Nuveen Churchill Direct Lending Corp. Announces Third Quarter 2026 Results

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

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