Nuveen Churchill Direct Lending (NCDL) investor relations material

Executive summary

• Net investment income for Q1 2026 was $0.41 per share, with adjusted NII at $0.43 per share after $0.02 per share in one-time refinancing expenses; NAV per share declined to $17.50 from $17.72 at year-end 2025.

• Paid a total Q1 2026 distribution of $0.40 per share (regular $0.36, supplemental $0.04); Q2 2026 distribution declared at $0.38 per share (regular $0.36, supplemental $0.02).

• Portfolio comprised $2.0 billion invested across 236 companies in 26 industries, with 89.7% in first lien debt and top 10 holdings at 13.2% of fair value.

• Five portfolio companies were on non-accrual status, representing 0.6% of fair value.

• Net increase in net assets from operations was $0.18 per share for Q1 2026.

Financial highlights

• Total investment income for Q1 2026 was $46.3 million, down from $53.6 million in Q1 2025, mainly due to lower portfolio size and yields.

• Net realized and unrealized losses totaled $(0.23) per share, contributing to a lower net increase in net assets.

• Gross originations in Q1 2026 were $82.9 million, with gross fundings of $85.4 million and sales/repayments of $65 million.

• Weighted average yield on debt and income-producing investments at cost declined to 9.31% from 9.48% at year-end 2025.

• Debt to equity ratio was 1.32x (net 1.26x) at March 31, 2026.

Outlook and guidance

• Management expects stable earnings, supported by wider spreads on new originations and a "higher for longer" interest rate environment.

• Declared Q2 2026 distribution of $0.38 per share, with record date June 30, 2026 and payment date July 28, 2026.

• Pipeline for new deals is strong, with increased M&A activity and opportunities to deploy capital into higher quality companies.

• Focus remains on investing in companies with strong free cash flow, low cyclicality, and pricing power.

• Modest increase in equity allocation expected, but senior loans will remain the majority.