Nuveen Churchill Direct Lending (NYSE: NCDL) Q1 2026 results show $0.41 NII and $0.40 dividend
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Nuveen Churchill Direct Lending Corp. reported first quarter 2026 results highlighted by net investment income of $20.0 million, or $0.41 per share, and a net increase in net assets from operations of $8.7 million, or $0.18 per share.
Net asset value per share was $17.50, down slightly from $17.72 as of December 31, 2025. The company paid a first quarter distribution of $0.40 per share and declared a second quarter distribution of $0.38 per share, consisting of a $0.36 regular and $0.02 supplemental distribution.
The investment portfolio totaled $2.0 billion at fair value across 236 portfolio companies, with approximately 89.7% in first-lien debt and a weighted average yield on debt and income-producing investments of 9.3% at cost. Five portfolio companies were on non-accrual, representing 0.6% of total investments at fair value.
Investment income was $46.3 million for the quarter, down from $53.6 million a year earlier, while net expenses were broadly stable at $26.2 million. As of March 31, 2026, the company held $50.4 million in cash and cash equivalents, had $1.1 billion of total debt outstanding and reported a debt-to-equity ratio of 1.32x, with approximately $233.0 million available under its revolving credit facility.
Positive
- None.
Negative
- None.
Insights
Solid NII and dividend coverage, but lower yields and NAV pressure.
Nuveen Churchill Direct Lending Corp. generated net investment income of $20.0M, or $0.41 per share, comfortably covering its $0.40 first-quarter distribution. However, investment income fell to $46.3M from $53.6M a year earlier as portfolio yields declined.
Net asset value per share slipped to $17.50 from $17.72, driven by a combined net realized and unrealized investment loss of $11.4M. The portfolio remains heavily first-lien, with 89.7% in senior secured loans and broad diversification across 26 industries, limiting single-name exposure.
Leverage increased modestly, with a debt-to-equity ratio of 1.32x and net debt-to-equity of 1.26x as of March 31, 2026. Liquidity totaled $283.0M in cash and undrawn revolver capacity, while management refinanced a CLO to lower funding costs, supporting net interest margin resilience despite lower base rates.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net investment income: $20.0M
NII per share: $0.41 per share
Net increase in net assets from operations: $8.7M
+5 more
8 metrics
Net investment income
$20.0M
Three months ended March 31, 2026
NII per share
$0.41 per share
Three months ended March 31, 2026
Net increase in net assets from operations
$8.7M
Three months ended March 31, 2026
NAV per share
$17.50
As of March 31, 2026
Quarterly distribution
$0.40 per share
First quarter 2026 distribution paid April 28, 2026
Second quarter declared distribution
$0.38 per share
Q2 2026, includes $0.36 regular and $0.02 supplemental
Portfolio fair value
$2.0B
Investments at fair value as of March 31, 2026
Debt-to-equity ratio
1.32x
As of March 31, 2026
Key Terms
net investment income, net asset value, non-accrual status, first-lien debt investments, +2 more
6 terms
net investment income financial
"Financial Highlights for the Quarter Ended March 31, 2026 •Net investment income of $0.41 per share"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
net asset value financial
"Net asset value ("NAV") per share of $17.50, compared to $17.72 per share"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
non-accrual status financial
"there were investments in five portfolio companies on non-accrual status representing 0.6% of total investments at fair value"
A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.
first-lien debt investments financial
"the Company’s portfolio based on fair value consisted of approximately 89.7% first-lien debt investments"
First-lien debt investments are loans or bonds that give the lender the first legal claim on a borrower’s specific assets if the borrower cannot pay, similar to how a mortgage holder gets paid first from a foreclosed house. Investors care because this priority and collateral generally reduce potential losses compared with unsecured or later-ranking debt, making first-lien positions a lower-risk way to earn interest, though credit and market risks still apply.
weighted average yield financial
"the weighted average yield of the Company's debt and income producing investments decreased to 9.31%"
Weighted average yield is the combined income rate of a group of securities or holdings, calculated by averaging each holding’s yield while giving larger positions more influence. Investors use it to see the portfolio’s true expected income and to compare funds or bond mixes, because it shows how big holdings drive overall returns—like averaging the gas mileage of a fleet where bigger vehicles count more, revealing the real performance.
debt-to-equity ratio financial
"the Company's debt to equity ratio was 1.32x (1.26x net debt to equity ratio)"
Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.
Earnings Snapshot
Investment income: $46.3M
Q1 2026
Investment income
$46.3M
Net investment income
$20.0M
NII per share
$0.41
NAV per share
$17.50
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (212 ) 478-9200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On May 7, 2026, Nuveen Churchill Direct Lending Corp. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. | ||||
On May 7, 2026, the Company will host a conference call to discuss its financial results for the first quarter ended March 31, 2026. The earnings presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act or other Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated May 7, 2026 | |||||||
| 99.2 | First Quarter 2026 Earnings Presentation | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NUVEEN CHURCHILL DIRECT LENDING CORP. | |||||||||||
| Date: May 7, 2026 | By: | /s/ Kenneth J. Kencel | |||||||||
| Name: | Kenneth J. Kencel | ||||||||||
| Title: | Chief Executive Officer and President | ||||||||||
Nuveen Churchill Direct Lending Corp. Announces
First Quarter 2026 Results
Reports First Quarter Net Investment Income of $0.41 per Share
Declares Second Quarter Distribution of $0.38 per Share, Consisting of a Regular Distribution of $0.36 per Share and a Supplemental Distribution of $0.02 per Share
NEW YORK, May 7, 2026 - 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 results for the first quarter ended March 31, 2026.
Financial Highlights for the Quarter Ended March 31, 2026
•Net investment income of $0.41 per share
•Net realized and unrealized loss on investments of $(0.23) per share
•Net increase in net assets resulting from operations of $0.18 per share
•Net asset value ("NAV") per share of $17.50, compared to $17.72 per share as of December 31, 2025
•Paid first quarter distribution of $0.40 per share on April 28, 2026
•Declares second quarter distribution of $0.38 per share, consisting of a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share
“We are pleased with NCDL’s financial performance to start the year, reflecting the overall strength of our investment portfolio,” said Ken Kencel, President and Chief Executive Officer of NCDL. “Recent market volatility has created attractive opportunities to deploy capital with improving financing terms and pricing. We remain confident that NCDL is well-positioned with an experienced investment team and our ability to originate high-quality investments in various market conditions and economic environments.”
“During the quarter, we continued to optimize our balance sheet and capital structure by refinancing one of our CLOs, allowing us to meaningfully reduce our borrowing costs,” said Shai Vichness, Chief Financial Officer and Treasurer of NCDL. “Our investment portfolio remains well-diversified with an average position size of 0.4%, and our top 10 investments represent only 13.2% of the total fair value of the portfolio. In today’s environment, we remain focused on selectively investing in high-quality companies and rewarding shareholders with an attractive dividend yield.”
Distribution Declaration
The Company’s Board of Directors (the “Board“) has declared a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around July 28, 2026 to shareholders of record as of June 30, 2026.
PORTFOLIO COMPOSITION
As of March 31, 2026, the fair value of the Company's portfolio investments was $2.0 billion across 236 portfolio companies in 26 industries compared to $2.0 billion as of December 31, 2025 across 227 portfolio companies in 26 industries.
As of March 31, 2026, the Company’s portfolio based on fair value consisted of approximately 89.7% first-lien debt investments, 7.5% subordinated debt investments, and 2.8% equity investments. As of December 31, 2025, the Company’s portfolio based on fair value consisted of 89.5% first-lien debt investments, 8.2% subordinated debt investments, and 2.3% equity investments.
As of March 31, 2026 and December 31, 2025, the weighted average Internal Risk Rating of the portfolio at fair value was 4.3 and 4.2 (4.0 being the initial rating assigned at origination), respectively. As of March 31, 2026, there were investments in five portfolio companies on non-accrual status representing 0.6% of total investments at fair value (or 1.3% of total investments at cost). As of December 31, 2025, there were investments in four portfolio companies on non-accrual status representing 0.5% of total investments at fair value (or 1.2% of total investments at cost).
PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended March 31, 2026, the Company funded $85.4 million of portfolio investments and received $65.0 million of proceeds from principal repayments and sales, compared to $80.4 million and $84.3 million, respectively, for the three months ended December 31, 2025.
RESULTS OF OPERATIONS FOR THE FIRST QUARTER ENDED MARCH 31, 2026
Investment Income
Investment income decreased to $46.3 million for the three months ended March 31, 2026 from $53.6 million for the three months ended March 31, 2025. As of March 31, 2026, the size of the Company's portfolio decreased to $2.0 billion from $2.1 billion as of March 31, 2025, at cost. As of March 31, 2026, the weighted average yield of the Company's debt and income producing investments decreased to 9.31% from 10.10% as of March 31, 2025, at cost, primarily due to overall tightening of spreads in newly originated investments, the refinancing or repricing of existing portfolio companies to marginally lower spreads, and the decline in base interest rates compared to the prior period.
Net Expenses
Net expenses increased slightly to $26.2 million for the three months ended March 31, 2026 from $26.1 million for the three months ended March 31, 2025. Interest and debt financing expenses decreased due to a lower average interest rate and lower average daily borrowings, partially offset by $0.8 million of one-time costs associated with a CLO refinancing completed during the first quarter of 2026. However, this decrease was largely offset by higher management fees resulting from the higher base rate and income-based incentive fees totaling $1.5 million, as the incentive fee waiver expired effective March 31, 2025 pursuant to the terms of the Advisory Agreement.
Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments
For the three months ended March 31, 2026, the Company recorded a net realized loss on investments of $(3.3) million, compared to a net realized gain of $1.1 million for the three months ended March 31, 2025. The net realized loss for the three months ended March 31, 2026 was primarily driven by the restructuring of two underperforming debt positions, partially offset by realized gains from full or partial repayments and sales of investments in portfolio companies. The Company recorded a net change in unrealized loss of $(7.8) million for the three months ended March 31, 2026, compared to a net change in unrealized loss of $(13.6) million for the three months ended March 31, 2025. The total net change in unrealized loss for the three months ended March 31, 2026 primarily resulted from benchmark spread widening and decreases in the fair value of certain underperforming portfolio companies, partially offset by the reversal of unrealized losses on debt positions that were restructured during the period.
Financial Condition, Liquidity and Capital Resources
As of March 31, 2026, the Company had $50.4 million in cash and cash equivalents and $1.1 billion in total aggregate principal amount of debt outstanding. Subject to borrowing base and other conditions, the Company had approximately $233.0 million available for additional borrowings under its revolving credit facility as of March 31, 2026. At March 31, 2026, the Company's debt to equity ratio was 1.32x (1.26x net debt to equity ratio) compared to 1.27x (1.20x net debt to equity ratio) at December 31, 2025.
CONFERENCE CALL AND WEBCAST INFORMATION
Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its first quarter 2026 financial results today at 11:00 AM Eastern Time. All interested parties may participate in the conference call by dialing (866) 605-1826 approximately 10-15 minutes prior to the call; international callers should dial +1 (215) 268-9877. Participants should reference Nuveen Churchill Direct Lending Corp. when prompted.
A live webcast of the conference call will also be available on the Events section of the Company's website at https://www.ncdl.com/news/events. A replay will be available under the same link following the conclusion of the conference call.
About Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. (“NCDL”) is a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. NCDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. NCDL is externally managed by its investment adviser, Churchill DLC Advisor LLC, and by its sub-adviser, Churchill Asset Management LLC (“Churchill”). Both the investment adviser and sub-adviser are affiliates and subsidiaries of Nuveen, LLC (“Nuveen”), the investment management division of Teachers Insurance and Annuity Association of America (“TIAA”) and one of the largest asset managers globally. Churchill is a leading capital provider for private equity-backed middle market companies and operates as the exclusive U.S. middle market direct lending and private capital business of Nuveen and TIAA. Churchill is a registered investment advisor and majority-owned, indirect subsidiary of TIAA.
Forward-Looking Statements
This press release contains historical information and “forward-looking statements” with respect to the business and investments of NCDL, including, but not limited to, statements about NCDL’s future financial performance and financial condition, which involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond NCDL’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in NCDL’s filings with the Securities and Exchange Commission, including changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on NCDL's business, its financial condition and its portfolio companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy, and its impact on NCDL's portfolio companies and the general economy; the impact of geopolitical conditions; general economic, political and industry trends and other external factors; the dependence of NCDL’s future success on the general economy and its impact on the industries in which it invests; and other risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in NCDL’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form10-Q, which are accessible on the SEC’s website at www.sec.gov. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which NCDL makes them. NCDL does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
Contacts
Investors:
Investor Relations
NCDL-IR@churchillam.com
Investor Relations
NCDL-IR@churchillam.com
Media:
Prosek Partners
Prosek Partners
Alex Hinson
Pro-churchill@prosek.com
Pro-churchill@prosek.com
5464656
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)
March 31, 2026 | December 31, 2025 | ||||||||||
Assets | (Unaudited) | ||||||||||
Investments | |||||||||||
Non-controlled/non-affiliated company investments, at fair value (cost of $2,022,433 and $2,001,207, respectively) | $ | 1,975,862 | $ | 1,962,449 | |||||||
Cash | 15,269 | 8,554 | |||||||||
Cash equivalents | 35,131 | 53,927 | |||||||||
Interest receivable | 14,253 | 13,729 | |||||||||
Derivative asset, at fair value (Note 4) | 7,500 | 14,965 | |||||||||
Receivable for investments sold | 352 | 518 | |||||||||
Other assets | 331 | 327 | |||||||||
Total assets | $ | 2,048,698 | $ | 2,054,469 | |||||||
Liabilities | |||||||||||
Debt (net of $8,568 and $8,511 deferred financing and issuance costs, respectively, and net of unamortized discount of $443 and $471, respectively) (See Note 7) | $ | 1,137,789 | $ | 1,115,052 | |||||||
Interest payable | 8,391 | 15,350 | |||||||||
Incentive fees payable | 1,535 | 2,809 | |||||||||
Management fees payable | 4,940 | 5,048 | |||||||||
Collateral due to broker | 7,000 | 14,750 | |||||||||
Distributions payable | 19,755 | 22,224 | |||||||||
Directors’ fees payable | 142 | 156 | |||||||||
Accounts payable and accrued expenses | 5,034 | 3,900 | |||||||||
Total liabilities | 1,184,586 | 1,179,289 | |||||||||
Commitments and contingencies (See Note 8) | |||||||||||
Net Assets: (See Note 9) | |||||||||||
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 49,387,065 and 49,387,065 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 494 | 494 | |||||||||
Paid-in-capital in excess of par value | 930,393 | 930,393 | |||||||||
Total distributable earnings (loss) | (66,775) | (55,707) | |||||||||
Total net assets | 864,112 | 875,180 | |||||||||
Total liabilities and net assets | $ | 2,048,698 | $ | 2,054,469 | |||||||
Net asset value per share (See Note 11) | $ | 17.50 | $ | 17.72 | |||||||
See Notes to Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share and per share data)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Investment income: | |||||||||||
Non-controlled/non-affiliated company investments: | |||||||||||
Interest income | $ | 42,862 | $ | 50,846 | |||||||
Payment-in-kind interest income | 3,122 | 2,365 | |||||||||
Other income | 274 | 375 | |||||||||
Total investment income | 46,258 | 53,586 | |||||||||
Expenses: | |||||||||||
Interest and debt financing expenses | 17,749 | 20,643 | |||||||||
Management fees (See Note 6) | 4,940 | 3,914 | |||||||||
Incentive fees on net investment income (See Note 6) | 1,535 | 2,253 | |||||||||
Professional fees | 763 | 493 | |||||||||
Directors' fees | 162 | 156 | |||||||||
Administration fees (See Note 6) | 680 | 586 | |||||||||
Other general and administrative expenses | 385 | 342 | |||||||||
Total expenses before incentive fees waived | 26,214 | 28,387 | |||||||||
Incentive fees waived (See Note 6) | — | (2,253) | |||||||||
Net expenses after incentive fees waived | 26,214 | 26,134 | |||||||||
Net investment income | 20,044 | 27,452 | |||||||||
Realized and unrealized gain (loss) on investments: | |||||||||||
Net realized gain (loss) on non-controlled/non-affiliated company investments | (3,289) | 1,103 | |||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||
Non-controlled/non-affiliated company investments | (7,813) | (13,573) | |||||||||
Income tax (provision) benefit | (255) | 39 | |||||||||
Total net change in unrealized appreciation (depreciation) | (8,068) | (13,534) | |||||||||
Total net realized and unrealized gain (loss) on investments | (11,357) | (12,431) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 8,687 | $ | 15,021 | |||||||
Per share data: | |||||||||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.18 | $ | 0.29 | |||||||
Weighted average common shares outstanding - basic and diluted | 49,387,065 | 52,211,340 | |||||||||
See Notes to Consolidated Financial Statements
PORTFOLIO AND INVESTMENT ACTIVITY
(dollars in thousands)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Net funded investment activity | |||||||||||
New gross commitments at par 1 | $ | 82,876 | $ | 166,239 | |||||||
Net investments funded | 85,359 | 153,019 | |||||||||
Investments sold or repaid | (65,015) | (148,350) | |||||||||
Net funded investment activity | $ | 20,344 | $ | 4,669 | |||||||
— | |||||||||||
Gross commitments at par 1 | |||||||||||
First-lien debt | $ | 70,168 | $ | 151,995 | |||||||
Subordinated debt | 2,144 | 13,230 | |||||||||
Equity investments | 10,564 | 1,014 | |||||||||
Total gross commitments | $ | 82,876 | $ | 166,239 | |||||||
Portfolio company activity | |||||||||||
Portfolio companies, beginning of period | 227 | 210 | |||||||||
Number of new portfolio companies | 13 | 12 | |||||||||
Number of exited portfolio companies | (4) | (12) | |||||||||
Portfolio companies, end of period | 236 | 210 | |||||||||
Count of investments | 554 | 490 | |||||||||
Count of industries | 26 | 26 | |||||||||
New investment activity | |||||||||||
Weighted average annual interest rate on new debt investments at par | 8.47 | % | 9.38 | % | |||||||
Weighted average annual interest rate on new floating rate debt investments at par | 8.40 | % | 9.10 | % | |||||||
Weighted average spread on new floating rate debt investments at par | 4.71 | % | 4.81 | % | |||||||
Weighted average annual coupon on new fixed rate debt investments at par | 10.33 | % | 12.57 | % | |||||||
Weighted average annual interest rate on exited or repaid investments at par | 9.23 | % | 9.11 | % | |||||||
__________________
1 Gross commitments at par includes unfunded investment commitments.
See Notes to Consolidated Financial Statements
1Nuveen Churchill Direct Lending Corp. | 07 May 2026 NYSE: NCDL Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2026 Earnings
Past performance is not a guarantee of future results. See endnotes for additional information. Disclosure 2Nuveen Churchill Direct Lending Corp. | This presentation is for informational purposes only. It does not convey an offer of any type and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any securities of Nuveen Churchill Direct Lending Corp. (the “Company,” “NCDL,” “we,” “us” or “our”). Any such offering can be made only at the time an offeree receives a prospectus relating to such offering and other operative documents which contain significant details with respect to risks and should be carefully read. In addition, the information in this presentation is qualified in its entirety by reference to the more detailed discussions contained in the Company’s public filings with the Securities and Exchange Commission (the “SEC”), including without limitation, the risk factors. Nothing in this presentation constitutes investment advice. You or your clients may lose money by investing in the Company. The Company is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Company will achieve its investment objective. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Prospective investors should also seek advice from their own independent tax, accounting, financial, investment and legal advisors to properly assess the merits and risks associated with an investment in the Company in light of their own financial condition and other circumstances. These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. Such information is qualified in its entirety by reference to the more detailed discussions contained elsewhere in the Company’s public filings with the SEC. An investment in the Company is speculative and involves a high degree of risk. There can be no guarantee that the Company’s investment objective will be achieved. The Company may engage in other investment practices that may increase the risk of investment loss. An investor could lose all or substantially all of his, her or its investment. The Company may not provide periodic valuation information to investors, and there may be delays in distributing important tax information. The Company’s fees and expenses may be considered high and, as a result, such fees and expenses may offset the Company’s profits. For a summary of certain of these and other risks, please see the Company’s public filings with the SEC. There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Company’s past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market. Opinions expressed reflect the current opinions of the Company as of the date appearing in the materials only and are based on the Company’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. This presentation includes historical information and “forward-looking statements” with respect to the business and investments of NCDL, including, but not limited to, statements about NCDL’s future performance and financial performance and financial condition, which involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond NCDL’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, the risks, uncertainties and other factors identified in NCDL’s filings with the Securities and Exchange Commission, including changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on NCDL’s business, its financial condition, and its portfolio companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy, and its impact on NCDL’s portfolio companies and the general economy; the impact of geopolitical conditions; general economic, political and industry trends and other external factors, and the dependence of NCDL’s future success on the general economy and its impact on the industries in which it invests; and other risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in NCDL’s most recent Annual Report on Form 10-K, which is accessible on the SEC’s website at www.sec.gov. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which NCDL makes them. NCDL does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward-looking statements. Should NCDL’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that NCDL did not expect, actual results could differ materially from the forward-looking statements in this presentation. All capitalized terms in the presentation have the same definitions as the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Please see endnotes at the end of this presentation for additional important information.
Past performance is not a guarantee of future results. See endnotes for additional information. 3Nuveen Churchill Direct Lending Corp. | 1Q'26 Highlights 1Q'26 earnings • Net investment income per share: $0.41 (vs. $0.44 in 4Q'25)1 • Net increase in net assets resulting from operations per share: $0.18 (vs. $0.32 in 4Q'25)1 • Net asset value per share: $17.50 (vs. $17.72 at 12/31/2025) • Annualized ROE on net investment income: 9.4%2; annualized ROE on net income: 4.1%3 • Paid a regular distribution of $0.36 and supplemental distribution of $0.04 per share for 1Q'26 on 4/28/2026 Portfolio & credit quality • Focused on investing in core U.S. middle market companies backed by private equity sponsors • $2.0B portfolio4 invested across 236 portfolio companies with a weighted average asset yield of 9.5%5 • Primarily comprised of first lien debt and is well diversified across 26 industries ◦ 89.7% first lien debt, 7.5% subordinated debt, 2.8% equity • Average portfolio company size of 0.4% with the top 10 portfolio companies comprising only 13.2% of the portfolio • Investments in five portfolio companies on non-accrual representing 0.6% (at fair value) • Weighted average internal risk rating of 4.36 Balance sheet & liquidity • $2.0B in total assets as of March 31, 2026 • $283M liquidity comprised of cash, cash equivalents and debt capacity7 • 1.32x debt-to-equity ratio (1.26x net debt-to-equity)8 Platform • Churchill is the exclusive U.S. Middle Market Private Capital Manager of TIAA and Nuveen, a $1.4T global investment manager serving 12,000+ institutions globally • Senior leadership team has worked together since 2006 and has a cycle-tested track record • Time-tested private equity relationships and fund investments as a marquee LP drive proprietary deal flow • Disciplined and rigorous investment approach with comprehensive and proactive portfolio monitoring Net Investment Income Per Share ($0.41) • Calculated based on WAVG shares outstanding throughout 1Q'26 (No Activity during Q1) • Investment Income decreased ~ (2.1)% QoQ ◦ WAVG Yield, at Cost, decreased to 9.3% from 9.5% QoQ. ◦ Investment Balance flat (Funded debt up 20MM QoQ ( $2.0B O/S from $2.0B O/S). • Expenses decreased (7.1)% QoQ primarily driven by decrease in incentive fees (due to cap) Net Income Per Share ($0.18) • Calculated based on WAVG shares outstanding throughout 1Q’25 - no change from 12/31 • Net Investment Income per share of $0.41 • Net realized and unrealized per share $(0.23) ◦ Notable U/R Losses ▪ Spartech ($1.6M /$.03/share) ▪ Covercraft ($1.1M /$.02/share) ▪ Other Watchlist & Management Notice names ($3.0M / $.06/ share) [Spartech and Covercraft excluded] ◦ Realized Gains & Losses ▪ $(3.29) Realized gain three months ended ▪ Losses in Q2’25 were due to restructure of TJC Spartech NAV Per Share ($17.50) • Calculated based on shares outstanding as of 03/31 • Decreases due to NII of $0.41, while distributing $0.40, with net Unrealized & Realized Gain/Losses of $(0.23) Annual ROE on NII (9.4%) Annual ROE on NI (4.1%) • based on shares outstanding as of 03/31
Past performance is not a guarantee of future results. See endnotes for additional information. 4Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. Overview (NYSE: NCDL) Scaled, publicly-traded business development company with well-diversified, defensively constructed private equity sponsor backed senior loan-focused portfolio 5.1x $76M 2.3x 9.5% 9.3% Portfolio Company Net Leverage3 Weighted Average Portfolio Company EBITDA4 Interest Coverage Ratio on First Lien Debt5 Weighted Average Asset Yield (FV)6 1Q'26 Distribution Yield7 $2.0B 236 100% 90% 87% Investment Portfolio (FV)1 Portfolio Companies Private Equity Sponsor Backed First Lien Debt Debt Investments w. Financial Covenants2 EBITDA $76M (vs. $76M in PQ) • Immaterial decrease from the PQ • Interest Coverage 2.3x (2.3x) • Flat from PQ WAVG Asset Yield FV Debt Investment (PQ 10%) WAVG Asset Yield Cost Row Labels (PQ 9.48% ) • TMM spreads flat (4.7% origination) • Rates down (Based on SOFR) (3.98% from 4.29%) Distribution Yield 9.3% (10.1%) - annualization function + lower NAV base Net Leverage 5.1x (4.9x) • Flat QovQ PQ for SV Reference
Past performance is not a guarantee of future results. See endnotes for additional information. 5Nuveen Churchill Direct Lending Corp. | Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Net Investment Income1 $0.41 $0.44 $0.43 $0.46 $0.53 Net Realized and Unrealized Gains (Losses)1 (0.23) (0.12) (0.05) (0.14) (0.24) Net Increase (Decrease) in Net Assets from Operations1 0.18 0.32 0.38 0.32 0.29 Net Asset Value $17.50 $17.72 $17.85 $17.92 $17.96 Regular Distributions $0.36 $0.45 $0.45 $0.45 $0.45 Supplemental Distributions2 0.04 — — — — Special Distributions3 — — — — 0.10 Total Distributions 0.40 0.45 0.45 0.45 0.55 Regular Distribution Yield4 8.3% 10.1% 10.0% 10.1% 10.2% Supplemental Distribution Yield2 0.9% —% —% —% —% Special Distribution Yield3 —% —% —% —% 2.3% Total Distribution Yield5 9.3% 10.1% 10.0% 10.1% 12.4% Total Debt6 $1,139,425 $1,114,119 $1,104,812 $1,114,784 $1,202,293 Net Assets $864,112 $875,180 $881,485 $887,740 $920,020 Debt-to-Equity at Quarter-End 1.32x 1.27x 1.25x 1.26x 1.31x Net Debt-to-Equity at Quarter-End7 1.26x 1.20x 1.20x 1.21x 1.25x Annualized ROE (on Net Investment Income)8 9.4% 9.8% 9.6% 10.3% 12.1% Annualized ROE (on Net Income)9 4.1% 7.2% 8.4% 7.2% 6.6% Financial Highlights No additional talking point. Refer to Q2 Highlights slide for details PQ for SV Reference
Past performance is not a guarantee of future results. See endnotes for additional information. 6Nuveen Churchill Direct Lending Corp. | For the Three Months Ended (Dollar amounts in thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment Activity at Par: New Gross Commitments at Par $82,876 $59,372 $29,236 $47,698 $166,239 Investment Fundings1 $85,359 $80,384 $36,275 $81,061 $153,019 Investments Sold or Repaid1 $(65,015) $(84,326) $(61,323) $(162,202) $(148,350) Net Funded Investment Activity $20,344 $(3,942) $(25,048) $(81,141) $4,669 Gross Commitments at Par: First-Lien Debt $70,168 $47,538 $22,100 $45,224 $151,995 Subordinated Debt $2,144 $5,867 $3,072 $100 $13,230 Equity Investments $10,564 $5,967 $4,064 $2,374 $1,014 Gross Commitments at Par (incl. unfunded commitments) $82,876 $59,372 $29,236 $47,698 $166,239 Asset Mix - Gross Commitments at Par: First-Lien Debt 84.7% 80.1% 75.6% 94.8% 91.4% Subordinated Debt 2.6% 9.9% 10.5% 0.2% 8.0% Equity Investments 12.7% 10.1% 13.9% 5.0% 0.6% New Investment Activity - Selected Metrics: Number of New Investments 22 24 10 20 23 Weighted Average Annual Interest Rate on new debt and income producing investments at par2 8.5% 8.8% 9.2% 9.1% 9.4% Quarterly Investment Activity Net Funded Investment Activity New Gross Commitments at Par • Quarterly activity which includes par activity of: ◦ incrementals to existing portfolio companies ◦ originations of new portfolio companies Net Investments Funded • Reflects cash activity of: ◦ Incrementals to existing portfolio companies (2.5 million) ◦ Originations of new portfolio companies (57 million) Investments Sold or Repaid Reflects cash activity of: ◦ Sales (2.3 million) - Equity Perennial / Full Paydowns (74 million) ◦ Partial Paydowns (9million) ◦ Total: 84.3M Net Funded (Funded + Sold/Repaid): ( 4 million) New Investment Activity – Selected Metrics Number of New Investments is defined as Number of incremental deals & new origination deals Expected Weighted Average Interest Rate Population includes all new investments Calculation includes WAVG Par utilizing Spread + SOFR for floating & Coupon for fixed Does not incorporate OID TOTAL - 8.5% TMM - 8.99% UMM - 11.18% (Spartech) PEJC - 12.00%
Past performance is not a guarantee of future results. See endnotes for additional information. 7Nuveen Churchill Direct Lending Corp. | As of March 31, 2026 the Company’s net asset value per share was $17.50 $17.72 $0.41 $(0.36) $(0.04) $(0.23) $17.50 NAV December 31, 2025 Net investment income Regular distributions from income Supplemental distributions from income Net realized and unrealized gain (loss) NAV March 31, 2026 Net Asset Value Per Share 32 2 Net Investment Income Per Share (Net Investment Income Per Share ($0.41) • Calculated based on WAVG shares outstanding throughout quarter • Investment Income decreased ~ (2) percent QoQ ◦ WAVG Yield, at Cost, decreased to 9.3% from 9.5% at Debt Investment QoQ. ◦ Investment Balance flat (Funded debt down 4.4MM QoQ ( $2.0B O/S from $2.0B O/S • Expenses decreased (7.1)% QoQ primarily driven by decrease in interest and debt financing expenses and incentive fees (due to cap) Regular distribution Per Share ($0.45) • Target distribution of $0.45 hit • Undistributed spillover distributable income of ~ $.29 per share (~$14mil) ◦ Investment Balance flat (Funded debt down 4.4MM QoQ ( $2.0B O/S from $2.0B O/S). Net Income Per Share ($0.18) • Calculated based on WAVG shares outstanding throughout 4Q’25 • Net Investment Income per share of $0.41 • Net realized and unrealized per share $(0.23) ◦ Notable U/R Losses ▪ Spartech ($1.6M /$.03/share) ▪ Covercraft ($1.1M /$.02/share) ▪ Other Watchlist & Management Notice names ($3.0M / $.06/share) [Spartech and Covercraft excluded] ◦ Realized Gains & Losses ▪ $(3.29) Realized gain three months ended - primarily due to Perennial Service Group NAV Per Share ($17.50) • Calculated based on shares outstanding as of quarter-end • Decrease mainly due to decrease in valuations Annual ROE on NII (9.4%) Annual ROE on NI (4.1%) • Calculated based on shares outstanding as of 03/31 3 1Q'26: $0.40 total dividend (9.3% dividend yield1)
Past performance is not a guarantee of future results. See endnotes for additional information. 8Nuveen Churchill Direct Lending Corp. | Dividend History D is tri bu tio n pe r S ha re D istribution Yield $0.45 $0.45 $0.45 $0.45 $0.36 $0.04 $0.10 10.2% 10.1% 10.0% 10.1% 8.3% 12.4% 9.3% Regular distribution per share ($) Supplemental distribution per share ($) Special distribution per share ($) Regular annualized distribution yield (%) Total annualized distribution yield (w. special & supplemental) (%) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 $0.20 $0.40 $0.60 $0.80 $1.00 5.0% 7.5% 10.0% 12.5% 15.0% Declared 2Q’26 Distribution of $0.38 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.02 per share • Record date: June 30, 2026; Payment date: July 28, 2026 General • Through 25Q4 - consistent $.45 dist. since ’24 Q2 • Re-aligning the dividned to the policy we have been discussing since the time of IPO (Regular Base + Supplemental) • 36 Base • 4 Supplemental (50% of the 25’Q4 Excess earned over 36 cents per share [NII 44/ share]) PQ for SV Reference 2 1
Past performance is not a guarantee of future results. See endnotes for additional information. 9Nuveen Churchill Direct Lending Corp. | As of Date (Dollar amounts in thousands, unless otherwise noted) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Portfolio Highlights Investments, at Fair Value1 $1,975,862 $1,962,449 $1,967,882 $1,992,804 $2,077,570 Number of Portfolio Companies 236 227 213 207 210 Average Position Size, at Fair Value ($) $8,372 $8,645 $9,239 $9,627 $9,893 Average Position Size, at Fair Value (%) 0.4% 0.4% 0.5% 0.5% 0.5% PIK Income as % of Total Investment Income 6.7% 5.7% 4.6% 4.3% 4.4% Portfolio Composition, at Fair Value First-Lien Debt Investments 89.7% 89.5% 89.8% 90.0% 90.5% Subordinated Debt Investments 7.5% 8.2% 8.1% 8.0% 7.8% Equity Investments 2.8% 2.3% 2.1% 2.0% 1.7% Loans by Interest Rate Type, at Fair Value % Floating Rate Debt Investments 94.0% 94.1% 94.2% 94.3% 94.6% % Fixed Rate Debt Investments 6.0% 5.9% 5.8% 5.7% 5.5% Asset Level Yields Weighted Average Yield on Debt and Income Producing Investments, at Cost2 9.3% 9.5% 9.9% 10.1% 10.1% Weighted Average Yield on Debt and Income Producing Investments, at Fair Value2 9.5% 9.6% 10.0% 10.2% 10.2% Portfolio Highlights Portfolio Highlights • Investment fair value decreased by $5.4M ◦ Refer to the activity summarized on Quarterly Investment Activity ◦ MtoM WAVG Valuation decreased by 25 bps. Portfolio Composition • Breakdown based on fair value • Average position size down to 0.4% at fair value (due to smaller participation holds in NCDL & (less so) decrease in fair values • In line with target at 90 / 8 /2. Asset Level Yields • Decrease largely driven by SOFR (3.98% from 4.29%)
Past performance is not a guarantee of future results. See endnotes for additional information. 10Nuveen Churchill Direct Lending Corp. | Vo lu m e ($ M illi on s) S pread / C oupon (% ) $166M $48M $29M $59M $83M 4.8% 4.8% 4.7% 4.7% 4.7% 12.6% 12.0% 13.0% 13.0% 10.3% 9.1% 9.1% 8.6% 8.4% 8.4% Volume ($ Millions) # of investments Spread (%) Coupon (%) Interest rate on floating rate investments (%) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 $100M $200M $300M $400M $500M $600M 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% • Closed 13 new investments and 9 add-on investments totaling $83M1 • 4.7%2 weighted average spread of new floating rate debt investments • 10.3%3 weighted average coupon of new fixed rate debt investments 1Q'26 Investment Activity 4 General • Refer to Quarterly Investment Activity (slide 6) PQ for SV Reference Investment Activity (QoQ) 20 24 10 22 23
Past performance is not a guarantee of future results. See endnotes for additional information. 11Nuveen Churchill Direct Lending Corp. | 94.0% 6.0% Floating rate debt investments % Fixed rate debt investments % 89.7% 7.5% 2.8% First lien debt Subordinated debt Equity ~90% First lien debt Portfolio Overview Portfolio composition by investment type Portfolio composition by interest rate type ~94% Floating rate debt Healthcare & Pharmaceuticals Services: Business Beverage, Food & Tobacco Construction & Building Capital Equipment Environmental Industries Services: Consumer High Tech Industries Containers, Packaging & Glass Banking, Finance, Insurance & Real Estate Other (16) 1 Portfolio composition by Moody’s industry Portfolio Overview PQ for Reference 18.1% 17.3% 7.9% 7.0% 5.9% 4.7% 4.6% 4.1% 4.0% 4.0% 22.4%
Past performance is not a guarantee of future results. See endnotes for additional information. 12Nuveen Churchill Direct Lending Corp. | Portfolio Overview - Diversification Top 10 represents 13.2% of investment portfolio Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Firstcall Mechanical Group Capital Equipment 1.5 % Trilon Group Services: Business 1.5 % Insulation Technology Group Energy: Electricity 1.4 % Good2Grow Containers, Packaging & Glass 1.4 % Kenco Transportation: Cargo 1.3 % Specialized Packaging Group (SPG) Containers, Packaging & Glass 1.2 % GHR Healthcare Healthcare & Pharmaceuticals 1.2 % Mobile Communications America Inc Telecommunications 1.1 % Leo Facilities Environmental Industries 1.1 % Others (226) Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.2% of the portfolio (at fair value) Portfolio Overview - Diversification • Portfolio well diversified with largest portfolios only at 1.6% • Top 10 Names at fair value comprise 13.2% slightly up from PQ 13.0%
Past performance is not a guarantee of future results. See endnotes for additional information. 13Nuveen Churchill Direct Lending Corp. | Net interest margin of 356 bps1 as of the year ended March 31, 2026 Net Interest Margin Net Interest Margin • NIM shows good story as gap between Yield & Avg. Cost of Debt has expanded by multiples since inception, however tempered in recent quarters. • Current quarter trend is in-line with expectations given debt refinancings, issuance of unsecured note and flat SOFR. 6.2% 6.0% 6.2% 6.6% 6.5% 6.5% 6.8% 6.7% 6.7% 7.9% 9.6% 10.6% 11.0% 11.4% 11.6% 11.7% 11.6% 11.3% 10.9% 10.3% 10.1% 10.1% 9.9% 9.5% 9.3% 4.1% 3.1% 2.8% 2.7% 3.8% 3.2% 2.7% 2.9% 2.7% 3.0% 4.5% 6.0% 6.8% 7.2% 7.5% 7.4% 7.7% 7.7% 7.7% 7.2% 6.6% 6.6% 6.6% 6.2% 5.9% 3.6% 4.6% 4.9% 5.3% 5.4% 5.3% 5.3% 5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 3.7% 3.7% 6.3% 6.3% 6.3% 6.7% 6.5% 6.5% 6.8% 6.7% 6.8% 8.0% 9.8% 10.9% 11.4% 11.7% 11.9% 11.9% 11.7% 11.4% 10.9% 10.4% 10.2% 10.2% 10.0% 9.6% 9.5% 1.5% 0.6% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.5% 1.5% 3.0% 4.5% 4.9% 5.4% Weighted avg. yield on debt and income producing investments, at cost Avg. cost of debt 3 Month term secured overnight financing rate ("SOFR") Weighted avg. yield on debt and income producing investments, at fair value 3 Month London interbank offered rate ("LIBOR") Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4'25 Q1'26 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2
Past performance is not a guarantee of future results. See endnotes for additional information. 14Nuveen Churchill Direct Lending Corp. | Internal Risk Rating Portfolio risk ratings ($ thousands) Rating Definition Rating Definition 1 Performing – Superior 6 Watch List – Low Maintenance 2 Performing – High 7 Watch List – Medium Maintenance 3 Performing – Low Risk 8 Watch List – High Maintenance 4 Performing – Stable Risk (Initial Rating Assigned at Origination) 9 Watch List – Possible Loss 5 Performing – Management Notice 10 Watch List – Probable Loss March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies 1 $ — — % — $ — — % — $ — — % — $ — — % — 2 — — — — — — — — — — — — 3 100,366 5.1 7 95,983 4.9 5 133,389 6.8 7 159,051 8.0 10 4 1,506,149 76.2 178 1,510,150 77.0 173 1,536,335 78.1 162 1,557,345 78.2 158 5 203,959 10.3 24 198,368 10.1 24 153,300 7.8 20 130,976 6.6 16 6 118,779 6.0 16 119,513 6.1 17 104,198 5.3 16 109,748 5.5 17 7 26,637 1.3 5 27,735 1.4 5 38,164 1.9 7 35,684 1.8 6 8 14,940 0.8 5 8,020 0.4 2 2,496 0.1 1 — — — 9 — — — 2,680 0.1 1 — — — — — — 10 5,032 0.3 1 — — — — — — — — — Total $ 1,975,862 100.0 % 236 $ 1,962,449 100.0 % 227 $ 1,967,882 100.0 % 213 $ 1,992,804 100.0 % 207 WA Risk Rating 4.3 4.2 4.2 4.1 Internal Risk Rating • 1 Removal from watch list ◦ Long Term Care Group • 2 addition to the watchlist ◦ SmartWave ◦ Tech24 • Total Watchlist names represent 8.4% of the fair value and 9.90% of cost • Refer to Q&A Breakdown for further detail; including industry • Weighted average risk rating of 4.3 • Five portfolio companies on non-accrual representing 0.6% (at fair value) and 1.3% (at cost) • Added one portfolio company to non-accrual status during 1Q'26
Past performance is not a guarantee of future results. See endnotes for additional information. 15Nuveen Churchill Direct Lending Corp. | • Diversified funding profile including: three collateralized loan obligations (CLOs), unsecured notes, and one revolving credit facility • Ample liquidity of $283 million through cash and debt capacity • No near-term debt maturities • Unsecured notes represent 26% of the Company’s outstanding debt Financing Overview C om m itt ed ($ M s) $300 $748 $325 Unsecured Notes CLOs Corporate Revolver 2026 2027 2028 2029 2030 and beyond $— $500 $1,000 $1,500 Key highlights NCDL’s Investment Grade Ratings Stated Maturity BBB Stable Baa3 Stable Funding Source Debt Commitment Outstanding Par Amount Available Reinvestment Period Maturity Interest Rate Securitizations CLO-I $320.9 M $320.9 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.0 M $213.0 M N/A January 20, 2031 January 20, 2039 S + 1.44%1 CLO-III $213.5 M $213.5 M N/A April 20, 2028 April 20, 2036 S + 2.11%1 Unsecured Notes 2030 Notes $300.0 M $300.0 M N/A N/A March 15, 2030 S + 2.30%2 Bank Facility Corporate Revolver 3 $325.0 M $92.0 M $233.0 M October 4, 2028 October 4, 2029 S + 2.00% Total / Weighted average $1,372.4M $1,139.4M $233.0M S + 1.86%4 Items to Note • Completed a refinancing of CLO-II on February 20, 2026, reducing the weighted average cost to S + 1.44% from S + 2.50%. Giving effect to this refinancing, NCDL's total weighted average cost of debt would be S + 1.94%5 as of December 31, 2025.
Past performance is not a guarantee of future results. See endnotes for additional information. 16Nuveen Churchill Direct Lending Corp. | As of Date (Dollar amounts in thousands, except share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Assets Investments, at fair value $1,975,862 $1,962,449 $1,967,882 $1,992,804 $2,077,570 Cash & cash equivalents 50,400 62,482 46,333 44,008 49,178 Interest receivable 14,253 13,728 16,136 17,201 20,701 Derivative asset, at fair value 7,500 14,965 11,057 18,850 8,184 Receivable for investments sold 352 518 585 943 16,563 Other assets and prepaid expenses 331 327 413 590 388 Total assets $2,048,698 $2,054,469 $2,042,405 $2,074,397 $2,172,583 Liabilities Debt, net of deferred financing costs and unamortized discount $1,137,789 $1,115,052 $1,105,673 $1,114,844 $1,199,570 Payable for investments purchased — — — 99 6,650 Interest payable 8,391 15,350 10,977 20,137 10,416 Incentive fees payable 1,535 2,809 3,293 2,826 — Management fees payable 4,940 5,048 5,128 5,179 3,914 Collateral due to broker 7,000 14,750 10,410 18,570 — Distributions payable 19,755 22,224 22,224 22,297 28,266 Directors’ fees payable 142 156 156 156 156 Accounts payable and accrued expenses 5,034 3,899 3,059 2,548 3,591 Total liabilities $1,184,586 $1,179,289 $1,160,920 $1,186,657 $1,252,563 Total net assets $864,112 $875,180 $881,485 $887,740 $920,020 Total liabilities and net assets $2,048,698 $2,054,469 $2,042,405 $2,074,397 $2,172,583 Net asset value per share $17.50 $17.72 $17.85 $17.92 $17.96 Debt to equity at quarter-end 1.32x 1.27x 1.25x 1.26x 1.31x Net debt to equity at quarter-end8 1.26x 1.20x 1.20x 1.21x 1.25x Shares outstanding, end of period 49,387,065 49,387,065 49,387,065 49,548,098 51,217,252 Quarterly Statements of Financial Condition
Past performance is not a guarantee of future results. See endnotes for additional information. 17Nuveen Churchill Direct Lending Corp. | For the Three Months Ended (Dollar amounts in thousands, except share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Investment income Non-controlled/non-affiliated company investments: Interest income $42,862 $46,611 $48,227 $50,213 $50,846 PIK income 3,122 2,870 2,369 2,264 2,365 Dividend income — — 286 116 — Other income 274 554 224 539 375 Total investment income 46,258 50,034 51,106 53,132 53,586 Expenses Interest and debt financing expenses 17,749 17,947 19,206 20,105 20,643 Management fees 4,940 5,048 5,128 5,179 3,914 Incentive fees on net investment income 1,535 2,809 3,293 2,826 2,253 Professional fees 763 836 709 1,107 493 Directors' fees 162 156 156 156 156 Administrative fees 680 606 659 491 585 Other general and administrative expenses 385 802 569 411 342 Total expenses 26,214 28,204 29,719 30,276 28,387 Incentive fees waived — — — — (2,253) Net expenses 26,214 28,204 29,719 30,276 26,134 Net investment income 20,044 21,830 21,387 22,856 27,452 Excise taxes — 186 — — — Net investment income after excise taxes 20,044 21,644 21,387 22,856 27,452 Realized and unrealized gain (loss) on investments: Net realized gain (loss) on non-controlled/non-affiliate company investments (3,289) 2,065 1,521 (10,702) 1,103 Net change in unrealized appreciation (depreciation) on non- controlled/non-affiliate company investments (7,813) (7,514) (4,245) 3,770 (13,573) Income tax (provision) benefit (255) (276) (4) 92 39 Total net change in unrealized appreciation (depreciation) (8,068) (7,790) (4,249) 3,862 (13,534) Total net realized and unrealized gain (loss) on investments (11,357) (5,725) (2,728) (6,840) (12,431) Net increase (decrease) in net assets resulting from operations $8,687 $15,919 $18,659 $16,016 $15,022 Weighted average shares outstanding for the period 49,387,065 49,387,065 49,403,696 50,183,714 52,211,340 Quarterly Operating Results
Past performance is not a guarantee of future results. See endnotes for additional information. 18Nuveen Churchill Direct Lending Corp. | Our website www.NCDL.com Investor relations NCDL-IR@churchillam.com Contact Us
Past performance is not a guarantee of future results. See endnotes for additional information. Endnotes 19Nuveen Churchill Direct Lending Corp. | Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 3 1Q'26 Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments, and net increase (decrease) in net assets resulting from operations are derived from the weighted average shares outstanding during the period. Refer to the Quarterly Operating Results, page 17, for weighted average shares outstanding for the period. Certain prior period amounts have been reclassified to conform to the current period presentation. 2 Annualized return on equity (“ROE”) on net investment income is calculated based on quarterly NII divided by quarter- end net asset value. 3 Annualized ROE on net income is calculated based on the quarterly net increase (decrease) in net assets resulting from operations divided by quarter-end net asset value. 4 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $154.4M of unfunded debt investment commitments. 5 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of March 31, 2026 were 9.18% and 9.40%, respectively. 6 Investments are assigned an initial internal risk rating of 4.0 at origination. 7 Represents the amount available under the revolving credit facility of $233.0M and cash and cash equivalents of $50.4M. 8 The net debt to equity ratio is net of cash and cash equivalents. Slide 4: Nuveen Churchill Direct Lending Corp. Overview 1 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $154.4M of unfunded debt investment commitments. 2 Represents the percentage of debt investments with one or more financial maintenance covenants. 3 Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which the Company is a lender. Leverage is derived from the most recently available portfolio company financial statements, and weighted by the fair value of each investment as of March 31, 2026. Net leverage presented excludes equity investments as well as debt instruments to which the Company’s investment adviser has assigned an internal risk rating of 8 or higher, and any portfolio companies with net leverage of 15x or greater. 4 Weighted based on fair value of private debt investments as of March 31, 2026 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee, subject to the oversight of the Company’s board of directors, and excludes quoted assets. Amounts are weighted based on fair value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information. 5 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Company’s investment adviser, and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes junior capital investments and equity co-investments, and applies solely to traditional middle market first lien loans held by the Company, which also excludes any upper middle market or other first lien loan loans that do not have financial maintenance covenants, and first lien debt investments that the Company’s investment adviser has assigned an internal risk rating of 8 or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 75.68% of our total investments, and 84.40% of our total first lien loan investments, in each case based upon fair value as of March 31, 2026. 6 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of March 31, 2026 were 9.18% and 9.40%, respectively. 7 Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus Special Distributions (if any) per share. Special Distributions, other than those derived from NII, may be presented on a non-annualized basis.
Past performance is not a guarantee of future results. See endnotes for additional information. Endnotes 20Nuveen Churchill Direct Lending Corp. | Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 5: Financial Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments, and net increase (decrease) in net assets resulting from operations are derived from the weighted average shares outstanding during the period. Refer to the Quarterly Operating Results, page , for weighted average shares outstanding for the period. Certain prior period amounts have been reclassified to conform to the current period presentation. 2 Supplemental Distribution Yield is the supplemental distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 3 Special Distributions presented represent the four special distributions of $0.10 per share declared in connection with the IPO, which is derived from NII. Special Distribution yield is the Special Distribution per share, divided by the NAV per share as of the respective quarter end, annualized. 4 Regular Distribution Yield is the regular distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 5 Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus Special Distributions (if any) per share. Special Distributions, other than those derived from NII, may be presented on a non-annualized basis. 6 Total debt outstanding represents the principal amount outstanding as of quarter end. 7 The net debt to equity ratio is net of cash and cash equivalents. 8 Annualized return on equity (“ROE”) on net investment income is calculated based on quarterly NII divided by quarter- end net asset value. 9 Annualized ROE on net income is calculated based on the quarterly net increase (decrease) in net assets resulting from operations divided by quarter-end net asset value. Slide 6: Quarterly Investment Activity 1 Represents the total amount of cash activity for the purchase of investments and the proceeds from principal repayments and sales of investments. 2 The weighted average interest rate is calculated using the effective interest rate for floating rate and fixed rate debt investments. The effective interest rate for floating rate investments utilizes the applicable margin plus the greater of the 3-Month base rate (SOFR), or base rate floor. SOFR as of March 31, 2026 was 3.68%. The effective interest rate for fixed rate debt investments utilizes the investment coupon. Slide 7: Net Asset Value Per Share 1 Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus Special Distributions (if any) per share. Special Distributions, other than those derived from NII, may be presented on a non-annualized basis. 2 The per share data was derived by using the weighted average shares outstanding for the three months ended March 31, 2026. 3 The per share data for distributions reflects the actual amount of distributions declared for the three months ended March 31, 2026. Slide 8: Dividend History 1 Regular Distribution Yield is the regular distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 2 Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus Special Distributions (if any) per share. Special Distributions, other than those derived from NII, may be presented on a non-annualized basis. Slide 9: Portfolio Highlights 1 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $154.4M of unfunded debt investment commitments. 2 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of March 31, 2026 were 9.18% and 9.40%, respectively. Slide 10: Investment Activity 1 New investments reported at par excludes draws on existing unfunded investment commitments and partial paydowns. 2 Weighted average Spread is calculated based off of par amount. 3 Weighted average Coupon is calculated based off of par amount. 4 Interest rate utilizes the average spread plus the greater of 3-Month base rate (i.e. SOFR), or base rate floor, if applicable for each respective transaction. SOFR as of 1Q'25, 2Q'25, 3Q'25, 4Q'25, and 1Q'26 was 4.29%; 4.29%, 3.98%, 3.65%, and 3.68%.
Past performance is not a guarantee of future results. See endnotes for additional information. Endnotes 21Nuveen Churchill Direct Lending Corp. | Note: All information is as of March 31, 2026, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 11: Portfolio Overview 1 First lien debt is comprised of 69.35% traditional first lien positions and 30.65% unitranche positions. Slide 13: Net Interest Margin 1 Net Interest Margin is calculated based on the weighted average yield on debt and income producing investments at fair value minus average cost of debt. 2 Average cost of debt is calculated as actual amount of expenses incurred on debt obligations including interest expense, unused fees (if any), and the effect of the interest rate swap relating to the 2030 Notes, divided by daily average of total debt obligations. Slide 15: Financing Overview 1 Interest rates represent the weighted average spread over 3-month SOFR for the various floating rate tranches of issued notes within the CLO vehicles. 2 The interest rate gives effect to the interest rate swap relating to the 2030 Notes. See "Derivatives" in the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. 3 Refer to “Borrowings” in the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. 4 Financing facility pricing spread is based on total commitment amount. SOFR base rate tenors may differ between financing sources. 5464350
FAQ
How did Nuveen Churchill Direct Lending Corp. (NCDL) perform in Q1 2026?
NCDL generated net investment income of $20.0 million, or $0.41 per share, in Q1 2026. Net assets from operations rose $8.7 million, or $0.18 per share, while net asset value per share declined slightly to $17.50 from $17.72 at year-end 2025.
What dividend did NCDL pay and declare around the first quarter of 2026?
NCDL paid a first quarter 2026 distribution of $0.40 per share on April 28, 2026. Its board also declared a second quarter distribution of $0.38 per share, consisting of a $0.36 regular dividend and a $0.02 supplemental distribution payable to shareholders of record on June 30, 2026.
What is NCDL’s portfolio size and composition as of March 31, 2026?
As of March 31, 2026, NCDL’s investment portfolio totaled $2.0 billion at fair value across 236 portfolio companies. About 89.7% was first-lien debt, 7.5% subordinated debt, and 2.8% equity, with most loans in floating-rate structures and exposure diversified across 26 industries.
How strong is NCDL’s credit quality and non-accrual exposure?
NCDL reported a weighted average internal risk rating of 4.3 on its portfolio as of March 31, 2026. Investments in five portfolio companies were on non-accrual, representing 0.6% of total investments at fair value and 1.3% at cost, indicating limited problem loan exposure relative to portfolio size.
What were NCDL’s leverage and liquidity levels at the end of Q1 2026?
At March 31, 2026, NCDL had $1.1 billion of total debt outstanding and $864.1 million of net assets, resulting in a 1.32x debt-to-equity ratio. The company held $50.4 million in cash and cash equivalents and had roughly $233.0 million available under its revolving credit facility.
How did NCDL’s investment income and yields change versus Q1 2025?
Investment income decreased to $46.3 million in Q1 2026 from $53.6 million in Q1 2025. The weighted average yield on debt and income-producing investments at cost declined to 9.31% from 10.10%, reflecting tighter credit spreads, repricing of loans to lower spreads, and lower base interest rates.