.13)% |

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, detailing the company's financial position, performance, cash flows, and investment portfolio with explanatory notes [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The company's total assets decreased from **$2.14 billion** as of December 31, 2024, to **$2.07 billion** as of June 30, 2025, with total net assets decreasing significantly to **$887.7 million** Consolidated Statements of Assets and Liabilities (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | Change (vs. Dec 31, 2024) | | :--------------------------------------- | :------------------------ | :---------------- | :------------------------ | | Total Assets | $2,074,396 | $2,143,725 | $(69,329) | | Total Liabilities | $1,186,658 | $1,173,405 | $13,253 | | Total Net Assets | $887,738 | $970,320 | $(82,582) | | Net Asset Value per Share | $17.92 | $18.18 | $(0.26) | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Net investment income decreased for both the three and six months ended June 30, 2025, primarily due to higher expenses and lower interest income, alongside net realized losses and unrealized depreciation Consolidated Statements of Operations (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :----------- | :--------------------------- | :--------------------------- | :----------- | | Total Investment Income | $53,132 | $55,089 | $(1,957) | $106,718 | $106,684 | $34 |\n| Net Expenses after Incentive Fees Waived | $30,276 | $24,081 | $6,195 | $56,410 | $45,943 | $10,467 |\n| Net Investment Income | $22,856 | $31,008 | $(8,152) | $50,308 | $60,741 | $(10,433) |\n| Net Realized Gain (Loss) on Investments | $(10,702) | $1,017 | $(11,719) | $(9,599) | $(2,608) | $(6,991) |\n| Total Net Change in Unrealized Appreciation (Depreciation) | $3,862 | $(11,820) | $15,682 | $(9,672) | $(7,904) | $(1,768) |\n| Net Increase (Decrease) in Net Assets from Operations | $16,016 | $20,205 | $(4,189) | $31,037 | $50,229 | $(19,192) |\n| Net Investment Income per Share | $0.46 | $0.57 | $(0.11) | $0.98 | $1.13 | $(0.15) |\n| Net Increase (Decrease) in Net Assets per Share | $0.32 | $0.37 | $(0.05) | $0.61 | $0.93 | $(0.32) | [Consolidated Statements of Changes in Net Assets](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) The company experienced a net decrease in net assets of **$82.6 million** for the six months ended June 30, 2025, primarily due to shareholder distributions and significant share repurchases Consolidated Statements of Changes in Net Assets (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :----------- | :--------------------------- | :--------------------------- | :----------- | | Net Increase (Decrease) in Net Assets from Operations | $16,016 | $20,205 | $(4,189) | $31,037 | $50,229 | $(19,192) |\n| Net Increase (Decrease) from Shareholder Distributions | $(22,297) | $(30,108) | $7,811 | $(50,562) | $(54,775) | $4,213 |\n| Net Increase (Decrease) from Capital Share Transactions | $(26,001) | $(1,958) | $(24,043) | $(63,057) | $243,033 | $(306,090) |\n| Total Increase (Decrease) in Net Assets | $(32,282) | $(11,861) | $(20,421) | $(82,582) | $238,487 | $(321,069) |\n| Net Assets, End of Period | $887,738 | $986,372 | $(98,634) | $887,738 | $986,372 | $(98,634) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities significantly improved to **$128.3 million**, while net cash used in financing activities shifted to **$(127.6) million** due to increased debt repayments and share repurchases Consolidated Statements of Cash Flows (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :----------- | | Net Increase (Decrease) in Net Assets from Operations | $31,037 | $50,229 | $(19,192) |\n| Purchase of Investments | $(234,080) | $(509,305) | $275,225 |\n| Proceeds from Principal Repayments and Sales of Investments | $310,552 | $154,873 | $155,679 |\n| Net Cash Provided by (Used in) Operating Activities | $128,337 | $(266,917) | $395,254 |\n| Proceeds from Issuance of Common Shares, Net | — | $241,657 | $(241,657) |\n| Shareholder Distributions | $(57,733) | $(40,825) | $(16,908) |\n| Repurchases of Common Shares | $(63,057) | $(5,149) | $(57,908) |\n| Proceeds from Debt | $849,322 | $546,250 | $303,072 |\n| Repayments on Debt | $(850,571) | $(469,377) | $(381,194) |\n| Net Cash Provided by (Used in) Financing Activities | $(127,633) | $270,508 | $(398,141) |\n| Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | $704 | $3,591 | $(2,887) |\n| Cash and Cash Equivalents and Restricted Cash, End of Period | $44,008 | $71,036 | $(27,028) | [Consolidated Schedules of Investments](index=10&type=section&id=Consolidated%20Schedules%20of%20Investments) Total investments and cash equivalents decreased to **$2.03 billion** as of June 30, 2025, with First-Lien Debt remaining the largest component and Healthcare & Pharmaceuticals the top industry sector Total Investments and Cash Equivalents (in thousands) | Investment Type | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | Change (YoY) | | :-------------------------------- | :--------------------------- | :--------------------------- | :----------- | | First-Lien Debt | $1,793,249 | $1,885,643 | $(92,394) |\n| Subordinated Debt | $160,006 | $159,138 | $868 |\n| Equity Investments | $39,549 | $36,598 | $2,951 |\n| Cash Equivalents | $40,798 | $40,842 | $(44) |\n| Total Investments and Cash Equivalents | $2,033,602 | $2,122,221 | $(88,619) | Industry Composition by Fair Value (Top 5) | Industry | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Healthcare & Pharmaceuticals | 17.32 % | 14.47 % |\n| Services: Business | 16.21 % | 16.48 % |\n| Beverage, Food & Tobacco | 7.63 % | 6.95 % |\n| Construction & Building | 7.21 % | 5.54 % |\n| Telecommunications | 3.50 % | 3.19 % | [Notes to Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, investment portfolio, derivatives, fair value measurements, related party transactions, borrowings, commitments, net assets, earnings per share, financial highlights, and subsequent events - The company completed its IPO on **January 29, 2024**, with common stock trading on the NYSE under the symbol "NCDL" since **January 25, 2024**[149](index=149&type=chunk)[352](index=352&type=chunk) - The Wells Fargo Financing Facility was fully repaid and terminated on **January 23, 2025**[250](index=250&type=chunk)[413](index=413&type=chunk) - The company completed a **$457.975 million** refinancing of the 2022 Debt Securitization (CLO-I Refinancing) on **March 20, 2025**[272](index=272&type=chunk)[429](index=429&type=chunk) [Note 1. Organization](index=61&type=section&id=Note%201.%20Organization) Nuveen Churchill Direct Lending Corp. is a BDC and RIC, primarily investing in senior secured loans to U.S. middle market companies, externally managed by Churchill DLC Advisor LLC and its sub-advisers - The company's investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies (EBITDA **$10 million-$250 million**)[145](index=145&type=chunk)[348](index=348&type=chunk) - The company is externally managed by Churchill DLC Advisor LLC (Adviser), with day-to-day portfolio management delegated to Churchill Asset Management LLC (Churchill) and Nuveen Asset Management, LLC (Nuveen Asset Management) for liquid investments[146](index=146&type=chunk)[349](index=349&type=chunk) - The company's common stock began trading on the NYSE under the symbol "NCDL" on **January 25, 2024**, following its IPO on **January 29, 2024**[149](index=149&type=chunk)[352](index=352&type=chunk) [Note 2. Significant Accounting Policies](index=62&type=section&id=Note%202.%20Significant%20Accounting%20Policies) The financial statements adhere to U.S. GAAP for investment companies, with key policies covering consolidation, estimates, fair value measurement (Level 1, 2, 3), revenue recognition, and RIC tax treatment - Investments are valued at fair value according to ASC Topic 820, prioritizing market-based inputs (observable) over entity-specific inputs (unobservable)[156](index=156&type=chunk) - The fair value hierarchy categorizes inputs into Level 1 (unadjusted, quoted prices in active markets), Level 2 (quoted prices in inactive markets or observable inputs), and Level 3 (unobservable inputs)[157](index=157&type=chunk) - The company accrues interest income, including payment-in-kind (PIK) income, and recognizes dividend income on preferred equity on an accrual basis, and on common equity on the record/ex-dividend date[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - Loans are generally placed on non-accrual status upon payment default or if collectibility of contractual payments is doubtful[176](index=176&type=chunk) [Note 3. Investments](index=68&type=section&id=Note%203.%20Investments) As of June 30, 2025, total investments at fair value were **$1.99 billion**, predominantly First-Lien Debt, with a weighted average yield on debt and income-producing investments decreasing to **10.08%** at cost Investment Composition by Type (in thousands) | Investment Type | June 30, 2025 (Fair Value) | % of Fair Value (June 30, 2025) | December 31, 2024 (Fair Value) | % of Fair Value (Dec 31, 2024) | | :---------------- | :--------------------------- | :------------------------------ | :--------------------------- | :------------------------------ | | First-Lien Debt | $1,793,249 | 89.99 % | $1,885,643 | 90.59 % |\n| Subordinated Debt | $160,006 | 8.03 % | $159,138 | 7.65 % |\n| Equity Investments | $39,549 | 1.98 % | $36,598 | 1.76 % |\n| Total | $1,992,804 | 100.00 % | $2,081,379 | 100.00 % | Geographic Composition of Investments (June 30, 2025) | Region | Fair Value (in thousands) | % of Total Investments at Fair Value | | :------------- | :------------------------ | :----------------------------------- | | United States | $1,909,053 | 95.80 % |\n| Canada | $43,253 | 2.17 % |\n| Germany | $27,575 | 1.38 % |\n| United Kingdom | $12,923 | 0.65 % | Weighted Average Yields on Investments | Metric | June 30, 2025 | December 31, 2024 | | :---------------------------------------------- | :------------ | :---------------- | | Weighted average yield on debt and income producing investments, at cost | 10.08 % | 10.33 % |\n| Weighted average yield on debt and income producing investments, at fair value | 10.20 % | 10.41 % | [Note 4. Derivatives](index=70&type=section&id=Note%204.%20Derivatives) The company uses interest rate swaps to manage interest rate risk, entering into a **$300 million** notional swap on January 22, 2025, designated as a fair value hedge for the 2030 Notes - On **January 22, 2025**, the company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. for a notional amount of **$300 million**, maturing on **March 15, 2030**[203](index=203&type=chunk) - Under the swap, the company receives a fixed interest rate of **6.65%** and pays a floating interest rate of three-month Term SOFR + **2.3015%**[203](index=203&type=chunk) - As of June 30, 2025, the fair value of the interest rate swap was **$18.85 million**, recorded as a derivative asset, and **$18.57 million** of collateral was received[204](index=204&type=chunk) [Note 5. Fair Value Measurements](index=71&type=section&id=Note%205.%20Fair%20Value%20Measurements) The majority of the company's investments are valued using Level 3 inputs, totaling **$1.99 billion** as of June 30, 2025, with the Yield Method and Market Approach as primary valuation techniques Fair Value Measurements by Level (in thousands) | Metric | June 30, 2025 (Level 3) | December 31, 2024 (Level 3) | | :-------------------------------- | :------------------------ | :-------------------------- | | First-Lien Debt | $1,790,722 | $1,806,850 |\n| Subordinated Debt | $160,006 | $150,779 |\n| Equity Investments | $35,529 | $36,598 |\n| Total Level 3 Investments | $1,986,257 | $1,994,227 | - The majority of investments are valued using Level 3 inputs, with the Yield Method and Market Approach being the primary valuation techniques for debt and equity investments, respectively[218](index=218&type=chunk)[219](index=219&type=chunk) - Transfers between levels are recognized at the beginning of the period and result from changes in the observability of significant inputs[210](index=210&type=chunk)[213](index=213&type=chunk) [Note 6. Related Party Transactions](index=75&type=section&id=Note%206.%20Related%20Party%20Transactions) The company has various related party agreements, and effective March 31, 2025, the management fee base rate increased to **1.00%**, and the incentive fee waiver expired - The company's management fee base rate increased from **0.75%** to **1.00%** of Average Total Assets, effective **March 31, 2025**[231](index=231&type=chunk)[381](index=381&type=chunk) - The Adviser's waiver of incentive fees on income and capital gains expired effective **March 31, 2025**[233](index=233&type=chunk)[382](index=382&type=chunk) Management and Incentive Fees (in thousands) | Fee Type | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Management Fees | $5,179 | $3,590 | $9,093 | $6,854 |\n| Incentive Fees on Net Investment Income | $2,827 | $3,075 | $5,080 | $7,534 |\n| Incentive Fees Waived | — | $(3,075) | $(2,253) | $(7,534) | [Note 7. Borrowings](index=79&type=section&id=Note%207.%20Borrowings) Total debt outstanding was **$1.11 billion** as of June 30, 2025, with an asset coverage ratio of **179.67%**, and the average interest rate on borrowings for the six months ended June 30, 2025, was **6.59%** - The Wells Fargo Financing Facility was fully repaid and terminated on **January 23, 2025**[250](index=250&type=chunk)[413](index=413&type=chunk) - On **January 22, 2025**, the company issued **$300 million** in **6.650%** Notes due **2030** (2030 Notes)[295](index=295&type=chunk)[446](index=446&type=chunk) Summary of Borrowings (in thousands) | Debt Type | Total Commitment (June 30, 2025) | Amount Outstanding (June 30, 2025) | | :---------------------- | :------------------------------- | :--------------------------------- | | 2030 Notes | $300,000 | $300,000 |\n| CLO-I | $321,400 | $321,400 |\n| CLO-II | $213,857 | $213,857 |\n| CLO-III | $214,250 | $214,250 |\n| Revolving Credit Facility | $325,000 | $64,750 |\n| Total | $1,374,507 | $1,114,257 | Average Interest Rate and Borrowings | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | | Average Interest Rate | 6.59 % | 7.71 % |\n| Average Daily Borrowings | $1,168,419 | $879,476 | [Note 8. Commitments and Contingencies](index=89&type=section&id=Note%208.%20Commitments%20and%20Contingencies) The company had total unfunded investment commitments of **$201.6 million** as of June 30, 2025, and believes it has adequate financial resources to meet these obligations Total Unfunded Investment Commitments (in thousands) | Date | Total Unfunded Commitments | | :--------------- | :------------------------- | | June 30, 2025 | $201,598 |\n| December 31, 2024 | $235,678 | - The company believes it has adequate financial resources to satisfy its unfunded investment commitments[314](index=314&type=chunk) [Note 9. Net Assets](index=92&type=section&id=Note%209.%20Net%20Assets) The company has **500 million** authorized common shares, established a **$200 million** ATM Program in March 2025, and operates an "opt-out" dividend reinvestment plan and a share repurchase plan - The company has **500 million** authorized common shares, par value **$0.01** per share[317](index=317&type=chunk) - An equity at-the-market (ATM) offering program was established on **March 10, 2025**, to sell up to **$200 million** in common stock, with no sales as of June 30, 2025[319](index=319&type=chunk)[320](index=320&type=chunk) - The company has an "opt-out" dividend reinvestment plan and a share repurchase plan (Company 10b5-1 Plan) to buy back shares when the market price is below NAV[328](index=328&type=chunk)[189](index=189&type=chunk) Share Repurchase Activity (in thousands, except per share data) | Period (Cumulative) | Total Number of Shares Repurchased | Average Price Paid per Share | Approximate Dollar Value of Shares Purchased | | :------------------ | :--------------------------------- | :--------------------------- | :------------------------------------------- | | April 1, 2024 - June 30, 2025 | 5,782,552 | $16.70 | $96,586 | [Note 10. Earnings Per Share](index=94&type=section&id=Note%2010.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the three months ended June 30, 2025, were **$0.32**, and **$0.61** for the six months, reflecting a decrease in net assets from operations Earnings Per Share (Basic and Diluted) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Increase (Decrease) in Net Assets from Operations per Share | $0.32 | $0.37 | $0.61 | $0.93 |\n| Weighted Average Common Shares Outstanding | 50,183,714 | 54,789,044 | 51,191,926 | 53,773,698 | [Note 11. Consolidated Financial Highlights](index=95&type=section&id=Note%2011.%20Consolidated%20Financial%20Highlights) For the six months ended June 30, 2025, net asset value per share decreased to **$17.92**, with a total return based on NAV of **4.77%** and an asset coverage ratio of **179.67%** Consolidated Financial Highlights (6 Months Ended June 30) | Metric | 2025 | 2024 | | :------------------------------------------------- | :----- | :----- | | Net Asset Value, End of Period | $17.92 | $18.03 |\n| Net Investment Income per Share | $0.98 | $1.13 |\n| Net Increase (Decrease) in Net Assets from Operations per Share | $0.61 | $0.93 |\n| Shareholder Distributions per Share | $(1.00) | $(1.00) |\n| Total Return Based on Net Asset Value | 4.77 % | 5.25 % |\n| Total Return Based on Market Value | 2.57 % | 2.02 % |\n| Asset Coverage Ratio | 179.67 % | 195.88 % | [Note 12. Subsequent Events](index=96&type=section&id=Note%2012.%20Subsequent%20Events) Subsequent to June 30, 2025, the Board declared a regular dividend of **$0.45** per share, and the Company 10b5-1 Plan was terminated after reaching its **$99.3 million** purchase limit - On **July 30, 2025**, the Board declared a regular dividend of **$0.45** per share, payable on **October 28, 2025**[343](index=343&type=chunk)[475](index=475&type=chunk) - The Company 10b5-1 Plan was terminated on **July 21, 2025**, after reaching its aggregate purchase price limit of **$99.275 million**[344](index=344&type=chunk)[476](index=476&type=chunk)[500](index=500&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=97&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's business, investment strategy, and financial performance for the three and six months ended June 30, 2025, covering income, expenses, liquidity, and critical accounting policies [Overview](index=97&type=section&id=Overview) Nuveen Churchill Direct Lending Corp. is a BDC and RIC focused on generating returns through senior secured loans to U.S. middle market companies, externally managed and publicly traded since January 2024 - The company is a closed-end, externally managed, non-diversified management investment company regulated as a BDC and intends to qualify annually as a RIC[347](index=347&type=chunk) - Investment objective is to generate attractive risk-adjusted returns primarily through current income by investing in senior secured loans to private equity-owned U.S. middle market companies (EBITDA **$10 million-$250 million**)[348](index=348&type=chunk) - The company's common stock began trading on the NYSE under the symbol "NCDL" on **January 25, 2024**, following its IPO on **January 29, 2024**[352](index=352&type=chunk) [Key Components of Our Results of Operations](index=98&type=section&id=Key%20Components%20of%20Our%20Results%20of%20Operations) The company's investment activity and revenue generation are driven by market conditions and regulatory requirements, with revenues primarily from interest income on debt investments and expenses including advisory and administration fees - The company generates revenue primarily from interest income on debt investments, with additional income from dividends and capital gains[356](index=356&type=chunk) - Debt investments generally bear interest at a floating rate, typically based on SOFR[356](index=356&type=chunk) - Expenses include organizational costs, valuation costs, due diligence expenses, leverage costs, offering expenses, investment advisory fees, administration fees, directors' fees, and other general administrative expenses[357](index=357&type=chunk)[358](index=358&type=chunk) [Portfolio and Investment Activity](index=100&type=section&id=Portfolio%20and%20Investment%20Activity) For the six months ended June 30, 2025, net funded investment activity decreased by **$430.9 million** to **$(76.5) million**, with the weighted average annual interest rate on new debt investments decreasing to **9.31%** Net Funded Investment Activity (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :--------------------------- | :--------------------------- | :----------- | | New Gross Commitments at Par | $213,937 | $567,033 | $(353,096) |\n| Net Investments Funded | $234,080 | $509,305 | $(275,225) |\n| Investments Sold or Repaid | $(310,552) | $(154,873) | $(155,679) |\n| Net Funded Investment Activity | $(76,472) | $354,432 | $(430,904) | New Investment Activity Metrics | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :---------------------------------------------------- | :--------------------------- | :--------------------------- | | Weighted average annual interest rate on new debt investments at par | 9.31 % | 10.37 % |\n| Weighted average spread on new floating rate debt investments at par | 4.80 % | 4.93 % | - The weighted average reported annual EBITDA of the debt portfolio was **$73.1 million**[362](index=362&type=chunk) - The weighted average interest coverage ratio for first-lien loans was **2.27x**[362](index=362&type=chunk) - Approximately **87.80%** of debt investments have financial covenants[362](index=362&type=chunk) [Asset Quality](index=104&type=section&id=Asset%20Quality) The company monitors credit risk using an internal rating system, with a weighted average Internal Risk Rating of **4.15** as of June 30, 2025, and one portfolio company on non-accrual status - The company uses an internal investment rating system (1-10, with 10 indicating probable loss) to characterize and monitor the credit profile and expected returns of each investment[371](index=371&type=chunk) Investment Ratings Distribution (June 30, 2025) | Rating | Fair Value (in thousands) | % of Portfolio | Number of Portfolio Companies | | :----- | :------------------------ | :------------- | :---------------------------- | | 3 | $159,051 | 7.98 % | 10 |\n| 4 | $1,557,345 | 78.15 % | 158 |\n| 5 | $130,976 | 6.57 % | 16 |\n| 6 | $109,748 | 5.51 % | 17 |\n| 7 | $35,684 | 1.79 % | 6 |\n| Total | $1,992,804 | 100.00 % | 207 | - As of June 30, 2025, the weighted average Internal Risk Rating was **4.15**, with one portfolio company on non-accrual status (**0.36%** of total investments at amortized cost)[374](index=374&type=chunk) [Results of Operations](index=106&type=section&id=Results%20of%20Operations) Net investment income decreased by **$8.2 million** for the three months and **$10.4 million** for the six months ended June 30, 2025, primarily due to higher expenses and the expiration of incentive fee waivers, alongside significant net realized losses Key Operating Results (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Investment Income | $22,856 | $31,008 | $50,308 | $60,741 |\n| Total Expenses before Incentive Fees Waived | $30,276 | $27,156 | $58,663 | $53,477 |\n| Net Realized Gain (Loss) on Investments | $(10,702) | $1,017 | $(9,599) | $(2,608) |\n| Net Change in Unrealized Appreciation (Depreciation) | $3,862 | $(11,820) | $(9,672) | $(7,904) | - Interest and debt financing expenses increased due to higher average daily borrowings and non-recurring expenses related to the termination of the Wells Fargo Financing Facility and CLO-I Refinancing[379](index=379&type=chunk)[380](index=380&type=chunk) - Management fees increased due to the base rate rising from **0.75%** to **1.00%** effective **March 31, 2025**, and incentive fee waivers expired[381](index=381&type=chunk)[382](index=382&type=chunk) - Net realized loss for the three and six months ended June 30, 2025, was primarily driven by the restructuring of an underperforming debt position[384](index=384&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=109&type=section&id=Financial%20Condition,%20Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity from investment income, repayments, and borrowings, with **$260.3 million** available under its Revolving Credit Facility and an asset coverage ratio of **179.67%** as of June 30, 2025 - Liquidity is generated from investment income, principal repayments, public offerings of debt and equity, and net borrowings from the Revolving Credit Facility and CLO debt issuances[387](index=387&type=chunk) - As of June 30, 2025, the company had **$260.3 million** available under its Revolving Credit Facility[390](index=390&type=chunk) - The asset coverage ratio was **179.67%** as of June 30, 2025, indicating compliance with the 1940 Act's borrowing requirements[389](index=389&type=chunk) - For the six months ended June 30, 2025, cash and cash equivalents increased by **$704 thousand**, with **$128.3 million** provided by operating activities and **$(127.6) million** used in financing activities[392](index=392&type=chunk) [Equity](index=110&type=section&id=Equity) The company has **500 million** authorized common shares, established a **$200 million** ATM Program in March 2025, and operates an "opt-out" dividend reinvestment plan and a share repurchase plan - The company has **500 million** authorized common shares, par value **$0.01** per share[394](index=394&type=chunk) - An equity at-the-market (ATM) offering program was established on **March 10, 2025**, to sell up to **$200 million** in common stock, with no sales as of June 30, 2025[397](index=397&type=chunk)[398](index=398&type=chunk) - The company has an "opt-out" dividend reinvestment plan and a share repurchase plan (Company 10b5-1 Plan) to buy back shares when the market price is below NAV[400](index=400&type=chunk)[406](index=406&type=chunk) Share Repurchase Activity (in thousands, except per share data) | Period (Cumulative) | Total Number of Shares Repurchased | Average Price Paid per Share | Approximate Dollar Value of Shares Purchased | | :------------------ | :--------------------------------- | :--------------------------- | :------------------------------------------- | | April 1, 2024 - June 30, 2025 | 5,782,552 | $16.70 | $96,586 | [Borrowings](index=113&type=section&id=Borrowings) The company's debt obligations include a Revolving Credit Facility, CLO-I, CLO-II, CLO-III, and 2030 Notes, with the Wells Fargo Financing Facility terminated in January 2025 and the CLO-I refinanced in March 2025 - The Wells Fargo Financing Facility was fully repaid and terminated on **January 23, 2025**[413](index=413&type=chunk) - The Revolving Credit Facility was amended on **October 4, 2024**, increasing the committed amount to **$325 million** and extending the Commitment Termination Date to **October 4, 2028**, and Final Maturity Date to **October 4, 2029**[420](index=420&type=chunk)[421](index=421&type=chunk) - The CLO-I was refinanced on **March 20, 2025**, with **$457.975 million** in 2025 Notes and Class A-L-R 2025 Loans[429](index=429&type=chunk)[430](index=430&type=chunk)[431](index=431&type=chunk) - On **January 22, 2025**, the company issued **$300 million** in **6.650%** Notes due **2030**[446](index=446&type=chunk) Contractual Maturities of Debt Obligations (in thousands) | Debt Obligation | Total (June 30, 2025) | 3 to 5 years (June 30, 2025) | More than 5 Years (June 30, 2025) | | :---------------------- | :-------------------- | :--------------------------- | :-------------------------------- | | Revolving Credit Facility | $64,750 | $64,750 | — |\n| CLO-I | $321,400 | — | $321,400 |\n| CLO-II | $213,857 | — | $213,857 |\n| CLO-III | $214,250 | — | $214,250 |\n| 2030 Notes | $300,000 | $300,000 | — |\n| Total Debt Obligations | $1,114,257 | $364,750 | $749,507 | [Derivatives](index=117&type=section&id=Derivatives) The company uses interest rate swaps to mitigate interest rate risk, including a **$300 million** fixed-to-floating swap entered on January 22, 2025, designated as a fair value hedge for the 2030 Notes - The company uses interest rate swaps to mitigate interest rate risk associated with its fixed rate liabilities[450](index=450&type=chunk) - On **January 22, 2025**, the company entered into a fixed-to-floating interest rate swap for a notional amount of **$300 million**, designated as a fair value hedge for the 2030 Notes[451](index=451&type=chunk) [Related-Party Transactions](index=117&type=section&id=Related-Party%20Transactions) The company maintains various business relationships with affiliated parties through advisory and administration agreements, and an application for co-investment exemptive relief was filed in May 2025 - The company has business relationships with affiliated parties through the Advisory Agreement, CAM Sub-Advisory Agreement, NAM Sub-Advisory Agreement, and Administration Agreement[453](index=453&type=chunk) - An application for co-investment exemptive relief was filed in **May 2025**, expected to be granted around **August 5, 2025**, to permit co-investment transactions with other affiliated funds under specific conditions[454](index=454&type=chunk) [Off-Balance Sheet Arrangements](index=118&type=section&id=Off-Balance%20Sheet%20Arrangements) The company enters into contracts with indemnifications or warranties, believing enforcement likelihood is remote, and holds unfunded investment commitments including delayed draw and equity commitments - The company enters into contracts with indemnifications or warranties, but believes the likelihood of enforcement is remote[455](index=455&type=chunk) - The company has unfunded investment commitments, including delayed draw commitments, revolvers, and equity investment commitments[455](index=455&type=chunk) [Critical Accounting Policies and Estimates](index=118&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The most significant critical accounting policies and estimates pertain to the valuation of portfolio investments, revenue recognition, and U.S. federal income taxes, with investment valuation involving subjective judgments for illiquid securities - The most significant critical accounting policies and estimates are related to the Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes[457](index=457&type=chunk) - The valuation of investments is the most significant critical estimate, involving subjective judgments for illiquid debt and equity securities of private companies[478](index=478&type=chunk)[465](index=465&type=chunk) - The company's accounting policy on income taxes is critical because failure to maintain RIC status would require recording a significant provision for U.S. federal income taxes[474](index=474&type=chunk) [Recent Developments](index=120&type=section&id=Recent%20Developments) Subsequent to June 30, 2025, the Board declared a regular dividend of **$0.45** per share, and the Company 10b5-1 Plan was terminated after reaching its **$99.3 million** purchase limit - On **July 30, 2025**, the Board declared a regular dividend of **$0.45** per share, payable on **October 28, 2025**[475](index=475&type=chunk) - The Company 10b5-1 Plan was terminated on **July 21, 2025**, after reaching its aggregate purchase price limit of **$99.3 million**[476](index=476&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=120&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation risk from illiquid investments and interest rate risk from floating-rate debt and borrowings, with a hypothetical **100 basis point** interest rate increase impacting net income by **$3.757 million** - The company is subject to valuation risk due to investments primarily in illiquid debt and equity securities of private companies, which are valued at fair value using subjective judgments[478](index=478&type=chunk) - The company is subject to interest rate risk, as its net investment income is affected by the difference between investment rates and borrowing rates, especially with predominantly floating-rate debt investments (**94.32%**) and borrowings[479](index=479&type=chunk)[481](index=481&type=chunk) Estimated Impact of Interest Rate Changes on Net Income (in thousands) | Changes in Interest Rates | Net Income Impact | | :------------------------ | :---------------- | | -300 Basis Points | $(11,255) |\n| -200 Basis Points | $(7,510) |\n| -100 Basis Points | $(3,757) |\n| +100 Basis Points | $3,757 |\n| +200 Basis Points | $7,513 |\n| +300 Basis Points | $11,269 | [Item 4. Controls and Procedures](index=122&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the company's disclosure controls and procedures were deemed effective, with no material changes in internal controls over financial reporting during the quarter - As of **June 30, 2025**, the company's disclosure controls and procedures were effective, providing reasonable assurance of timely and accurate information disclosure[487](index=487&type=chunk) - No material changes in internal control over financial reporting occurred during the most recently completed fiscal quarter[488](index=488&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=123&type=section&id=Item%201.%20Legal%20Proceedings) The company, its subsidiaries, and advisers are not currently subject to any material legal proceedings, nor are any threatened - The company is not currently subject to any material legal proceedings, nor are any material legal proceedings threatened against it[490](index=490&type=chunk) [Item 1A. Risk Factors](index=123&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported, other than potential negative impacts from changes to U.S. tariff and import/export regulations and broader U.S. policy shifts - No material changes to risk factors were reported, other than those related to potential negative impacts from changes to U.S. tariff and import/export regulations[491](index=491&type=chunk)[492](index=492&type=chunk) - U.S. policy changes, including trade policies and tariffs, could adversely affect the company's ability to source, negotiate, execute, manage, or exit investments and impact portfolio companies' financial condition[492](index=492&type=chunk)[493](index=493&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=124&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell any unregistered securities but repurchased **5,782,552** shares for **$96.586 million** under its 10b5-1 Plan, which was terminated on July 21, 2025 - No unregistered securities were sold during the period covered by this report[494](index=494&type=chunk) - The company repurchased **5,782,552** shares for approximately **$96.586 million** under the Company 10b5-1 Plan from inception through **June 30, 2025**[500](index=500&type=chunk) - The Company 10b5-1 Plan was terminated on **July 21, 2025**, after reaching its aggregate purchase price limit of **$99.3 million**[500](index=500&type=chunk) [Item 3. Defaults Upon Senior Securities](index=125&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None reported - No defaults upon senior securities were reported[501](index=501&type=chunk) [Item 4. Mine Safety Disclosures](index=125&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Mine Safety Disclosures are not applicable to the company[502](index=502&type=chunk) [Item 5. Other Information](index=125&type=section&id=Item%205.%20Other%20Information) No director or officer entered into any Rule 10b5-1(c) trading arrangements or non-Rule 10b5-1 trading arrangements during the period - No director or officer entered into any Rule 10b5-1(c) trading arrangements or non-Rule 10b5-1 trading arrangements during the period[503](index=503&type=chunk) [Item 6. Exhibits](index=126&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including Articles of Amendment, Bylaws, Indentures, Certifications, and XBRL documents - Exhibits include Articles of Amendment and Restatement, Bylaws, Indentures, Certifications of CEO and CFO, and Inline XBRL documents[505](index=505&type=chunk)

Group 1 - Nuveen Churchill Direct Lending Corp. reported quarterly earnings of $0.53 per share, missing the Zacks Consensus Estimate of $0.57 per share, and showing a decrease from $0.56 per share a year ago, resulting in an earnings surprise of -7.02% [1] - The company posted revenues of $53.59 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 6.32%, compared to year-ago revenues of $51.6 million [2] - The stock has underperformed the market, losing about 7.3% since the beginning of the year, while the S&P 500 declined by -4.3% [3] Group 2 - The current consensus EPS estimate for the coming quarter is $0.47 on revenues of $57.4 million, and for the current fiscal year, it is $1.96 on revenues of $231.3 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 28% of over 250 Zacks industries, indicating potential underperformance compared to the top 50% of ranked industries [8] - The estimate revisions trend for Nuveen Churchill Direct Lending Corp. is unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [First Quarter 2025 Performance Overview](index=1&type=section&id=First%20Quarter%202025%20Performance%20Overview) Nuveen Churchill Direct Lending Corp. reported a solid start to 2025, with net investment income of $0.53 per share for Q1 2025, maintaining a diversified portfolio and optimizing its balance sheet | Metric | Q1 2025 (per share) | | :------------------------------------------------ | :------------------ | | Net Investment Income (NII) | $0.53 | | Net Realized and Unrealized Loss on Investments | $(0.24) | | Net Increase in Net Assets from Operations | $0.29 | | Net Asset Value (NAV) | $17.96 | - The portfolio is highly diversified with an average position size of **0.5%** and only **0.4%** of the total portfolio on non-accrual status on a fair value basis at the end of Q1 2025[3](index=3&type=chunk)[7](index=7&type=chunk) - The company optimized its balance sheet and capital structure by issuing **$300 million** of unsecured notes and refinancing a CLO, aiming to reduce future borrowing costs[3](index=3&type=chunk) [Distribution Declaration](index=1&type=section&id=Distribution%20Declaration) The Board of Directors declared a second quarter 2025 regular distribution of $0.45 per share, payable on July 28, 2025, to shareholders of record as of June 30, 2025 | Distribution Type | Amount (per share) | Payable Date | Record Date | | :---------------- | :----------------- | :----------- | :---------- | | Q2 2025 Regular | $0.45 | July 28, 2025| June 30, 2025 | - The company paid a first quarter regular distribution of **$0.45 per share** and a final special distribution of **$0.10 per share** on April 28, 2025, representing a **12.4% total annualized distribution yield** based on Q1 NAV per share[7](index=7&type=chunk) [Portfolio Overview](index=1&type=section&id=Portfolio%20Overview) [Portfolio Composition](index=1&type=section&id=Portfolio%20Composition) As of March 31, 2025, the company's portfolio maintained a fair value of $2.08 billion across 210 companies and 26 industries, primarily consisting of first-lien debt with a stable weighted average Internal Risk Rating | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Fair Value of Investments | $2.08 billion | $2.08 billion | | Number of Portfolio Companies | 210 | 210 | | Number of Industries | 26 | 27 | | Investment Type (Fair Value) | March 31, 2025 | December 31, 2024 | | :--------------------------- | :------------- | :---------------- | | First-Lien Debt | 90.5% | 90.6% | | Subordinated Debt | 7.8% | 7.7% | | Equity Investments | 1.7% | 1.8% | - The weighted average Internal Risk Rating of the portfolio at fair value remained stable at **4.1** for both March 31, 2025, and December 31, 2024. Non-accrual investments increased to two portfolio companies, representing **0.4%** of total investments at fair value, up from one company (**0.1%**) in the prior quarter[7](index=7&type=chunk)[8](index=8&type=chunk) [Portfolio and Investment Activity](index=3&type=section&id=Portfolio%20and%20Investment%20Activity) During Q1 2025, the company funded $153.0 million in portfolio investments and received $148.4 million from repayments and sales, indicating a slight net increase in funded investments compared to the previous quarter | Activity | Q1 2025 (3 months ended Mar 31) | Q4 2024 (3 months ended Dec 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Portfolio Investments Funded | $153.0 million | $151.1 million | | Proceeds from Repayments and Sales| $148.4 million | $119.5 million | [Results of Operations for the First Quarter Ended March 31, 2025](index=3&type=section&id=Results%20of%20Operations) [Investment Income](index=3&type=section&id=Investment%20Income) Investment income increased year-over-year, primarily due to higher investment activity, despite a decrease in the weighted average yield of debt and income-producing investments | Metric | Q1 2025 (3 months ended Mar 31) | Q1 2024 (3 months ended Mar 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Total Investment Income | $53.6 million | $51.6 million | | Weighted Average Yield (at cost) | 10.10% | 11.55% | - The decrease in weighted average yield was primarily due to overall tightening of spreads in new investments and a decline in base interest rates[10](index=10&type=chunk) [Net Expenses](index=3&type=section&id=Net%20Expenses) Net expenses rose year-over-year, driven by increased interest and debt financing expenses due to higher borrowings and refinancing activities, as well as higher management fees linked to the company's growing total assets | Metric | Q1 2025 (3 months ended Mar 31) | Q1 2024 (3 months ended Mar 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net Expenses (after waivers) | $26.1 million | $21.9 million | - Interest and debt financing expenses increased due to higher average daily borrowings and the acceleration of deferred financing costs from the termination of the Wells Fargo Financing Facility and CLO-I refinancing[11](index=11&type=chunk) - Management fees increased due to the Company's increase in total assets. Incentive fees on income and capital gains were waived for the first five quarters, including Q1 2025[11](index=11&type=chunk) [Net Realized and Unrealized Gain (Loss) on Investments](index=3&type=section&id=Net%20Realized%20and%20Unrealized%20Gain%20%28Loss%29%20on%20Investments) The company recorded a net realized gain in Q1 2025, a positive shift from a loss in the prior year, primarily due to repayments and sales, but reported a significant net change in unrealized loss attributed to underperforming portfolio companies | Metric | Q1 2025 (3 months ended Mar 31) | Q1 2024 (3 months ended Mar 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net Realized Gain (Loss) | $1.1 million | $(3.6) million | | Net Change in Unrealized Gain (Loss)| $(13.6) million | $4.1 million | - The net realized gain in Q1 2025 was primarily driven by gains from full or partial repayments and sales of investments[12](index=12&type=chunk) - The net change in unrealized loss for Q1 2025 primarily resulted from the underperformance of certain portfolio companies[12](index=12&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=3&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained $49.2 million in cash and cash equivalents and had approximately $172.8 million available under its revolving credit facility, with the debt to equity ratio increasing to 1.31x (1.25x net) from 1.15x (1.10x net) at the end of 2024 | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Cash and Cash Equivalents | $49.2 million | $43.3 million | | Total Aggregate Principal Debt | $1.2 billion | N/A | | Available for Additional Borrowings | $172.8 million | N/A | | Debt to Equity Ratio | 1.31x | 1.15x | | Net Debt to Equity Ratio | 1.25x | 1.10x | [Corporate Information](index=3&type=section&id=Corporate%20Information) [Conference Call and Webcast Information](index=3&type=section&id=Conference%20Call%20and%20Webcast%20Information) Nuveen Churchill Direct Lending Corp. hosted a conference call and webcast on May 8, 2025, to discuss its first quarter 2025 financial results, with replay available on the company's website - A conference call was held on **May 8, 2025**, at **11:00 AM Eastern Time**, with a live webcast and replay available on the company's website[14](index=14&type=chunk)[15](index=15&type=chunk) [About Nuveen Churchill Direct Lending Corp.](index=4&type=section&id=About%20Nuveen%20Churchill%20Direct%20Lending%20Corp.) Nuveen Churchill Direct Lending Corp. (NCDL) is a specialty finance company regulated as a business development company, primarily investing in senior secured loans to private equity-owned U.S. middle market companies, externally managed by affiliates of Nuveen, LLC and TIAA - NCDL is a specialty finance company focused on investing in senior secured loans to private equity-owned U.S. middle market companies[16](index=16&type=chunk) - NCDL is regulated as a business development company (BDC) and is externally managed by Churchill DLC Advisor LLC and Churchill Asset Management LLC, both affiliates of Nuveen, LLC and TIAA[16](index=16&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding NCDL's future performance and financial condition, which are subject to substantial risks and uncertainties, cautioning investors not to place undue reliance on these statements - The document includes forward-looking statements about NCDL's business and investments, which involve substantial risks and uncertainties[17](index=17&type=chunk) - Investors should not place undue reliance on these statements, as actual results could differ materially due to various factors, including changes in financial markets, interest rates, and economic trends[17](index=17&type=chunk) [Contacts](index=4&type=section&id=Contacts) Contact information for investor relations and media inquiries is provided - Investor Relations can be reached at NCDL-IR@churchillam.com. Media inquiries can be directed to Madison Hanlon at Prosek Partners (Pro-churchill@prosek.com)[18](index=18&type=chunk) [Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The consolidated balance sheet shows a slight decrease in total net assets from December 31, 2024, to March 31, 2025, primarily driven by changes in paid-in-capital and total distributable earnings (loss), with total assets and liabilities both increasing | Metric (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Total Assets | $2,172,584 | $2,143,725 | | Total Liabilities | $1,252,564 | $1,173,405 | | Total Net Assets | $920,020 | $970,320 | | Net Asset Value per Share | $17.96 | $18.18 | - Investments at fair value remained stable at approximately **$2.08 billion**. Debt (net of deferred financing costs and discount) increased from **$1,108,261 thousand** to **$1,199,570 thousand**[19](index=19&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statement of operations for Q1 2025 shows an increase in total investment income but a decrease in net investment income compared to Q1 2024, primarily due to higher net expenses, leading to a decrease in net assets from operations despite a net realized gain | Metric (in thousands) | Q1 2025 (3 months ended Mar 31) | Q1 2024 (3 months ended Mar 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | Total Investment Income | $53,586 | $51,595 | | Net Expenses (after waivers) | $26,134 | $21,862 | | Net Investment Income | $27,452 | $29,733 | | Net Realized Gain (Loss) | $1,103 | $(3,625) | | Net Change in Unrealized Gain (Loss)| $(13,534) | $3,916 | | Net Increase (Decrease) in Net Assets | $15,021 | $30,024 | | Per Share Data | Q1 2025 | Q1 2024 | | :------------------------------------------------ | :------ | :------ | | Net Investment Income per Share | $0.53 | $0.56 | | Net Increase (Decrease) in Net Assets per Share | $0.29 | $0.57 | [Portfolio and Investment Activity (Unaudited)](index=7&type=section&id=Portfolio%20and%20Investment%20Activity%20%28Unaudited%29) The detailed investment activity for Q1 2025 shows a decrease in new gross commitments compared to Q1 2024, with a significant increase in investments sold or repaid, and a decrease in the weighted average annual interest rate on new debt investments | Metric (in thousands) | Q1 2025 (3 months ended Mar 31) | Q1 2024 (3 months ended Mar 31) | | :-------------------------------- | :------------------------------ | :------------------------------ | | New Gross Commitments at Par | $166,239 | $206,815 | | Net Investments Funded | $153,019 | $204,330 | | Investments Sold or Repaid | $(148,350) | $(54,896) | | Net Funded Investment Activity | $4,669 | $149,434 | | New Investment Activity | Q1 2025 | Q1 2024 | | :------------------------------------------------ | :------ | :------ | | Weighted Average Annual Interest Rate on New Debt | 9.38% | 10.27% | | Weighted Average Spread on New Floating Rate Debt | 4.81% | 4.87% | - The number of portfolio companies remained at **210** at the end of Q1 2025, with **12 new companies** added and **12 exited** during the quarter[22](index=22&type=chunk)

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]

Group 1 - Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) is one of six Business Development Companies (BDCs) currently held in the portfolio alongside other high-quality names such as Morgan Stanley Direct Lending Fund (MSDL) [1] - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - Berzins has been involved in policy-level work, including the development of national State-Owned Enterprise (SOE) financing guidelines and frameworks for channeling private capital into affordable housing [1] - Berzins holds a CFA Charter and an ESG investing certificate, and has interned at the Chicago Board of Trade while residing in Latvia [1] - He is actively engaged in thought-leadership activities to support the development of pan-Baltic capital markets [1]