Nuveen Churchill Direct Lending (NCDL) Investor presentation summary

Executive summary

• Flagship middle market private credit BDC with a diversified, senior-focused portfolio and a nearly 20-year track record, leveraging 750+ private equity relationships.

• Initial close in March 2020, raised over $900M privately, and completed a ~$100M IPO in January 2024, now trading on NYSE.

• $2.0B portfolio across 213 companies, 89.8% first lien debt, 8.1% subordinated debt, 2.1% equity, with a weighted average asset yield of 10.0%.

• Top 10 companies comprise only 13.6% of the portfolio; three companies on non-accrual represent 0.4% at fair value.

• $316M liquidity, 1.25x debt-to-equity ratio, and completed a $99.3M share repurchase plan in July 2025.

Churchill platform overview

• Backed by TIAA, a Fortune 100 company and one of the largest global private debt investors.

• Nuveen manages $1.4T in assets, with Churchill and Arcmont platforms offering comprehensive private capital solutions in the US and Europe.

• $56B+ committed capital, 200+ professionals, 500+ portfolio investments, and 700+ institutional investors.

• Strong competitive edge from $75B in private capital investments and 750+ private equity relationships.

• Majority of deals sourced through LP commitments, with 5–10 new GP relationships added annually.

Investment approach

• Focus on first lien secured loans to private equity-owned companies, leveraging deep sponsor relationships.

• $30B committed capital in senior lending, 500+ portfolio investments, and a 19+ year track record.

• Private equity and junior capital strategy with $26B+ committed, 95%+ of direct investments from sponsor relationships.

• Targets traditional US middle market companies ($10–$100M EBITDA), emphasizing selectivity and diversification.

• Rigorous underwriting and proactive portfolio management, with only 5% of reviewed transactions closed.