The following is a summary of the Nuveen Churchill Direct Lending Corp. (NCDL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Nuveen Churchill Direct Lending Corp. reported net investment income of $0.58 per share, covering both the regular quarterly distribution of $0.45 per share and a $0.10 per share special distribution.

• Total investment income increased by $5.2 million or 9% quarter-over-quarter, driven by higher interest income from strong deployment and increased leverage utilization.

• Net asset value per share increased to $18.15 from $18.03, attributed to net realized and unrealized gains during the quarter.

Business Progress:

• Nuveen Churchill Direct Lending Corp. focused on senior secured first lien loans, mainly in traditional middle markets, emphasizing investments with wider spreads and generally more attractive terms.

• The company continued to benefit from the power of incumbency and strong private equity relationships, allowing for selective and advantageous investment opportunities.

Opportunities:

• The company anticipates benefiting from increased M&A activity, influenced by the beginning of a rate reduction cycle.

• Plans to continue leveraging the robust deal flow and high credit quality facilitated by longstanding relationships with middle-market private equity firms.

Risks:

• Although overall credit quality remains strong, the increase in the competitive dynamics in the private credit market poses potential risks for spread compression.

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