Nuveen Churchill Direct Lending Corp. (NYSE: NCDL)

Nuveen Churchill Direct Lending Corp. is a specialty finance company focused primarily on investing in senior secured loans to private equity owned U. S. middle market companies. The company is externally managed by Churchill DLC Advisor LLC with sub advisory services provided by Churchill Asset Management LLC and Nuveen Asset Management both affiliates of Nuveen the investment management division of TIAA. As a closed end externally managed non diversified management investment company Nuveen Churchill Direct Lending Corp. has elected to be regulated as a business development company BDC under the Investment Company Act of 1940 and intends to qualify annually as a regulated investment company RIC for tax purposes. The company defines its target market as U. S. middle market companies with $10 million to $250 million of EBITDA concentrating its primary focus on the core middle market segment of $10 million to $100 million EBITDA. Its investment portfolio consists predominantly of first lien senior secured debt and unitranche loans with opportunistic allocations to junior capital opportunities including second lien loans subordinated debt and equity co investments.

Nuveen Churchill Direct Lending Corp. generates revenue through interest income from its senior secured loan investments which typically feature floating interest rates and various fees received from portfolio companies. Revenue streams include interest payments commitment fees origination fees structuring fees diligence fees and consulting fees associated with its directly originated loans. The company's pre incentive fee net investment income encompasses interest income dividend income and other fees accrued during relevant periods minus operating expenses. Nuveen Churchill Direct Lending Corp. structures its investments to be senior in the capital structure relative to junior debt and equity aiming to capture attractive risk adjusted returns through current income while benefiting from stronger creditor protections. Revenue is derived exclusively from its lending activities to private equity backed middle market businesses with no significant revenue from other sources disclosed in the filing.

Nuveen Churchill Direct Lending Corp. does not report distinct operational segments as part of its business structure as the company operates as a single entity focused on its private credit investment strategy.

Nuveen Churchill Direct Lending Corp. occupies a competitive position in the middle market private credit sector leveraging scale and expertise from its affiliated managers. The company benefits from Churchill Asset Management's platform which oversaw over $63 billion in committed capital across its integrated capital solutions as of January 1, 2026 including more than $12 billion in limited partner commitments to approximately 350 private equity funds and over $34 billion dedicated to middle market private credit. Churchill's extensive network includes relationships with over 750 middle market private equity firms across diverse strategies and geographies enabling proprietary deal flow with approximately 1,200 first lien senior secured and unitranche loan opportunities reviewed annually. Key competitors consist of other BDCs public and private funds CLOs commercial and investment banks other middle market asset managers and private equity and hedge funds. Nuveen Churchill Direct Lending Corp. maintains advantages through its disciplined investment approach experienced leadership team with over 25 years of average industry experience ability to provide flexible capital solutions across the structure and alignment with Nuveen's $1.4 trillion in assets under management and TIAA's position as a major global private debt investor. The company's dual sourcing model combining direct origination with partnerships with other lenders supports selective underwriting while maintaining deal flow.

Nuveen Churchill Direct Lending Corp. extends credit to private equity owned U. S. middle market companies as its exclusive customer base. The company targets businesses with earnings before interest taxes depreciation and amortization EBITDA ranging from $10 million to $250 million with strategic emphasis on the core middle market segment of $10 million to $100 million EBITDA. Portfolio companies span diverse industries including healthcare and pharmaceuticals representing 18.19% of fair value as of December 31 2025 business services 17.24% construction and building 6.90% and consumer goods sectors. Nuveen Churchill Direct Lending Corp. seeks partners demonstrating strong management teams with proven track records sustainable cash flows capable of servicing debt obligations across economic cycles and backing by high quality private equity sponsors possessing both the incentive and ability to provide operational and financial support. The firm avoids reimbursement dependent cyclical or commodity dependent industries focusing instead on businesses with defensible market niches pricing power and resilience through varying economic conditions. Specific customer names are not disclosed in the filing as the company maintains confidentiality regarding its portfolio company relationships.