Dividend reset and $50M buyback at Nuveen Churchill Direct Lending (NCDL)
Rhea-AI Filing Summary
Nuveen Churchill Direct Lending Corp. reported solid but moderating results for the fourth quarter and full year 2025. For the quarter, net investment income was $0.44 per share and the net increase in net assets from operations was $0.32 per share. Net asset value per share edged down to $17.72 from $17.85.
For 2025, net investment income was $93.3 million, or $1.86 per share, down from $2.26 in 2024, while return on equity on net investment income was 9.8%. The company paid $1.90 per share of distributions in 2025 and has reset its regular quarterly distribution, declaring a first-quarter 2026 payout of $0.40 per share (regular $0.36 plus supplemental $0.04). The board also authorized a $50 million share repurchase program.
The investment portfolio stood at $2.0 billion across 227 portfolio companies, with 89.5% in first-lien debt and a weighted average yield of 9.6%. Credit quality remained strong, with only 0.5% of investments at fair value on non-accrual and a weighted average internal risk rating of 4.2. As of December 31, 2025, the company held $62.5 million in cash and cash equivalents, total debt of $1.1 billion, a debt-to-equity ratio of 1.27x, and about $259 million of additional borrowing capacity on its revolving credit facility, supporting total liquidity of roughly $321 million.
Positive
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Negative
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Insights
NCDL delivers solid credit metrics but trims its regular dividend amid lower net investment income.
NCDL generated Q4 2025 net investment income of $0.44 per share and a full-year ROE on net investment income of 9.8%. However, full-year net investment income per share fell from $2.26 to $1.86, reflecting lower portfolio yields and higher management and incentive fees after the March 2025 fee step-up.
Credit quality appears resilient. The $2.0B portfolio is 89.5% first-lien debt with only 0.5% of investments at fair value on non-accrual and a stable internal risk rating of 4.2. Non-accruals remain low even as realized and unrealized losses totaled $27.7M for 2025, modest relative to total assets.
Capital management is mixed. The regular quarterly distribution is reset to $0.36 plus a $0.04 supplemental, below the prior $0.45 regular payout, signaling a more conservative dividend level. At the same time, the board approved a $50M share repurchase program and ended 2025 with a debt-to-equity ratio of 1.27x and liquidity of about $321M, leaving flexibility for future portfolio and capital allocation decisions.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Nuveen Churchill Direct Lending Corp. (NCDL) perform in Q4 2025?
NCDL generated net investment income of $0.44 per share in Q4 2025 and a net increase in net assets from operations of $0.32 per share. Net asset value per share was $17.72, slightly below $17.85 at September 30, 2025, reflecting modest net losses on investments.
What distributions did NCDL pay and declare around year-end 2025?
NCDL paid a fourth-quarter 2025 regular distribution of $0.45 per share on January 27, 2026, equating to a 10.1% annualized yield on Q4 NAV. The board then declared a first-quarter 2026 distribution of $0.40 per share, split between a $0.36 regular and $0.04 supplemental payment.
How strong is NCDL’s portfolio credit quality as of December 31, 2025?
NCDL’s $2.0 billion portfolio is well diversified across 227 companies and 26 industries, with 89.5% in first-lien debt. Only 0.5% of investments at fair value are on non-accrual, and the weighted average internal risk rating is a stable 4.2, indicating generally solid credit quality.
What were NCDL’s key full-year 2025 financial results?
For 2025, NCDL reported investment income of $207.9 million and net investment income of $93.3 million, or $1.86 per share. Net realized and unrealized losses on investments totaled $27.7 million, and the company generated an annualized 9.8% return on equity based on net investment income.
What is NCDL’s leverage and liquidity position at year-end 2025?
At December 31, 2025, NCDL had $1.1 billion of debt, a debt-to-equity ratio of 1.27x, and $62.5 million in cash and cash equivalents. Together with $259 million of undrawn revolving credit capacity, total liquidity was approximately $321 million, supporting ongoing investment activity.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 26, 2026
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (212 ) 478-9200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On February 26, 2026, Nuveen Churchill Direct Lending Corp. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. | ||||
On February 26, 2026, the Company will host a conference call to discuss its financial results for the fourth quarter ended December 31, 2025. The earnings presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act or other Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated February 26, 2026 | |||||||
| 99.2 | Full Year and Fourth Quarter 2025 Earnings Presentation | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NUVEEN CHURCHILL DIRECT LENDING CORP. | |||||||||||
| Date: February 26, 2026 | By: | /s/ Kenneth J. Kencel | |||||||||
| Name: | Kenneth J. Kencel | ||||||||||
| Title: | Chief Executive Officer and President | ||||||||||
Nuveen Churchill Direct Lending Corp. Announces
Fourth Quarter 2025 Results
Reports Fourth Quarter Net Investment Income of $0.44 per Share
Declares First Quarter Distribution of $0.40 per Share, Consisting of a Regular Distribution of $0.36 per Share and a Supplemental Distribution of $0.04 per Share
NEW YORK, February 26, 2026 - 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 full year and fourth quarter ended December 31, 2025.
Financial Highlights for the Quarter Ended December 31, 2025
•Net investment income of $0.44 per share
•Net realized and unrealized loss on investments of $(0.12) per share
•Net increase in net assets resulting from operations of $0.32 per share
•Net asset value ("NAV") per share of $17.72, compared to $17.85 per share as of September 30, 2025
•Paid fourth quarter regular distribution of $0.45 per share on January 27, 2026, which represents a 10.1% total annualized distribution yield based on the fourth quarter NAV per share
•Declares first quarter distribution of $0.40 per share, consisting of a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share
•Board authorized a $50 million share repurchase program
“We are pleased to conclude 2025 with a strong quarter of financial results,” said Ken Kencel, President and Chief Executive Officer of NCDL. “Our investment portfolio continues to demonstrate strength and stability, as we ended the year with only 0.5% of the total portfolio at fair value on non-accrual status. We are encouraged by the positive momentum in deal activity we experienced in the second half of last year, and we remain intensely focused on generating attractive risk adjusted returns for our shareholders.”
“In 2025, NCDL delivered a return on equity of nearly 11% and paid $1.90 per share of distributions, reflecting ongoing, strong operating performance,” said Shai Vichness, Chief Financial Officer and Treasurer of NCDL. “We have reset our regular quarterly distribution to a level that considers the current interest rate and spread environment. In conjunction with the reset of our dividend, we are announcing a new $50 million share repurchase program, which demonstrates our confidence in the overall strength of our portfolio.”
Distribution Declaration and Share Repurchase Program
The Company’s Board of Directors (the “Board“) has declared a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share, payable on or around April 28, 2026 to shareholders of record as of March 31, 2026.
On February 12, 2026, the Board approved a share repurchase program (the "Company 10b5-1 Plan") authorizing the Company to purchase up to $50 million in the aggregate of its outstanding common stock in the open market at prices below NAV per share.
PORTFOLIO COMPOSITION
As of December 31, 2025, the fair value of the Company's portfolio investments was $2.0 billion across 227 portfolio companies in 26 industries compared to $2.0 billion as of September 30, 2025 across 213 portfolio companies in 26 industries.
As of December 31, 2025, the Company’s portfolio based on fair value consisted of approximately 89.5% first-lien debt investments, 8.2% subordinated debt investments, and 2.3% equity investments. As of September 30, 2025, the Company’s portfolio based on fair value consisted of 89.8% first-lien debt investments, 8.1% subordinated debt investments, and 2.1% equity investments.
As of December 31, 2025 and September 30, 2025, the weighted average Internal Risk Rating of the portfolio at fair value was 4.2 and 4.2 (4.0 being the initial rating assigned at origination), respectively. As of December 31, 2025, there were investments in four portfolio companies on non-accrual status representing 0.5% of total investments at fair value (or 1.2% of total investments at cost). As of September 30, 2025, there were investments in three portfolio companies on non-accrual status representing 0.4% of total investments at fair value (or 0.9% of total investments at cost).
PORTFOLIO AND INVESTMENT ACTIVITY
Full Year
For the year ended December 31, 2025, the Company funded $350.7 million of portfolio investments and received $456.2 million of proceeds from principal repayments and sales, compared to $863.6 million and $430.0 million, respectively, for the year ended December 31, 2024.
Fourth Quarter
For the three months ended December 31, 2025, the Company funded $80.4 million of portfolio investments and received $84.3 million of proceeds from principal repayments and sales, compared to $36.3 million and $61.3 million, respectively, for the three months ended September 30, 2025.
RESULTS OF OPERATIONS FOR THE FULL YEAR AND FOURTH QUARTER ENDED DECEMBER 31, 2025
Investment Income
Full Year
Investment income decreased to $207.9 million for the year ended December 31, 2025 from $224.0 million for the year ended December 31, 2024. As of December 31, 2025, the size of our portfolio decreased to $2.0 billion from $2.1 billion as of December 31, 2024, at cost. As of December 31, 2025, the weighted average yield of our debt and income producing investments decreased to 9.48% from 10.33% as of December 31, 2024, at cost, primarily due to overall tightening of spreads in newly originated investments, the refinancing or repricing of existing portfolio companies, and the decline in base interest rates.
Fourth Quarter
Investment income for the three months ended December 31, 2025 was $50.0 million compared to $57.1 million for the three months ended December 31, 2024.
Net Expenses
Full Year
Net expenses before excise taxes increased to $114.3 million for the year ended December 31, 2025 from $101.1 million for the year ended December 31, 2024, primarily due to an increase in management fees and income-based incentive fees. The increase in management fees was primarily attributable to the increase in the management fee base rate from 0.75% to 1.00%, effective March 31, 2025, pursuant to the terms of the Advisory Agreement. Additionally, effective March 31, 2025, the Adviser's waiver of incentive fees on income and on capital gains expired pursuant to the terms of the Advisory Agreement. For the year ended December 31, 2025, income-based incentive fees totaled $11.2 million, of which $2.3 million was waived during the first quarter of 2025 when the fee waiver was in effect. Interest and debt financing expenses decreased primarily due to a lower average interest rate, partially offset by higher average daily borrowings and one-time costs associated with debt facility refinancings completed during the first quarter of 2025.
Fourth Quarter
Net expenses before excise taxes increased to $28.2 million for the three months ended December 31, 2025 from $26.4 million for the three months ended December 31, 2024.
Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments
For the year ended December 31, 2025, the Company recorded a net realized loss on investments of $(6.0) million, compared to a net realized loss of $(13.2) million for the year ended December 31, 2024. The net realized loss for the year ended December 31, 2025 was primarily driven by the restructuring of an underperforming debt position, partially offset by realized gains from full or partial repayments and sales of investments in portfolio companies. The Company recorded a net change in unrealized loss of $(21.6) million for the year ended December 31, 2025, compared to a net change in unrealized gain of $7.3 million for the year ended December 31, 2024. The increase in total net change in unrealized loss for the year ended December 31, 2025, compared to the total net change in unrealized gain for the year ended December 31, 2024, primarily resulted from decreases in fair value of certain underperforming portfolio companies, partially offset by the reversal of unrealized loss on a debt position that was restructured during the year.
For the three months ended December 31, 2025, the Company recorded a net realized gain on investments of $2.1 million compared to a net realized loss of $(11.7) million for the three months ended December 31, 2024. The Company recorded a net change in unrealized loss of $(7.5) million for the three months ended December 31, 2025 compared to a net change in unrealized gain of $11.3 million for the three months ended December 31, 2024.
Financial Condition, Liquidity and Capital Resources
As of December 31, 2025, the Company had $62.5 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 $259.0 million available for additional borrowings under its revolving credit facility as of December 31, 2025. At December 31, 2025, the Company's debt to equity ratio was 1.27x (1.20x net debt to equity ratio) compared to 1.25x (1.20x net debt to equity ratio) at September 30, 2025.
CONFERENCE CALL AND WEBCAST INFORMATION
Nuveen Churchill Direct Lending Corp. will hold a conference call to discuss its full year and fourth quarter 2025 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, 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; 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, which is 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.
Contacts
Investors:
Investor Relations
NCDL-IR@churchillam.com
Investor Relations
NCDL-IR@churchillam.com
Media:
Prosek Partners
Prosek Partners
Madison Hanlon
Pro-churchill@prosek.com
Pro-churchill@prosek.com
5249308
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)
December 31, 2025 | December 31, 2024 | ||||||||||
Assets | |||||||||||
Investments | |||||||||||
Non-controlled/non-affiliated company investments, at fair value (cost of $2,001,207 and $2,098,575, respectively) | $ | 1,962,449 | $ | 2,081,379 | |||||||
Cash | 8,554 | 2,412 | |||||||||
Cash equivalents | 53,927 | 40,842 | |||||||||
Restricted cash | — | 50 | |||||||||
Interest receivable | 13,729 | 17,971 | |||||||||
Derivative asset, at fair value (Note 4) | 14,965 | — | |||||||||
Receivable for investments sold | 518 | 1,024 | |||||||||
Other assets | 327 | 47 | |||||||||
Total assets | $ | 2,054,469 | $ | 2,143,725 | |||||||
Liabilities | |||||||||||
Debt (net of $8,511 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $471 and $0, respectively) (See Note 7) | $ | 1,115,052 | $ | 1,108,261 | |||||||
Payable for investments purchased | — | 14,973 | |||||||||
Interest payable | 15,350 | 12,967 | |||||||||
Incentive fees payable | 2,809 | — | |||||||||
Management fees payable | 5,048 | 3,956 | |||||||||
Collateral due to broker | 14,750 | — | |||||||||
Distributions payable | 22,224 | 29,468 | |||||||||
Directors’ fees payable | 156 | 128 | |||||||||
Accounts payable and accrued expenses | 3,900 | 3,652 | |||||||||
Total liabilities | 1,179,289 | 1,173,405 | |||||||||
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 53,387,277 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 494 | 534 | |||||||||
Paid-in-capital in excess of par value | 930,393 | 996,286 | |||||||||
Total distributable earnings (loss) | (55,707) | (26,500) | |||||||||
Total net assets | 875,180 | 970,320 | |||||||||
Total liabilities and net assets | $ | 2,054,469 | $ | 2,143,725 | |||||||
Net asset value per share (See Note 11) | $ | 17.72 | $ | 18.18 | |||||||
See Notes to Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except share and per share data)
Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Non-controlled/non-affiliated company investments: | |||||||||||||||||||||||
Interest income | $ | 46,611 | $ | 53,683 | $ | 195,896 | $ | 213,096 | |||||||||||||||
Payment-in-kind interest income | 2,870 | 2,275 | 9,868 | 8,299 | |||||||||||||||||||
Dividend income | — | 257 | 402 | 614 | |||||||||||||||||||
Other income | 554 | 861 | 1,692 | 2,031 | |||||||||||||||||||
Total investment income | 50,035 | 57,076 | 207,858 | 224,040 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Interest and debt financing expenses | 17,947 | 21,019 | 77,901 | 79,879 | |||||||||||||||||||
Management fees (See Note 6) | 5,048 | 3,956 | 19,269 | 14,683 | |||||||||||||||||||
Incentive fees on net investment income (See Note 6) | 2,809 | 4,417 | 11,182 | 17,447 | |||||||||||||||||||
Professional fees | 836 | 785 | 3,146 | 3,100 | |||||||||||||||||||
Directors' fees | 156 | 127 | 624 | 510 | |||||||||||||||||||
Administration fees (See Note 6) | 606 | 300 | 2,341 | 1,861 | |||||||||||||||||||
Other general and administrative expenses | 802 | 180 | 2,124 | 1,068 | |||||||||||||||||||
Total expenses before expense support and incentive fees waived | 28,204 | 30,784 | 116,587 | 118,548 | |||||||||||||||||||
Expense support (See Note 6) | — | — | — | — | |||||||||||||||||||
Incentive fees waived (See Note 6) | — | (4,417) | (2,253) | (17,447) | |||||||||||||||||||
Net expenses after expense support and incentive fees waived | 28,204 | 26,367 | 114,334 | 101,101 | |||||||||||||||||||
Net investment income before excise taxes | 21,831 | 30,709 | 93,524 | 122,939 | |||||||||||||||||||
Excise taxes | 186 | 551 | 186 | 551 | |||||||||||||||||||
Net investment income | 21,645 | 30,158 | 93,338 | 122,388 | |||||||||||||||||||
Realized and unrealized gain (loss) on investments: | |||||||||||||||||||||||
Net realized gain (loss) on non-controlled/non-affiliated company investments | 2,065 | (11,676) | (6,013) | (13,198) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation): | |||||||||||||||||||||||
Non-controlled/non-affiliated company investments | (7,514) | 11,282 | (21,562) | 7,287 | |||||||||||||||||||
Income tax (provision) benefit | (276) | (313) | (149) | (154) | |||||||||||||||||||
Total net change in unrealized appreciation (depreciation) | (7,790) | 10,969 | (21,711) | 7,133 | |||||||||||||||||||
Total net realized and unrealized gain (loss) on investments | (5,725) | (707) | (27,724) | (6,065) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 15,920 | $ | 29,451 | $ | 65,614 | $ | 116,323 | |||||||||||||||
Per share data: | |||||||||||||||||||||||
Net investment income per share - basic and diluted | $ | 0.44 | $ | 0.56 | $ | 1.86 | $ | 2.26 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.32 | $ | 0.54 | $ | 1.30 | $ | 2.15 | |||||||||||||||
Weighted average common shares outstanding - basic and diluted | 49,387,055 | 54,229,767 | 50,286,270 | 54,118,379 | |||||||||||||||||||
See Notes to Consolidated Financial Statements
PORTFOLIO AND INVESTMENT ACTIVITY
(dollars in thousands)
For the Years Ended December 31, | |||||||||||
2025 | 2024 | ||||||||||
Net funded investment activity | |||||||||||
New gross commitments at par 1 | $ | 302,546 | $ | 955,309 | |||||||
Net investments funded | 350,739 | 863,570 | |||||||||
Investments sold or repaid | (456,201) | (429,953) | |||||||||
Net funded investment activity | $ | (105,462) | $ | 433,617 | |||||||
Gross commitments at par 1 | |||||||||||
First-lien debt | $ | 266,857 | $ | 924,776 | |||||||
Subordinated debt | 22,270 | 26,088 | |||||||||
Equity investments | 13,419 | 4,445 | |||||||||
Total gross commitments | $ | 302,546 | $ | 955,309 | |||||||
Portfolio company activity | |||||||||||
Portfolio companies, beginning of period | 210 | 179 | |||||||||
Number of new portfolio companies | 58 | 68 | |||||||||
Number of exited portfolio companies | (41) | (37) | |||||||||
Portfolio companies, end of period | 227 | 210 | |||||||||
Count of investments | 528 | 475 | |||||||||
Count of industries | 26 | 27 | |||||||||
New investment activity | |||||||||||
Weighted average annual interest rate on new debt investments at par | 9.21 | % | 10.11 | % | |||||||
Weighted average annual interest rate on new floating rate debt investments at par | 8.92 | % | 10.02 | % | |||||||
Weighted average spread on new floating rate debt investments at par | 4.78 | % | 5.05 | % | |||||||
Weighted average annual coupon on new fixed rate debt investments at par | 12.73 | % | 13.53 | % | |||||||
__________________
1 Gross commitments at par includes unfunded investment commitments.
See Notes to Consolidated Financial Statements
PORTFOLIO AND INVESTMENT ACTIVITY
(dollars in thousands)
Three Months Ended December 31, | |||||||||||
2025 | 2024 | ||||||||||
Net funded investment activity | |||||||||||
New gross commitments at par 1 | $ | 59,372 | $ | 162,663 | |||||||
Net investments funded | 80,383 | 151,106 | |||||||||
Investments sold or repaid | (84,325) | (119,464) | |||||||||
Net funded investment activity | $ | (3,942) | $ | 31,642 | |||||||
— | |||||||||||
Gross commitments at par 1 | |||||||||||
First-lien debt | $ | 47,538 | $ | 159,436 | |||||||
Subordinated debt | 5,867 | 3,127 | |||||||||
Equity investments | 5,967 | 100 | |||||||||
Total gross commitments | $ | 59,372 | $ | 162,663 | |||||||
Portfolio company activity | |||||||||||
Portfolio companies, beginning of period | 213 | 202 | |||||||||
Number of new portfolio companies | 21 | 16 | |||||||||
Number of exited portfolio companies | (7) | (8) | |||||||||
Portfolio companies, end of period | 227 | 210 | |||||||||
Count of investments | 528 | 475 | |||||||||
Count of industries | 26 | 27 | |||||||||
New investment activity | |||||||||||
Weighted average annual interest rate on new debt investments at par | 8.81 | % | 8.96 | % | |||||||
Weighted average annual interest rate on new floating rate debt investments at par | 8.37 | % | 8.90 | % | |||||||
Weighted average spread on new floating rate debt investments at par | 4.72 | % | 4.59 | % | |||||||
Weighted average annual coupon on new fixed rate debt investments at par | 13.00 | % | 12.00 | % | |||||||
__________________
1 Gross commitments at par includes unfunded investment commitments.
See Notes to Consolidated Financial Statements
26 February 2026 Nuveen Churchill Direct Lending Corp. (NCDL) Full Year and Fourth Quarter 2025 Earnings NYSE: NCDL
2Nuveen Churchill Direct Lending Corp. Disclosure This presentation is for informational purposes only. It does not convey an offer of any type and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any securities of Nuveen Churchill Direct Lending Corp. (the “Company,” “NCDL,” “we,” “us” or “our”). Any such offering can be made only at the time an offeree receives a prospectus relating to such offering and other operative documents which contain significant details with respect to risks and should be carefully read. In addition, the information in this presentation is qualified in its entirety by reference to the more detailed discussions contained in the Company’s public filings with the Securities and Exchange Commission (the “SEC”), including without limitation, the risk factors. Nothing in this presentation constitutes investment advice. You or your clients may lose money by investing in the Company. The Company is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Company will achieve its investment objective. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Prospective investors should also seek advice from their own independent tax, accounting, financial, investment and legal advisors to properly assess the merits and risks associated with an investment in the Company in light of their own financial condition and other circumstances. These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. Such information is qualified in its entirety by reference to the more detailed discussions contained elsewhere in the Company’s public filings with the SEC. An investment in the Company is speculative and involves a high degree of risk. There can be no guarantee that the Company’s investment objective will be achieved. The Company may engage in other investment practices that may increase the risk of investment loss. An investor could lose all or substantially all of his, her or its investment. The Company may not provide periodic valuation information to investors, and there may be delays in distributing important tax information. The Company’s fees and expenses may be considered high and, as a result, such fees and expenses may offset the Company’s profits. For a summary of certain of these and other risks, please see the Company’s public filings with the SEC. There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Company’s past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market. Opinions expressed reflect the current opinions of the Company as of the date appearing in the materials only and are based on the Company’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. This presentation includes 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 performance and financial performance and financial condition, 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; general economic, political and industry trends and other external factors, and 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, which is 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. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward-looking statements. Should NCDL’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that NCDL did not expect, actual results could differ materially from the forward- looking statements in this presentation. All capitalized terms in the presentation have the same definitions as the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Please see endnotes at the end of this presentation for additional important information.
3Nuveen Churchill Direct Lending Corp. 4Q'25 Highlights Past performance is not a guarantee of future results. See endnotes for additional information. 4Q'25 Earnings • Net investment income per share: $0.44 (vs. $0.43 in 3Q'25)1 • Net increase in net assets resulting from operations per share: $0.32 (vs. $0.38 in 3Q'25)1 • Net asset value per share: $17.72 (vs. $17.85 at 9/30/2025) • Annualized ROE on net investment income: 9.8%2; annualized ROE on net income: 7.2%3 • Paid $0.45 regular distribution per share for 4Q'25 on 1/27/2026 Portfolio & Credit Quality • Focused on investing in core U.S. middle market companies backed by private equity sponsors • $2.0B portfolio4 invested across 227 portfolio companies with a weighted average asset yield of 9.6%5 • Primarily comprised of first lien debt and is well diversified across 26 industries ◦ 89.5% first lien debt, 8.2% subordinated debt, 2.3% equity • Average portfolio company size of 0.4% with the top 10 portfolio companies comprising only 13.1% of the portfolio • Investments in four portfolio companies on non-accrual representing 0.5% (at fair value) • Weighted average internal risk rating of 4.26 Balance Sheet & Liquidity • $2.1B in total assets as of December 31, 2025 • $321M liquidity comprised of cash, cash equivalents and debt capacity7 • 1.27x debt-to-equity ratio (1.20x net debt-to-equity)8 • Board authorized a $50 million share repurchase program Platform • Churchill is the exclusive U.S. Middle Market Private Capital Manager of TIAA and Nuveen, a $1.4T global investment manager serving 12,000+ institutions globally • Senior leadership team has worked together since 2006 and has a cycle-tested track record • Time-tested private equity relationships and fund investments as a marquee LP drive proprietary deal flow • Disciplined and rigorous investment approach with comprehensive and proactive portfolio monitoring Net Investment Income Per Share ($0.44) • Calculated based on WAVG shares outstanding throughout 4Q'25 • Investment Income decreased ~ (3.8)% QovQ ◦ WAVG Yield, at Cost, decreased slightly to Row Labels from 9.9% QovQ. ◦ Investment Balance decreased $25M from $2.0B O/S from $2.0B O/S QovQ. • Expenses decreased 1.8% QovQ primarily driven by decrease in interest and debt financing expenses as a result of lower average borrowing during the quarter Net Income Per Share ($0.32) • Calculated based on WAVG shares outstanding throughout 3Q’25 • Net Investment Income per share of $0.44 • Net realized and unrealized per share $(0.12) ◦ Notable U/R Losses ▪ Career Now ($1.3M /$.03/share) ▪ Covercraft ($1.8M /$.04/share) ▪ Other Watchlist & Management Notice names ($5.6M / $.11/share) ◦ Realized Gains & Losses ▪ $2.07 Realized gain three months ended ▪ Losses in Q2’25 were due to restructure of TJC Spartech NAV Per Share ($17.72) • Calculated based on shares outstanding as of 12/31 • Decreases due to NII of $0.44, while distributing $0.45, with net Unrealized & Realized Gain/Losses of $(0.12) Annual ROE on NII (9.8%) Annual ROE on NI (7.2%) • Calculated based on shares outstanding as of 12/31
4Nuveen Churchill Direct Lending Corp. Nuveen Churchill Direct Lending Corp. Overview (NYSE: NCDL) Scaled, publicly-traded business development company with well-diversified, defensively constructed private equity sponsor backed senior loan-focused portfolio 5.0x $75M 2.3x 9.6% 10.1% Portfolio Company Net Leverage3 Weighted Average Portfolio Company EBITDA4 Interest Coverage Ratio on First Lien Debt5 Weighted Average Asset Yield (FV)6 4Q'25 Distribution Yield7 $2.0B 227 100% 90% 87% Investment Portfolio (FV)1 Portfolio Companies Private Equity Sponsor Backed First Lien Debt Debt Investments w. Financial Covenants2 Past performance is not a guarantee of future results. See endnotes for additional information. EBITDA $75M (vs. $76M in PQ) • Immaterial decrease from the PQ due to UMM rotation • Refer to Gryphon Index in Q&A Interest Coverage 2.3x (2.3x) • Flat from PQ WAVG Asset Yield FV Debt Investment (PQ 10.2%) WAVG Asset Yield Cost Row Labels (PQ 9.92% ) • TMM spreads flat • Rates flat (Based on SOFR) (4.30% from 4.31%) Distribution Yield 10.1% (10.0%) • Distribution decreased due to expiration of special distributions following five quarters IPO. Net Leverage 5.0x (4.9x) • Flat QovQ PQ for SV Reference
5Nuveen Churchill Direct Lending Corp. Financial Highlights As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Net Investment Income1 $0.44 $0.43 $0.46 $0.53 $0.56 Net Realized and Unrealized Gains (Losses)1 (0.12) (0.05) (0.14) (0.24) (0.02) Net Increase (Decrease) in Net Assets from Operations1 0.32 0.38 0.32 0.29 0.54 Net Asset Value $17.72 $17.85 $17.92 $17.96 $18.18 Regular Distributions $0.45 $0.45 $0.45 $0.45 $0.45 Special Distributions2 — — — 0.10 0.10 Total Distributions $0.45 $0.45 $0.45 $0.55 $0.55 Regular Distribution Yield3 10.1% 10.0% 10.1% 10.2% 9.8% Special Distribution Yield2 —% —% —% 2.3% 2.2% Total Distribution Yield4 10.1% 10.0% 10.1% 12.4% 12.0% Total Debt5 $1,114,119 $1,104,812 $1,114,784 $1,202,293 $1,114,929 Net Assets $875,180 $881,485 $887,740 $920,020 $970,320 Debt-to-Equity at Quarter-End 1.27x 1.25x 1.26x 1.31x 1.15x Net Debt-to-Equity at Quarter-End6 1.20x 1.20x 1.21x 1.25x 1.10x Annualized ROE (on Net Investment Income)7 9.8% 9.6% 10.3% 12.1% 12.4% Annualized ROE (on Net Income)8 7.2% 8.4% 7.2% 6.6% 12.1% Past performance is not a guarantee of future results. See endnotes for additional information. Financial Highlights No additional talking point. Refer to Q2 Highlights slide for details PQ for SV Reference
6Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment Activity at Par: New Gross Commitments at Par $59,372 $29,236 $47,698 $166,239 $162,663 Investment Fundings1 $80,384 $36,275 $81,061 $153,019 $151,106 Investments Sold or Repaid1 $(84,326) $(61,323) $(162,202) $(148,350) $(119,464) Net Funded Investment Activity $(3,942) $(25,048) $(81,141) $4,669 $31,642 Gross Commitments at Par: First-Lien Debt $47,538 $22,100 $45,224 $151,995 $159,436 Subordinated Debt $5,867 $3,072 $100 $13,230 $3,127 Equity Investments $5,967 $4,064 $2,374 $1,014 $100 Gross Commitments at Par (incl. unfunded commitments) $59,372 $29,236 $47,698 $166,239 $162,663 Asset Mix - Gross Commitments at Par: First-Lien Debt 80.1% 75.6% 94.8% 91.4% 98.0% Subordinated Debt 9.9% 10.5% 0.2% 8.0% 1.9% Equity Investments 10.1% 13.9% 5.0% 0.6% 0.1% New Investment Activity - Selected Metrics: Number of New Investments 24 10 20 23 29 Weighted Average Annual Interest Rate on new debt and income producing investments at par2 8.8% 9.2% 9.1% 9.4% 9.0% Quarterly Investment Activity Past performance is not a guarantee of future results. See endnotes for additional information. Net Funded Investment Activity New Gross Commitments at Par • Quarterly activity which includes par activity of: ◦ incrementals to existing portfolio companies ◦ originations of new portfolio companies Net Investments Funded • Reflects cash activity of: ◦ Incrementals to existing portfolio companies (5 million) ◦ Originations of new portfolio companies (27 million) ◦ Funding of follow on DDTL’s (49 million) ◦ Total: 81M Investments Sold or Repaid Reflects cash activity of: ◦ Sales (97 million) / Full Paydowns (53 million) ◦ Partial Paydowns (13million) ◦ Total: 162M Net Funded (Funded + Sold/Repaid): ( 5 million) New Investment Activity – Selected Metrics Number of New Investments is defined as Number of incremental deals & new origination deals Expected Weighted Average Interest Rate Population includes all new investments Calculation includes WAVG Par utilizing Spread + SOFR for floating & Coupon for fixed Does not incorporate OID TOTAL - 8.8% TMM - 8.99% UMM - 11.18% (Spartech) PEJC - 12.00% Other Stats TMM COMM. - $44 M (92%) UMM COMM. - $2 M (5%) (Spartech) PEJC COMM. - $2 M (3%)
7Nuveen Churchill Direct Lending Corp. $17.85 $0.44 $(0.45) $(0.12) $17.72 NAV September 30, 2025 Net investment income Regular distributions from income Net realized and unrealized gain (loss) NAV December 31, 2025 As of December 31, 2025 the Company’s net asset value per share was $17.72 Net Asset Value Per Share 21 1 Past performance is not a guarantee of future results. See endnotes for additional information. Net Investment Income Per Share (Net Investment Income Per Share ($0.44) • Calculated based on WAVG shares outstanding throughout quarter • Investment Income decreased ~ (4) percent QovQ ◦ WAVG Yield, at Cost, remained flat at Debt Investment QovQ. ◦ Investment Balance decreased to $2.0B O/S from $2.1B O/S • Expenses increased 16% primarily driven by the step up in Management Fees (.75% to 1%) as well as no incentive waivers for the current quarter (waived the past 5 Quarters) Regular distribution Per Share ($0.45) • Target distribution of $0.45 hit • Undistributed spillover distributable income of ~ $.29 per share (~$14mil) Net realized and unrealized per share ($.14) • Notable U/R Losses ◦ Career Now ($1.3M /$.03/share) ◦ Covercraft ($1.8M /$.04/share) ◦ Other Watchlist & Management Notice names ($5.6M / $.11/share) • Realized Gains & Losses ◦ $2.07 Realized gain three months ended ◦ Losses were due to restructure of TJC Spartech offset by gains generated in normal business course NAV Per Share ($17.72) • Calculated based on shares outstanding as of quarter-end • Decrease mainly due to decrease in valuations, offset by share repurchase activity $.09 Annual ROE on NII (9.8%) Annual ROE on NI (7.2%) • Calculated based on shares outstanding as of 12/31 PQ for SV Reference
8Nuveen Churchill Direct Lending Corp. Dividend History D is tri bu tio n pe r S ha re D istribution Yield $0.45 $0.45 $0.45 $0.45 $0.45 $0.10 $0.10 9.8% 10.2% 10.1% 10.0% 10.1% 12.0% 12.4% Regular distribution per share ($) Special distribution per share ($) Regular annualized distribution yield (%) Total annualized distribution yield (w. special) (%) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2 3 Past performance is not a guarantee of future results. See endnotes for additional information. General • Consistent $.45 dist. since ’24 Q2 • Paid our final Special Distribution declared at the time of the IPO Incentive & Management Fee step-up Impact • Increase in mgmt fee (0.75% - 1.00%) had a 1.3MM Impact ($0.02/share) • Incentive had a 2.8MM impact ($0.06/ share) • Total impact was 4.1MM ($0.08/share) • NII with above impacts $0.46/share ◦ above our 0.45/share Regular Distribution PQ for SV Reference Declared 1Q’26 Distribution of $0.40 per Share • Regular distribution of $0.36 per share and supplemental distribution of $0.04 per share (9% distribution yield1) • Record date: March 31, 2026; Payment date: April 28, 2026
9Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, unless otherwise noted) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Portfolio Highlights Investments, at Fair Value1 $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Number of Portfolio Companies 227 213 207 210 210 Average Position Size, at Fair Value ($) $8,645 $9,239 $9,627 $9,893 $9,911 Average Position Size, at Fair Value (%) 0.4% 0.5% 0.5% 0.5% 0.5% PIK Income as % of Total Investment Income 5.7% 4.6% 4.3% 4.4% 4.0% Portfolio Composition, at Fair Value First-Lien Debt Investments 89.5% 89.8% 90.0% 90.5% 90.5% Subordinated Debt Investments 8.2% 8.1% 8.0% 7.8% 7.7% Equity Investments 2.3% 2.1% 2.0% 1.7% 1.8% Loans by Interest Rate Type, at Fair Value % Floating Rate Debt Investments 94.1% 94.2% 94.3% 94.6% 94.7% % Fixed Rate Debt Investments 5.9% 5.8% 5.7% 5.5% 5.3% Asset Level Yields Weighted Average Yield on Debt and Income Producing Investments, at Cost2 9.5% 9.9% 10.1% 10.1% 10.3% Weighted Average Yield on Debt and Income Producing Investments, at Fair Value2 9.6% 10.0% 10.2% 10.2% 10.4% Portfolio Highlights Past performance is not a guarantee of future results. See endnotes for additional information. Portfolio Highlights • Investment fair value decreased by $84M ◦ Refer to the activity summarized on Quarterly Investment Activity ◦ MtoM WAVG Valuation decreased by 28 bps. • Number of Port Co. decreased ◦ purchases ◦ paydowns/sales Portfolio Composition • Breakdown based on fair value • All metrics generally flat as valuations were down across Senior & PEJC and quarterly activity was in-line with our allocation strategy • Finally at 90 / 8 /2. Loans by Interest Rate Types • Floating Rate Debt Investments decreased from PQ substantiated by note above Asset Level Yields • Remained flat QovQ.
10Nuveen Churchill Direct Lending Corp. Vo lu m e ($ M ill io ns ) S pread / C oupon (% ) Investment Activity (QoQ) $163M $166M $48M $29M $59M 4.6% 4.8% 4.8% 4.7% 4.7% 12.0% 12.6% 12.0% 13.0% 13.0% 8.9% 9.1% 9.1% 8.6% 8.4% Volume ($ Millions) # of investments Spread (%) Coupon (%) Interest rate on floating rate investments (%) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 $0M $100M $200M $300M $400M $500M —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% • Closed 21 new investments and 3 add-on investments totaling $59M1 • 4.7%2 weighted average spread of new floating rate debt investments • 13.0%3 weighted average coupon of new fixed rate debt investments 4Q'25 Investment Activity 23 4 10 20 29 24 Past performance is not a guarantee of future results. See endnotes for additional information. General • Refer to Quarterly Investment Activity (slide 6) PQ for SV Reference
11Nuveen Churchill Direct Lending Corp. 94.1% 5.9% Floating rate debt investments % Fixed rate debt investments % 89.5% 8.2%2.3% First lien debt Subordinated debt Equity ~90% First lien debt Portfolio Overview Portfolio composition by investment type Portfolio composition by interest rate type ~94% Floating rate debt 18.2% 17.2% 7.6% 6.9% 5.8% 4.5% 4.3% 4.0% 4.0% 4.0% 23.4% Healthcare & Pharmaceuticals Services: Business Beverage, Food & Tobacco Construction & Building Capital Equipment Environmental Industries Services: Consumer High Tech Industries Containers, Packaging & Glass Banking, Finance, Insurance & Real Estate Other (16) 1 Portfolio composition by Moody’s industry Past performance is not a guarantee of future results. See endnotes for additional information. Portfolio Overview • Industries in our Q2 top movers Valuation decrease: ◦ Transportation Cargo (-2.5%) (CareerNow & A&R Logistics) ◦ Other (Various) (-.05%) (Covercraft) ◦ • Floating Rate - 94% of debt investments ◦ 99.96% of our floating rate debt and income producing investments had interest rate floors (FV and Cost) PQ for SV Reference
12Nuveen Churchill Direct Lending Corp. Portfolio Overview - Diversification Top 10 represents 13.1% of investment portfolio Portfolio company Moody’s industry % of fair value S&S Truck Parts Automotive 1.6 % Trilon Group Services: Business 1.5 % Insulation Technology Group Energy: Electricity 1.4 % Good2Grow Containers, Packaging & Glass 1.4 % Kenco Transportation: Cargo 1.3 % Firstcall Mechanical Group Capital Equipment 1.3 % Specialized Packaging Group (SPG) Containers, Packaging & Glass 1.3 % GHR Healthcare Healthcare & Pharmaceuticals 1.2 % Mobile Communications America Inc Telecommunications 1.1 % Gannett Fleming Construction & Building 1.1 % Others (217) Average portfolio company size of 0.4% with largest 10 portfolio companies comprising only 13.1% of the portfolio (at fair value) Past performance is not a guarantee of future results. See endnotes for additional information. Portfolio Overview - Diversification • Portfolio well diversified with largest portfolios only at 1.6% • Top 10 Names at fair value comprise 13.1% slightly up from PQ 13.0% PQ for SV Reference
13Nuveen Churchill Direct Lending Corp. Net interest margin of 336 bps1 as of the year ended December 31, 2025 Net Interest Margin 6.2% 6.0% 6.2% 6.6% 6.5% 6.5% 6.8% 6.7% 6.7% 7.9% 9.6% 10.6% 11.0% 11.4% 11.6% 11.7% 11.6% 11.3% 10.9% 10.3% 10.1% 10.1% 9.9% 9.5% 4.1% 3.1% 2.8% 2.7% 3.8% 3.2% 2.7% 2.9% 2.7% 3.0% 4.5% 6.0% 6.8% 7.2% 7.5% 7.4% 7.7% 7.7% 7.7% 7.2% 6.6% 6.6% 6.6% 6.2% 3.6% 4.6% 4.9% 5.3% 5.4% 5.3% 5.3% 5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 3.7% 6.3% 6.3% 6.3% 6.7% 6.5% 6.5% 6.8% 6.7% 6.8% 8.0% 9.8% 10.9% 11.4% 11.7% 11.9% 11.9% 11.7% 11.4% 10.9% 10.4% 10.2% 10.2% 10.0% 9.6% 1.5% 0.6% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.5% 1.5% 3.0% 4.5% 4.9% 5.4% Weighted avg. yield on debt and income producing investments, at cost Avg. cost of debt 3 Month term secured overnight financing rate ("SOFR") Weighted avg. yield on debt and income producing investments, at fair value 3 Month London interbank offered rate ("LIBOR") Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4'25 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2 Past performance is not a guarantee of future results. See endnotes for additional information. Net Interest Margin • NIM shows good story as gap between Yield & Avg. Cost of Debt has expanded by multiples since inception, however tempered in recent quarters. • Current quarter trend is in-line with expectations given debt refinancings, issuance of unsecured note and flat SOFR.
14Nuveen Churchill Direct Lending Corp. Internal Risk Rating Portfolio risk ratings ($ thousands) Rating Definition Rating Definition 1 Performing – Superior 6 Watch List – Low Maintenance 2 Performing – High 7 Watch List – Medium Maintenance 3 Performing – Low Risk 8 Watch List – High Maintenance 4 Performing – Stable Risk (Initial Rating Assigned at Origination) 9 Watch List – Possible Loss 5 Performing – Management Notice 10 Watch List – Probable Loss • Weighted average risk rating of 4.2 • Four portfolio companies on non-accrual representing 0.5% (at fair value) and 1.2% (at cost) • Added one portfolio company to non-accrual status during 4Q’25 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies Fair Value % of Portfolio # of Portfolio Companies 1 $ — — % — $ — — % — $ — — % — $ — — % — 2 — — — — — — — — — — — — 3 95,983 4.9 5 133,389 6.8 7 159,051 8.0 10 156,901 7.6 10 4 1,510,150 77.0 173 1,536,335 78.1 162 1,557,345 78.2 158 1,667,843 80.3 161 5 198,368 10.1 24 153,300 7.8 20 130,976 6.6 16 114,340 5.5 17 6 119,513 6.1 17 104,198 5.3 16 109,748 5.5 17 89,051 4.3 14 7 27,735 1.4 5 38,164 1.9 7 35,684 1.8 6 41,626 2.0 6 8 8,020 0.4 2 2,496 0.1 1 — — — 3,028 0.2 1 9 2,680 0.1 1 — — — — — — — — — 10 — — — — — — — — — 4,781 0.2 1 Total $ 1,962,449 100.0 % 227 $ 1,967,882 100.0 % 213 $ 1,992,804 100.0 % 207 $ 2,077,570 100.0 % 210 WA Risk Rating 4.2 4.2 4.1 4.1 Past performance is not a guarantee of future results. See endnotes for additional information. Internal Risk Rating • Anne Arundel is a 7 on non-accrual, a/ o 6/30/24, reduced from an 8 risk rating. • Career Now is a 7 & NOT on non- accrual - refer to Cheat Sheet for further details. • Covercraft is a 7 & NOT on non- accrual - refer to Cheat Sheet for further details. • TJC Spartech is a 6 following the restructure during the quarter. It was taken off non-accrual in conjunction with the restructure. • 1 addition to the watchlist ◦ Industrial Service Group – 6 (5) • 0 removals from watchlist • Total Watchlist names represent 7.3% of the fair value of the portfolio compared to 6.7% in the prior quarter • Refer to Q&A Breakdown for further detail; including industry
15Nuveen Churchill Direct Lending Corp. • Diversified funding profile including: three collateralized loan obligations (CLOs), unsecured notes, and one revolving credit facility • Ample liquidity of $321 million through cash and debt capacity • No near-term debt maturities • Unsecured notes represent 27% of the Company’s outstanding debt • Completed a refinancing of CLO-II on February 20, 2026, reducing the weighted average cost from S + 2.50% to S + 1.44%. Giving effect to this refinancing, NCDL's total weighted average cost of debt would be S + 1.86%5 as of December 31, 2025. Financing Overview C om m it te d ( $ M s) $300 $748 $325 Unsecured Notes CLOs Corporate Revolver 2025 2026 2027 2028 2029 2030 and beyond $— $500 $1,000 $1,500 Key highlights NCDL’s Investment Grade Ratings Stated Maturity BBB Stable Baa3 Stable Funding Source Debt Commitment Outstanding Par Amount Available Reinvestment Period Maturity Interest Rate Securitizations CLO-I $321.1 M $321.1 M N/A April 20, 2030 April 20, 2038 S + 1.43%1 CLO-II $213.3 M $213.3 M N/A January 20, 2028 January 20, 2036 S + 2.50%1 CLO-III $213.8 M $213.8 M N/A April 20, 2028 April 20, 2036 S + 2.11%1 Unsecured Notes 2030 Notes $300.0 M $300.0 M N/A N/A March 15, 2030 S + 2.30%2 Bank Facilities Corporate Revolver 3 $325.0 M $66.0 M $259.0 M October 4, 2028 October 4, 2029 S + 2.00% Total / Weighted average $1,373.1M $1,114.1M $259.0M S + 2.03%4 Past performance is not a guarantee of future results. See endnotes for additional information. Financing Overview • General ◦ Debt decreased QovQ from PQ $1,202.3 to $1,114.1 primarily driven by the paydown of the RCF following the rotation of the UMM portfolio and offset by DDTL fundings. • Corporate Revolver ◦ Drawn decreased from $174 to $66.0 • WF Financing Facility ◦ Terminated as of Q1’25 • Issuance of the Unsecured Note $300.0 As of 25Q2 – 22% Unsecured Committed – 27% Unsecured Outstanding Target - at least 35% of Debt unsecured
16Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Assets Investments, at fair value $1,962,449 $1,967,882 $1,992,804 $2,077,570 $2,081,379 Cash & cash equivalents 62,481 46,333 44,008 49,178 43,304 Interest receivable 13,729 16,136 17,201 20,701 17,971 Derivative asset, at fair value 14,965 11,057 18,850 8,184 — Receivable for investments sold 518 585 943 16,563 1,024 Other assets and prepaid expenses 327 413 590 388 47 Total assets $2,054,469 $2,042,405 $2,074,397 $2,172,583 $2,143,725 Liabilities Debt, net of deferred financing costs and unamortized discount $1,115,052 $1,105,673 $1,114,844 $1,199,570 $1,108,261 Payable for investments purchased — — 99 6,650 14,973 Interest payable 15,350 10,977 20,137 10,416 12,967 Incentive fees payable 2,809 3,293 2,826 — — Management fees payable 5,048 5,128 5,179 3,914 3,956 Collateral due to broker 14,750 10,410 18,570 — — Distributions payable 22,224 22,224 22,297 28,266 29,468 Directors’ fees payable 156 156 156 156 128 Accounts payable and accrued expenses 3,900 3,059 2,548 3,591 3,652 Total liabilities $1,179,289 $1,160,920 $1,186,657 $1,252,563 $1,173,405 Total net assets $875,180 $881,485 $887,740 $920,020 $970,320 Total liabilities and net assets $2,054,469 $2,042,405 $2,074,397 $2,172,583 $2,143,725 Net asset value per share $17.72 $17.85 $17.92 $17.96 $18.18 Debt to equity at quarter-end 1.27x 1.25x 1.26x 1.31x 1.15x Net debt to equity at quarter-end8 1.20x 1.20x 1.21x 1.25x 1.10x Shares outstanding, end of period 49,387,065 49,387,065 49,548,098 51,217,252 53,387,277 Quarterly Statements of Financial Condition Past performance is not a guarantee of future results. See endnotes for additional information.
17Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands, except share data) Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Investment income Non-controlled/non-affiliated company investments: Interest income $46,611 $48,227 $50,213 $50,846 $53,683 PIK income 2,870 2,369 2,264 2,365 2,275 Dividend income — 286 116 — 257 Other income 554 224 539 375 861 Total investment income 50,035 51,106 53,132 53,586 57,076 Expenses Interest and debt financing expenses 17,947 19,206 20,105 20,643 21,019 Management fees 5,048 5,128 5,179 3,914 3,956 Incentive fees on net investment income 2,809 3,293 2,826 2,253 4,418 Professional fees 836 709 1,107 493 785 Directors' fees 156 156 156 156 128 Administrative fees 606 659 491 585 299 Other general and administrative expenses 802 569 411 342 180 Total expenses 28,204 29,719 30,276 28,387 30,785 Incentive fees waived — — — (2,253) (4,418) Net expenses 28,204 29,719 30,276 26,134 26,367 Net investment income 21,831 21,387 22,856 27,452 30,709 Excise taxes 186 — — — 551 Net investment income after excise taxes 21,645 21,387 22,856 27,452 30,158 Realized and unrealized gain (loss) on investments: Net realized gain (loss) on non-controlled/non-affiliate company investments 2,065 1,521 (10,702) 1,103 (11,676) Net change in unrealized appreciation (depreciation) on non- controlled/non-affiliate company investments (7,514) (4,245) 3,770 (13,573) 11,282 Income tax (provision) benefit (276) (4) 92 39 (312) Total net change in unrealized appreciation (depreciation) (7,790) (4,249) 3,862 (13,534) 10,970 Total net realized and unrealized gain (loss) on investments (5,725) (2,728) (6,840) (12,431) (706) Net increase (decrease) in net assets resulting from operations $15,920 $18,659 $16,016 $15,022 $29,452 Weighted average shares outstanding for the period 49,387,055 49,403,696 50,183,714 52,211,340 54,229,767 Quarterly Operating Results Past performance is not a guarantee of future results. See endnotes for additional information.
18Nuveen Churchill Direct Lending Corp. Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Contact Us
19Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 3 4Q'25 Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments, and net increase (decrease) in net assets resulting from operations are derived from the weighted average shares outstanding during the period. Refer to the Quarterly Operating Results, page 17, for weighted average shares outstanding for the period. Certain prior period amounts have been reclassified to conform to the current period presentation. 2 Annualized return on equity (“ROE”) on net investment income is calculated based on quarterly NII divided by quarter-end net asset value. 3 Annualized ROE on net income is calculated based on the quarterly net increase (decrease) in net assets resulting from operations divided by quarter-end net asset value. 4 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $160.6M of unfunded debt investment commitments. 5 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of December 31, 2025 were 9.36% and 9.54%, respectively. 6 Investments are assigned an initial internal risk rating of 4.0 at origination. 7 Represents the amount available under the revolving credit facility of $259.0M and cash and cash equivalents of $62.5M. 8 The net debt to equity ratio is net of cash and cash equivalents. Slide 4: Nuveen Churchill Direct Lending Corp. Overview 1 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $160.6M of unfunded debt investment commitments. 2 Represents the percentage of debt investments with one or more financial maintenance covenants. 3 Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which the Company is a lender. Leverage is derived from the most recently available portfolio company financial statements, and weighted by the fair value of each investment as of December 31, 2025. Net leverage presented excludes equity investments as well as debt instruments to which the Company’s investment adviser has assigned an internal risk rating of 8 or higher, and any portfolio companies with net leverage of 15x or greater. 4 Weighted based on fair value of private debt investments as of December 31, 2025 for which fair value is determined in good faith by the Company’s investment adviser, as the valuation designee, subject to the oversight of our board of directors, and excludes quoted assets. Amounts are weighted based on fair value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by the Company and may reflect a normalized or adjusted amount. Accordingly, the Company makes no representation or warranty in respect of this information. 5 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Company, and is a weighted average based on the fair value of each respective first lien debt investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes junior capital investments and equity co-investments, and applies solely to traditional middle market first lien loans held by the Company, which also excludes any upper middle market or other first lien loans investments that do not have financial maintenance covenants, and first lien debt investments that the Company’s investment adviser has assigned an internal risk rating of 8 or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 76.91% of our total investments, and 85.93% of our total first lien debt investments, in each case based upon fair value as of December 31, 2025. 6 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of December 31, 2025 were 9.36% and 9.54%, respectively. 7 Total Annualized Distribution Yield includes the regular distribution per share and the special distribution per share (if any) divided by the NAV per share as of the respective quarter end, annualized.
20Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 5: Financial Highlights 1 Per share net investment income (“NII”), net realized and unrealized gains (losses) on investments, and net increase (decrease) in net assets resulting from operations are derived from the weighted average shares outstanding during the period. Refer to the Quarterly Operating Results, page , for weighted average shares outstanding for the period. Certain prior period amounts have been reclassified to conform to the current period presentation. 2 Special Distributions presented represent the four special distributions of $0.10 per share declared in connection with the IPO, which is derived from NII. Special Distribution yield is the Special Distribution per share, divided by the NAV per share as of the respective quarter end, annualized. 3 Regular Distribution Yield is the regular distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 4 Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus Special Distributions (if any) per share. Special Distributions, other than those derived from NII, may be presented on a non-annualized basis. 5 Total debt outstanding represents the principal amount outstanding as of quarter end. 6 The net debt to equity ratio is net of cash and cash equivalents. 7 Annualized return on equity (“ROE”) on net investment income is calculated based on quarterly NII divided by quarter-end net asset value. 8 Annualized ROE on net income is calculated based on the quarterly net increase (decrease) in net assets resulting from operations divided by quarter-end net asset value. Slide 6: Quarterly Investment Activity 1 Represents the total amount of cash activity for the purchase of investments and the proceeds from principal repayments and sales of investments. 2 The weighted average interest rate is calculated using the effective interest rate for floating rate and fixed rate debt investments. The effective interest rate for floating rate investments utilizes the applicable margin plus the greater of the 3-Month base rate (SOFR), or base rate floor. SOFR as of December 31, 2025 was 3.65%. The effective interest rate for fixed rate debt investments utilizes the investment coupon. Slide 7: Net Asset Value Per Share 1 The per share data was derived by using the weighted average shares outstanding for the three months ended December 31, 2025. 2 The per share data for distributions reflects the actual amount of distributions declared for the three months ended December 31, 2025. Slide 8: Dividend History 1 Distribution Yield represents the proforma annualized distribution yield for the 1Q ‘26 distribution, calculated as the sum of the regular distribution ($0.36 per share) and supplemental distribution ($0.04 per share), annualized quarterly, divided by the NAV per share as of December 31, 2025. 2 Regular Distribution Yield is the regular distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 3 Total Annualized Distribution Yield includes the regular distribution per share and the special distribution per share (if any) divided by the NAV per share as of the respective quarter end, annualized. Slide 9: Portfolio Highlights 1 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $2.1B which includes $160.6M of unfunded debt investment commitments. 2 Weighted average asset yield on debt and income producing investments, at cost and fair value, where applicable. The weighted average asset yield of the Company’s debt and income producing investments is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average asset yield was calculated using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual. Weighted average asset yield inclusive of investments on non-accrual, at cost and fair value, as of December 31, 2025 were 9.36% and 9.54%, respectively. Slide 10: Investment Activity 1 New investments reported at par excludes draws on existing unfunded investment commitments and partial paydowns. 2 Weighted average Spread is calculated based off of par amount. 3 Weighted average Coupon is calculated based off of par amount. 4 Interest rate utilizes the average spread plus the greater of 3-Month base rate (i.e. SOFR), or base rate floor, if applicable for each respective transaction. SOFR as of 4Q'24, 1Q'25, 2Q'25, 3Q'25, and 4Q'25 was 4.31%; 4.29%, 4.29%, 3.98%, and 3.65%.
21Nuveen Churchill Direct Lending Corp. Note: All information is as of December 31, 2025, unless otherwise noted. Metrics presented are calculated based on fair value unless otherwise stated. Numbers may not sum due to rounding. Slide 11: Portfolio Overview 1 First lien debt is comprised of 68.27% traditional first lien positions and 31.73% unitranche positions. Slide 13: Net Interest Margin 1 Net Interest Margin is calculated based on the weighted average yield on debt and income producing investments at fair value minus average cost of debt. 2 Average cost of debt is calculated as actual amount of expenses incurred on debt obligations including interest expense, unused fees (if any), and the effect of the interest rate swap relating to the 2030 Notes, divided by daily average of total debt obligations. Slide 15: Financing Overview 1 Interest rates represent the weighted average spread over 3-month SOFR for the various floating rate tranches of issued notes within the CLO vehicles. 2 The interest rate gives effect to the interest rate swap relating to the 2030 Notes. See "Derivatives" in the Company's annual report on Form 10-K for the year ended December 31, 2025. 3 Refer to “Borrowings” in the Company's annual report on Form 10-K for the year ended December 31, 2025. 4 Financing facility pricing spread is based on total commitment amount. SOFR base rate tenors may differ between financing sources. 5 Proforma financing facility pricing spread is based on total commitment amount as of December 31, 2025 giving effect to the CLO-II refinancing. SOFR base rate tenors may differ between financing sources. Endnotes 52 51 33 4