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• It's like **JPMorgan Chase** or **Bank of America**, but specifically lending to private businesses.
• It's like a **Vanguard bond fund**, but it invests in loans to private companies instead of public bonds.
• It's like **Blackstone** or **KKR**, but focused on providing debt (loans) to private companies instead of equity.

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• Senior Secured Direct Loans: NCDL provides debt financing directly to U.S. middle-market companies, typically secured by the borrower's assets.

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Nuveen Churchill Direct Lending (NCDL) operates as a Business Development Company (BDC), which means it primarily provides financing to other companies, rather than individuals.

Specifically, NCDL invests primarily in senior secured loans, junior secured loans, and to a lesser extent, unsecured loans and equity of private middle-market companies. These companies are its "customers" (borrowers).

Due to the private and confidential nature of direct lending, NCDL does not publicly disclose the names of its specific borrower companies. In the direct lending market, loans are typically made to privately held businesses, often backed by private equity sponsors. Therefore, it is not possible to list specific customer companies or their symbols as they are generally not public entities, and their identities are typically kept confidential as part of the lending agreements.

Instead of a few "major customers," NCDL's portfolio is diversified across numerous middle-market companies operating in various industries.

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• Churchill Asset Management LLC
• State Street Corporation (STT)
• Computershare Limited (CPU.AX)

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Kenneth Kencel, Chief Executive Officer, President, Chairman of the Board

Kenneth Kencel has served as Chief Executive Officer, President, and Chairman of the Board of Nuveen Churchill Direct Lending Corp. (NCDL) since December 2019. He has also been the President and Chief Executive Officer of Churchill Asset Management (Churchill) since 2015. Kencel has over 35 years of experience in leading private credit investment businesses. He previously served as a Managing Director of The Carlyle Group and was President and a Director of TCG BDC, Inc. (Carlyle's publicly traded business development company). Prior to Carlyle, he founded and was President and CEO of Churchill Financial Group. He also served as Head of Leveraged Finance for Royal Bank of Canada and as Head of Indosuez Capital. Kencel helped found the high-yield finance business at Chase Securities (now JP Morgan Chase) and began his career at Drexel Burnham Lambert in Mergers & Acquisitions.

Shai Vichness, Chief Financial Officer and Treasurer

Shai Vichness serves as Chief Financial Officer and Treasurer of Nuveen Churchill Direct Lending Corp. He also holds the position of Senior Managing Director and Chief Financial Officer of Churchill Asset Management. Previously, as Managing Director and Head of Senior Leveraged Lending for Nuveen, Vichness was responsible for initiating Nuveen's investment program in middle market senior loans and was directly involved in the launch of Churchill as an affiliate in 2015.

Jason Strife, Senior Managing Director, Head of Private Equity & Junior Capital

Jason Strife serves as Senior Managing Director and Head of Private Equity & Junior Capital at Churchill Asset Management. In this role, he is responsible for sourcing, executing, portfolio construction, and monitoring Churchill's middle market private equity and junior capital investment efforts, including fund commitments, equity co-investments, and junior debt investments. Prior to joining Nuveen, Strife was a Principal at Bison Capital, a Los Angeles-based private equity firm focused on structured junior capital investments in lower middle-market companies. He also serves as an NCDL Investment Committee Member.

Randy Schwimmer, Senior Managing Director, Head of Origination & Capital Markets

Randy Schwimmer is a Senior Managing Director and Head of Origination & Capital Markets at Churchill Asset Management. He leads the firm’s origination team, which sources and screens new investment opportunities. He also oversees Churchill's capital markets activities and co-heads its and NCDL’s Investment Committee. Prior to Churchill, he founded and was CEO of The Debt Exchange, a loan sale advisory firm, which he sold to Intercontinental Exchange (ICE) in 2010. He also previously worked at BT Alex. Brown in debt private placements.

John McCally, Vice President and Secretary

John McCally serves as Vice President and Secretary of Nuveen Churchill Direct Lending Corp. His role involves administrative and secretarial duties for the company.

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Nuveen Churchill Direct Lending (NCDL) faces several key risks inherent to its business model and investment strategy.

1. High Exposure to Middle-Market Companies and Credit Risk: A significant portion of NCDL's portfolio, approximately 79%, is allocated to senior secured loans to private equity-owned U.S. middle-market companies. These companies are generally more susceptible to financial volatility than larger corporations, which increases the credit risk for NCDL. During economic downturns, these middle-market borrowers may face difficulties with cash flow, potentially leading to increased defaults and a negative impact on NCDL's financial performance.
2. Dependence on Leveraged Financing and Sensitivity to Interest Rate Changes: NCDL employs substantial leverage in its financing structure, with a debt-to-equity ratio of 2.5:1. This reliance on borrowed capital makes the company particularly sensitive to fluctuations in interest rates. Rising interest rates can increase NCDL's borrowing costs, which could lead to tighter profit margins and affect its overall profitability. While most of NCDL's investments are in floating-rate loans, offering some protection in a rising rate environment, a sustained period of declining interest rates could also negatively impact the yields on its debt investments.
3. Potential Conflicts of Interest: Nuveen Churchill Direct Lending has related-party transactions, which introduce the potential for conflicts of interest. The company's success relies on the senior management of Churchill, and there may be conflicts arising from the obligations these investment professionals have to other clients. The recommendations provided to NCDL by Churchill may also differ from those given to other clients. Related-party transactions account for approximately 15% of NCDL's total revenue, posing a risk of misalignment between management and shareholder interests.

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The most significant clear emerging threat for Nuveen Churchill Direct Lending (NCDL) is the **intensifying competition within the broader private credit and direct lending market**. Fueled by a massive influx of institutional capital seeking higher yields and diversification, an increasing number of private credit funds and Business Development Companies (BDCs) are competing for a finite pool of middle-market borrowers. This heightened competition is leading to several pressures:

1. **Yield Compression:** More lenders chasing the same deals drives down interest rates and fees, directly impacting NCDL's potential interest income and overall profitability.
2. **Erosion of Underwriting Standards:** To win deals in a crowded market, lenders may accept looser covenants and less protective terms, potentially increasing the risk profile across portfolios without necessarily commensurate returns.
3. **Increased Difficulty in Sourcing Attractive Assets:** The supply of high-quality, suitable borrowers may not be keeping pace with the abundant supply of lending capital, forcing participants to either take on more risk or accept lower returns on investment.

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Nuveen Churchill Direct Lending (NCDL) primarily focuses on investing in senior secured loans to private equity-owned U.S. middle-market companies. This falls within the broader private credit and direct lending markets.

The global private credit market reached approximately US$3 trillion in assets under management (AUM) in 2025. Direct lending, which is NCDL's main product area, constitutes roughly 50% of this global private credit AUM, translating to approximately US$1.5 trillion in 2025.

Focusing on the United States, which is NCDL's primary region of operation, the U.S. private credit market was approximately US$1.25 trillion in 2024. More broadly, the private credit market in the United States is estimated to be between US$1.5 trillion and US$2.1 trillion, representing approximately three-quarters of the global market. Specifically for direct lending, U.S.-based funds deployed roughly US$500 billion in new loans in 2025.

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Expected Drivers of Future Revenue Growth for Nuveen Churchill Direct Lending (NCDL)

Over the next 2-3 years, Nuveen Churchill Direct Lending (NCDL) is expected to drive future revenue growth through several key factors:

1. Increased Transaction Activity and Deployment of New Investments: NCDL anticipates benefiting from increased transaction activity, particularly as a potential rate reduction cycle in 2025 is expected to spur higher merger and acquisition (M&A) activity. This will provide more opportunities for the company to deploy new investments. In 2024, NCDL's investment team deployed over $950 million in new investments, representing a year-over-year increase of more than 40%. The company aims to redeploy capital from repayments and maintain its leverage within its target range of 1 to 1.25 times debt to equity to capitalize on attractive investment opportunities.
2. Continued Growth of Private Credit Markets: The sustained expansion of the private credit markets is a significant factor supporting NCDL's platform strength and earnings power. The company's predominantly floating rate portfolio is considered advantageous in a declining interest rate environment, which can contribute to long-term growth in the private credit market.
3. Strong Position and Differentiated Sourcing in the Core Middle Market: NCDL is strategically positioned as a leader in the core middle market. The company leverages its differentiated investment approach, unique sourcing model, and deep network of relationships with private equity sponsors across the broader Churchill platform. This enables NCDL to access a wide array of attractive investment opportunities and provide a full suite of scaled solutions across the capital structure, solidifying its role as a preferred capital partner.
4. Optimization of Capital Structure and Balance Sheet: NCDL has taken steps to optimize its capital structure and balance sheet, including the issuance of $300 million in unsecured notes in January 2025. This strategic financial management provides additional capital and flexibility to support continued investment growth. The company also focuses on maintaining optimal leverage to maximize its investment capacity.

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Share Repurchases

• Nuveen Churchill Direct Lending (NCDL) completed a nearly $100 million share repurchase program in July 2025.
• Approximately 5.9 million shares were repurchased at a meaningful discount to Net Asset Value (NAV) during this program.
• A 10b5-1 Plan for share repurchases became effective on March 29, 2024, commenced on April 1, 2024, and was amended on March 28, 2025.

Share Issuance

• NCDL conducted private offerings of its shares from March 2020 to April 2023.
• The company completed its initial public offering (IPO) on the New York Stock Exchange in January 2024.
• As of February 27, 2024, the registrant had 54,815,740 shares of common stock outstanding.

Outbound Investments

• As of September 30, 2025, NCDL's investment portfolio was valued at $1.97 billion across 213 portfolio companies.
• The portfolio primarily focuses on investing in senior secured loans to private equity-owned U.S. middle market companies.
• As of September 30, 2025, the investment portfolio's fair value composition was approximately 84.6% first lien loans, 12.1% second lien loans, and 3.3% equity investments.