Nuveen Churchill Direct Lending Corp. Announces Second Quarter 2026 Results

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net investment income financial

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

net asset value financial

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

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non-accrual status financial

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

first-lien debt financial

Debt that is backed by specific company assets and has the highest legal claim on those assets if the borrower defaults. Think of it like a mortgage lender who gets paid first from a house sale before other creditors; because first-lien holders are first in line, their loans are generally safer and may carry lower interest, making them important for investors who want priority protection in a distress or bankruptcy scenario.

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business development company regulatory

A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.

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Reports Second Quarter Net Investment Income of $0.41 per Share

Declares Third 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

NEW YORK--(BUSINESS WIRE)-- 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 second quarter ended June 30, 2026.

Financial Highlights and Recent Developments for the Quarter Ended June 30, 2026

• Net investment income of $0.41 per share
• Net realized and unrealized loss on investments of $(0.34) per share
• Net increase in net assets resulting from operations of $0.07 per share
• Net asset value ("NAV") per share of $17.19, compared to $17.50 per share as of March 31, 2026
• Paid second quarter distribution of $0.38 per share on July 28, 2026
• Declared third 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
• Redeemed CLO-III in full at par on July 7, 2026
• Formed an unconsolidated joint venture with an unaffiliated institutional investor on July 7, 2026
• Issued an additional $100 million of the existing 2030 Notes on July 10, 2026

“During the second quarter, NCDL reported solid financial results, as our net investment income meaningfully exceeded our regular quarterly distribution,” said Ken Kencel, President and Chief Executive Officer of NCDL. “Despite continued market volatility in the quarter, our investment portfolio remains healthy and resilient, reflecting our conservative underwriting approach and access to quality deal flow. We continue to believe NCDL is well-positioned to deliver strong returns for our investors, based on our experienced investment team, focus on the core, traditional middle market, as well as our long-term track record.”

“We remain focused on maintaining a well-diversified portfolio and reinvesting proceeds from repayments into high quality investments,” said Shai Vichness, Chief Financial Officer and Treasurer of NCDL. “In July, we took strategic actions aimed at continuing to optimize and strengthen our balance sheet, including increasing the percentage of unsecured debt in our capital structure with the additional issuance of $100 million of our existing unsecured notes and by entering into a joint venture, which we believe will be accretive to our earnings profile over the long-term.”

Distribution Declaration and Recent Developments

The Company’s Board of Directors (the “Board”) has declared a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around October 27, 2026 to shareholders of record as of September 30, 2026.

On July 7, 2026, the Company redeemed CLO-III in full at par, with an aggregate principal balance of $297.9 million, inclusive of accrued and unpaid interest. In connection with the redemption, total proceeds collected, including principal and interest, were $302.5 million.

The Company formed an unconsolidated joint venture (the "JV") with an unaffiliated institutional investor (the "JV Partner") on July 7, 2026. The Company and the JV Partner committed up to $92.8 million (87.5%) and $13.3 million (12.5%), respectively. On July 9, 2026, the JV acquired a portfolio of $148.9M of first lien loan debt from the Company.

On July 10, 2026, the Company issued an additional $100.0 million in aggregate principal amount of existing 2030 Notes (the "Additional 2030 Notes"). In connection with the issuance of the Additional 2030 Notes, the Company entered into an interest rate swap for a total notional amount of $100.0 million, effective September 15, 2026 and maturing March 15, 2030, pursuant to which the Company will receive a fixed rate of 6.65% and pay a floating rate of S + 2.55%.

PORTFOLIO COMPOSITION

As of June 30, 2026, the fair value of the Company's portfolio investments was $1.9 billion across 244 portfolio companies in 26 industries compared to $2.0 billion as of March 31, 2026 across 236 portfolio companies in 26 industries.

As of June 30, 2026, the Company’s portfolio based on fair value consisted of approximately 89.6% first-lien debt investments, 7.3% subordinated debt investments, and 3.1% equity investments. As of March 31, 2026, the Company’s portfolio based on fair value consisted of 89.7% first-lien debt investments, 7.5% subordinated debt investments, and 2.8% equity investments.

As of June 30, 2026 and March 31, 2026, the weighted average Internal Risk Rating of the portfolio at fair value was 4.3 and 4.3 (4.0 being the initial rating assigned at origination), respectively. As of June 30, 2026, there were investments in nine portfolio companies on non-accrual status representing 1.5% of total investments at fair value (or 2.7% of total investments at cost). As of March 31, 2026, there were investments in five portfolio companies on non-accrual status representing 0.6% of total investments at fair value (or 1.3% of total investments at cost).

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended June 30, 2026, the Company funded $24.8 million of portfolio investments and received $67.5 million of proceeds from principal repayments and sales, compared to $85.4 million and $65.0 million, respectively, for the three months ended March 31, 2026.

RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2026

Investment Income

Investment income decreased to $44.3 million for the three months ended June 30, 2026 from $53.1 million for the three months ended June 30, 2025. As of June 30, 2026 and June 30, 2025, the size of the Company's portfolio was $2.0 billion and $2.0 billion, at cost, respectively. As of June 30, 2026, the weighted average yield of the Company's debt and income producing investments decreased to 9.3% from 10.1% as of June 30, 2025, at cost, primarily due to the decline in base interest rates, as spreads on newly originated investments have remained relatively stable over the period.

Net Expenses

Net expenses decreased to $24.1 million for the three months ended June 30, 2026 from $30.3 million for the three months ended June 30, 2025, primarily due to a decrease in interest and debt financing expenses and a lower income-based incentive fee. Interest and debt financing expenses decreased due to a lower average interest rate and lower average daily borrowings, while the decrease in income-based incentive fees was primarily driven by the impact of the incentive fee cap pursuant to the terms of the Advisory Agreement.

Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments

For the three months ended June 30, 2026, the Company recorded a net realized loss on investments of $(11.3) million, compared to a net realized loss of $(10.7) million for the three months ended June 30, 2025. The net realized loss for the three months ended June 30, 2026 resulted primarily from amendments of two underperforming debt positions. The Company recorded a net change in unrealized loss of $(6.0) million for the three months ended June 30, 2026, compared to a net change in unrealized gain of $3.8 million for the three months ended June 30, 2025. The total net change in unrealized loss for the three months ended June 30, 2026 resulted from decreases in the fair value of certain underperforming portfolio companies, partially offset by the reversal of unrealized losses on debt positions that were amended during the period.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2026, the Company had $45.8 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 $278.5 million available for additional borrowings under its revolving credit facility as of June 30, 2026. At June 30, 2026, the Company's debt to equity ratio was 1.29x (1.23x net debt to equity ratio) compared to 1.32x (1.26x net debt to equity ratio) at March 31, 2026. Giving effect to the CLO-III redemption and the $100 million issuance of the Additional 2030 Notes, unsecured notes represented 41% of the Company's outstanding debt as of June 30, 2026 on a pro forma basis.

CONFERENCE CALL AND WEBCAST INFORMATION

Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its second quarter 2026 financial results today at 10:00 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 financial performance and financial condition, investment returns to investors; and NCDL's equity investment in the JV being accretive to NCDL's earnings profile over the long-term, 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; the impact of geopolitical conditions; 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.

5808905

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (amounts in thousands, except share and per share data)
	June 30, 2026				December 31, 2025
Assets	(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (cost of $1,971,534 and $2,001,207, respectively)	$	1,918,917			$	1,962,449
Cash		4,997				8,554
Cash equivalents		40,759				53,927
Interest receivable		13,491				13,729
Derivative asset, at fair value (Note 4)		8,534				14,965
Receivable for investments sold		838				518
Other assets		409				327
Total assets	$	1,987,945			$	2,054,469
Liabilities
Debt (net of $8,005 and $8,511 deferred financing and issuance costs, respectively, and net of unamortized discount of $415 and $471, respectively) (See Note 7)	$	1,088,504			$	1,115,052
Interest payable		14,359				15,350
Incentive fees payable		646				2,809
Management fees payable		4,933				5,048
Collateral due to broker		9,190				14,750
Distributions payable		18,741				22,224
Directors’ fees payable		142				156
Accounts payable and accrued expenses		2,465				3,900
Total liabilities		1,138,980				1,179,289
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, 49,387,065 and 49,387,065 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		494				494
Paid-in-capital in excess of par value		930,393				930,393
Total distributable earnings (loss)		(81,922	)			(55,707	)
Total net assets		848,965				875,180
Total liabilities and net assets	$	1,987,945			$	2,054,469
Net asset value per share (See Note 11)	$	17.19			$	17.72

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	41,810			$	50,213			$	84,672			$	101,059
Payment-in-kind interest income		2,391				2,264				5,513				4,629
Dividend income		—				116				—				116
Other income		129				539				403				914
Total investment income		44,330				53,132				90,588				106,718
Expenses:
Interest and debt financing expenses		16,565				20,105				34,314				40,748
Management fees (See Note 6)		4,933				5,179				9,873				9,093
Incentive fees on net investment income (See Note 6)		646				2,827				2,181				5,080
Professional fees		1,007				1,108				1,770				1,601
Directors' fees		142				156				304				312
Administration fees (See Note 6)		593				490				1,273				1,076
Other general and administrative expenses		223				411				608				753
Total expenses before incentive fees waived		24,109				30,276				50,323				58,663
Incentive fees waived (See Note 6)		—				—				—				(2,253	)
Net expenses after incentive fees waived		24,109				30,276				50,323				56,410
Net investment income		20,221				22,856				40,265				50,308
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments		(11,261	)			(10,702	)			(14,550	)			(9,599	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments		(6,046	)			3,770				(13,859	)			(9,803	)
Income tax (provision) benefit		680				92				425				131
Total net change in unrealized appreciation (depreciation)		(5,366	)			3,862				(13,434	)			(9,672	)
Total net realized and unrealized gain (loss) on investments		(16,627	)			(6,840	)			(27,984	)			(19,271	)
Net increase (decrease) in net assets resulting from operations	$	3,594			$	16,016			$	12,281			$	31,037
Per share data:
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.07			$	0.32			$	0.25			$	0.61
Weighted average common shares outstanding - basic and diluted		49,387,065				50,183,714				49,387,065				51,191,926

See Notes to Consolidated Financial Statements

PORTFOLIO AND INVESTMENT ACTIVITY (amounts in thousands)
	Three Months Ended June 30,
	2026				2025
Net funded investment activity
New gross commitments at par 1	$	12,081			$	47,698
Net investments funded		24,818				81,061
Investments sold or repaid		(67,480	)			(162,202	)
Net funded (repaid) investment activity	$	(42,662	)		$	(81,141	)
						—
Gross commitments at par 1
First-lien debt	$	5,937			$	45,224
Subordinated debt		1,372				100
Equity investments		4,772				2,374
Total gross commitments	$	12,081			$	47,698
Portfolio company activity
Portfolio companies, beginning of period		236				210
Number of new portfolio companies		11				14
Number of exited portfolio companies		(3	)			(17	)
Portfolio companies, end of period		244				207
Count of investments		569				492
Count of industries		26				26
New investment activity
Weighted average annual interest rate on new debt investments at par		9.2	%			9.1	%
Weighted average annual interest rate on new floating rate debt investments at par		8.5	%			9.1	%
Weighted average spread on new floating rate debt investments at par		4.8	%			4.8	%
Weighted average annual coupon on new fixed rate debt investments at par		12.3	%			12.0	%
Weighted average annual interest rate on exited or repaid investments at par		9.3	%			9.1	%
__________________
1 Gross commitments at par includes unfunded investment commitments.

See Notes to Consolidated Financial Statements

PORTFOLIO AND INVESTMENT ACTIVITY (amounts in thousands)
	Six Months Ended June 30,
	2026				2025
Net funded investment activity
New gross commitments at par 1	$	94,958			$	213,937
Net investments funded		110,177				234,080
Investments sold or repaid		(132,495	)			(310,552	)
Net funded (repaid) investment activity	$	(22,318	)		$	(76,472	)
Gross commitments at par 1
First-lien debt	$	76,106			$	197,219
Subordinated debt		3,516				13,330
Equity investments		15,336				3,388
Total gross commitments	$	94,958			$	213,937
Portfolio company activity
Portfolio companies, beginning of period		227				210
Number of new portfolio companies		24				26
Number of exited portfolio companies		(7	)			(29	)
Portfolio companies, end of period		244				207
Count of investments		569				492
Count of industries		26				26
New investment activity
Weighted average annual interest rate on new debt investments at par		8.5	%			9.3	%
Weighted average annual interest rate on new floating rate debt investments at par		8.4	%			9.1	%
Weighted average spread on new floating rate debt investments at par		4.7	%			4.8	%
Weighted average annual coupon on new fixed rate debt investments at par		11.0	%			12.6	%
Weighted average annual interest rate on exited or repaid investments at par		9.2	%			9.1	%
__________________
1 Gross commitments at par includes unfunded investment commitments.

See Notes to Consolidated Financial Statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20260806873002/en/

Investors:
Investor Relations
NCDL-IR@churchillam.com

Media:
Prosek Partners
Alex Hinson
Pro-churchill@prosek.com

Source: Nuveen Churchill Direct Lending Corp.