Investment Growth - Total investments increased from $1,293,592,000 in June 30, 2023 to $2,023,384,000 by June 30, 2024, representing a growth of approximately 56.5%[220] - The number of portfolio companies increased from 161 at the end of June 30, 2023 to 198 by June 30, 2024, indicating a growth of 22.9%[220] - The company funded 11 new portfolio companies in the three months ended June 30, 2024, compared to 9 in the same period of 2023, reflecting a 22.2% increase[220] - The total number of investments increased from 329 to 434 from June 30, 2023 to June 30, 2024, representing a growth of 32%[220] - The portfolio size grew to $2.0 billion as of June 30, 2024, compared to $1.4 billion as of June 30, 2023[242] Financial Performance - The company generated a net realized gain of $1,017,000 on investments for the three months ended June 30, 2024, compared to a gain of $218,000 in the same period of 2023[220] - Total investment income increased to $55.1 million for the three months ended June 30, 2024, up from $37.1 million for the same period in 2023, primarily due to increased investment activity[242] - Net investment income for the three months ended June 30, 2024, was $31.0 million, up from $18.7 million for the same period in 2023[240] - The company recorded a net realized gain on investments of $1.0 million for the three months ended June 30, 2024, compared to a net realized gain of $218 thousand for the same period in 2023[247] Debt and Financing - The weighted average reported annual EBITDA of the debt portfolio was $76.5 million as of June 30, 2024[222] - Approximately 83% of the company's debt investments have financial covenants, indicating a strong risk management approach[222] - The company reported a weighted average interest coverage ratio of 2.2x for its first lien term loans, indicating solid earnings relative to interest obligations[222] - Interest and debt financing expenses increased to $18.7 million for the three months ended June 30, 2024, from $14.3 million for the same period in 2023, driven by higher average daily borrowings[244] - Average daily borrowings for the three months ended June 30, 2024, were $939.0 million, compared to $774.4 million for the same period in 2023[244] - Total debt obligations as of June 30, 2024, amount to $1,028,750, with $772,000 due in more than 5 years[302] Market Conditions and Risks - The company is focusing on investing in defensive businesses with low cyclicality and strong free cash flow generation amid macroeconomic challenges[231] - The company has seen a tightening of spreads in newly originated investments, attributed to increased competition in the loan market[229] - The ongoing geopolitical conflicts and inflationary pressures have introduced significant volatility in the financial markets, impacting the company's market risks[324] - The company's net investment income may be adversely affected by significant changes in market interest rates[325] Shareholder Returns and Distributions - The company intends to make quarterly distributions to common shareholders based on taxable earnings, with a dividend of $0.45 declared for May 1, 2024[257] - The Board declared a third quarter regular dividend of $0.45 per share, payable on or around October 28, 2024[322] - The company intends to distribute between 90% and 100% of its annual taxable income to shareholders, although it cannot assure that distributions will be made at a specific level[274] IPO and Capital Raising - The company closed its initial public offering (IPO) on January 29, 2024, with its common stock trading on the NYSE under the symbol "NCDL" starting January 25, 2024[213] - The company closed its IPO on January 29, 2024, issuing 5,500,000 shares at a price of $18.05 per share, raising total cash proceeds of $99.3 million[254] - Total shares issued from inception through June 30, 2024, include 7,888,094 shares for $142.4 million on January 5, 2024, and 5,497,609 shares for $100 million on November 3, 2023[256] Liquidity and Cash Management - Cash and cash equivalents increased by $3.6 million for the six months ended June 30, 2024, with $266.9 million used in operating activities[253] - The company regularly evaluates its liquidity position due to uncertain economic outlook and market volatility[250] - The primary uses of cash include investment purchases, operational costs, debt service, and shareholder distributions[250] Valuation and Interest Rate Sensitivity - The company has engaged independent third-party valuation firms to assist in determining the fair value of its illiquid debt and equity securities[324] - The company's net investment income is sensitive to fluctuations in interest rates, particularly due to the difference between investment and borrowing rates[325] - A 300 basis point increase in interest rates could result in a net income increase of $12,705,000, while a 300 basis point decrease could lead to a net income decrease of $12,705,000[330] Related-Party Transactions and Governance - The Company has entered into several related-party transactions, including Advisory and Sub-Advisory Agreements[305] - The Company is permitted to co-invest with affiliates under certain conditions as per the SEC's exemptive order[306] - The annual retainer for Independent Directors will increase from $100,000 to $120,000 effective January 1, 2025[323] - The annual retainer for the Chair of the Audit Committee will increase from $10,000 to $12,000 effective January 1, 2025[323] - The Lead Independent Director will receive an annual retainer of $12,000 effective January 1, 2025[323]

Financial Data and Key Metrics Changes - The net asset value per share increased to $18.21 from $18.13 in the previous quarter, driven by net investment income and a modest increase in valuations despite unrealized losses on one portfolio company [11][12] - The company reported net income of $0.57 per share for the quarter, with net realized and unrealized gains of $0.01 [10][11] - The debt to equity ratio at the end of the quarter was 0.82, slightly below the target range of 1.0 to 1.25 [117] Business Line Data and Key Metrics Changes - New originations totaled $207 million across 34 investments, a significant increase from $91 million in the first quarter of 2023 [12][91] - The portfolio remained heavily weighted towards senior loans, representing 89% of the portfolio, with only 1.8% in equity co-investments and the remainder in junior debt [92][119] - The weighted average interest rate on new origination decreased by approximately 95 basis points, with spreads tightening in both the upper middle market and traditional middle market [93][94] Market Data and Key Metrics Changes - The broadly syndicated loan market saw a resurgence, leading to increased competition and tighter spreads in the upper middle market [7][8] - The company noted a mixed quality in deal flow, with increased refinancing activity and a focus on maintaining selectivity and credit discipline [8][9][10] Company Strategy and Development Direction - The company aims to maintain a high level of discipline and selectivity in evaluating investment opportunities, focusing on the core middle market [9][30] - The strategy includes a commitment to a supplemental dividend program to deliver higher returns to shareholders [35][90] - The company is positioned to optimize its liability structure by accessing the unsecured debt market as conditions stabilize [94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to source attractive investments despite a competitive environment, emphasizing the importance of relationships with private equity sponsors [6][30] - The outlook for deal activity is expected to improve as certainty regarding interest rates stabilizes [44][126] - Management acknowledged the challenges in the broader market but emphasized the company's insulated position in the core middle market [88][89] Other Important Information - The company has a diversified portfolio with 195 companies, and the top ten positions account for only 12.6% of the total portfolio [84][118] - One junior capital investment was placed on non-accrual status, representing only 0.13% of the portfolio's fair value [120] - The company has implemented a share repurchase program with approximately $2.1 million utilized so far [121] Q&A Session Summary Question: Context on deployment into the secondary market and future rotations - Management indicated that the deployment into the secondary market represented about 40% of origination during the quarter, with plans to rotate into core middle market investments over time [17][18] Question: Expectations for deal activity in upcoming quarters - Management noted that while Q1 was not as active as Q4, year-over-year comparisons showed significant improvement, and they expect continued growth in deal activity as interest rate certainty improves [43][44] Question: Insights on credit quality and non-accruals - Management confirmed that only one company was added to the non-accrual list, emphasizing the overall good credit quality of the portfolio and the proactive management approach [61][103] Question: Themes observed in industry discussions - Management highlighted the importance of scale and differentiated sourcing as key themes, noting that only a few firms can effectively compete in the current environment [49][130]

Nuveen Churchill Direct Lending Corp. Announces First Quarter 2024 Results Reports Net Investment Income of $0.56 per Share Declares Second Quarter Regular Distribution of $0.45 per Share NEW YORK, May 9, 2024 - 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 reported financial result ...

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 March 31, 2024 (Registrant's telephone number, including area code) (Address of principal executive offices) (Zip Code) Maryland 84-3613224 (212) 478-9200 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-56133 NUVEEN CHURCHIL ...

Financial Data and Key Metrics Changes - NCDL reported a total annualized dividend yield of 12% for Q4 and a full-year yield of 13.3% [8] - Net investment income (NII) per share for Q4 was $0.66, with total net income of $0.73 per share [22][23] - Net asset value (NAV) per share increased to $18.13 from $17.96 in the previous quarter [25] - Debt-to-equity ratio at the end of the quarter was 1.26x, down from 1.35x in the previous quarter [24] Business Line Data and Key Metrics Changes - The investment portfolio grew to $1.6 billion, diversified across 179 companies, with the top 10 positions accounting for only 12.5% of the portfolio [14][27] - First lien loans made up 87% of the portfolio, with 86% of debt investments having at least one financial maintenance covenant [15][33] - The average yield on new investments was stable at 11.9% as of year-end [29] Market Data and Key Metrics Changes - Direct lending middle market LBO volume was 8x higher than syndicated loan volume in Q4 [19] - Purchase multiples in the core middle market remained strong at 11x to 12x EBITDA [20] - Prepayment activity increased to 4.4% in Q4, up from 1% in Q3 [28] Company Strategy and Development Direction - NCDL aims to re-lever the portfolio over 2024, targeting a leverage range of 1.0x to 1.25x [24] - The company focuses on maintaining a diversified portfolio by industry and avoiding highly cyclical sectors [35] - NCDL's investment strategy emphasizes downsize protection and overall credit quality, with a rigorous investment process [18] Management's Comments on Operating Environment and Future Outlook - Management noted strong fundamental market dynamics in private credit, with increased M&A activity expected in 2024 [19][60] - The quality of new deals remains high, with a conservative underwriting approach leading to strong interest coverage ratios [46][48] - Stability around interest rates is anticipated to unlock more M&A activity, with private equity firms looking to show liquidity [58][60] Other Important Information - NCDL was recognized as the most active direct lender in the U.S. for 2023 [12] - The company completed its IPO on January 25, raising just under $100 million [38] - A supplemental dividend program is in place to distribute excess earnings to shareholders [24] Q&A Session Summary Question: Can you talk about the credit environment? - Management observed a nice acceleration of deal activity in the second half of the year, with good quality new deals [45][46] Question: What is the pro forma leverage number post-IPO? - Pro forma leverage ratio tops out at roughly 0.8, with intentions to re-lever the portfolio over the year [49] Question: What drove the net gains in the portfolio? - The net gains were mostly spread-driven, with modest increases in valuations due to spread tightening [53] Question: Have you noticed any trends in PIK election or amendment activity? - Management has not seen significant PIK activity, focusing on cash generation capabilities [54][56] Question: What are the catalysts for unlocking more M&A activity? - Stability around interest rates and private equity firms raising new funds are expected to drive M&A activity [58][60] Question: Where are the most attractive opportunities from a sector perspective? - Attractive sectors include software-as-a-service, business services, and certain areas of healthcare, focusing on market-leading businesses [66]

Nuveen Churchill Direct Lending Corp. Announces Fourth Quarter and Full Year 2023 Results NEW YORK, February 27, 2024 -- 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, and by its sub-adviser, Churchill Asset Management LLC ("Churchill"), today reported financial results for the full year and three months ended December 31, 2023. Financial Highlights for the Quarter Ended Dec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-56133 NUVEEN CHURCHILL DIRECT LENDING CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R ...

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 September 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-56133 NUVEEN CHURCHILL DIRECT LENDING CORP. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act ...

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, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-56133 NUVEEN CHURCHILL DIRECT LENDING CORP. (Exact name of registrant as specified in its charter) Maryland 84-3613224 (State or other jurisdiction of incorporati ...

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 March 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-56133 NUVEEN CHURCHILL DIRECT LENDING CORP. (Exact name of registrant as specified in its charter) Maryland 84-3613224 (State or other jurisdiction of incorporat ...