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 ...

Investment Strategy and Risk Management - The Senior Loan Investment Team regularly assesses the risk profile of Senior Loan investments, while the Junior Capital Investment Team does the same for Junior Capital Investments, employing a proactive monitoring approach[62] - The Company expects to co-invest with affiliates, enhancing investment opportunities and diversification[82] - The Company faces competition from larger entities with greater resources, which may impact its business and financial condition[65] ESG Policy and Compliance - Churchill's ESG policy evaluates ESG-related risks that could impact a company's operations and reputation, using a proprietary ESG rating template for investment opportunities[63] - The ESG policy is updated as needed to reflect changing practices and industry standards, but does not imply a specific ESG investment strategy[64] Company Structure and Growth - The Company is classified as an emerging growth company and expects to remain so for up to five years post-IPO, with specific revenue thresholds for transitioning out of this status[66] - The Company may seek an Exchange Listing and complete an IPO within five years of the Initial Closing, with provisions for winding down if unsuccessful[69] Financial Requirements and Compliance - The Company must maintain at least 70% of its total assets in qualifying assets as defined under the 1940 Act[71] - The Company has established a 150% asset coverage ratio requirement for issuing senior securities, allowing it to borrow $2 for every $1 of equity[77] - The Company is required to provide annual reports containing audited financial statements and comply with periodic reporting requirements[98] - To qualify as a RIC, the Company must distribute at least 90% of its investment company taxable income annually[101] - The Company must derive at least 90% of gross income from specific sources to qualify as a RIC, including dividends and interest[109] - The Company must maintain compliance with the 1940 Act to avoid jeopardizing its RIC status[104] - The Company is subject to periodic examinations by the SEC for compliance with the 1940 Act[84] - The Company must designate a chief compliance officer and implement policies to prevent violations of federal securities laws[86] Taxation and Distribution Requirements - The Company may face a 4% excise tax on undistributed income unless it meets specific distribution requirements[103] - Financial covenants in debt agreements may restrict the Company's ability to make distributions to shareholders[107] - The Company may need to borrow funds or sell assets to meet the Annual Distribution Requirement, which could limit its ability to dispose of assets advantageously[108] - The Company may realize gains or losses from liquidating investments to meet distribution requirements, potentially leading to larger capital gain distributions[110] - A failure to qualify as a RIC would subject the Company to U.S. federal income tax at regular corporate rates, impacting shareholder distributions[111] Interest Rate Risk - The Company is subject to interest rate risk, which affects net investment income due to fluctuations in borrowing rates[417] - As of December 31, 2022, approximately 4.58% of the Company's debt investments bear interest at a fixed rate, while 95.42% bear interest at a floating rate[419] - Interest income could increase by $11,493,000 if interest rates rise by 100 basis points, resulting in a net income of $4,439,000[422] - If interest rates increase by 300 basis points, interest income could rise to $34,479,000, leading to a net income of $13,316,000[422] - The Federal Reserve's interest rate hikes could increase the Company's cost of funds, reducing net investment income if not offset by higher interest income[418] - The Company must monitor its transactions to mitigate potential adverse tax effects from complex federal income tax provisions[109] Capital Raising and Financing - The Private Offering allows the Company to raise capital from accredited investors without a limit on the number of shares or capital raised, with the fundraising period extended to March 13, 2022[68] - The Company currently has a revolving credit facility and may enter into additional credit facilities and term debt securitizations in the future[79] - The SEC granted the Company a permanent amendment to allow follow-on investments with certain private fund affiliates[83] Ethical Standards - The Company has adopted a code of ethics that restricts personal securities transactions by its officers and employees[80]

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, 2022 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) ...

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, 2022 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) ...