Form 8-K - Current report

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): November 7, 2024

Nuveen Churchill Direct Lending Corp.

(Exact name of registrant as specified in its charter)

Maryland

000-56133

84-3613224

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


375 Park Avenue, 9th Floor, New York, NY						10152
(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

Common Stock, par value $0.01

NCDL

NYSE

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 þ

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 November 7, 2024, Nuveen Churchill Direct Lending Corp. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2024. 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 November 7, 2024, the Company will host a conference call to discuss its financial results for the third quarter ended September 30, 2024. 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 the 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 November 7, 2024
99.2						Third Quarter 2024 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: November 7, 2024	By:	/s/ Kenneth J. Kencel
		Name:	Kenneth J. Kencel
		Title:	Chief Executive Officer and President

Nuveen Churchill Direct Lending Corp. Announces

Third Quarter 2024 Results

Reports Net Investment Income of $0.58 per Share

Declares Fourth Quarter Regular Distribution of $0.45 per Share

NEW YORK, November 7, 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 results for the quarter ended September 30, 2024.

Financial Highlights for the Quarter Ended September 30, 2024

•Net investment income of $0.58 per share

•Net realized and unrealized gain on investments of $0.09 per share

•Net increase in net assets resulting from operations of $0.67 per share

•Net asset value ("NAV") per share of $18.15, compared to $18.03 per share as of June 30, 2024

•Paid third quarter regular distribution of $0.45 per share and the second of four special distributions of $0.10 per share on October 28, 2024, which represents a 12.1% total annualized yield based on the third quarter NAV per share

•Declared fourth quarter regular distribution of $0.45 per share

“We are pleased to report strong third quarter results, including $0.58 per share of net investment income, which fully covered our regular quarterly and special distributions, and an increase in our net asset value per share quarter-over-quarter,” said Ken Kencel, President and Chief Executive Officer of NCDL and Churchill. “Deal activity and originations across the Churchill platform continued at a strong pace this quarter, which benefited NCDL, and we believe the beginning of a rate reduction cycle will spur increased M&A activity in 2025. Looking ahead, we are excited about NCDL’s future prospects, as we believe we are well-positioned to take advantage of the significant opportunity we see in the private credit market and continue to deliver an attractive yield to our shareholders.”

“Our investment portfolio remains strong and healthy, reflecting the quality of the deal flow we have seen over the last several years, as well as our focus on diversification, a continued high-level of selectivity and a differentiated sourcing model,” said Shai Vichness, Chief Financial Officer of NCDL and Churchill. “With the strong originations we experienced during the quarter, we were able to increase our leverage ratio to the mid-point of our target range. Additionally, NCDL continues to have a strong balance sheet and liquidity position, as we have constructed a diversified capital structure that is match-funded to our floating rate assets with no near-term debt maturities.”

Distribution Declaration

The Company’s Board of Directors (the "Board") has declared a fourth quarter 2024 regular distribution of $0.45 per share payable on January 28, 2025 to shareholders of record as of December 31, 2024. On January 10, 2024, the Board declared four special distributions of $0.10 per share, to be paid over a one-year period, with the next distribution payable on January 28, 2025 to shareholders of record as of November 11, 2024.

PORTFOLIO AND INVESTMENT ACTIVITY

As of September 30, 2024, the fair value of the Company's portfolio investments was $2.05 billion across 202 portfolio companies and 26 industries. This compares to $1.99 billion as of June 30, 2024 across 198 portfolio companies and 26 industries.

As of September 30, 2024, the Company’s portfolio based on fair value consisted of approximately 90.1% first-lien loans, 8.3% subordinated debt investments, and 1.7% equity investments. As of June 30, 2024, the Company’s portfolio based on fair value consisted of 90.6% first-lien loans, 7.8% subordinated debt investments, and 1.6% equity investments.

For the three months ended September 30, 2024, the Company funded $203.2 million of portfolio investments and received $155.6 million of proceeds from principal repayments and sales, compared to $305.0 million and $100.0 million for the three months ended June 30, 2024, respectively.

As of September 30, 2024 and June 30, 2024, the weighted average Internal Risk Rating of the portfolio at fair value was 4.2 and 4.1 (4.0 being the initial rating assigned at origination), respectively, and loans on non-accrual status represented 1.4% of total investments at amortized cost (or 0.5% of total investments at fair value) and 1.4% at amortized cost (or 0.5% at fair value), respectively. No new portfolio companies were put on non-accrual status during the quarter.

RESULTS OF OPERATIONS

Investment Income

Investment income, primarily attributable to interest and fees on our debt investments, increased to $60.3 million for the three months ended September 30, 2024, from $41.7 million for the three months ended September 30, 2023, primarily due to increased investment activity driven by an increase in deployed capital, slightly offset by a decrease in the weighted average yield of debt and income producing investments. As of September 30, 2024, the weighted average yield of debt and income producing investments at fair value decreased to 10.9%, compared to 11.9% as of September 30, 2023, as a result of market spread tightening and a decline in base rates.

Net Expenses

Net expenses increased to $28.8 million for the three months ended September 30, 2024, compared to $20.1 million for the three months ended September 30, 2023, primarily due to an increase in interest and debt financing expenses and management fees. Interest and debt financing expenses increased due to higher average daily borrowings, higher average interest rates, and the completion of two debt securitizations on December 7, 2023 and March 14, 2024, respectively. The increase in management fees was driven by the Company's increase in total assets. Under the terms of the advisory agreement, the Adviser is waiving the incentive fee on income and the incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ending March 31, 2025).

Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments

For the three months ended September 30, 2024, the Company recorded a net realized gain of $1.1 million compared to a realized loss of $(13.1) million for the three months ended September 30, 2023. The increase in the net realized gain was primarily driven by full or partial repayments and sales of certain of our investments. For the three months ended September 30, 2024, the Company recorded a net change in unrealized gain of $4.1 million, which resulted from an increase in fair value primarily attributable to market spread tightening and net positive credit performance of our portfolio companies in the third quarter of 2024. This compares to a net unrealized gain of $11.6 million for the three months ended September 30, 2023.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2024, the Company had $69.4 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 $291.5 million available for additional borrowings under its existing credit facilities, as of September 30, 2024. At September 30, 2024, the Company's debt to equity ratio was 1.11x compared to 1.04x at June 30, 2024. On November 5, 2024, the SMBC Financing Facility was paid down using proceeds from a drawdown under the Company's Corporate Revolving Credit Facility and subsequently terminated.

CONFERENCE CALL AND WEBCAST INFORMATION

Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its third quarter 2024 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 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; 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. 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

Media:
Prosek Partners
Madison Hanlon
Pro-churchill@prosek.com

4005941-0425

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands, except share and per share data)


	September 30, 2024		December 31, 2023

Assets	(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $2,075,365 and $1,666,169, respectively)	$	2,046,887	$	1,641,686
Cash and cash equivalents	69,304		67,395
Restricted cash	50		50


Interest receivable	18,127		17,674
Receivable for investments sold	5,657		3,919

Prepaid expenses	85		13
Other assets	—		127
Total assets	$	2,140,110	$	1,730,864

Liabilities
Secured borrowings (net of $7,503 and $7,941 deferred financing costs, respectively) (See Note 6)	$	1,094,461	$	943,936
Payable for investments purchased	2,545		—
Interest payable	15,462		9,837
Due to adviser for expense support (See Note 5)	—		632

Management fees payable	3,873		3,006
Distributions payable	30,037		22,683
Directors’ fees payable	128		96
Accounts payable and accrued expenses	2,995		2,789
Total liabilities	$	1,149,501	$	982,979

Commitments and contingencies (See Note 7)

Net Assets: (See Note 8)

Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 54,571,650 and 41,242,105 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	$	546	$	412
Paid-in-capital in excess of par value	1,017,248		776,719
Total distributable earnings (loss)	(27,185)		(29,246)
Total net assets	$	990,609	$	747,885

Total liabilities and net assets	$	2,140,110	$	1,730,864

Net asset value per share (See Note 10)	$	18.15	$	18.13

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	57,317	$	40,370	$	159,413	$	110,049
Payment-in-kind interest income	2,503		951		6,024		1,823
Dividend income	16		16		357		56
Other income	444		409		1,170		879
Total investment income	60,280		41,746		166,964		112,807

Expenses:
Interest and debt financing expenses	23,198		16,048		58,860		43,089
Management fees (See Note 5)	3,873		2,722		10,727		7,503
Incentive fees on net investment income	5,496		—		13,030		—
Professional fees	912		730		2,315		2,284
Directors' fees	128		96		383		287
Administration fees (See Note 5)	535		370		1,561		1,029
Other general and administrative expenses	145		125		888		653
Total expenses before expense support and incentive fees waived	34,287		20,091		87,764		54,845
Expense support (See Note 5)	—		—		—		(158)
Incentive fees waived (See Note 5)	(5,496)		—		(13,030)		—
Net Expenses after expense support	28,791		20,091		74,734		54,687


Net investment income	31,489		21,655		92,230		58,120

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	1,086		(13,107)		(1,522)		(6,408)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	4,050		11,574		(3,995)		(3,805)
Income tax (provision) benefit	18		27		159		(735)
Total net change in unrealized gain (loss)	4,068		11,601		(3,836)		(4,540)
Total net realized and unrealized gain (loss) on investments	5,154		(1,506)		(5,358)		(10,948)

Net increase (decrease) in net assets resulting from operations	$	36,643	$	20,149	$	86,872	$	47,172

Per share data:
Net investment income per share - basic and diluted	$	0.58	$	0.62	$	1.71	$	1.85
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.67	$	0.58	$	1.61	$	1.50
Weighted average common shares outstanding - basic and diluted	54,688.86		34,812.72		54,080.979		31,409.296

PORTFOLIO AND INVESTMENT ACTIVITY

(dollars in thousands)


	Three Months Ended September 30,
	2024			2023
Net funded investment activity
New gross commitments at par 1	$	225,612		$	216,710
Net investments funded	203,159			150,866
Investments sold or repaid	(155,616)			(20,490)
Net funded investment activity	$	47,543		$	130,376

Gross commitments at par 1
First-Lien Debt	$	221,097		$	193,794
Subordinated Debt	3,145			17,852
Equity Investments	1,370			5,064
Total gross commitments	$	225,612		$	216,710

Portfolio company activity
Portfolio companies, beginning of period	198			161
Number of new portfolio companies	18			14
Number of exited portfolio companies	(14)			(1)
Portfolio companies, end of period	202			174
Count of investments	457			363
Count of industries	26			24

New Investment Activity
Weighted average annual interest rate on new debt investments at par	9.63		%	12.07		%
Weighted average annual interest rate on new floating rate debt investments at par	9.59		%	11.50		%
Weighted average spread on new debt investments at par	5.00		%	6.10		%
Weighted average annual coupon on new debt investments at par	13.67		%	13.80		%

__________________

1 Gross commitments at par includes unfunded investment commitments.

See Notes to Consolidated Financial Statements

7 November 2024 Nuveen Churchill Direct Lending Corp. (NCDL) Third Quarter 2024 Earnings

2Nuveen Churchill Direct Lending Corp. Disclosure 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 forward-looking statements about NCDL that involve substantial risks and uncertainties. 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,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” 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 our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such factors include, but are not limited to: changes in the financial, capital, and lending markets; 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 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. 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 September 30, 2024. Please see Endnotes at the end of this presentation for additional important information.

3Nuveen Churchill Direct Lending Corp. 3Q’24 Earnings • Net investment income per share: $0.58 (vs. $0.57 in 2Q’24)1 • Net increase in net assets resulting from operations per share: $0.67 (vs. $0.37 in 2Q’24)1 • Net asset value per share: $18.15 (vs. $18.03 at 6/30/2024) • Annualized ROE on net investment income: 12.6%2; annualized ROE on net income: 14.7%3 • Paid $0.45 regular dividend per share for Q3’24 on 10/28/2024 • Paid $0.10 special dividend per share on 10/28/24 Portfolio • Focused on investing in core U.S. middle market companies backed by private equity sponsors • $2.0B portfolio4 invested across 202 portfolio companies with a weighted average asset yield of 10.9%5 • Primarily comprised of first lien debt and is well diversified across 26 industries ◦ 90.1% first lien debt, 8.3% subordinated debt, 1.7% equity • Average portfolio company size of 0.5% with the top 10 portfolio companies comprising only 14.1% of the portfolio • Three portfolio companies on non-accrual; weighted average internal risk rating of 4.2 (4.0 being the initial rating assigned to investments at origination) Balance Sheet and Liquidity • $2.1B in total assets as of 9/30/2024 • $361M liquidity comprised of cash, cash equivalents and debt capacity6 • 1.11x debt-to-equity ratio7 • $99.3M Share Repurchase Plan: repurchased 787,421 shares / ~$13.8M through October 31, 2024 Platform • Churchill is the exclusive U.S. Middle Market Private Capital Manager of TIAA and Nuveen, a $1.3T global investment manager serving 13,000+ 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 3Q’24 Highlights

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 4.9x $77M 2.1x 10.9% 12.1% Portfolio Company Net Leverage9 W.A. Portfolio Company EBITDA10 Interest Coverage Ratio on 1st Lien Loans11 W.A. Asset Yield (FV)5 Q3’24 Dividend Yield12 $2.0B 202 100% 90% 83% Investment Portfolio (FV)4 Portfolio Companies Private Equity Sponsor Backed First Lien Debt Debt Investments w. Financial Covenant8

5Nuveen Churchill Direct Lending Corp. As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Net Investment Income1 $0.58 $0.57 $0.56 $0.66 $0.62 Net Realized and Unrealized Gains (Losses)1 0.09 (0.20) 0.01 0.07 (0.04) Net Increase (Decrease) in Net Assets from Operations1 0.67 0.37 0.57 0.73 0.58 Net Asset Value $18.15 $18.03 $18.21 $18.13 $17.96 Regular Distributions $0.45 $0.45 $0.45 $0.50 $0.50 Supplemental Distributions — — — 0.05 0.05 Special Distributions15 0.10 0.10 — — — Total Distributions $0.55 $0.55 $0.45 $0.55 $0.55 Regular Distribution Yield13 9.9% 10.0% 9.9% 10.9% 11.0% Supplemental Distribution Yield14 —% —% —% 1.1% 1.1% Special Distribution Yield15 2.2% 2.2% —% —% —% Total Distribution Yield16 12.1% 12.3% 9.9% 12.0% 12.2% Total Debt7 $1,101,964 $1,028,750 $817,214 $943,936 $860,190 Net Assets $990,609 $986,372 $998,234 $747,885 $638,960 Debt-to-Equity at Quarter End 1.11x 1.04x 0.82x 1.26x 1.35x Annualized ROE (on Net Investment Income)2 12.6% 12.6% 12.0% 13.7% 13.4% Annualized ROE (on Net Income)3 14.7% 8.2% 12.1% 15.3% 12.5% Financial Highlights

6Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Net Funded Investment Activity New Gross Commitments at Par $225,612 $360,218 $206,815 $253,620 $216,710 Net Investments Funded17 $203,159 $304,976 $204,330 $236,118 $150,866 Investments Sold or Repaid17 $(155,616) $(99,977) $(54,896) $(80,577) $(20,490) Net Funded Investment Activity $47,543 $204,998 $149,434 $155,541 $130,376 Gross Commitments at Par (incl. unfunded commitments) First-Lien Debt $221,097 $343,237 $201,005 $246,293 $193,794 Subordinated Debt $3,145 $14,501 $5,314 $6,048 $17,852 Equity Investments $1,370 $2,479 $496 $1,279 $5,064 Gross Commitments $225,612 $360,218 $206,815 $253,620 $216,710 Gross Commitments at Par (incl. unfunded commitments) First-Lien Debt 98% 95% 97% 97% 89% Subordinated Debt 1% 4% 3% 2% 8% Equity Investments 1% 1% —% 1% 2% New Investment Activity - Selected Metrics Number of New Investments 29 36 34 22 23 Weighted Average Annual Interest Rate on new debt and income producing investments at par18 9.6% 10.5% 10.3% 11.2% 12.1% Quarterly Investment Activity

7Nuveen Churchill Direct Lending Corp. $18.03 $0.58 -$0.45 -$0.10 $0.09 $18.15 NAV (6/30/24) Net investment income Regular distributions from income Special distributions from income Net realized and unrealized gain (loss) NAV (9/30/24) Net Asset Value 20 • $0.12 quarter-over-quarter increase in NAV per share 19 3Q’24: $0.55 total dividend (12.1% dividend yield12) 19 20

8Nuveen Churchill Direct Lending Corp. • Declared a regular dividend of $0.45 per share for shareholders of record as of December 31, 2024 • The next special dividend of $0.10 per share is payable on January 28, 2025 for shareholders of record as of November 11, 2024 Dividend History D iv id en d p er S h ar e D ivid en d Y ield $0.50 $0.50 $0.45 $0.45 $0.45 $0.05 $0.05 $0.10 $0.10 11.0% 10.9% 9.9% 10.0% 9.9% 12.2% 12.0% 12.3% 12.1% Regular Dividend per share ($) Supp. Dividend per share ($) Special Dividend per share ($) Regular Annualized Dividend Yield (%) Total Annualized Dividend Yield (w. Supp.) (%) Total Annualized Dividend Yield (w. Special) (%) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 —% 2.5% 5.0% 7.5% 10.0% 12.5% 16 13 12

9Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, unless otherwise noted) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Portfolio Highlights Investments, at Fair Value4 2,046,887 1,990,856 1,794,559 1,641,686 1,481,012 Number of Portfolio Companies 202 198 195 179 174 Average Position Size, at Fair Value ($) $10,133 $10,055 $9,203 $9,171 $8,512 Average Position Size, at Fair Value (%) 0.5% 0.5% 0.5% 0.6% 0.6% Portfolio Composition, at Fair Value First-Lien Debt 90.1% 90.6% 89.0% 87.0% 86.3% Subordinated Debt 8.3% 7.8% 9.3% 11.2% 11.8% Equity Investments 1.7% 1.6% 1.8% 1.9% 1.9% Loans by Interest Rate Type, at Fair Value % Floating Rate Debt Investments 94.3% 94.8% 94.7% 94.6% 94.2% % Fixed Rate Debt Investments 5.8% 5.2% 5.3% 5.4% 5.8% Asset Level Yields Weighted Average Yield on Debt and Income Producing Investments, at Cost5 10.9% 11.3% 11.6% 11.7% 11.6% Weighted Average Yield on Debt and Income Producing Investments, at Fair Value5 10.9% 11.4% 11.7% 11.9% 11.9% Portfolio Highlights

10Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $217M $254M $207M $360M $226M 6.1% 5.9% 4.9% 5.0% 5.0% 13.8% 13.0% 13.9% 13.8% 13.7% 11.5% 11.2% 10.2% 10.3% 9.6% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 $0M $100M $200M $300M $400M $500M $600M $700M $800M —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% • Closed 18 new investments and 11 add-ons totaling $226M21 • 5.0%22 average spread of new floating rate investments • 13.7%23 average coupon of new fixed rate investments 3Q’24 Investment Activity 22 Investments 24 36 Investments 34 Investments 23 Investments 29 Investments

11Nuveen Churchill Direct Lending Corp. 94.3% 5.8% Floating rate debt investments % Fixed rate debt investments % 90.1% 8.3% 1.7% First Lien Debt Subordinated Debt Equity 90% First Lien Debt Portfolio Overview Portfolio composition by investment type Top 10 represents X% of investment portfolio Portfolio company diversification Portfolio composition by interest rate type ~94% Floating Rate Debt 16.5% 14.2% 8.7% 8.3% 5.6% 4.9% 4.5% 4.0% 3.7% 3.4% 26.3% Portfolio composition by Moody’s Industry Services: Business Healthcare & Pharmaceuticals High Tech Industries Beverage, Food & Tobacco Capital Equipment Construction & Building Services: Consumer Containers, Packaging & Glass Environmental Industries Automotive Other (16) 25

12Nuveen Churchill Direct Lending Corp. Portfolio Overview - Diversification Top 10 represents 14.1% of investment portfolio Portfolio Company Moody’s Industry % of Fair Value S&S Truck Parts Automotive 1.5% Handgards, LLC Beverage, Food & Tobacco 1.5% Rise Baking Beverage, Food & Tobacco 1.5% MGM Transformer Company Energy: Electricity 1.4% Trilon Group Services: Business 1.4% Evergreen Services Group II High Tech Industries 1.4% Good2Grow Containers, Packaging & Glass 1.4% North Haven CS Acquisition Inc High Tech Industries 1.4% Diligent Corporation High Tech Industries 1.3% Specialized Packaging Group (SPG) Containers, Packaging & Glass 1.2% Others (192) • Average portfolio company size of 0.5% with largest 10 portfolio companies comprising only 14.1% of the portfolio

13Nuveen Churchill Direct Lending Corp. NCDL had a Net Interest Margin of 320 bps26 as of the quarter ended September 30, 2024 Net Interest Margin 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% 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% 3.6% 4.6% 4.9% 5.3% 5.4% 5.3% 5.3% 5.3% 4.6% 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% 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 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 27

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 • Weighted average rating remained stable at 4.2 • No new investments placed on non-accrual status during the quarter • Three portfolio companies on non-accrual representing 0.55% (at fair value) and 1.40% (at amortized cost) as of September 30, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 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 — — — — — — — — — — — — 3 126,013 6.2 9 130,153 6.5 8 90,541 5.1 8 80,342 4.9 7 4 1,690,401 82.6 157 1,654,267 83.1 156 1,474,423 82.2 153 1,353,243 82.4 140 5 115,092 5.6 19 130,331 6.6 21 152,044 8.5 23 138,916 8.5 21 6 56,683 2.8 8 37,358 1.9 6 47,666 2.7 6 35,686 2.2 6 7 47,007 2.3 6 28,431 1.4 4 27,559 1.5 4 27,653 1.7 4 8 2,341 0.1 1 1,856 0.1 1 2,326 0.1 1 5,846 0.4 1 9 — — — — — — — — — — — — 10 9,350 0.5 2 8,460 0.4 2 — — — — — — Total $ 2,046,887 100.0 % 202 $ 1,990,856 100.0 % 198 $ 1,794,559 100.0 % 195 $ 1,641,686 100.0 % 179 WA Risk Rating 4.2 4.1 4.1 4.1

15Nuveen Churchill Direct Lending Corp. Financing Overview Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity Churchill NCDLC CLO-I $342.0 $342.0 S + 2.01%28 April 20, 2034 Churchill NCDLC CLO-II $214.7 $214.7 S + 2.50%28 January 20, 2036 Churchill NCDLC CLO-III $215.0 $215.0 S+ 2.11%28 April 20, 2036 Corporate Revolver29 $250.0 $112.8 S + 2.25% June 23, 2028 Wells Fargo Financing Facility $225.0 $95.0 S + 2.20% March 31, 2027 SMBC Financing Facility $150.0 $122.5 S + 2.65% November 24, 2026 Total / Weighted Average $1,396.7 $1,102.0 S+2.24%30 A m ou n t ($ M s) $150 $225 $772 $250 ABLs CLOs Revolver 2024 2025 2026 2027 2028 2029 and beyond $— $200 $400 $600 $800 $1,000 Stated Maturity • NCDL has a diversified funding profile including: two Asset Based Financing Facilities (ABLs), three Collateralized Loan Obligations (CLOs), and one Corporate Revolver • NCDL has ample liquidity of $361 million through cash and debt capacity • NCDL has no near-term debt maturities

16Nuveen Churchill Direct Lending Corp. Dividend Activity Date Declared Record Date Payment Date Dividend Type Dividend per Share November 4, 2024 December 31, 2024 January 28, 2025 Q4’24 Regular Dividend $0.45 July 31, 2024 September 30, 2024 October 28, 2024 Q3’24 Regular Dividend $0.45 May 1, 2024 June 28, 2024 July 29, 2024 Q2’24 Regular Dividend $0.45 January 10, 2024 February 12, 2025 April 28, 2025 Q1’25 Special Dividend $0.10 January 10, 2024 November 11, 2024 January 28, 2025 Q4’24 Special Dividend $0.10 January 10, 2024 August 12, 2024 October 28, 2024 Q3’24 Special Dividend $0.10 January 10, 2024 May 13, 2024 July 29, 2024 Q2’24 Special Dividend $0.10 January 10, 2024 March 30, 2024 April 29, 2024 Q1’24 Regular Dividend $0.45 December 28, 2023 December 29, 2023 January 10, 2024 Q4’23 Regular Dividend $0.50 December 28, 2023 December 29, 2023 January 10, 2024 Q4’23 Supplemental Dividend $0.05 September 28, 2023 September 28, 2023 October 12, 2023 Q3’23 Regular Dividend $0.50 September 28, 2023 September 28, 2023 October 12, 2023 Q3’23 Supplemental Dividend $0.05 June 28, 2023 June 28, 2023 July 12, 2023 Q2’23 Regular Dividend $0.50 June 28, 2023 June 28, 2023 July 12, 2023 Q2’23 Supplemental Dividend $0.05 March 30, 2023 March 30, 2023 April 12, 2023 Q1’23 Regular Dividend $0.50 March 30, 2023 March 30, 2023 April 12, 2023 Q1’23 Supplemental/Special Dividend $0.26 December 29, 2022 December 29, 2022 January 17, 2023 Q4’22 Regular Dividend $0.50 September 28, 2022 September 28, 2022 October 11, 2022 Q3’22 Regular Dividend $0.47 June 30, 2022 June 30, 2022 July 12, 2022 Q2’22 Regular Dividend $0.43 March 30, 2022 March 31, 2022 April 12, 2022 Q1’22 Regular Dividend $0.41 December 29, 2021 December 29, 2021 January 18, 2022 Q4’21 Regular Dividend $0.40 September 29, 2021 September 29, 2021 October 11, 2021 Q3’21 Regular Dividend $0.38 June 29, 2021 June 29, 2021 July 12, 2021 Q2’21 Regular Dividend $0.31 March 29, 2021 March 29, 2021 April 19, 2021 Q1’21 Regular Dividend $0.30 December 29, 2020 December 29, 2020 January 18, 2021 Q4’20 Regular Dividend $0.28 November 4, 2020 November 4, 2020 November 11, 2020 Q3’20 Regular Dividend $0.23 August 4, 2020 August 4, 2020 August 11, 2020 Q2’20 Regular Dividend $0.28 April 16, 2020 April 16, 2020 April 21, 2020 Q1’20 Regular Dividend $0.17

17Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Assets Investments, at fair value $2,046,887 $1,990,856 $1,794,559 $1,641,686 $1,481,012 Cash and cash equivalents 69,304 70,986 64,146 67,395 35,971 Restricted cash 50 50 50 50 50 Due from adviser for expense support — — — — 632 Interest receivable 18,127 18,299 16,067 17,674 15,786 Receivable for investments sold 5,657 2,650 422 3,919 5,118 Contribution receivable — — — — 35 Prepaid expenses 85 93 118 13 57 Other assets — — 125 127 — Total Assets $2,140,110 $2,082,933 $1,875,487 $1,730,864 $1,538,660 Liabilities Secured borrowings, net $1,094,461 $1,020,721 $817,214 $943,936 $860,190 Payable for investments purchased 2,545 17,790 16,877 — — Interest payable 15,462 21,292 11,022 9,837 12,620 Due to adviser for expense support — — — 632 865 Management fees payable 3,873 3,589 3,264 3,006 2,722 Distributions payable 30,037 30,107 24,684 22,683 19,573 Directors’ fees payable 128 128 128 96 96 Accounts payable and accrued expenses 2,995 2,934 4,064 2,789 3,635 Total Liabilities $1,149,501 $1,096,561 $877,254 $982,979 $899,700 Net Assets Common shares 546 547 548 412 356 Paid-in-capital in excess of par value 1,017,248 1,019,617 1,021,573 776,719 673,883 Total distributable earnings (27,185) (33,792) (23,888) (29,246) (35,280) Total Net Assets $990,609 $986,372 $998,234 $747,885 $638,960 Total Liabilities and Net Assets $2,140,110 $2,082,933 $1,875,487 $1,730,864 $1,538,660 Net Asset Value per Share 18.15 18.03 18.21 18.13 17.96 Debt to Equity 1.11x 1.04x 0.82x 1.26x 1.35x Quarterly Balance Sheets

18Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Investment income Non-controlled/non-affiliated company investments: Interest income 57,317 53,018 49,078 46,819 40,371 PIK income 2,503 1,529 1,992 1,821 951 Dividend income 16 33 308 45 16 Other income 444 508 217 264 409 Total investment income $60,280 $55,089 $51,595 $48,948 $41,747 Expenses Interest and debt financing expenses $23,198 $18,721 $16,941 $18,116 $16,048 Management fees 3,873 3,589 3,264 3,006 2,722 Incentive fees on net investment income 5,496 3,075 4,459 — — Professional fees 912 693 710 1,171 730 Directors' fees 128 128 128 96 96 Administrative fees 535 484 542 569 370 Other general and administrative expenses 145 469 275 98 125 Total expenses before expense support $34,287 $27,158 $26,319 $23,056 $20,091 Expense support — — — — — Incentive fees waived (5,496) (3,075) (4,459) — — Net expenses $28,791 $24,084 $21,859 $23,056 $20,091 Net investment income 31,489 31,005 29,735 25,892 21,656 Excise taxes — — — 6 — Net investment income after excise taxes 31,489 31,005 29,735 25,886 21,656 Realized and unrealized gain (loss) on investments: Net realized gain (loss) on non-controlled/non-affiliate company investments 1,086 1,017 (3,625) (1,545) (13,106) Net change in unrealized appreciation (depreciation) on non- controlled/non-affiliate company investments 4,050 (12,101) 4,056 4,520 11,573 Income tax (provision) benefit 18 282 (141) (96) 27 Total net change in unrealized gain (loss) $4,068 $(11,819) $3,915 $4,424 $11,600 Total net realized and unrealized gain (loss) on investments $5,154 $(10,802) $290 $2,880 $(1,506) Net increase (decrease) in net assets resulting from operations $36,643 $20,203 $30,025 $28,766 $20,150 Weighted average shares outstanding for the period 54,688,860 54,789,044 52,758,353 39,251,180 34,812,720 Shares outstanding, end of period 54,571,650 54,705,779 54,815,740 41,242,105 35,585,951 Quarterly Operating Results

19Nuveen Churchill Direct Lending Corp. Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Contact Us

20Nuveen Churchill Direct Lending Corp. Note: All information is as of September 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 1 Per share Net Investment Income, Net Realized and Unrealized Gains (Losses) on Investments and Net Increase (Decrease) from Net Assets from Operations data was derived by using the period end weighted average shares outstanding. Refer to the Quarterly Operating Results, page 18, 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 quarterly Net Investment Income divided by quarter-end net asset value, annualized. 3 Annualized ROE on Net Income is quarterly Net Increase in Net Assets from Operations divided by quarter-end net asset value, annualized. 4 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2,298M which includes approximately $234M of unfunded investment commitments. 5 Weighted average yield on debt and income producing investments, at fair value and cost, where applicable. The weighted average 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 yield was computed using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There were three portfolio companies on non-accrual status as of September 30, 2024. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value as of September 30, 2024 was 10.87%. 6 Represents the sum of the amounts available under the financing facilities and the Corporate Revolver of $291M and cash and cash equivalents of $69M. 7 Total Debt outstanding as of September 30, 2024 excludes netting of deferred financing costs. 8 Represents the percentage of debt investments with one or more maintenance financial covenants, based on the fair value of as of September 30, 2024. 9 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 September 30, 2024. Net leverage presented excludes equity investments as well as debt instruments to which the Adviser has assigned a risk rating of 8 or higher, and any portfolio companies with net leverage of 15 x or greater. 10 Weighted based on fair market value of private debt investments as of September 30, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market 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 NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information. Endnotes

21Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 11 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the 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 NCDL, which also excludes any upper middle market or other first lien loans investments that do not have maintenance financial covenants, and first lien loans that the Adviser has assigned a 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 73.99% of our total investments, and 82.15% of our total first lien loan investments, in each case based upon fair value as of September 30, 2024. 12 Annualized Dividend yield includes the Regular Distribution per share and the Special Distribution per share divided by the NAV per share as of the respective quarter end, annualized. 13 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. 14 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. 15 Special Distribution presented represents the first of four special distributions of $0.10 per share announced at the time of IPO, which is derived from Net Investment Income. Special Distribution Yield is the Special Distribution per share, divided by the NAV per share as of the respective quarter end. 16 The 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 any Special Distributions (if any) per share. Special Distribution, other than those derived from Net Investment Income, may be presented on a non-annualized basis. 17 Represents the total amount of cash activity for the purchase of investments and the proceeds from principal repayments and sales of investments. 18 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, or base rate floor. SOFR as of September 30, 2024 was 4.59%. The effective interest rate for fixed rate investments utilizes the investment coupon. 19 The per share data was derived by using the weighted average shares outstanding for the three months ended September 30, 2024. 20 The per share data for distributions reflects the actual amount of distributions declared for the three months ended September 30, 2024. 21 Represents the par amount of total new investment activity for the three months ended September 30, 2024. Investment activity does not include draws on existing unfunded investment commitments and partial paydowns. 22 Average Spread is calculated based off of par amount. 23 Average Coupon is calculated based off of par amount. Average coupon includes 50% cash coupon and 50% PIK.

22Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of September 30, 2024, unless otherwise noted. Numbers may not sum due to rounding. 24 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 September 30, 2023 was 5.40%; SOFR as of December 31, 2023 was 5.33%; SOFR as of March 31, 2024 was 5.30%, SOFR as of June 30, 2024 was 5.32%,SOFR as of September 30, 2024 was 4.59%. 25 35% of first lien debt are unitranche positions. 26 Net Interest Margin calculated as Weighted Average Yield on Debt and Income Producing Investments at Fair Value minus Average Cost of Debt. 27 Average Cost of Debt includes interest expense on borrowings and unused fees. 28 Interest rates represent the weighted average spread over 3-month SOFR for the various floating rate tranches of issued notes within the CLO vehicles. The weighted average interest rate for the Churchill NCDLC CLO-I excludes tranches with a fixed interest rate. 29 The Corporate Revolver is defined as the Revolving Credit Facility in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. 30 Weighted average facility pricing spread weighted based on total commitment amount. SOFR base rate tenors may differ between credit facilities.

Cover	Nov. 07, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 07, 2024
Entity Registrant Name	Nuveen Churchill Direct Lending Corp.
Entity Incorporation, State or Country Code	MD
Entity File Number	000-56133
Entity Tax Identification Number	84-3613224
Entity Address, Address Line One	375 Park Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10152
City Area Code	212
Local Phone Number	478-9200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	NCDL
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001737924
Amendment Flag	false