Nuveen Churchill Direct Lending Corp.

Listed Company

NCDLCIK 0001737924NYSELarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$65.61M

Total Assets

$2.05B

Equity

$875.18M

Shares Out

49.39M

Op. Cash Flow

$194.16M

Business

Nuveen Churchill Direct Lending Corp. is a specialty finance company that invests primarily in senior secured loans to private equity‑owned U.S. middle market companies. It offers directly originated first‑lien senior secured loans and unitranche loans, and opportunistically provides junior capital, subordinated debt, equity co‑investments and related credit instruments. The firm is externally managed with portfolio management delegated to Churchill Asset Management and a liquid investment allocation managed by Nuveen Asset Management under sub‑advisory arrangements. Its investments are focused on U.S. middle market companies sourced through private equity sponsor relationships and institutional and wealth distribution channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Payment-in-kind interest income	10	8	4	789,000	113,000
Dividend income	402,000	614,000	101,000	225,000	213,000
Other income	2	2	1	2	1
Interest and debt financing expenses	78	80	61	26	10
Management fees (See Note 6)	19	15	11	7	4
Incentive fees on net investment income (See Note 6)	11	17	0	—	—
Professional fees	3	3	3	2	1
Directors' fees	624,000	510,000	383,000	383,000	383,000
Administration fees (See Note 6)	2	2	2	1	660,000
Other general and administrative expenses	2	1	751,000	684,000	324,000
Total expenses before expense support and incentive fees waived	117	119	78	37	17
Expense support (See Note 6)	0	0	−158,000	−179,000	−522,000
Incentive fees waived (See Note 6)	−2	−17	0	—	—
Net expenses after expense support and incentive fees waived	114	101	78	37	16
Net investment income before excise taxes	94	123	84	45	20
Excise taxes	186,000	551,000	6,000	0	0
Net investment income	93	122	84	45	20
Net realized gain (loss) on non-controlled/non-affiliated company investments	−6	−13	−8	−262,000	819,000
Non-controlled/non-affiliated company investments	−22	7	714,000	−28	6
Income tax (provision) benefit	—	−154,000	−830,000	—	—
Net increase (decrease) in net assets resulting from operations	66	116	76	17	27
Net investment income per share - basic (in dollars per share)	1.86	2.26	2.52	1.95	1.58
Net investment income per share - diluted (in dollars per share)	1.86	2.26	2.52	1.95	1.58
Net increase (decrease) in net assets resulting from operations per share - basic and diluted (in dollars per share)	1.3	2.15	2.27	0.74	2.12
Weighted average common shares outstanding - basic (in shares)	50	54	33	23	12,849
Weighted average common shares outstanding - diluted (in shares)	50	54	33	23	12,849

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Non-controlled/non-affiliated company investments, at fair value (cost of $2,001,207 and $2,098,575, respectively)	1,962	2,081	—	—	—
Cash	9	2	—	—	—
Cash equivalents	54	41	—	—	—
Restricted cash	0	50,000	—	—	—
Interest receivable	14	18	—	—	—
Derivative asset, at fair value (Note 4)	15	0	—	—	—
Receivable for investments sold	518,000	1	—	—	—
Other assets	327,000	47,000	—	—	—
Total assets	2,054	2,144	—	—	—
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	1,108	—	—	—
Payable for investments purchased	0	15	—	—	—
Interest payable	15	13	—	—	—
Incentive fees payable	3	0	—	—	—
Management fees payable	5	4	—	—	—
Collateral due to broker	15	0	—	—	—
Distributions payable	22	29	—	—	—
Directors fees payable	156,000	128,000	—	—	—
Accounts payable and accrued expenses	4	4	—	—	—
Total liabilities	1,179	1,173	—	—	—
Commitments and contingencies (See Note 8)	—	—	—	—	—
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	494,000	534,000	—	—	—
Paid-in-capital in excess of par value	930	996	—	—	—
Total distributable earnings (loss)	−56	−27	—	—	—
Total net assets	875	970	—	—	—
Total liabilities and net assets	2,054	2,144	—	—	—
Net asset value per share (in dollars per share)	17.72	18.18	18.15	18.03	18.21

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments	−351	−864	−589	−502	−611
Proceeds from principal repayments and sales of investments	456	430	146	49	181
Payment-in-kind interest	−10	−8	−3	−789,000	−112,000
Amortization of (premium)/accretion of discount, net	−4	−4	−3	−2	−1
Net adjustment for hedging transaction	−5	0	0	—	—
Amortization of deferred financing costs and original issue discount	4	4	2	—	—
Amortization of offering costs	0	0	−23,000	−82,000	−68,000
Due from adviser for expense support	0	0	1	2	−248,000
Interest receivable	4	−297,000	−6	−7	−3
Receivable for investments sold	506,000	3	−3	4	−4
Prepaid expenses	0	−34,000	28,000	23,000	−26,000
Other assets	−280,000	127,000	0	0	−128,000
Payable for investments purchased	−15	15	−56,000	−26	26
Interest payable	2	3	1	7	797,000
Due to adviser for expense support	0	−632,000	−515,000	−2	248,000
Incentive fee payable	3	0	0	—	—
Management fees payable	1	950,000	795,000	835,000	848,000
Collateral due to broker	15	0	0	—	—
Directors fees payable	28,000	32,000	0	0	—
Accounts payable and accrued expenses	248,000	863,000	206,000	2	38,000
Net cash provided by (used in) operating activities	194	−297	−370	−428	−389
Proceeds from issuance of common shares	0	242	219	175	209
Shareholder distributions	−102	−95	−63	−35	−15
Repurchases of common shares	−66	−34	0	0	—
Proceeds from debt	918	884	811	—	—
Repayments on debt	−919	−721	−564	—	—
Payments of deferred financing costs	−6	−3	−4	−3	−664,000
Net cash provided by (used in) financing activities	−175	273	398	432	412
Net increase (decrease) in cash and cash equivalents and restricted cash	19	−24	28	4	23
Cash paid during the period for interest	72	73	58	18	10
Taxes, including excise tax, paid during the period	704,000	6,000	0	0	—
Distributions payable	22	29	23	14	—
Reinvestment of shareholder distributions	0	12	10	3	324,000

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