Nuveen Churchill Direct Lending (NCDL) investor relations material

Executive summary

• Net investment income was $0.41 per share ($20.0 million) for Q1 2026, down from $0.44 per share and $27.5 million in prior periods, with a net increase in net assets from operations of $0.18 per share.

• Net asset value per share declined to $17.50 from $17.72 at year-end 2025, with net assets decreasing to $864.1 million.

• Paid a regular distribution of $0.36 and a supplemental distribution of $0.04 per share for Q1 2026; declared a Q2 2026 distribution of $0.38 per share.

• Portfolio comprised $2.0 billion invested across 236 companies in 26 industries, primarily in first-lien senior secured debt and unitranche loans.

• Portfolio focused on U.S. middle market companies in defensive sectors, with largest exposures in healthcare, business services, and food & beverage.

Financial highlights

• Total investment income for Q1 2026 was $46.3 million, down from $53.6 million year-over-year.

• Net realized and unrealized losses totaled $(11.1) million, contributing to a lower net increase in net assets.

• Annualized ROE on net investment income was 9.4%, and 4.1% on net income.

• Debt-to-equity ratio at quarter-end was 1.32x (1.26x net); asset coverage ratio was 175.84%.

• Net asset value per share decreased sequentially for the fourth consecutive quarter.

Outlook and guidance

• Management expects continued market volatility due to macroeconomic and geopolitical risks but remains confident in portfolio strength and liquidity.

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

• Declared Q2 2026 distribution of $0.38 per share (regular $0.36, supplemental $0.02), with record date June 30, 2026 and payment date July 28, 2026.