Nuveen Churchill Direct Lending Corp. Announces Third Quarter 2026 Results

Management expects the new joint venture to add to earnings as its investment activity expands.

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Reports Third Quarter Net Investment Income of $0.38 per Share

Declares 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

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 third quarter ended September 30, 2026.

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

• Net investment income of $0.38 per share
• Net realized and unrealized loss on investments of $(0.06) per share
• Net increase in net assets resulting from operations of $0.32 per share
• Net asset value ("NAV") per share of $17.13, compared to $17.19 per share as of June 30, 2026
• Paid third quarter distribution of $0.38 per share on October 27, 2026
• NCDL Senior Loan Fund I LLC (the "Joint Venture") was formed on July 7, 2026. As of September 30, 2026, approximately 43.9% of the total capital commitments of the Joint Venture were called
• Declared 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
• Subsequent to quarter end, repurchased 278,294 shares pursuant to the Company 10b5-1 Plan for approximately $3.0 million for the period from October 1, 2026 through October 30, 2026.

“NCDL reported solid third quarter financial results, highlighting the overall strength and stability of our investment portfolio,” said Ken Kencel, President and Chief Executive Officer of NCDL. “Our credit metrics and fundamentals remain strong, reflecting our conservative underwriting approach, as well as our well-diversified portfolio across position sizing and industry concentrations. As we look ahead, we remain confident in our ability to reward shareholders with an attractive distribution yield and total return profile.”

“We took meaningful actions to optimize and strengthen our balance sheet and capital structure in the third quarter, including a refinancing of one of our CLOs and the addition of $100 million of unsecured debt,” said Shai Vichness, Chief Financial Officer and Treasurer of NCDL. “During the quarter, we commenced operations of our joint venture, and we expect to continue to ramp the JV, which we believe will be accretive to NCDL's earnings profile and provide enhanced operating flexibility.”

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 January 28, 2027 to shareholders of record as of December 31, 2026.

For the period from October 1, 2026 through October 30, 2026, BofA Securities, Inc., as agent, repurchased 278,294 shares of our common stock pursuant to the Company 10b5-1 Plan for approximately $3.0 million.

PORTFOLIO COMPOSITION

As of September 30, 2026, the fair value of the Company's portfolio investments was $1.9 billion across 258 portfolio companies compared to $1.9 billion as of June 30, 2026 across 244 portfolio companies, well diversified across 25+ industries in each period.

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

As of September 30, 2026 and June 30, 2026, the weighted average Internal Risk Rating of the portfolio at fair value was 4.4 and 4.3 (4.0 being the initial rating assigned at origination), respectively. As of September 30, 2026, there were investments in nine portfolio companies on non-accrual status representing 1.5% of total investments at fair value (or 2.6% of total investments at cost). 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 September 30, 2026, our Joint Venture's investment portfolio had an aggregate fair value of $147.5 million, across 95 portfolio companies in 22 industries, consisting of 100% first-lien debt investments, with a weighted average yield of 9.2% at cost.

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended September 30, 2026, the Company funded $134.8 million of portfolio investments, of which $40.7 million was related to fundings to the Joint Venture, and received $192.4 million of proceeds from principal repayments and sales, of which $148.9 million was related to proceeds from sales of investments to the Joint Venture, compared to $24.8 million and $67.5 million, respectively, for the three months ended June 30, 2026.

RESULTS OF OPERATIONS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026

Investment Income

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. As of September 30, 2026 and September 30, 2025, the size of the Company's portfolio was $1.9 billion and $2.0 billion, at cost, respectively. As of September 30, 2026, the weighted average yield of the Company's debt and income producing investments decreased to 9.7% from 9.9% as of September 30, 2025, at cost. This decrease was primarily due to the net decline in base interest rates over the period, as spreads on newly originated investments have remained relatively stable.

Net Expenses

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, primarily due to a decrease in interest and debt financing expenses, driven by a lower average interest rate and lower average daily borrowings.

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

For the three months ended September 30, 2026, the Company recorded a net realized loss on investments of $(3.4) million, driven primarily by the amendment and restructuring of two underperforming debt positions, partially offset by a gain from the realization of one equity position, compared to a net realized gain of $1.5 million for the same period in 2025. The Company also recorded a net change in unrealized gain of $0.4 million, reflecting the reversal of unrealized losses on certain debt positions amended and restructured, partially offset by fair value declines in certain underperforming portfolio companies, compared to a net change in unrealized loss of $(4.2) million for the same period in 2025.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2026, the Company had $39.1 million in cash and cash equivalents and $1.0 billion in aggregate principal amount of debt outstanding. Subject to borrowing base and other conditions, the Company had approximately $216.0 million available for additional borrowings under its revolving credit facility. As of September 30, 2026, the Company's debt to equity ratio was 1.23x (1.17x net of cash) compared to 1.29x (1.23x net of cash) as of June 30, 2026.

CONFERENCE CALL AND WEBCAST INFORMATION

Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its third 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.

00099010

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (amounts in thousands, except share and per share data)
	September 30, 2026				December 31, 2025
Assets	(Unaudited)
Investments at fair value
Non-controlled/non-affiliate investments, at fair value (cost of $1,873,446 and $2,001,207, respectively)	$	1,821,254			$	1,962,449
Controlled/affiliate investments, at fair value (cost of $40,688 and $—, respectively)		40,759				—
Total investments at fair value (cost of $1,914,134 and $2,001,207, respectively)		1,862,013				1,962,449
Cash		3,576				8,554
Cash equivalents		35,537				53,927
Interest receivable		11,385				13,729
Derivative assets, at fair value (Note 4)		—				14,965
Receivable for investments sold		336				518
Collateral due from broker		6,870				—
Receivable from controlled/affiliate investments		1,269				—
Other assets		368				327
Total assets	$	1,921,354			$	2,054,469
Liabilities
Debt (net of $7,500 and $8,511 deferred financing and issuance costs, respectively, and net of unamortized discount of $271 and $471, respectively) (See Note 7)	$	1,027,584			$	1,115,052
Payable for investments purchased		5,133				—
Interest payable		7,030				15,350
Incentive fees payable		2,812				2,809
Management fees payable		4,821				5,048
Derivative liability, at fair value		7,083				—
Collateral due to broker		—				14,750
Distributions payable		18,768				22,224
Directors’ fees payable		142				156
Accounts payable and accrued expenses		1,793				3,900
Total liabilities		1,075,166				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 September 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)		(84,699	)			(55,707	)
Total net assets		846,188				875,180
Total liabilities and net assets	$	1,921,354			$	2,054,469
Net asset value per share (See Note 11)	$	17.13			$	17.72

See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Investment income:
Non-controlled/non-affiliate investments:
Interest income	$	39,567			$	48,227			$	124,239			$	149,286
Payment-in-kind interest income		2,714				2,369				8,227				6,998
Dividend income		29				286				29				402
Other income		95				224				498				1,138
Total investment income from non-controlled/non-affiliate investments		42,405				51,106				132,993				157,824
Controlled/affiliate investments:
Interest income		431				—				431				—
Dividend income		751				—				751				—
Other income		87				—				87				—
Total investment income from controlled/affiliate investments		1,269				—				1,269				—
Total investment income		43,674				51,106				134,262				157,824
Expenses:
Interest and debt financing expenses		15,639				19,206				49,953				59,954
Management fees (See Note 6)		4,821				5,128				14,694				14,221
Incentive fees on net investment income (See Note 6)		2,812				3,293				4,993				8,373
Professional fees		665				709				2,435				2,310
Directors' fees		142				156				446				468
Administration fees (See Note 6)		252				659				1,525				1,735
Other general and administrative expenses		567				569				1,175				1,322
Total expenses before incentive fees waived		24,898				29,720				75,221				88,383
Incentive fees waived (See Note 6)		—				—				—				(2,253	)
Net expenses after incentive fees waived		24,898				29,720				75,221				86,130
Net investment income		18,776				21,386				59,041				71,694
Realized and unrealized gain (loss) on investments:
Net realized gain (loss):
Non-controlled/non-affiliate investments		(3,445	)			1,521				(17,995	)			(8,078	)
Net income tax expense on realized gain		(569	)			—				(569	)			—
Total net realized gain (loss)		(4,014	)			1,521				(18,564	)			(8,078	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliate investments		426				(4,245	)			(13,433	)			(14,048	)
Controlled/affiliate investments		71				—				71				—
Income tax (provision) benefit		732				(4	)			1,157				127
Total net change in unrealized appreciation (depreciation)		1,229				(4,249	)			(12,205	)			(13,921	)
Total net realized and unrealized gain (loss) on investments		(2,785	)			(2,728	)			(30,769	)			(21,999	)
Net increase (decrease) in net assets resulting from operations	$	15,991			$	18,658			$	28,272			$	49,695
Per share data:
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.32			$	0.38			$	0.57			$	0.98
Weighted average common shares outstanding - basic and diluted		49,387,065				49,403,696				49,387,065				50,589,299

See Notes to Consolidated Financial Statements

PORTFOLIO AND INVESTMENT ACTIVITY (amounts in thousands)
	Three Months Ended September 30,
		2026				2025
Net funded investment activity
New gross commitments at par 1	$	213,290			$	29,236
Net investments funded 2		134,789				36,277
Investments sold or repaid 2		(192,361	)			(61,324	)
Net funded (repaid) investment activity	$	(57,572	)		$	(25,047	)
						—
Gross commitments at par 1
First-lien debt	$	117,754			$	22,100
Subordinated debt		—				3,072
Equity investments		2,786				4,064
Total gross commitments	$	213,290			$	29,236
Portfolio company activity
Portfolio companies, beginning of period		244				207
Number of new portfolio companies		17				10
Number of exited portfolio companies		(3	)			(4	)
Portfolio companies, end of period		258				213
Count of investments		599				499
Count of industries		27				26
New investment activity
Weighted average annual interest rate on new debt investments at par 3		8.9	%			9.2	%
Weighted average annual interest rate on new floating rate debt investments at par 3		8.9	%			8.6	%
Weighted average spread on new floating rate debt investments at par		4.8	%			4.7	%
Weighted average annual coupon on new fixed rate debt investments at par		—	%			13.0	%
Weighted average annual interest rate on exited or repaid investments at par		8.5	%			9.1	%

____________________

1 Gross commitments at par includes unfunded investment commitments.

2 Net investments funded include $40.7 million contributed by the Company to the Joint Venture, while investments sold or repaid include $148.9 million of investments sold to the Joint Venture at fair value.

3 The weighted average interest rate is calculated using the effective interest rate for floating rate and fixed rate debt investments in portfolio companies, and excludes the investments in Senior Loan Fund I.

See Notes to Consolidated Financial Statements

PORTFOLIO AND INVESTMENT ACTIVITY (amounts in thousands)
	Nine Months Ended September 30,
		2026				2025
Net funded investment activity
New gross commitments at par 1	$	308,248			$	243,173
Net investments funded 2		244,967				270,357
Investments sold or repaid 2		(324,855	)			(371,876	)
Net funded (repaid) investment activity	$	(79,888	)		$	(101,519	)
Gross commitments at par 1
First-lien debt	$	193,859			$	219,319
Subordinated debt		3,516				16,402
Equity investments		18,123				7,452
Total gross commitments	$	308,248			$	243,173
Portfolio company activity
Portfolio companies, beginning of period		227				210
Number of new portfolio companies		41				36
Number of exited portfolio companies		(10	)			(33	)
Portfolio companies, end of period		258				213
Count of investments		599				499
Count of industries		27				26
New investment activity
Weighted average annual interest rate on new debt investments at par 3		8.8	%			9.3	%
Weighted average annual interest rate on new floating rate debt investments at par 3		8.7	%			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		11.0	%			12.7	%
Weighted average annual interest rate on exited or repaid investments at par		9.1	%			9.1	%

____________________

1 Gross commitments at par includes unfunded investment commitments.

2 Net investments funded include $40.7 million contributed by the Company to the Joint Venture, while investments sold or repaid include $148.9 million of investments sold to the Joint Venture at fair value.

3 The weighted average interest rate is calculated using the effective interest rate for floating rate and fixed rate debt investments in portfolio companies, and excludes the investments in Senior Loan Fund I.

See Notes to Consolidated Financial Statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20261103287055/en/

Investors:
Investor Relations
NCDL-IR@churchillam.com

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

Source: Nuveen Churchill Direct Lending Corp.

Key Terms

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.

View in glossary

10b5-1 plan regulatory

A 10b5-1 plan is a pre-arranged strategy that allows company insiders to buy or sell their shares at predetermined times and prices, even while they are aware of confidential information. It acts like a scheduled appointment for trading, helping ensure transactions happen transparently and legally, which can reassure investors that trades are not based on insider knowledge.

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.

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.