Nuveen Churchill Direct Lending Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net investment income was $0.38 per share for the quarter ended September 30, 2026.
• Net investment income decreased to $43.7 million for the three months ended September 30, 2026, from $51.1 million for the same period in 2025.
• Net realized and unrealized loss on investments was $(0.06) per share, resulting in a net increase in net assets resulting from operations of $0.32 per share.
• Net expenses decreased to $24.9 million for the three months ended September 30, 2026, from $29.7 million for the same period in 2025.
• Net realized loss on investments was $(3.4) million for the quarter, compared to a net realized gain of $1.5 million in the same period in 2025.
• Net change in unrealized gain on investments was $0.4 million for the quarter, compared to a net change in unrealized loss of $(4.2) million in the same period in 2025.
• Net asset value (NAV) per share was $17.13 as of September 30, 2026, compared to $17.19 per share as of June 30, 2026.
• Total investments at fair value were $1.86 billion as of September 30, 2026, compared to $1.96 billion as of December 31, 2025.
• The weighted average yield of debt and income-producing investments decreased to 9.7% as of September 30, 2026, from 9.9% as of September 30, 2025.
• Debt to equity ratio was 1.23x (1.17x net of cash) as of September 30, 2026, compared to 1.29x (1.23x net of cash) as of June 30, 2026.
• Aggregate principal amount of debt outstanding was $1.0 billion as of September 30, 2026.
• Cash and cash equivalents were $39.1 million as of September 30, 2026.
• Approximately $216.0 million was available for additional borrowings under the revolving credit facility as of September 30, 2026.

Guidance and Future Outlook:

• Management expects to continue ramping the Joint Venture, which is believed to be accretive to NCDL's earnings profile and provide enhanced operating flexibility.
• Management expressed confidence in the ability to reward shareholders with an attractive distribution yield and total return profile.

Business Segments and Product Lines:

• The portfolio consisted of approximately 87.1% first-lien debt investments, 7.6% subordinated debt investments, 3.1% equity investments, and 2.2% investments in Joint Venture as of September 30, 2026.
• The Joint Venture, formed on July 7, 2026, had an aggregate fair value of $147.5 million as of September 30, 2026, across 95 portfolio companies in 22 industries, consisting of 100% first-lien debt investments with a weighted average yield of 9.2% at cost.
• Approximately 43.9% of the total capital commitments of the Joint Venture were called as of September 30, 2026.
• The Company funded $134.8 million of portfolio investments for the three months ended September 30, 2026, including $40.7 million related to the Joint Venture.
• Proceeds from principal repayments and sales totaled $192.4 million for the quarter, including $148.9 million related to sales of investments to the Joint Venture.
• The portfolio expanded to 258 portfolio companies as of September 30, 2026, from 244 as of June 30, 2026.
• Nine portfolio companies were on non-accrual status as of September 30, 2026, representing 1.5% of total investments at fair value.

Market and Competitive Landscape:

• The portfolio is well diversified across 25+ industries.
• The weighted average Internal Risk Rating of the portfolio at fair value was 4.4 as of September 30, 2026, compared to 4.3 as of June 30, 2026 (4.0 being the initial rating assigned at origination).
• The decrease in weighted average yield was primarily due to the net decline in base interest rates, while spreads on newly originated investments remained relatively stable.

Risks and Challenges:

• Forward-looking statements involve risks including changes in financial, capital, and lending markets; changes in the interest rate environment; the imposition of tariffs and trade barriers; geopolitical conditions; and general economic trends.
• Actual results may differ materially from forward-looking statements due to these risks and uncertainties.

Management Commentary and Tone:

• Ken Kencel, President and CEO, stated that the Company reported solid third-quarter financial results, highlighting the strength and stability of the investment portfolio.
• Kencel noted that credit metrics and fundamentals remain strong, reflecting a conservative underwriting approach and a well-diversified portfolio.
• Shai Vichness, CFO and Treasurer, stated that the Company took meaningful actions to optimize and strengthen its balance sheet and capital structure, including refinancing one CLO and adding $100 million of unsecured debt.

Other Key Points:

• The Board declared a fourth-quarter distribution of $0.38 per share, consisting of a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around January 28, 2027.
• A third-quarter distribution of $0.38 per share was paid on October 27, 2026.
• Subsequent to the quarter end, the Company repurchased 278,294 shares pursuant to its 10b5-1 Plan for approximately $3.0 million during the period from October 1, 2026, through October 30, 2026.
• The Company refinanced one of its CLOs during the third quarter.
• The Company added $100 million of unsecured debt during the third quarter.