The following is a summary of the Nuveen Churchill Direct Lending Corp. (NCDL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Nuveen Churchill Direct Lending Corp. (NCDL) reported net investment income of $0.56 per share for the quarter, along with total net income per share of $0.57.

• They paid a regular dividend of $0.45 per share in April and declared a similar dividend for Q2 2024.

• An attractive first-quarter dividend yielded an annualized rate of 9.9%.

• While the financial report saw growth in net asset value, no specific revenues or net profit numbers were provided.

Business Progress:

• NCDL completed an IPO for listing on the New York Stock Exchange, diversifying its investor base.

• The company continues to invest in US middle market companies, maintaining its focus on their corporate strategy.

• NCDL's portfolio is highly diversified with 195 companies and the top ten only accounting for 12.6% of the total portfolio.

• An acceleration in re-leveraging is expected throughout 2024, with the aim to be within the target leverage range of 1.0 to 1.25 by year end.

• Increased deal activity is anticipated due to stable interest rates and high availability of private equity 'dry powder'. However, the company remains selective in its dealings, prioritizing quality structures, companies, and industries.

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