Nuveen Churchill Direct Lending Corp. Announces
Second Quarter 2025 Results

Reports Second Quarter Net Investment Income of $0.46 per Share

Declares Third Quarter Regular Distribution of $0.45 per Share


NEW YORK, August 6, 2025 - 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 June 30, 2025.
Financial Highlights for the Quarter Ended June 30, 2025
•Net investment income of $0.46 per share
•Net realized and unrealized loss on investments of $(0.14) per share
•Net increase in net assets resulting from operations of $0.32 per share
•Net asset value ("NAV") per share of $17.92, compared to $17.96 per share as of March 31, 2025
•Paid second quarter regular distribution of $0.45 per share on July 28, 2025, which represents a 10.1% total annualized distribution yield based on the second quarter NAV per share
•Declared third quarter regular distribution of $0.45 per share

“We are pleased with the returns we generated during the second quarter, reflecting the positive momentum in our business driven by the strength of our platform and our high-quality investment portfolio,” said Ken Kencel, President and Chief Executive Officer of NCDL and Churchill. “Our portfolio remains healthy, with a low non-accrual rate of 0.2% on a fair value basis, and no new non-accruals during the quarter. As we look to the remainder of the year, we remain focused on maintaining our highly disciplined approach to underwriting and building upon our competitive advantages to source high-quality investments in resilient, service-oriented sectors in the core middle market.”
“During the second quarter, we continued to execute on our strategy to strengthen the portfolio and enhance shareholder value,” said Shai Vichness, Chief Financial Officer of NCDL and Churchill. “We completed our nearly $100 million share repurchase program in July, repurchasing approximately 5.9 million shares at a meaningful discount to NAV. With over $300 million of liquidity and no near-term debt maturities, we remain well-positioned to take advantage of attractive investment opportunities, fund our unfunded commitments, reinvest capital, and operate within our target leverage range.”
Distribution Declaration
The Company’s Board of Directors (the "Board") has declared a third quarter 2025 regular distribution of $0.45 per share payable on October 28, 2025 to shareholders of record as of September 30, 2025.
PORTFOLIO COMPOSITION
As of June 30, 2025, the fair value of the Company's portfolio investments was $2.0 billion across 207 portfolio companies and 26 industries. This compares to $2.1 billion as of March 31, 2025 across 210 portfolio companies and 26 industries.
As of June 30, 2025, the Company’s portfolio based on fair value consisted of approximately 90.0% first-lien debt, 8.0% subordinated debt investments, and 2.0% equity investments. As of March 31, 2025, the Company’s portfolio based on fair value consisted of 90.5% first-lien debt, 7.8% subordinated debt investments, and 1.7% equity investments.
As of June 30, 2025 and March 31, 2025, the weighted average Internal Risk Rating of the portfolio at fair value was 4.1 and 4.1 (4.0 being the initial rating assigned at origination), respectively. As of June 30, 2025, there were investments in one portfolio company on non-accrual status representing 0.2% of total investments at fair value (or 0.4% of total investments at amortized cost). As of March 31, 2025, there were investments in two portfolio companies on non-accrual status representing 0.4% of total investments at fair value (or 1.0% of total investments at amortized cost).


PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended June 30, 2025, the Company funded $81.1 million of portfolio investments and received $162.2 million of proceeds from principal repayments and sales, compared to $153.0 million and $148.4 million, respectively, for the three months ended March 31, 2025.
RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2025
Investment Income
Investment income for the three months ended June 30, 2025 was $53.1 million compared to $55.1 million for the three months ended June 30, 2024. As of June 30, 2025 and June 30, 2024, the size of the Company's portfolio was $2.0 billion and $2.0 billion, at cost, respectively. Average par value of funded debt investments for the three months ended June 30, 2025 was $2.0 billion compared to $1.9 billion for the three months ended June 30, 2024. As of June 30, 2025, the weighted average yield of debt and income producing investments decreased to 10.08% from 11.32% as of June 30, 2024, at cost, primarily due to overall tightening of spreads in new investments and the decline in base interest rates.
Net Expenses
Net expenses increased to $30.3 million for the three months ended June 30, 2025 from $24.1 million for the three months ended June 30, 2024, primarily due to an increase in interest and debt financing expenses, management fees, and income based incentive fees. Interest and debt financing expenses increased due to higher average daily borrowings. The increase in management fees was primarily attributable to the increase in the management fee base rate from 0.75% to 1.00%, effective March 31, 2025, pursuant to the terms of the Advisory Agreement. Additionally, effective March 31, 2025, the Adviser's waiver of incentive fees on income and on capital gains expired pursuant to the terms of the Advisory Agreement. For the three months ended June 30, 2025 income based incentive fees were $2.8 million.
Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments
For the three months ended June 30, 2025, the Company recorded a net realized loss on investments of $(10.7) million compared to a net realized gain of $1.0 million for the three months ended June 30, 2024. The net realized loss for the three months ended June 30, 2025 was primarily driven by the restructuring of an underperforming debt position. The Company recorded a net change in unrealized gain of $3.8 million for the three months ended June 30, 2025, which resulted primarily from a reversal of an unrealized loss on an underperforming debt position that was restructured during the period offset by a decrease in fair value of certain underperforming portfolio investments.
Financial Condition, Liquidity and Capital Resources
As of June 30, 2025, the Company had $44.0 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 $260.3 million available for additional borrowings under its revolving credit facility, as of June 30, 2025. At June 30, 2025, the Company's debt to equity ratio was 1.26x (1.21x net debt to equity ratio) compared to 1.31x (1.25x net to debt equity ratio) at March 31, 2025.
CONFERENCE CALL AND WEBCAST INFORMATION
Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its second quarter 2025 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; 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; 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 Form 10-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
Media:
Prosek Partners
Madison Hanlon
Pro-churchill@prosek.com
4722839


CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)

June 30, 2025December 31, 2024
Assets
(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $2,019,803 and $2,098,575, respectively)
$1,992,804 $2,081,379 
Cash and cash equivalents44,008 43,254 
Restricted cash— 50 
Interest receivable17,201 17,971 
Derivative asset, at fair value (Note 4)
18,850 — 
Receivable for investments sold943 1,024 
Other assets590 47 
Total assets$2,074,396 $2,143,725 
Liabilities
Debt (net of $9,713 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $527 and $0, respectively) (See Note 7)
$1,114,844 $1,108,261 
Payable for investments purchased99 14,973 
Interest payable20,137 12,967 
Incentive fees payable2,827 — 
Management fees payable5,179 3,956 
Collateral due to broker
18,570 — 
Distributions payable22,297 29,468 
Directors’ fees payable156 128 
Accounts payable and accrued expenses2,549 3,652 
Total liabilities$1,186,658 $1,173,405 
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, 49,548,098 and 53,387,277 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
$495 $534 
Paid-in-capital in excess of par value933,268 996,286 
Total distributable earnings (loss)(46,025)(26,500)
Total net assets$887,738 $970,320 
Total liabilities and net assets$2,074,396 $2,143,725 
Net asset value per share (See Note 11)
$17.92 $18.18 




See Notes to Consolidated Financial Statements


CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Investment income:
Non-controlled/non-affiliated company investments:
Interest income$50,213 $53,018 $101,059 $102,096 
Payment-in-kind interest income2,264 1,529 4,629 3,521 
Dividend income116 33 116 341 
Other income539 509 914 726 
Total investment income53,132 55,089 106,718 106,684 
Expenses:
Interest and debt financing expenses20,105 18,721 40,748 35,662 
Management fees (See Note 6)
5,179 3,590 9,093 6,854 
Incentive fees on net investment income (See Note 6)
2,827 3,075 5,080 7,534 
Professional fees
1,108 693 1,601 1,403 
Directors' fees156 127 312 255 
Administration fees (See Note 6)
490 484 1,076 1,026 
Other general and administrative expenses411 466 753 743 
Total expenses before incentive fees waived
30,276 27,156 58,663 53,477 
Incentive fees waived (See Note 6)
— (3,075)(2,253)(7,534)
Net expenses after incentive fees waived
30,276 24,081 56,410 45,943 
          Net investment income22,856 31,008 50,308 60,741 
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments(10,702)1,017 (9,599)(2,608)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments
3,770 (12,102)(9,803)(8,045)
Income tax (provision) benefit92 282 131 141 
Total net change in unrealized appreciation (depreciation):
3,862 (11,820)(9,672)(7,904)
Total net realized and unrealized gain (loss) on investments(6,840)(10,803)(19,271)(10,512)
Net increase (decrease) in net assets resulting from operations$16,016 $20,205 $31,037 $50,229 
Per share data:
Net investment income per share - basic and diluted $0.46 $0.57 $0.98 $1.13 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.32 $0.37 $0.61 $0.93 
Weighted average common shares outstanding - basic and diluted 50,183,714 54,789,044 51,191,926 53,773,698 


See Notes to Consolidated Financial Statements


PORTFOLIO AND INVESTMENT ACTIVITY (UNAUDITED)
(dollars in thousands)
Three Months Ended June 30,
20252024
Net funded investment activity
New gross commitments at par 1
$47,698$360,218
Net investments funded81,061304,975
Investments sold or repaid(162,202)(99,977)
Net funded investment activity$(81,141)$204,998
Gross commitments at par 1
First-Lien Debt$45,224$343,237 
Subordinated Debt10014,501 
Equity Investments2,3742,479 
Total gross commitments$47,698$360,218 
Portfolio company activity
Portfolio companies, beginning of period210195 
Number of new portfolio companies1411 
Number of exited portfolio companies(17)(8)
Portfolio companies, end of period207198 
Count of investments492434 
Count of industries2626 
New investment activity
Weighted average annual interest rate on new debt investments at par9.07 %10.45 %
Weighted average annual interest rate on new floating rate debt investments at par9.06 %10.31 %
Weighted average spread on new floating rate debt investments at par4.77 %4.99 %
Weighted average annual coupon on new fixed rate debt investments at par12.00 %13.78 %

__________________
1 Gross commitments at par includes unfunded investment commitments.



See Notes to Consolidated Financial Statements



PORTFOLIO AND INVESTMENT ACTIVITY (UNAUDITED)
(dollars in thousands)

Six Months Ended June 30,
20252024
Net funded investment activity
New gross commitments at par 1
$213,937 $567,033 
Net investments funded234,080 509,305 
Investments sold or repaid(310,552)(154,873)
Net funded investment activity$(76,472)$354,432 
Gross commitments at par 1
First-Lien Debt$197,219 $544,242 
Subordinated Debt13,330 19,816 
Equity Investments3,388 2,975 
Total gross commitments$213,937 $567,033 
Portfolio company activity
Portfolio companies, beginning of period210 179 
Number of new portfolio companies26 34 
Number of exited portfolio companies(29)(15)
Portfolio companies, end of period207 198 
Count of investments492 434 
Count of industries26 26 
New investment activity
Weighted average annual interest rate on new debt investments at par9.31 %10.37 %
Weighted average annual interest rate on new floating rate debt investments at par9.09 %10.25 %
Weighted average spread on new floating rate debt investments at par4.80 %4.93 %
Weighted average annual coupon on new fixed rate debt investments at par12.56 %13.80 %
__________________
1 Gross commitments at par includes unfunded investment commitments.



See Notes to Consolidated Financial Statements