Nuveen Churchill Direct Lending Corp. · NYSE:NCDL
Nuveen Churchill Direct Lending — Q3 2026 Earnings Presentation
22 slides from Nuveen Churchill Direct Lending's earnings presentation, Nov 3, 2026
Slide 1: Nuveen Churchill Direct Lending Corp. (NCDL) Third Quarter 2026 Earnings
Nuveen Churchill Direct Lending Corp. (NCDL) Third Quarter 2026 Earnings NYSE: NCDL 03 November 2026 Nuveen Churchill Direct Lending Corp. | 1
Slide 2: Disclosure
Disclosure This presentation is for informational purposes only. It does not convey an offer of any type and is not Opinions expressed reflect the current opinions of the Company as of the date appearing in the intended to be, and should not be construed as, an offer to sell, or the solicitation of
Slide 3: 3Q'26 Highlights
3Q'26 Highlights • Net investment income per share: $0.38 (vs. $0.41 in 2Q'26)1 • Net increase in net assets resulting from operations per share: $0.32 (vs. $0.07 in 2Q'26)1 3Q'26 • Net asset value per share: $17.13 (vs. $17.19 at June 30, 2026) earnings • Annualized ROE on net investment income: 8.
Slide 4: Nuveen Churchill Direct Lending Corp. Overview
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 $1.9B 258 100% 87% 86% Debt Investments Investment Portfolio Private Equity Spon
Slide 5: Financial Highlights
Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Net Investment Income1 $0.38 $0.41 $0.41 $0.44 $0.43 Net Realized and Unrealized Gains (Losses)1 (0.06) (0.34) (0.23) (
Slide 6: Quarterly Investment Activity
Quarterly Investment Activity For the Three Months Ended (Dollar amounts in thousands) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Investment Activity at Par: New Gross Commitments at Par $213,290 $12,081 $82,876 $59,372 $29,236 Investment Fundings1 $134,790 $24,818 $85,359 $80,
Slide 7: Net Asset Value Per Share
Net Asset Value Per Share As of September 30, 2026 the Company’s net asset value per share was $17.13 $0.38 $(0.36) $17.19 $17.13 $(0.02) $(0.06) 3Q'26: $0.38 total dividend (8.8% dividend yield1) NAV June 30, 2026 Net investment Regular distributions Supplemental Net realized and NAV income 2 from
Slide 8: Dividend History
Dividend History Declared 4Q’26 Distribution of $0.38 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.02 per share • Record date: December 31, 2026 • Payment date: January 28, 2027 Regular distribution per share ($) Supplemental distribution per share ($) 1 2
Slide 9: Portfolio Highlights
Portfolio Highlights As of Date (Dollar amounts in thousands, unless otherwise noted) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Portfolio Highlights Investments, at Fair Value1 $1,862,013 $1,918,917 $1,975,862 $1,962,449 $1,967,882 Number of Portfolio Companies 258 244 236 227
Slide 10: 3Q'26 Investment Activity
3Q'26 Investment Activity • Closed 17 new investments and 11 add-on investments totaling $213M1 ◦ Inclusive of NCDL’s commitment to Senior Loan Fund I of $93M • 4.8%2 weighted average spread of new floating rate debt investments • No new fixed rate debt investment activity in 3Q’26 Investment Activi
Slide 11: Portfolio Overview
Portfolio Overview Portfolio composition by investment type Portfolio composition by Moody’s industry 2.2% 3.1% 7.6% Healthcare & Pharmaceuticals 18.3% First lien debt 2 Services: Business 17.0% ~ 87.1% Subordinated debt First lien debt1 Equity Beverage, Food & Tobacco 8.7% Investments in Joint Vent
Slide 12: Portfolio Overview - Diversification
Portfolio Overview - Diversification Average portfolio company size of 0.4%, with the top 10 comprising only 12.4%1 of the portfolio (at fair value) Portfolio company Moody’s industry % of fair value NCDL Senior Loan Fund I LLC 2.2% S&S Truck Parts Automotive 1.6 % Insulation Technology Group Energy
Slide 13: Net Interest Margin
Net Interest Margin Net interest margin of 415 bps1 as of the quarter ended September 30, 2026 2 Weighted avg. yield on debt and income producing investments, at cost Avg. cost of debt 3 2 3 Month term secured overnight financing rate ("SOFR") Weighted avg. yield on debt and income producing investm
Slide 14: Internal Risk Rating
Internal Risk Rating • Weighted average risk rating of 4.4 • Nine portfolio companies on non-accrual representing 1.5% (at fair value) and 2.6% (at cost) • One portfolio company was placed on non-accrual during 3Q'26 • One portfolio company was removed from non-accrual during 3Q’26 Portfolio risk ra
Slide 15: Financing Overview
Financing Overview Funding Source Debt Commitment Outstanding Par Amount Available Reinvestment Period Maturity Interest Rate Securitizations CLO-I $320.6 M $320.6 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 Unsecured Notes
Slide 16: Overview of NCDL Senior Loan Fund I LLC Joint Venture
Overview of NCDL Senior Loan Fund I LLC Joint Venture NCDL Senior Loan Fund I LLC is a Joint Venture between NCDL and an unaffiliated institutional investor, established for the purpose of making portfolio company investments, focused primarily on first-lien senior secured debt NCDL’s Joint Venture
Slide 17: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of Date (Amounts in thousands, except share and per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Assets Investments, at fair value $1,862,013 $1,918,917 $1,975,862 $1,962,449 $1,967,882 Cash & cash equivalents 39,113 45,7
Slide 18: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Amounts in thousands, except share and per share data) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Investment income Interest income $39,998 $41,810 $42,862 $46,611 $48,227 PIK income 2,714 2,391 3,122 2,870 2,369 Dividend
Slide 19: Contact Us
Contact Us Our website www.NCDL.com Investor relations [email protected] Past performance is not a guarantee of future results. See endnotes for additional information. Nuveen Churchill Direct Lending Corp. | 19
Slide 20: Endnotes
Endnotes Note: All information is as of September 30, 2026, unless otherwise noted. Metrics presented are calculated based Slide 4: Nuveen Churchill Direct Lending Corp. Overview on fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Represents total investment portfolio at fa
Slide 21: Endnotes
Endnotes Note: All information is as of September 30, 2026, unless otherwise noted. Metrics presented are calculated based Slide 7: Net Asset Value Per Share on fair value unless otherwise stated. Numbers may not sum due to rounding. 1 Total Distribution Yield presented is the sum of the Regular Dis
Slide 22: Endnotes
Endnotes Note: All information is as of September 30, 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 Slide 15: Financing Overview 1 First lien debt represents 87.1% of the C
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