Nuveen Churchill Direct Lending Corp. announced it will report its financial results for the third quarter ended September 30, 2026, on Tuesday, November 3, 2026, before the market opens.

The company will host an earnings conference call and public webcast at 10:00 am Eastern Time on the same day to discuss its financial results.

Conference Call Details

All interested parties may participate in the conference call by dialing (866)-605-1826 approximately 10 to 15 minutes prior to the call. International callers should dial +1 (215)-268-9877. Participants are required to reference Nuveen Churchill Direct Lending Corp. when prompted by the operator.

A live webcast of the conference call will be available on the Events section of the company's website at www.ncdl.com . A replay will be accessible on the Events section of the website following the conclusion of the conference call.

About the Company

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 has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

The entity is externally managed by its investment adviser, Churchill DLC Advisor LLC, and by its sub-adviser, Churchill Asset Management LLC. Both the investment adviser and sub-adviser are affiliates and subsidiaries of Nuveen, LLC, the investment management division of Teachers Insurance and Annuity Association of America (TIAA). Churchill provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure.

Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) reported net investment income of $0.41 per share for the second quarter ended June 30, 2026, driven by stable spreads on newly originated investments despite a decline in base interest rates. The business development company declared a third-quarter distribution of $0.38 per share, consisting of a regular distribution of $0.36 and a supplemental distribution of $0.02, payable on or around October 27, 2026 to shareholders of record as of September 30, 2026.

The Company’s Board of Directors approved the distribution following a quarter marked by strategic balance sheet optimization. Net expenses decreased to $24.1 million from $30.3 million in the prior year period, primarily due to lower interest and debt financing expenses and a reduced income-based incentive fee. The reduction in incentive fees was attributed to the cap pursuant to the terms of the Advisory Agreement.

Portfolio Composition and Credit Quality

As of June 30, 2026, the fair value of the portfolio investments stood at $1.9 billion across 244 portfolio companies in 26 industries, down from $2.0 billion across 236 companies as of March 31, 2026. The weighted average Internal Risk Rating remained stable at 4.3. However, non-accrual status investments increased to nine companies, representing 1.5% of total investments at fair value, compared to five companies and 0.6% at fair value in the previous quarter.

Operational Highlights and Recent Developments

Investment income decreased to $44.3 million for the three months ended June 30, 2026, from $53.1 million in the same period last year. The weighted average yield on debt and income-producing investments fell to 9.3% from 10.1%, reflecting the impact of declining base rates while spreads remained relatively stable. The Company recorded a net realized loss on investments of $(11.3) million, primarily resulting from amendments to two underperforming debt positions.

In July 2026, the Company executed several strategic actions to strengthen its capital structure. It redeemed CLO-III in full at par with an aggregate principal balance of $297.9 million, collecting total proceeds of $302.5 million. Additionally, the Company formed an unconsolidated joint venture with an unaffiliated institutional investor, committing up to $92.8 million (87.5%) alongside the partner’s $13.3 million (12.5%). On July 10, 2026, it issued an additional $100 million of existing 2030 Notes and entered into an interest rate swap for a notional amount of $100 million, effective September 15, 2026.

What the Numbers Show

The divergence between stable credit spreads and declining base rates highlights the sensitivity of NCDL’s yield profile to broader monetary policy shifts. While the weighted average spread on new floating-rate debt remained steady at 4.8%, the overall portfolio yield dropped significantly, indicating that new origination volumes were insufficient to fully offset the re-pricing of existing assets. Furthermore, the increase in non-accrual positions from 0.6% to 1.5% of fair value suggests early signs of credit stress within the middle-market portfolio, warranting close monitoring of asset quality trends in subsequent quarters.