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(Delayed Draw)2023-06-300001737924Precision Surfacing2023-06-300001737924PT Intermediate Holdings III, LLC2023-06-300001737924PT Intermediate Holdings III, LLC (Incremental)2023-06-300001737924Repipe Specialists2023-06-300001737924Repipe Specialists (Delayed Draw)2023-06-300001737924RTH Buyer LLC (dba "Rhino Tool House)2023-06-300001737924RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw)2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:CapitalEquipmentMember2023-06-300001737924Ascensus2023-06-300001737924Ascensus Specialties2023-06-300001737924Boulder Scientific Company LLC2023-06-300001737924Chroma Color Corporation (dba "Chroma Color")2023-06-300001737924Chroma Color Corporation (dba "Chroma Color") (Delayed Draw)2023-06-300001737924Spartech2023-06-300001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2023-06-300001737924Erie Construction 12023-06-300001737924Gannett Fleming 12023-06-300001737924MEI Rigging & Crating2023-06-300001737924MEI Rigging & 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12023-06-300001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2023-06-300001737924B2B Packaging2023-06-300001737924B2B Packaging (Delayed Draw) 22023-06-300001737924Five Star Packing2023-06-300001737924Good2Grow2023-06-300001737924Oliver Packaging 12023-06-300001737924Specialized Packaging Group2023-06-300001737924Specialized Packaging Group 12023-06-300001737924Specialized Packaging Group (Incremental)2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ContainersPackagingAndGlassMember2023-06-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) 2023-06-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw)2023-06-300001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2023-06-300001737924The Facilities Group2023-06-300001737924The Facilities Group (Delayed Draw)2023-06-300001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2023-06-300001737924Affinity Hospice2023-06-300001737924Affinity Hospice (Delayed Draw)2023-06-300001737924Anne Arundel 12023-06-300001737924Anne Arundel 22023-06-300001737924Anne Arundel (Delayed Draw)2023-06-300001737924Forefront Dermatology2023-06-300001737924Forefront Dermatology (Delayed Draw)2023-06-300001737924Genesee Scientific2023-06-300001737924Genesee Scientific (Delayed Draw)2023-06-300001737924GHR Healthcare2023-06-300001737924GHR Healthcare (Delayed Draw)2023-06-300001737924GHR Healthcare (Incremental)2023-06-300001737924Health Management Associates 2023-06-300001737924Health Management Associates (Delayed Draw) 2023-06-300001737924Heartland Veterinary Partners LLC (Incremental)2023-06-300001737924Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)2023-06-300001737924InfuCare RX2023-06-300001737924MDC Intermediate Holdings II, LLC2023-06-300001737924MDC Intermediate Holdings II, LLC (Delayed Draw) 12023-06-300001737924Midwest Eye Consultants2023-06-300001737924PromptCare2023-06-300001737924PromptCare (Delayed Draw)2023-06-300001737924Quorum Health Resources, LLC2023-06-300001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2023-06-300001737924Quorum Health Resources, LLC (Incremental)2023-06-300001737924Sandlot Buyer, LLC (Prime Time Healthcare)2023-06-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2023-06-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2023-06-300001737924SM Wellness Holdings, Inc2023-06-300001737924US Fertility2023-06-300001737924Wellspring Pharmaceutical2023-06-300001737924Wellspring Pharmaceutical (Delayed Draw)2023-06-300001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2023-06-300001737924Wellspring Pharmaceutical (Incremental)2023-06-300001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2023-06-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2023-06-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2023-06-300001737924Argano, LLC2023-06-300001737924Argano, LLC (Delayed Draw)2023-06-300001737924Argano, LLC (Delayed Draw) (Incremental)2023-06-300001737924Diligent Corporation 12023-06-300001737924Diligent Corporation 22023-06-300001737924Diligent Corporation 32023-06-300001737924Diligent Corporation (Delayed Draw) 12023-06-300001737924Diligent Corporation (Delayed Draw) 22023-06-300001737924Eliassen Group LLC2023-06-300001737924Eliassen Group LLC (Delayed Draw)2023-06-300001737924Exterro2023-06-300001737924Fineline Merger2023-06-300001737924Go Engineer2023-06-300001737924Go Engineer (Delayed Draw)2023-06-300001737924Infinite Bidco LLC (Infinite Electronics) (Incremental)2023-06-300001737924Infobase Acquisition, Inc.2023-06-300001737924Infobase Acquisition, Inc. (Delayed Draw)2023-06-300001737924ITSavvy LLC 12023-06-300001737924ITSavvy LLC (Delayed Draw)2023-06-300001737924North Haven CS Acquisition Inc2023-06-300001737924Northern Star Industries Inc2023-06-300001737924Prosci, Inc.2023-06-300001737924Revalize (Delayed Draw) 12023-06-300001737924Revalize (Delayed Draw) 22023-06-300001737924Revalize (Delayed Draw) 32023-06-300001737924SmartWave2023-06-300001737924Solve Industrial Motion Group 12023-06-300001737924Solve Industrial Motion Group 22023-06-300001737924Solve Industrial Motion Group (Delayed Draw)2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:HighTechIndustriesMember2023-06-300001737924Tinuiti2023-06-300001737924Tinuiti (Delayed Draw)2023-06-300001737924Tinuiti (Delayed Draw) (Incremental)2023-06-300001737924Wpromote2023-06-300001737924Wpromote (Delayed Draw)2023-06-300001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2023-06-300001737924Corporate Visions 12023-06-300001737924Corporate Visions 22023-06-300001737924Spectrio II2023-06-300001737924Spectrio II (Delayed Draw) 12023-06-300001737924Spectrio II (Delayed Draw) 22023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:MediaDiversifiedProductionMember2023-06-300001737924Syndigo2023-06-300001737924us-gaap:DebtSecuritiesMemberus-gaap:RetailSectorMember2023-06-300001737924ALKU Intermediate Holdings, LLC2023-06-300001737924Apex Companies Holdings, LLC2023-06-300001737924Apex Companies Holdings, LLC (Delayed Draw)2023-06-300001737924Big Truck Rental 12023-06-300001737924Big Truck Rental 22023-06-300001737924Bounteous 12023-06-300001737924Bounteous 22023-06-300001737924Bounteous (Delayed Draw) 12023-06-300001737924Bounteous (Delayed Draw) 22023-06-300001737924BroadcastMed Holdco, LLC 12023-06-300001737924Bullhorn Inc2023-06-300001737924BusinesSolver2023-06-300001737924BusinesSolver (Delayed Draw)2023-06-300001737924Career Now 12023-06-300001737924Cornerstone Advisors of Arizona LLC 12023-06-300001737924Cornerstone Advisors of Arizona LLC 22023-06-300001737924Cornerstone Advisors of Arizona LLC (Delayed Draw)2023-06-300001737924CrossCountry Consulting2023-06-300001737924CrossCountry Consulting (Delayed Draw)2023-06-300001737924D&H United Fueling Solutions2023-06-300001737924D&H United Fueling Solutions (Delayed Draw)2023-06-300001737924D&H United Fueling Solutions (Delayed Draw) (Incremental)2023-06-300001737924D&H United Fueling Solutions (Incremental)2023-06-300001737924E78 12023-06-300001737924E78 (Incremental)2023-06-300001737924E78 (Delayed Draw) 12023-06-300001737924E78 (Delayed Draw) 22023-06-300001737924Evergreen Services Group2023-06-300001737924Evergreen Services Group (Delayed Draw)2023-06-300001737924Gabriel Partners LLC2023-06-300001737924Gabriel Partners LLC (Delayed Draw)2023-06-300001737924Gabriel Partners LLC (Incremental)2023-06-300001737924Lion Merger Sub Inc2023-06-300001737924Lion Merger Sub Inc (Incremental)2023-06-300001737924LSCS Holdings Inc.2023-06-300001737924LYNX FRANCHISING, LLC2023-06-300001737924Output Services Group, Inc.2023-06-300001737924Phaidon International2023-06-300001737924Plaze2023-06-300001737924RoadOne (Delayed Draw)2023-06-300001737924RoadOne 22023-06-300001737924Scaled Agile2023-06-300001737924Scaled Agile (Delayed Draw)2023-06-300001737924Smile Brands2023-06-300001737924Soliant Health2023-06-300001737924Technical Safety Services2023-06-300001737924Technical Safety Services (Delayed Draw)2023-06-300001737924TouchTunes Interactive2023-06-300001737924Transit Buyer LLC (dba“Propark”)2023-06-300001737924Transit Buyer LLC (dba“Propark”) (Delayed Draw)2023-06-300001737924Trilon Group, LLC 12023-06-300001737924Trilon Group, LLC 22023-06-300001737924Trilon Group, LLC (Delayed Draw) 12023-06-300001737924Trilon Group, LLC (Delayed Draw) 22023-06-300001737924Vital Records Control 12023-06-300001737924Vital Records Control 22023-06-300001737924Vital Records Control (Delayed Draw)2023-06-300001737924Worldwide Clinical Trials Holdings Inc2023-06-300001737924Worldwide Clinical Trials Holdings Inc (Incremental)2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ServicesBusinessMember2023-06-300001737924ADPD Holdings, LLC (a/k/a NearU) 12023-06-300001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 12023-06-300001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 22023-06-300001737924All My Sons2023-06-300001737924Allstar Holdings2023-06-300001737924Allstar Holdings (Delayed Draw)2023-06-300001737924Apex Services Partners, LLC (Delayed Draw) (Incremental)2023-06-300001737924Apex Services Partners, LLC (Incremental)2023-06-300001737924Excel Fitness2023-06-300001737924Fairway Lawns 12023-06-300001737924Fairway Lawns (Delayed Draw)2023-06-300001737924Legacy Service Partners, LLC (“LSP”)2023-06-300001737924Legacy Service Partners, LLC (“LSP”) (Delayed Draw)2023-06-300001737924Liberty Buyer2023-06-300001737924Liberty Buyer (Delayed Draw)2023-06-300001737924NJEye LLC2023-06-300001737924NJEye LLC (Delayed Draw) 12023-06-300001737924NJEye LLC (Delayed Draw) 22023-06-300001737924NJEye LLC (Delayed Draw) 32023-06-300001737924North Haven Spartan US Holdco LLC2023-06-300001737924North Haven Spartan US Holdco LLC (Delayed Draw)2023-06-300001737924One World Fitness PFF LLC2023-06-300001737924us-gaap:DebtSecuritiesMemberus-gaap:ConsumerSectorMember2023-06-300001737924LMI Consulting, LLC (LMI)2023-06-300001737924LMI Consulting, LLC (LMI) (Incremental)2023-06-300001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2023-06-300001737924BCM One2023-06-300001737924BCM One (Delayed Draw)2023-06-300001737924Corbett Technology Solutions, Inc. ("CTSI")2023-06-300001737924Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw)2023-06-300001737924Mobile Communications America, Inc. 12023-06-300001737924Mobile Communications America, Inc. 22023-06-300001737924Mobile Communications America, Inc. (Incremental)2023-06-300001737924Momentum Telecom II2023-06-300001737924Sapphire Telecom Inc2023-06-300001737924Tyto Athene, LLC2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:TelecommunicationsMember2023-06-300001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2023-06-300001737924Kenco Group, Inc.2023-06-300001737924Kenco Group, Inc. (Delayed Draw)2023-06-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 12023-06-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 22023-06-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 32023-06-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 42023-06-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 52023-06-300001737924SEKO Global Logistics 12023-06-300001737924SEKO Global Logistics 22023-06-300001737924SEKO Global Logistics 32023-06-300001737924SEKO Global Logistics (Delayed Draw) (Incremental)2023-06-300001737924SEKO Global Logistics (Incremental)2023-06-300001737924TI ACQUISITION NC LLC2023-06-300001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2023-06-300001737924Pinnacle Supply Partners, LLC2023-06-300001737924Pinnacle Supply Partners, LLC (Delayed Draw)2023-06-300001737924TPC Wire & Cable2023-06-300001737924TPC Wire & Cable (Delayed Draw)2023-06-300001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2023-06-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)2023-06-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)2023-06-300001737924ISG Merger Sub, LLC (dba Industrial Service Group)2023-06-300001737924ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)2023-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:WholesaleMember2023-06-300001737924us-gaap:DebtSecuritiesMember2023-06-300001737924Covercraft 22023-06-300001737924S&S Truck Parts 32023-06-300001737924S&S Truck Parts 42023-06-300001737924us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMember2023-06-300001737924Bardstown PPC Holdings LLC 22023-06-300001737924Fresh Edge - 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("CTSI")2022-12-310001737924Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw)2022-12-310001737924Mobile Communications America, Inc. 12022-12-310001737924Mobile Communications America, Inc. 22022-12-310001737924Mobile Communications America, Inc. (Incremental)2022-12-310001737924Momentum Telecom II2022-12-310001737924Sapphire Telecom Inc2022-12-310001737924Tyto Athene, LLC2022-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:TelecommunicationsMember2022-12-310001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2022-12-310001737924Kenco Group, Inc.2022-12-310001737924Kenco Group, Inc. (Delayed Draw)2022-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 12022-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 22022-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 32022-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 42022-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 52022-12-310001737924SEKO Global Logistics 12022-12-310001737924SEKO Global Logistics 22022-12-310001737924SEKO Global Logistics 32022-12-310001737924SEKO Global Logistics (Delayed Draw) (Incremental)2022-12-310001737924SEKO Global Logistics (Incremental)2022-12-310001737924TI ACQUISITION NC LLC2022-12-310001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2022-12-310001737924TPC Wire & Cable2022-12-310001737924TPC Wire & Cable (Delayed Draw)2022-12-310001737924Warrior Acquisition Inc2022-12-310001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2022-12-310001737924ISG Merger Sub, LLC (dba Industrial Service Group)2022-12-310001737924ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)2022-12-310001737924Wittichen Supply 12022-12-310001737924Wittichen Supply 22022-12-310001737924Wittichen Supply 32022-12-310001737924Wittichen Supply (Delayed Draw)2022-12-310001737924Wittichen Supply (Delayed Draw) 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR
| | | | | |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 000-56133
NUVEEN CHURCHILL DIRECT LENDING CORP.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | | 84-3613224 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
430 Park Avenue, 14th Floor, New York, NY | | 10022 |
(Address of principal executive offices) | | (Zip Code) |
(212) 478-9200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
None | | N/A | | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ¨ | | Accelerated filer | ¨ |
Non-accelerated filer | ý | | Smaller reporting company | ¨ |
| | | Emerging growth company | ý |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý
As of August 4, 2023, the registrant had 35,585,951 shares of common stock, $0.01 par value, outstanding.
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•the impact of a protracted decline in the liquidity of credit markets on our business;
•the impact of increased competition;
•an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;
•the impact of interest rate volatility, including the replacement of LIBOR with alternate rates and rising interest rates, on our business and our portfolio companies;
•the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;
•the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;
•the impact of geopolitical conditions, including the ongoing conflict between Ukraine and Russia, and its impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;
•our contractual arrangements and relationships with third parties;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of the Advisers, to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;
•our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) and operate as a business development company ("BDC"); and
•the impact of future legislation and regulation on our business and our portfolio companies.
Although we believe that the assumptions on which these forward-looking statements are based on are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| (Unaudited) | | |
Assets | | | |
Investments | | | |
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,391,333 and $1,225,573, respectively) | $ | 1,350,757 | | | $ | 1,200,376 | |
Cash and cash equivalents | 45,448 | | | 39,270 | |
Restricted cash | 50 | | | 50 | |
Due from adviser expense support (See Note 4) | 865 | | | 1,147 | |
| | | |
Interest receivable | 13,076 | | | 11,898 | |
Receivable for investments sold | 766 | | | 719 | |
Contribution receivable | 3 | | | 458 | |
Prepaid expenses | 100 | | | 41 | |
| | | |
Total assets | $ | 1,411,065 | | | $ | 1,253,959 | |
| | | |
Liabilities | | | |
Secured borrowings (net of $6,897 and $5,675 deferred financing costs, respectively) (See Note 5) | $ | 818,550 | | | $ | 699,772 | |
Payable for investments purchased | — | | | 56 | |
Interest payable | 11,321 | | | 8,812 | |
Due to adviser expense support (See Note 4) | 1,101 | | | 1,147 | |
| | | |
Management fees payable | 2,474 | | | 2,211 | |
Distributions payable | 17,105 | | | 14,325 | |
Directors’ fees payable | 96 | | | 96 | |
Accounts payable and accrued expenses | 2,921 | | | 2,583 | |
Total liabilities | $ | 853,568 | | | $ | 729,002 | |
| | | |
Commitments and contingencies (See Note 6) | | | |
| | | |
| | | |
| | | |
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 31,099,618 and 28,650,548 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | $ | 311 | | | $ | 287 | |
Paid-in-capital in excess of par value | 593,043 | | | 548,600 | |
Total distributable earnings (loss) | (35,857) | | | (23,930) | |
Total net assets | $ | 557,497 | | | $ | 524,957 | |
| | | |
Total liabilities and net assets | $ | 1,411,065 | | | $ | 1,253,959 | |
| | | |
Net asset value per share (See Note 8) | $ | 17.93 | | | $ | 18.32 | |
See Notes to Consolidated Financial Statements
3
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | |
Investment income: | | | | | | | | | |
Non-controlled/non-affiliated company investments: | | | | | | | | | |
Interest income | $ | 36,292 | | | $ | 15,883 | | | $ | 69,679 | | | $ | 29,667 | | | |
Payment-in-kind interest income | 551 | | | 186 | | | 872 | | | 328 | | | |
Dividend income | 24 | | | — | | | 40 | | | — | | | |
Other income | 234 | | | 392 | | | 470 | | | 605 | | | |
Total investment income | $ | 37,101 | | | $ | 16,461 | | | 71,061 | | | 30,600 | | | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Interest and debt financing expenses | $ | 14,298 | | | $ | 4,237 | | | 27,041 | | | 7,258 | | | |
| 2,475 | | | 1,732 | | | 4,781 | | | 3,252 | | | |
Professional fees | 964 | | | 264 | | | 1,554 | | | 445 | | | |
| | | | | | | | | |
Directors' fees | 95 | | | 95 | | | 191 | | | 191 | | | |
Administration fees (See Note 4) | 350 | | | 189 | | | 659 | | | 405 | | | |
Other general and administrative expenses | 733 | | | 254 | | | 1,290 | | | 313 | | | |
Total expenses before expense support | 18,915 | | | 6,771 | | | 35,516 | | | 11,864 | | | |
| (144) | | | (43) | | | (158) | | | (94) | | | |
Net expenses after expense support | 18,771 | | | 6,728 | | | 35,358 | | | 11,770 | | | |
| | | | | | | | | |
| | | | | | | | | |
Net investment income | 18,330 | | | 9,733 | | | 35,703 | | | 18,830 | | | |
| | | | | | | | | |
Realized and unrealized gain (loss) on investments: | | | | | | | | | |
Net realized gain (loss) on non-controlled/non-affiliated company investments | 218 | | | 56 | | | 6,699 | | | 92 | | | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (4,242) | | | (12,509) | | | (15,379) | | | (14,891) | | | |
Total net realized and unrealized gain (loss) on investments | (4,024) | | | (12,453) | | | (8,680) | | | (14,799) | | | |
| | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | $ | 14,306 | | | $ | (2,720) | | | $ | 27,023 | | | $ | 4,031 | | | |
| | | | | | | | | |
Per share data: | | | | | | | | | |
Net investment income per share - basic and diluted | $ | 0.60 | | | $ | 0.44 | | | $ | 1.20 | | | $ | 0.88 | | | |
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.47 | | | $ | (0.12) | | | $ | 0.91 | | | $ | 0.19 | | | |
Weighted average common shares outstanding - basic and diluted | 30,621,009 | | | 22,212,400 | | | 29,679,378 | | | 21,366,638 | | | |
See Notes to Consolidated Financial Statements
4
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(dollars in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | |
Net investment income | $ | 18,330 | | | $ | 9,733 | | | $ | 35,703 | | | $ | 18,830 | | | |
Net realized gain (loss) on investments | 218 | | | 56 | | | 6,699 | | | 92 | | | |
Net change in unrealized appreciation (depreciation) on investments | (4,242) | | | (12,509) | | | (15,379) | | | (14,891) | | | |
Net increase (decrease) in net assets resulting from operations | 14,306 | | | (2,720) | | | 27,023 | | | 4,031 | | | |
Shareholder distributions: | | | | | | | | | |
Distributions declared from net investment income | (17,106) | | | (9,757) | | | (32,915) | | | (18,309) | | | |
Distributions declared from realized gains | — | | | — | | | (6,036) | | | — | | | |
Net increase (decrease) in net assets resulting from shareholder distributions | (17,106) | | | (9,757) | | | (38,951) | | | (18,309) | | | |
Capital share transactions: | | | | | | | | | |
Issuance of common shares, net | 39,977 | | | 34,946 | | | 39,977 | | | 64,930 | | | |
Reinvestment of shareholder distributions, net | 2,776 | | | 627 | | | 4,491 | | | 1,070 | | | |
| | | | | | | | | |
Net increase (decrease) in net assets resulting from capital share transactions | 42,753 | | | 35,573 | | | 44,468 | | | 66,000 | | | |
Total increase (decrease) in net assets | 39,953 | | | 23,096 | | | 32,540 | | | 51,722 | | | |
Net assets, at beginning of period | 517,544 | | | 402,677 | | | 524,957 | | | 374,051 | | | |
Net assets, at end of period | $ | 557,497 | | | $ | 425,773 | | | $ | 557,497 | | | $ | 425,773 | | | |
See Notes to Consolidated Financial Statements
5
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands, except share and per share data)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 | | |
Cash flows from operating activities: | | | | | |
Net increase (decrease) in net assets resulting from operations | $ | 27,023 | | | $ | 4,031 | | | |
| | | | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities | | | | | |
Purchase of investments | (202,017) | | | (248,039) | | | |
Proceeds from principal repayments and sales of investments | 45,361 | | | 29,746 | | | |
Payment-in-kind interest | (872) | | | (312) | | | |
Amortization of premium/accretion of discount, net | (1,533) | | | (890) | | | |
Net realized (gain) loss on investments | (6,699) | | | (92) | | | |
Net change in unrealized (appreciation) depreciation on investments | 15,379 | | | 14,891 | | | |
Amortization of deferred financing costs | 884 | | | 622 | | | |
Amortization of offering costs | (23) | | | (34) | | | |
Changes in operating assets and liabilities: | | | | | |
Due from adviser expense support | 282 | | | (125) | | | |
Interest receivable | (1,178) | | | (5,441) | | | |
Receivable for investments sold | (47) | | | 3,354 | | | |
| | | | | |
Prepaid expenses | (59) | | | (23) | | | |
| | | | | |
Payable for investments purchased | (56) | | | (25,744) | | | |
Interest payable | 2,509 | | | 478 | | | |
Due to adviser expense support | (46) | | | 125 | | | |
| | | | | |
Management fees payable | 263 | | | 356 | | | |
| | | | | |
| | | | | |
Accounts payable and accrued expenses | 338 | | | 215 | | | |
Net cash provided by (used in) operating activities | (120,491) | | | (226,882) | | | |
| | | | | |
Cash flows from financing activities: | | | | | |
| | | | | |
Proceeds from issuance of common shares | 40,455 | | | 64,964 | | | |
| | | | | |
Shareholder distributions | (31,680) | | | (15,122) | | | |
Proceeds from secured borrowings | 179,000 | | | 544,600 | | | |
Repayments of secured borrowings | (59,000) | | | (367,000) | | | |
Payments of deferred financing costs | (2,106) | | | (2,783) | | | |
Net cash provided by (used in) financing activities | 126,669 | | | 224,659 | | | |
| | | | | |
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash | 6,178 | | | (2,223) | | | |
Cash and Cash Equivalents and Restricted Cash, beginning of period | 39,320 | | | 35,236 | | | |
Cash and Cash Equivalents and Restricted Cash, end of period | $ | 45,498 | | | $ | 33,013 | | | |
| | | | | |
Supplemental disclosure of cash flow information: | | | | | |
Cash paid during the period for interest | $ | 23,648 | | | $ | 7,114 | | | |
| | | | | |
| | | | | |
| | | | | |
Supplemental disclosure of non-cash flow Information: | | | | | |
Reinvestment of shareholder distributions | $ | 4,491 | | | $ | 1,070 | | | |
| | | | | |
See Notes to Consolidated Financial Statements
6
The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the consolidated statements of assets and liabilities that sum to the total of comparable amounts on the consolidated statements of cash flows (dollars in thousands):
| | | | | | | | | | | | | |
| June 30, 2023 | | June 30, 2022 | | |
Cash and cash equivalents | $ | 45,448 | | | $ | 32,963 | | | |
Restricted cash | 50 | | | 50 | | | |
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows | $ | 45,498 | | | $ | 33,013 | | | |
See Notes to Consolidated Financial Statements
7
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | | | |
AEgis Technologies | | (6) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 10/31/2025 | | $ | 14,732 | | | $ | 14,656 | | | $ | 14,349 | | | 2.57 | % | | |
Arotech | | (6) (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 10/22/2026 | | 9,249 | | | 9,166 | | | 8,792 | | | 1.58 | % | | |
Arotech (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 10/22/2026 | | 450 | | | 448 | | | 428 | | | 0.08 | % | | |
Loc Performance Products | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.39 | % | | 12/22/2026 | | 6,595 | | | 6,534 | | | 6,209 | | | 1.11 | % | | |
Valkyrie | | (17) | | Subordinated Debt | | N/A | | 10.50% (Cash) 1.00% (PIK) | | 11/17/2027 | | 2,822 | | | 2,775 | | | 2,717 | | | 0.49 | % | | |
Total Aerospace & Defense | | | | | | | | | | | | | | 33,579 | | | 32,495 | | | 5.83 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | |
American Auto Auction Group | | (6) (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 12/30/2027 | | 10,573 | | | 10,489 | | | 9,761 | | | 1.75 | % | | |
Classic Collision (Delayed Draw) (Incremental) | | (6) (13) | | First Lien Term Loan | | L + 5.75% | | 11.51 | % | | 1/14/2026 | | 6,976 | | | 6,976 | | | 6,778 | | | 1.22 | % | | |
Classic Collision (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 1/14/2026 | | 7,791 | | | 7,738 | | | 7,569 | | | 1.36 | % | | |
Collision Right | | (13) (17) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 4/14/2028 | | 4,816 | | | 4,790 | | | 4,727 | | | 0.85 | % | | |
Collision Right | | (17) | | Subordinated Debt | | N/A | | 9.00% (Cash) 3.75% (PIK) | | 10/14/2028 | | 1,385 | | | 1,352 | | | 1,344 | | | 0.24 | % | | |
Collision Right (Delayed Draw) | | (17) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 4/14/2028 | | 506 | | | 503 | | | 497 | | | 0.09 | % | | |
Collision Right (Delayed Draw) | | (17) | | Subordinated Debt | | N/A | | 9.00% (Cash) 3.75% (PIK) | | 10/14/2028 | | 978 | | | 966 | | | 949 | | | 0.17 | % | | |
Covercraft | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/21/2028 | | 7,450 | | | 7,338 | | | 6,981 | | | 1.25 | % | | |
Covercraft (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/21/2028 | | 4,386 | | | — | | | (276) | | | (0.05 | %) | | |
JEGS Automotive | | (6) | | First Lien Term Loan | | L + 6.00% | | 11.55 | % | | 12/22/2027 | | 4,009 | | | 3,978 | | | 3,311 | | | 0.59 | % | | |
JEGS Automotive (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | L + 6.00% | | 11.55 | % | | 12/22/2027 | | 930 | | | — | | | (162) | | | (0.03 | %) | | |
OEP Glass Purchaser | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.64 | % | | 4/18/2028 | | 14,813 | | | 14,693 | | | 14,370 | | | 2.58 | % | | |
Randys Holdings, Inc | | (9) (13) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 11/1/2028 | | 11,194 | | | 10,987 | | | 10,988 | | | 1.97 | % | | |
Randys Holdings, Inc (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 11/1/2028 | | 3,750 | | | — | | | (69) | | | (0.01 | %) | | |
S&S Truck Parts | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 3/1/2029 | | 6,893 | | | 6,834 | | | 6,752 | | | 1.21 | % | | |
S&S Truck Parts | | (13) | | First Lien Term Loan | | S + 4.75% | | 9.89 | % | | 3/1/2029 | | 1,165 | | | 1,155 | | | 1,141 | | | 0.20 | % | | |
S&S Truck Parts (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 3/1/2029 | | 98 | | | — | | | (2) | | | — | % | | |
S&S Truck Parts (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 4.75% | | 9.89 | % | | 3/1/2029 | | 1,732 | | | 1,584 | | | 1,549 | | | 0.28 | % | | |
Total Automotive | | | | | | | | | | | | | | 79,383 | | | 76,208 | | | 13.67 | % | | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
8
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | | | | | | | |
Allied Benefit Systems | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 11/18/2026 | | 5,960 | | | 5,927 | | | 5,889 | | | 1.06 | % | | |
Bankruptcy Management Solutions Inc | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 2/28/2025 | | 3,830 | | | 3,849 | | | 3,830 | | | 0.69 | % | | |
Coding Solutions Acquisitions | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 5/11/2028 | | 6,464 | | | 6,410 | | | 6,358 | | | 1.14 | % | | |
Coding Solutions Acquisitions (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 5/11/2028 | | 1,967 | | | 206 | | | 173 | | | 0.03 | % | | |
Long Term Care Group | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 9/8/2027 | | 6,620 | | | 6,570 | | | 5,781 | | | 1.04 | % | | |
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 10/14/2028 | | 7,185 | | | 3,708 | | | 3,583 | | | 0.64 | % | | |
Risk Strategies (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 11/1/2026 | | 3,545 | | | 2,061 | | | 2,008 | | | 0.36 | % | | |
Risk Strategies (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 11/1/2026 | | 11,399 | | | 11,399 | | | 11,140 | | | 2.00 | % | | |
Vensure Employer Services | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 3/26/2027 | | 14,731 | | | 14,695 | | | 14,382 | | | 2.58 | % | | |
World Insurance Associates | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 4/1/2026 | | 1,971 | | | 1,958 | | | 1,916 | | | 0.34 | % | | |
World Insurance Associates (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 4/1/2026 | | 5,005 | | | 5,005 | | | 4,866 | | | 0.87 | % | | |
World Insurance Associates (Delayed Draw) | | (6) (9) (17) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 4/1/2026 | | 7,980 | | | 7,980 | | | 7,758 | | | 1.39 | % | | |
Total Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | 69,768 | | | 67,684 | | | 12.14 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | |
Bardstown PPC Holdings LLC | | (17) | | Subordinated Debt | | S + 7.75% | | 13.02 | % | | 8/30/2027 | | 9,300 | | | 9,142 | | | 9,224 | | | 1.65 | % | | |
Death Wish Coffee | | (6) (9) (13) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 9/28/2027 | | 9,850 | | | 9,778 | | | 9,850 | | | 1.77 | % | | |
Dessert Holdings | | (6) (17) | | Subordinated Debt | | S + 7.25% | | 12.52 | % | | 6/8/2029 | | 9,000 | | | 8,869 | | | 7,785 | | | 1.40 | % | | |
Fresh Edge | | (17) | | Subordinated Debt | | S + 4.50% | | 9.77% (Cash) 5.13% (PIK) | | 4/3/2029 | | 3,770 | | | 3,685 | | | 3,678 | | | 0.66 | % | | |
Fresh Edge (Incremental) | | (17) | | Subordinated Debt | | S + 4.50% | | 9.77% (Cash) 5.13% (PIK) | | 4/3/2029 | | 753 | | | 734 | | | 734 | | | 0.13 | % | | |
GA Foods | | (16) (17) | | First Lien Term Loan | | L + 5.50% | | 10.49% (Cash) 0.50% (PIK) | | 12/1/2026 | | 14,769 | | | 14,684 | | | 2,518 | | | 0.45 | % | | |
Handgards | | (6) (13) | | First Lien Term Loan | | L + 7.00% | | 12.55 | % | | 10/14/2026 | | 14,588 | | | 14,419 | | | 14,588 | | | 2.62 | % | | |
Harvest Hill Beverage Company | | (17) | | Subordinated Debt | | S + 9.00% | | 14.14 | % | | 2/28/2029 | | 3,640 | | | 3,536 | | | 3,535 | | | 0.63 | % | | |
KSLB Holdings LLC | | (13) | | First Lien Term Loan | | L + 4.50% | | 9.72 | % | | 7/30/2025 | | 2,865 | | | 2,848 | | | 2,659 | | | 0.48 | % | | |
Rise Baking | | (6) (9) (13) | | First Lien Term Loan | | S + 6.50% | | 11.64 | % | | 8/13/2027 | | 14,775 | | | 14,617 | | | 14,775 | | | 2.65 | % | | |
Watermill Express, LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 4/20/2027 | | 3,273 | | | 3,251 | | | 3,214 | | | 0.58 | % | | |
Watermill Express, LLC (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | L + 5.25% | | 10.80 | % | | 4/20/2027 | | 316 | | | 316 | | | 310 | | | 0.06 | % | | |
Total Beverage, Food & Tobacco | | | | | | | | | | | | | | 85,879 | | | 72,870 | | | 13.08 | % | | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
9
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | | | |
Blackbird Purchaser Inc. | | (6) (13) (17) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 4/8/2026 | | 9,862 | | | 9,828 | | | 9,709 | | | 1.74 | % | | |
Crete Mechanical Group | | (6) (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 5/19/2028 | | 4,847 | | | 4,807 | | | 4,764 | | | 0.85 | % | | |
Crete Mechanical Group (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 5/19/2028 | | 2,860 | | | 2,819 | | | 2,811 | | | 0.50 | % | | |
Crete Mechanical Group (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 5/19/2028 | | 7,178 | | | 4,452 | | | 4,328 | | | 0.78 | % | | |
EFC Holdings, LLC | | (17) | | Subordinated Debt | | N/A | | 11.00% (Cash) 2.50% (PIK) | | 5/1/2028 | | 3,146 | | | 3,058 | | | 3,057 | | | 0.55 | % | | |
Heartland Home Services | | | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 12/15/2026 | | 6,500 | | | 6,458 | | | 6,367 | | | 1.14 | % | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 11.22 | % | | 12/15/2026 | | 5,636 | | | 5,615 | | | 5,521 | | | 0.99 | % | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 12/15/2026 | | 2,585 | | | 2,585 | | | 2,532 | | | 0.45 | % | | |
Ovation Holdings, Inc. | | (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 2/3/2029 | | 8,076 | | | 7,907 | | | 7,903 | | | 1.42 | % | | |
Ovation Holdings, Inc. (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 2/3/2029 | | 1,904 | | | (22) | | | (41) | | | (0.01 | %) | | |
Precision Surfacing | | (17) | | Subordinated Debt | | N/A 15.00% | | 15.00 | % | | 6/30/2024 | | 469 | | | 469 | | | 469 | | | 0.08 | % | | |
PT Intermediate Holdings III, LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.98% | | 11.24 | % | | 11/1/2028 | | 8,779 | | | 8,753 | | | 8,556 | | | 1.53 | % | | |
PT Intermediate Holdings III, LLC (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.98% | | 11.24 | % | | 11/1/2028 | | 1,073 | | | 1,064 | | | 1,046 | | | 0.19 | % | | |
Repipe Specialists | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 2,420 | | | 2,379 | | | 2,288 | | | 0.41 | % | | |
Repipe Specialists (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 900 | | | 209 | | | 160 | | | 0.03 | % | | |
RTH Buyer LLC (dba "Rhino Tool House) | | (13) (17) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 4/4/2029 | | 8,092 | | | 7,936 | | | 7,937 | | | 1.42 | % | | |
RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 4/4/2029 | | 1,887 | | | (9) | | | (36) | | | (0.01 | %) | | |
Total Capital Equipment | | | | | | | | | | | | | | 68,308 | | | 67,371 | | | 12.06 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | | | | | |
Ascensus | | (9) (17) | | Subordinated Debt | | S + 6.50% | | 11.77 | % | | 8/2/2029 | | 9,000 | | | 8,935 | | | 8,360 | | | 1.50 | % | | |
Ascensus Specialties | | (6) (9) (13) | | First Lien Term Loan | | S + 4.35% | | 9.49 | % | | 6/30/2028 | | 9,781 | | | 9,629 | | | 9,413 | | | 1.69 | % | | |
Boulder Scientific Company LLC | | (6) | | First Lien Term Loan | | S + 4.25% | | 9.52 | % | | 12/29/2025 | | 2,076 | | | 2,086 | | | 2,056 | | | 0.37 | % | | |
Chroma Color Corporation (dba "Chroma Color") | | (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 4/21/2029 | | 6,346 | | | 6,222 | | | 6,223 | | | 1.12 | % | | |
Chroma Color Corporation (dba "Chroma Color") (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 4/21/2029 | | 1,379 | | | (13) | | | (27) | | | — | % | | |
Spartech | | (6) (9) (13) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 5/8/2028 | | 14,844 | | | 14,772 | | | 13,509 | | | 2.42 | % | | |
Total Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | 41,631 | | | 39,534 | | | 7.10 | % | | |
See Notes to Consolidated Financial Statements
10
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | |
Erie Construction | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 7/30/2027 | | 10,427 | | | 10,351 | | | 10,428 | | | 1.87 | % | | |
Gannett Fleming | | (13) | | First Lien Term Loan | | S + 6.60% | | 11.87 | % | | 12/20/2028 | | 9,950 | | | 9,768 | | | 9,777 | | | 1.75 | % | | |
MEI Rigging & Crating | | (13) (17) | | First Lien Term Loan | | S + 6.50% | | 11.64 | % | | 6/29/2029 | | 11,460 | | | 11,230 | | | 11,230 | | | 2.01 | % | | |
MEI Rigging & Crating (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.50% | | 11.64 | % | | 6/29/2029 | | 1,814 | | | (9) | | | (36) | | | (0.01 | %) | | |
Sciens Building Solutions, LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 12/15/2027 | | 9,362 | | | 9,216 | | | 8,991 | | | 1.61 | % | | |
Sciens Building Solutions, LLC (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 12/15/2027 | | 4,930 | | | 1,590 | | | 1,432 | | | 0.26 | % | | |
Total Construction & Building | | | | | | | | | | | | | | 42,146 | | | 41,822 | | | 7.49 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | | | |
Halo Buyer Inc | | (6) (15) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 6/30/2025 | | 5,698 | | | 5,664 | | | 5,149 | | | 0.92 | % | | |
Petmate | | (6) (9) (13) (15) | | First Lien Term Loan | | L + 5.50% | | 11.05 | % | | 9/15/2028 | | 9,850 | | | 9,773 | | | 6,402 | | | 1.15 | % | | |
Xpressmyself.com LLC (a/k/a SmartSign) | | (13) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 9/7/2028 | | 9,925 | | | 9,839 | | | 9,632 | | | 1.73 | % | | |
Xpressmyself.com LLC (a/k/a SmartSign) | | (6) (17) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 9/7/2028 | | 5,050 | | | 4,950 | | | 4,950 | | | 0.89 | % | | |
Total Consumer Goods: Durable | | | | | | | | | | | | | | 30,226 | | | 26,133 | | | 4.69 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | | | |
Arcadia Consumer Health | | (6) (9) (13) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 9/10/2027 | | 12,668 | | | 12,576 | | | 12,102 | | | 2.17 | % | | |
Arcadia Consumer Health (Incremental) | | (13) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 9/10/2027 | | 2,267 | | | 2,222 | | | 2,238 | | | 0.40 | % | | |
Badger Sportswear Acquisition Inc | | (6) | | First Lien Term Loan | | L + 4.50% | | 10.05 | % | | 12/24/2023 | | 3,821 | | | 3,809 | | | 3,776 | | | 0.68 | % | | |
Elevation Labs | | (13) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 6/30/2028 | | 6,823 | | | 6,764 | | | 6,735 | | | 1.21 | % | | |
Elevation Labs (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 6/30/2028 | | 3,125 | | | (26) | | | (40) | | | (0.01 | %) | | |
FoodScience | | (6) (13) | | First Lien Term Loan | | L + 5.00% | | 10.55 | % | | 3/1/2027 | | 7,784 | | | 7,728 | | | 6,928 | | | 1.24 | % | | |
FoodScience | | (6) (13) | | First Lien Term Loan | | L + 5.00% | | 10.55 | % | | 3/1/2027 | | 6,916 | | | 6,865 | | | 6,156 | | | 1.10 | % | | |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/29/2026 | | 2,518 | | | 2,500 | | | 2,533 | | | 0.45 | % | | |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/29/2026 | | 7,313 | | | 7,291 | | | 7,356 | | | 1.32 | % | | |
Protective Industrial Products (“PIP”) | | (9) (13) (17) | | First Lien Term Loan | | S + 5.00% | | 10.14 | % | | 12/29/2027 | | 4,872 | | | 4,679 | | | 4,680 | | | 0.84 | % | | |
Ultima Health Holdings, LLC | | (17) | | Subordinated Debt | | N/A | | 11.00% (Cash) 1.50% (PIK) | | 3/12/2029 | | 1,721 | | | 1,691 | | | 1,666 | | | 0.30 | % | | |
Total Consumer Goods: Non-durable | | | | | | | | | | | | | | 56,099 | | | 54,130 | | | 9.70 | % | | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
11
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | | | |
B2B Packaging | | (6) (13) | | First Lien Term Loan | | S + 6.75% | | 11.89 | % | | 10/7/2026 | | 14,771 | | | 14,736 | | | 14,440 | | | 2.59 | % | | |
B2B Packaging (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.75% | | 11.89 | % | | 10/7/2026 | | 117 | | | 114 | | | 114 | | | 0.02 | % | | |
Five Star Packing | | (6) (13) | | First Lien Term Loan | | S + 4.25% | | 9.64 | % | | 5/5/2029 | | 7,615 | | | 7,515 | | | 7,487 | | | 1.34 | % | | |
Good2Grow | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 12/1/2027 | | 9,642 | | | 9,569 | | | 9,510 | | | 1.71 | % | | |
Oliver Packaging | | (17) | | Subordinated Debt | | N/A | | 11.00 | % | | 1/6/2029 | | 2,510 | | | 2,468 | | | 2,417 | | | 0.43 | % | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | L + 5.50% | | 11.05% | | 12/17/2025 | | 2,998 | | | 2,980 | | | 2,924 | | | 0.52 | % | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | L + 5.50% | | 11.05 | % | | 12/17/2025 | | 7,313 | | | 7,270 | | | 7,133 | | | 1.28 | % | | |
Specialized Packaging Group (Incremental) | | (7) (10) (13) | | First Lien Term Loan | | L + 6.25% | | 12.01 | % | | 12/17/2025 | | 4,431 | | | 4,365 | | | 4,393 | | | 0.79 | % | | |
Total Containers, Packaging & Glass | | | | | | | | | | | | | | 49,017 | | | 48,418 | | | 8.68 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | |
Impact Parent Corporation (d/b/a Impact Environmental Group) | | (13) (17) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 3/23/2029 | | 6,810 | | | 6,676 | | | 6,682 | | | 1.20 | % | | |
Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 3/23/2029 | | 3,173 | | | (15) | | | (60) | | | (0.01 | %) | | |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | | (13) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 8/31/2028 | | 6,682 | | | 6,625 | | | 6,590 | | | 1.18 | % | | |
The Facilities Group | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 11/30/2027 | | 4,897 | | | 4,862 | | | 4,716 | | | 0.85 | % | | |
The Facilities Group (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | L + 5.75% | | 11.30 | % | | 11/30/2027 | | 4,975 | | | 4,518 | | | 4,334 | | | 0.78 | % | | |
Total Environmental Industries | | | | | | | | | | | | | | 22,666 | | | 22,262 | | | 4.00 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | |
Affinity Hospice | | (6) (13) (17) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 12/17/2027 | | 7,912 | | | 7,851 | | | 7,473 | | | 1.34 | % | | |
Affinity Hospice (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | L + 4.75% | | 10.30 | % | | 12/17/2027 | | 1,981 | | | — | | | (110) | | | (0.02 | %) | | |
Anne Arundel | | (17) | | Subordinated Debt | | N/A | | 12.75% (PIK) | | 10/16/2026 | | 3,076 | | | 3,035 | | | 2,809 | | | 0.50 | % | | |
Anne Arundel | | (17) | | Subordinated Debt | | N/A | | 11.00 | % | | 4/16/2026 | | 1,866 | | | 1,847 | | | 1,747 | | | 0.31 | % | | |
Anne Arundel (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 11.00 | % | | 4/16/2026 | | 2,258 | | | 1,882 | | | 1,747 | | | 0.31 | % | | |
Forefront Dermatology | | (6) (9) (13) (15) | | First Lien Term Loan | | S + 4.25% | | 9.52 | % | | 4/2/2029 | | 5,333 | | | 5,239 | | | 5,279 | | | 0.95 | % | | |
Forefront Dermatology (Delayed Draw) | | (9) (11) (15) (17) | | First Lien Term Loan | | S + 4.25% | | 9.39 | % | | 4/2/2029 | | 999 | | | 978 | | | 968 | | | 0.17 | % | | |
Genesee Scientific | | (6) (9) | | First Lien Term Loan | | S + 5.25% | | 10.64 | % | | 9/30/2027 | | 5,989 | | | 5,949 | | | 5,776 | | | 1.04 | % | | |
Genesee Scientific (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | L + 5.25% | | 10.80 | % | | 9/30/2027 | | 2,023 | | | 1,415 | | | 1,343 | | | 0.24 | % | | |
GHR Healthcare | | (6) (9) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 12/9/2027 | | 6,434 | | | 6,387 | | | 6,347 | | | 1.14 | % | | |
GHR Healthcare (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 12/9/2027 | | 2,012 | | | 2,012 | | | 1,985 | | | 0.36 | % | | |
GHR Healthcare (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 12/9/2027 | | 5,008 | | | 4,921 | | | 4,941 | | | 0.89 | % | | |
See Notes to Consolidated Financial Statements
12
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Health Management Associates | | (13) (17) | | First Lien Term Loan | | S + 6.50% | | 11.64 | % | | 3/30/2029 | | 8,492 | | | 8,326 | | | 8,324 | | | 1.49 | % | | |
Health Management Associates (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.50% | | 11.64 | % | | 3/30/2029 | | 1,508 | | | 453 | | | 453 | | | 0.08 | % | | |
Heartland Veterinary Partners LLC (Incremental) | | (17) | | Subordinated Debt | | S + 7.50% | | 12.64 | % | | 12/10/2027 | | 1,900 | | | 1,869 | | | 1,851 | | | 0.33 | % | | |
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw) | | (11) (17) | | Subordinated Debt | | S + 7.50% | | 12.64 | % | | 12/10/2027 | | 9,500 | | | 874 | | | 630 | | | 0.11 | % | | |
InfuCare RX | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 1/4/2028 | | 9,850 | | | 9,775 | | | 9,211 | | | 1.65 | % | | |
MDC Intermediate Holdings II, LLC | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.25% (PIK) | | 2/7/2030 | | 1,745 | | | 1,705 | | | 1,703 | | | 0.31 | % | | |
MDC Intermediate Holdings II, LLC (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash), 2.25% (PIK) | | 2/7/2030 | | 720 | | | (8) | | | (17) | | | — | % | | |
Midwest Eye Consultants | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.89 | % | | 8/20/2027 | | 9,067 | | | 9,003 | | | 8,672 | | | 1.56 | % | | |
PromptCare | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 9/1/2027 | | 8,246 | | | 8,146 | | | 8,068 | | | 1.45 | % | | |
PromptCare (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 9/1/2027 | | 3,021 | | | 1,267 | | | 1,219 | | | 0.22 | % | | |
Quorum Health Resources, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 5/28/2027 | | 7,719 | | | 7,663 | | | 7,490 | | | 1.34 | % | | |
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | | (11) (17) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 5/28/2027 | | 3,264 | | | (8) | | | (49) | | | (0.01 | %) | | |
Quorum Health Resources, LLC (Incremental) | | (13) (17) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 5/28/2027 | | 3,264 | | | 3,215 | | | 3,215 | | | 0.58 | % | | |
Sandlot Buyer, LLC (Prime Time Healthcare) | | (13) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 9/19/2028 | | 9,625 | | | 9,360 | | | 9,628 | | | 1.73 | % | | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | | (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 10/5/2029 | | 7,511 | | | 7,443 | | | 7,373 | | | 1.32 | % | | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 10/5/2029 | | 2,450 | | | 401 | | | 356 | | | 0.06 | % | | |
SM Wellness Holdings, Inc | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 9.89 | % | | 4/17/2028 | | 14,740 | | | 14,643 | | | 13,941 | | | 2.50 | % | | |
US Fertility | | (17) | | Subordinated Debt | | N/A | | 13.75% (PIK) | | 6/21/2028 | | 11,572 | | | 11,236 | | | 11,230 | | | 2.01 | % | | |
Wellspring Pharmaceutical | | (13) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 8/22/2028 | | 3,395 | | | 3,337 | | | 3,296 | | | 0.59 | % | | |
Wellspring Pharmaceutical (Delayed Draw) | | (17) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 8/22/2028 | | 1,579 | | | 1,569 | | | 1,533 | | | 0.27 | % | | |
Wellspring Pharmaceutical (Delayed Draw) (Incremental) | | (11) (17) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 8/22/2028 | | 3,756 | | | (18) | | | (73) | | | (0.01 | %) | | |
Wellspring Pharmaceutical (Incremental) | | (13) (17) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 8/22/2028 | | 1,252 | | | 1,228 | | | 1,228 | | | 0.22 | % | | |
Total Healthcare & Pharmaceuticals | | | | | | | | | | | | | | 142,995 | | | 139,587 | | | 25.03 | % | | |
| | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) | | (13) (17) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 6/13/2029 | | 8,062 | | | 7,901 | | | 7,902 | | | 1.43 | % | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 6/13/2029 | | 3,225 | | | (16) | | | (64) | | | (0.01 | %) | | |
Argano, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 6/10/2026 | | 5,662 | | | 5,627 | | | 5,422 | | | 0.97 | % | | |
See Notes to Consolidated Financial Statements
13
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Argano, LLC (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 6/10/2026 | | 2,507 | | | 2,507 | | | 2,401 | | | 0.43 | % | | |
Argano, LLC (Delayed Draw) (Incremental) | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 6/10/2026 | | 1,713 | | | 1,680 | | | 1,641 | | | 0.29 | % | | |
Diligent Corporation | | (6) (9) (17) | | First Lien Term Loan | | S + 6.25% | | 11.39 | % | | 8/4/2025 | | 12,534 | | | 12,511 | | | 12,042 | | | 2.16 | % | | |
Diligent Corporation | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 8/4/2025 | | 3,404 | | | 3,387 | | | 3,241 | | | 0.58 | % | | |
Diligent Corporation | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 8/4/2025 | | 1,483 | | | 1,476 | | | 1,412 | | | 0.25 | % | | |
Diligent Corporation (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 6.25% | | 11.39 | % | | 8/4/2025 | | 169 | | | 169 | | | 162 | | | 0.03 | % | | |
Diligent Corporation (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 6.25% | | 11.39 | % | | 8/4/2025 | | 106 | | | 106 | | | 102 | | | 0.02 | % | | |
Eliassen Group LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 4/14/2028 | | 12,131 | | | 12,032 | | | 11,936 | | | 2.14 | % | | |
Eliassen Group LLC (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 4/14/2028 | | 2,775 | | | 408 | | | 369 | | | 0.07 | % | | |
Exterro | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 5/31/2024 | | 9,474 | | | 9,448 | | | 9,537 | | | 1.71 | % | | |
Fineline Merger | | (17) | | Subordinated Debt | | S + 9.00% | | 14.14 | % | | 8/22/2028 | | 2,941 | | | 2,909 | | | 2,909 | | | 0.52 | % | | |
Go Engineer | | (6) (9) (13) | | First Lien Term Loan | | S + 5.63% | | 11.02 | % | | 12/21/2027 | | 11,631 | | | 11,542 | | | 11,295 | | | 2.03 | % | | |
Go Engineer (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 5.63% | | 11.02 | % | | 12/21/2027 | | 3,168 | | | 3,144 | | | 3,076 | | | 0.55 | % | | |
Infinite Bidco LLC (Infinite Electronics) (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 3/2/2028 | | 6,345 | | | 6,282 | | | 6,169 | | | 1.11 | % | | |
Infobase Acquisition, Inc. | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 6/14/2028 | | 4,353 | | | 4,316 | | | 4,290 | | | 0.77 | % | | |
Infobase Acquisition, Inc. (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 6/14/2028 | | 721 | | | — | | | (11) | | | — | % | | |
ITSavvy LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 8/8/2028 | | 7,833 | | | 7,766 | | | 7,868 | | | 1.41 | % | | |
ITSavvy LLC (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 8/8/2028 | | 1,682 | | | 1,510 | | | 1,531 | | | 0.27 | % | | |
North Haven CS Acquisition Inc | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 1/23/2025 | | 5,822 | | | 5,822 | | | 5,822 | | | 1.04 | % | | |
Northern Star Industries Inc | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 3/28/2025 | | 3,269 | | | 3,260 | | | 3,269 | | | 0.59 | % | | |
Prosci, Inc. | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 10/21/2026 | | 4,733 | | | 4,701 | | | 4,684 | | | 0.84 | % | | |
Revalize (Delayed Draw) | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 4/15/2027 | | 4,264 | | | 4,254 | | | 3,995 | | | 0.72 | % | | |
Revalize (Delayed Draw) | | (6) (9) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 4/15/2027 | | 1,095 | | | 1,088 | | | 1,026 | | | 0.18 | % | | |
Revalize (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 4/15/2027 | | 244 | | | 243 | | | 229 | | | 0.04 | % | | |
SmartWave | | (6) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 11/5/2026 | | 9,261 | | | 9,188 | | | 7,944 | | | 1.42 | % | | |
Solve Industrial Motion Group | | (17) | | Subordinated Debt | | N/A | | 10.75 | % | | 6/28/2028 | | 1,777 | | | 1,749 | | | 1,711 | | | 0.31 | % | | |
Solve Industrial Motion Group | | (17) | | Subordinated Debt | | N/A | | 12.50 | % | | 6/28/2028 | | 758 | | | 744 | | | 743 | | | 0.13 | % | | |
Solve Industrial Motion Group (Delayed Draw) | | (17) | | Subordinated Debt | | N/A | | 10.75 | % | | 6/28/2028 | | 2,035 | | | 2,035 | | | 1,960 | | | 0.35 | % | | |
Total High Tech Industries | | | | | | | | | | | | | | 127,789 | | | 124,613 | | | 22.35 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | |
Tinuiti | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 12/10/2026 | | 2,963 | | | 2,941 | | | 2,861 | | | 0.51 | % | | |
Tinuiti (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 12/10/2026 | | 1,936 | | | 1,935 | | | 1,869 | | | 0.34 | % | | |
See Notes to Consolidated Financial Statements
14
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Tinuiti (Delayed Draw) (Incremental) | | (6) (9) (17) | | First Lien Term Loan | | S + 5.00% | | 10.14 | % | | 12/10/2026 | | 9,913 | | | 9,913 | | | 9,571 | | | 1.72 | % | | |
Wpromote | | (13) | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 10/23/2028 | | 4,401 | | | 4,321 | | | 4,341 | | | 0.78 | % | | |
Wpromote (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.00% | | 11.14 | % | | 10/23/2028 | | 588 | | | (4) | | | (8) | | | — | % | | |
Total Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | 19,106 | | | 18,634 | | | 3.35 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | | | | | |
Corporate Visions | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 8/12/2027 | | 2,902 | | | 2,881 | | | 2,764 | | | 0.50 | % | | |
Corporate Visions | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.64 | % | | 8/12/2027 | | 2,550 | | | 2,520 | | | 2,430 | | | 0.44 | % | | |
Spectrio II | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 12/9/2026 | | 8,082 | | | 8,034 | | | 7,760 | | | 1.39 | % | | |
Spectrio II (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 12/9/2026 | | 2,871 | | | 2,854 | | | 2,757 | | | 0.49 | % | | |
Spectrio II (Delayed Draw) | | (9) (13) | | First Lien Term Loan | | L + 5.75% | | 11.30 | % | | 12/9/2026 | | 438 | | | 436 | | | 417 | | | 0.07 | % | | |
Total Media: Diversified & Production | | | | | | | | | | | | | | 16,725 | | | 16,128 | | | 2.89 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Retail | | | | | | | | | | | | | | | | | | | | |
Syndigo | | (6) (9) (13) | | First Lien Term Loan | | L + 4.50% | | 9.72 | % | | 12/15/2027 | | 5,865 | | | 5,883 | | | 5,632 | | | 1.01 | % | | |
Total Retail | | | | | | | | | | | | | | 5,883 | | | 5,632 | | | 1.01 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | |
ALKU Intermediate Holdings, LLC | | (13) (17) | | First Lien Term Loan | | S + 6.25% | | 11.39 | % | | 5/22/2029 | | 4,530 | | | 4,440 | | | 4,441 | | | 0.81 | % | | |
Apex Companies Holdings, LLC | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 3,914 | | | 3,825 | | | 3,821 | | | 0.69 | % | | |
Apex Companies Holdings, LLC (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 1,196 | | | 67 | | | 53 | | | 0.01 | % | | |
Big Truck Rental | | (17) | | Subordinated Debt | | L + 8.00% | | 13.22 | % | | 9/30/2027 | | 10,000 | | | 9,847 | | | 10,000 | | | 1.79 | % | | |
Big Truck Rental | | (17) | | Subordinated Debt | | L + 8.00% | | 13.22 | % | | 9/30/2027 | | 2,500 | | | 2,500 | | | 2,500 | | | 0.45 | % | | |
Bounteous | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.64 | % | | 8/2/2027 | | 5,375 | | | 5,335 | | | 5,029 | | | 0.90 | % | | |
Bounteous | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 8/2/2027 | | 2,200 | | | 2,183 | | | 2,058 | | | 0.37 | % | | |
Bounteous (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.64 | % | | 8/2/2027 | | 2,782 | | | 2,763 | | | 2,603 | | | 0.47 | % | | |
Bounteous (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | L + 5.25% | | 10.80 | % | | 8/2/2027 | | 4,467 | | | — | | | (287) | | | (0.05 | %) | | |
BroadcastMed Holdco, LLC | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.75% (PIK) | | 11/12/2027 | | 3,483 | | | 3,421 | | | 3,354 | | | 0.60 | % | | |
Bullhorn Inc | | (6) (9) (13) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 9/30/2026 | | 13,777 | | | 13,670 | | | 13,777 | | | 2.47 | % | | |
BusinesSolver | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/1/2027 | | 7,780 | | | 7,720 | | | 7,651 | | | 1.37 | % | | |
BusinesSolver (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/1/2027 | | 2,120 | | | 173 | | | 145 | | | 0.03 | % | | |
Career Now | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/30/2027 | | 3,070 | | | 3,025 | | | 2,861 | | | 0.51 | % | | |
See Notes to Consolidated Financial Statements
15
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Cornerstone Advisors of Arizona LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 9/24/2026 | | 310 | | | 308 | | | 310 | | | 0.06 | % | | |
Cornerstone Advisors of Arizona LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 9/24/2026 | | 2,307 | | | 2,294 | | | 2,307 | | | 0.41 | % | | |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.89 | % | | 9/24/2026 | | 211 | | | 211 | | | 211 | | | 0.04 | % | | |
CrossCountry Consulting | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 6/1/2029 | | 8,216 | | | 8,073 | | | 8,216 | | | 1.47 | % | | |
CrossCountry Consulting (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 6/1/2029 | | 3,320 | | | (28) | | | — | | | — | % | | |
D&H United Fueling Solutions | | (13) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 9/16/2028 | | 7,529 | | | 7,395 | | | 7,231 | | | 1.30 | % | | |
D&H United Fueling Solutions (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 9/16/2028 | | 2,396 | | | 2,375 | | | 2,301 | | | 0.41 | % | | |
D&H United Fueling Solutions (Delayed Draw) (Incremental) | | (11) (17) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 9/16/2028 | | 1,567 | | | (8) | | | (31) | | | (0.01 | %) | | |
D&H United Fueling Solutions (Incremental) | | (13) (17) | | First Lien Term Loan | | S + 5.25% | | 10.52 | % | | 9/16/2028 | | 3,483 | | | 3,413 | | | 3,413 | | | 0.61 | % | | |
E78 | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 12/1/2027 | | 5,629 | | | 5,586 | | | 5,528 | | | 0.99 | % | | |
E78 (Incremental) | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 12/1/2027 | | 1,445 | | | 1,433 | | | 1,419 | | | 0.25 | % | | |
E78 (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 12/1/2027 | | 4,232 | | | 4,200 | | | 4,157 | | | 0.75 | % | | |
E78 (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 12/1/2027 | | 3,555 | | | 984 | | | 921 | | | 0.17 | % | | |
Evergreen Services Group | | (6) (9) (13) | | First Lien Term Loan | | S + 6.15% | | 11.42 | % | | 6/15/2029 | | 12,027 | | | 11,814 | | | 11,633 | | | 2.09 | % | | |
Evergreen Services Group (Delayed Draw) | | (9) (17) | | First Lien Term Loan | | S + 6.15% | | 11.42 | % | | 6/15/2029 | | 2,877 | | | 2,852 | | | 2,783 | | | 0.50 | % | | |
Gabriel Partners LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 9/21/2026 | | 9,239 | | | 9,183 | | | 9,239 | | | 1.66 | % | | |
Gabriel Partners LLC (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 5.75% | | 11.30 | % | | 9/21/2026 | | 1,539 | | | 1,539 | | | 1,539 | | | 0.28 | % | | |
Gabriel Partners LLC (Incremental) | | (9) (13) | | First Lien Term Loan | | L + 5.75% | | 11.30 | % | | 9/21/2026 | | 3,814 | | | 3,788 | | | 3,814 | | | 0.68 | % | | |
Lion Merger Sub Inc | | (9) (13) | | First Lien Term Loan | | L + 6.00% | | 11.55 | % | | 12/17/2025 | | 7,358 | | | 7,315 | | | 7,263 | | | 1.30 | % | | |
Lion Merger Sub Inc (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 12/17/2025 | | 7,336 | | | 7,255 | | | 7,241 | | | 1.30 | % | | |
LSCS Holdings Inc. | | (6) (13) | | First Lien Term Loan | | L + 4.50% | | 9.72 | % | | 12/16/2028 | | 9,850 | | | 9,809 | | | 9,540 | | | 1.71 | % | | |
LYNX FRANCHISING, LLC | | (6) (9) (13) | | First Lien Term Loan | | L + 6.25% | | 12.01 | % | | 12/23/2026 | | 9,850 | | | 9,775 | | | 9,616 | | | 1.72 | % | | |
Output Services Group, Inc. | | (16) (17) | | First Lien Term Loan | | S + 6.75% | | 10.16% (Cash) 1.50% (PIK) | | 6/29/2026 | | 3,882 | | | 3,434 | | | 2,135 | | | 0.38 | % | | |
Phaidon International | | (7) (10) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 8/22/2029 | | 14,625 | | | 14,497 | | | 14,507 | | | 2.60 | % | | |
Plaze | | (17) | | Subordinated Debt | | S + 7.50% | | 12.64 | % | | 7/7/2028 | | 15,000 | | | 14,647 | | | 13,682 | | | 2.45 | % | | |
RoadOne (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 8.75% (Cash) 5.00% (PIK) | | 6/30/2029 | | 1,397 | | | (19) | | | (30) | | | (0.01 | %) | | |
RoadOne | | (17) | | Subordinated Debt | | N/A | | 8.75% (Cash) 5.00% (PIK) | | 6/30/2029 | | 4,583 | | | 4,457 | | | 4,484 | | | 0.80 | % | | |
Scaled Agile | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/15/2028 | | 7,976 | | | 7,911 | | | 7,806 | | | 1.40 | % | | |
Scaled Agile (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/15/2028 | | 1,923 | | | 392 | | | 351 | | | 0.06 | % | | |
Smile Brands | | (17) | | Subordinated Debt | | L + 8.50% | | 14.26 | % | | 4/13/2026 | | 9,597 | | | 9,506 | | | 8,383 | | | 1.50 | % | | |
Soliant Health | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.39 | % | | 3/31/2028 | | 8,461 | | | 8,417 | | | 8,461 | | | 1.52 | % | | |
See Notes to Consolidated Financial Statements
16
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Technical Safety Services | | (13) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 6/22/2029 | | 6,806 | | | 6,747 | | | 6,689 | | | 1.20 | % | | |
Technical Safety Services (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 6/22/2029 | | 3,117 | | | 2,075 | | | 2,048 | | | 0.37 | % | | |
TouchTunes Interactive | | (6) (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 4/2/2029 | | 9,925 | | | 9,839 | | | 9,815 | | | 1.76 | % | | |
Transit Buyer LLC (dba“Propark”) | | (13) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 1/31/2029 | | 6,858 | | | 6,732 | | | 6,729 | | | 1.21 | % | | |
Transit Buyer LLC (dba“Propark”) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.25% | | 11.64 | % | | 1/31/2029 | | 3,125 | | | (58) | | | (59) | | | (0.01 | %) | | |
Trilon Group, LLC | | (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 5/28/2029 | | 2,993 | | | 2,972 | | | 2,903 | | | 0.52 | % | | |
Trilon Group, LLC | | (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 5/27/2029 | | 7,444 | | | 7,380 | | | 7,220 | | | 1.30 | % | | |
Trilon Group, LLC (Delayed Draw) | | (17) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 5/27/2029 | | 7,463 | | | 7,463 | | | 7,238 | | | 1.30 | % | | |
Trilon Group, LLC (Delayed Draw) | | (17) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 5/28/2029 | | 1,995 | | | 1,995 | | | 1,935 | | | 0.35 | % | | |
Vital Records Control | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.64 | % | | 6/29/2027 | | 4,606 | | | 4,563 | | | 4,477 | | | 0.80 | % | | |
Vital Records Control | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.14 | % | | 6/29/2027 | | 152 | | | 150 | | | 149 | | | 0.03 | % | | |
Vital Records Control (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 6/29/2027 | | 184 | | | 167 | | | 166 | | | 0.03 | % | | |
Worldwide Clinical Trials Holdings Inc | | (6) | | First Lien Term Loan | | S + 4.25% | | 9.52 | % | | 12/5/2024 | | 3,838 | | | 3,829 | | | 3,838 | | | 0.69 | % | | |
Worldwide Clinical Trials Holdings Inc (Incremental) | | (6) (13) | | First Lien Term Loan | | S + 4.25% | | 9.52 | % | | 12/5/2024 | | 6,089 | | | 6,064 | | | 6,089 | | | 1.09 | % | | |
Total Services: Business | | | | | | | | | | | | | | 281,695 | | | 275,673 | | | 49.45 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | |
ADPD Holdings, LLC (a/k/a NearU) | | (6) (9) (13) (17) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 8/16/2028 | | 8,495 | | | 8,495 | | | 8,242 | | | 1.49 | % | | |
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 8/16/2028 | | 1,577 | | | — | | | (47) | | | (0.01 | %) | | |
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 8/16/2028 | | 1,714 | | | — | | | (51) | | | (0.01 | %) | | |
All My Sons | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 9.89 | % | | 10/25/2028 | | 5,290 | | | 5,249 | | | 5,052 | | | 0.91 | % | | |
Allstar Holdings | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 2,070 | | | 2,009 | | | 2,010 | | | 0.36 | % | | |
Allstar Holdings (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 4,026 | | | (59) | | | (118) | | | (0.02 | %) | | |
Apex Services Partners, LLC (Delayed Draw) (Incremental) | | (9) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 7/31/2025 | | 4,963 | | | 4,962 | | | 4,963 | | | 0.89 | % | | |
Apex Services Partners, LLC (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 7/31/2025 | | 4,963 | | | 4,927 | | | 4,963 | | | 0.89 | % | | |
Excel Fitness | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.64 | % | | 4/27/2029 | | 9,925 | | | 9,824 | | | 9,514 | | | 1.71 | % | | |
Fairway Lawns | | (17) | | Subordinated Debt | | N/A | | 8.00% (Cash) 5.00% (PIK) | | 5/17/2029 | | 2,695 | | | 2,623 | | | 2,620 | | | 0.47 | % | | |
Fairway Lawns (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 8.00% (Cash) 5.00% (PIK) | | 5/17/2029 | | 6,232 | | | 3,877 | | | 3,703 | | | 0.66 | % | | |
Legacy Service Partners, LLC (“LSP”) | | (13) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 1/9/2029 | | 10,213 | | | 10,024 | | | 10,023 | | | 1.80 | % | | |
See Notes to Consolidated Financial Statements
17
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 1/9/2029 | | 4,753 | | | 3,533 | | | 3,467 | | | 0.62 | % | | |
Liberty Buyer | | (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 6/15/2028 | | 3,949 | | | 3,915 | | | 3,918 | | | 0.70 | % | | |
Liberty Buyer (Delayed Draw) | | (9) (11) (17) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 6/15/2028 | | 746 | | | 297 | | | 291 | | | 0.05 | % | | |
NJEye LLC | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 9/16/2024 | | 5,368 | | | 5,352 | | | 5,263 | | | 0.94 | % | | |
NJEye LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 9/16/2024 | | 703 | | | 703 | | | 690 | | | 0.12 | % | | |
NJEye LLC (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 9/16/2024 | | 1,373 | | | 882 | | | 857 | | | 0.15 | % | | |
NJEye LLC (Delayed Draw) | | (17) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 9/16/2024 | | 895 | | | 895 | | | 877 | | | 0.16 | % | | |
North Haven Spartan US Holdco LLC | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 6/6/2025 | | 2,516 | | | 2,514 | | | 2,478 | | | 0.44 | % | | |
North Haven Spartan US Holdco LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 6/6/2025 | | 218 | | | 218 | | | 215 | | | 0.04 | % | | |
One World Fitness PFF LLC | | (6) | | First Lien Term Loan | | L + 5.25% | | 10.80 | % | | 11/26/2025 | | 3,869 | | | 3,870 | | | 3,496 | | | 0.63 | % | | |
Total Services: Consumer | | | | | | | | | | | | | | 74,110 | | | 72,426 | | | 12.99 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Sovereign & Public Finance | | | | | | | | | | | | | | | | | | | | |
LMI Consulting, LLC (LMI) | | (13) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 7/18/2028 | | 4,373 | | | 4,297 | | | 4,282 | | | 0.77 | % | | |
LMI Consulting, LLC (LMI) (Incremental) | | (6) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 7/18/2028 | | 4,963 | | | 4,963 | | | 4,859 | | | 0.87 | % | | |
Total Sovereign & Public Finance | | | | | | | | | | | | | | 9,260 | | | 9,141 | | | 1.64 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Telecommunications | | | | | | | | | | | | | | | | | | | | |
BCM One | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.89 | % | | 11/17/2027 | | 6,106 | | | 6,106 | | | 5,909 | | | 1.06 | % | | |
BCM One (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 11/17/2027 | | 1,836 | | | 1,836 | | | 1,777 | | | 0.32 | % | | |
Corbett Technology Solutions, Inc. ("CTSI") | | (6) (10) (13) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 10/29/2027 | | 5,785 | | | 5,743 | | | 5,659 | | | 1.02 | % | | |
Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw) | | (6) (10) (13) | | First Lien Term Loan | | S + 5.75% | | 11.02 | % | | 10/29/2027 | | 4,065 | | | 4,064 | | | 3,976 | | | 0.71 | % | | |
Mobile Communications America, Inc. | | (6) | | First Lien Term Loan | | S + 5.38% | | 10.65 | % | | 3/4/2025 | | 3,836 | | | 3,841 | | | 3,823 | | | 0.69 | % | | |
Mobile Communications America, Inc. | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 3/4/2025 | | 4,281 | | | 4,220 | | | 4,241 | | | 0.76 | % | | |
Mobile Communications America, Inc. (Incremental) | | (6) | | First Lien Term Loan | | S + 5.38% | | 10.65 | % | | 3/4/2025 | | 680 | | | 679 | | | 677 | | | 0.12 | % | | |
Momentum Telecom II | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.89 | % | | 4/16/2027 | | 10,105 | | | 10,039 | | | 9,790 | | | 1.76 | % | | |
Sapphire Telecom Inc | | (6) (9) | | First Lien Term Loan | | L + 5.25% | | 10.80 | % | | 11/20/2025 | | 6,685 | | | 6,658 | | | 6,565 | | | 1.18 | % | | |
Tyto Athene, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 4/3/2028 | | 7,157 | | | 7,103 | | | 6,541 | | | 1.17 | % | | |
Total Telecommunications | | | | | | | | | | | | | | 50,289 | | | 48,958 | | | 8.79 | % | | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
18
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | | | | | |
FSK Pallet Holding Corp. (DBA Kamps Pallets) | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 12/23/2026 | | 9,925 | | | 9,753 | | | 9,698 | | | 1.75 | % | | |
Kenco Group, Inc. | | (13) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 11/15/2029 | | 8,541 | | | 8,384 | | | 8,421 | | | 1.51 | % | | |
Kenco Group, Inc. (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 5.00% | | 10.27 | % | | 11/15/2029 | | 1,416 | | | (26) | | | (20) | | | — | % | | |
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 5/5/2025 | | 259 | | | 258 | | | 257 | | | 0.05 | % | | |
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 5.50% | | 10.77 | % | | 5/5/2025 | | 899 | | | 895 | | | 885 | | | 0.16 | % | | |
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 5/5/2025 | | 182 | | | 181 | | | 181 | | | 0.03 | % | | |
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 5/5/2025 | | 4,390 | | | 4,369 | | | 4,359 | | | 0.78 | % | | |
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 5/5/2025 | | 1,366 | | | 1,345 | | | 1,356 | | | 0.24 | % | | |
SEKO Global Logistics | | (17) | | Subordinated Debt | | L + 9.00% | | 14.55 | % | | 6/30/2027 | | 5,805 | | | 5,726 | | | 5,805 | | | 1.04 | % | | |
SEKO Global Logistics | | (17) | | Subordinated Debt | | L + 9.00% | | 14.55 | % | | 6/30/2027 | | 4,029 | | | 3,970 | | | 4,029 | | | 0.72 | % | | |
SEKO Global Logistics | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 12/30/2026 | | 1,131 | | | 1,123 | | | 1,118 | | | 0.20 | % | | |
SEKO Global Logistics (Delayed Draw) (Incremental) | | (11) (17) | | First Lien Term Loan | | L + 4.75% | | 10.30 | % | | 12/30/2026 | | 4,507 | | | 1,694 | | | 1,643 | | | 0.29 | % | | |
SEKO Global Logistics (Incremental) | | (13) | | First Lien Term Loan | | S + 4.75% | | 10.02 | % | | 12/30/2026 | | 1,525 | | | 1,513 | | | 1,508 | | | 0.27 | % | | |
TI ACQUISITION NC LLC | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.77 | % | | 3/19/2027 | | 2,795 | | | 2,726 | | | 2,664 | | | 0.48 | % | | |
Total Transportation: Cargo | | | | | | | | | | | | | | 41,911 | | | 41,904 | | | 7.52 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Utilities: Electric | | | | | | | | | | | | | | | | | | | | |
Pinnacle Supply Partners, LLC | | (13) | | First Lien Term Loan | | S + 6.00% | | 0.1127 | | 4/3/2030 | | 6,364 | | | 6,240 | | | 6,241 | | | 1.12 | % | | |
Pinnacle Supply Partners, LLC (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.00% | | 0.1127 | | 4/3/2030 | | 3,636 | | | (34) | | | (70) | | | (0.01 | %) | | |
TPC Wire & Cable | | (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 2/16/2028 | | 2,205 | | | 2,184 | | | 2,147 | | | 0.39 | % | | |
TPC Wire & Cable (Delayed Draw) | | (11) (17) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 2/16/2028 | | 1,780 | | | 1,774 | | | 1,733 | | | 0.31 | % | | |
Total Utilities: Electric | | | | | | | | | | | | | | 10,164 | | | 10,051 | | | 1.81 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | | (13) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 1/19/2029 | | 8,001 | | | 7,853 | | | 7,852 | | | 1.42 | % | | |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.50% | | 11.77 | % | | 1/19/2029 | | 1,979 | | | (37) | | | (37) | | | (0.01 | %) | | |
ISG Merger Sub, LLC (dba Industrial Service Group) | | (13) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 12/7/2028 | | 6,558 | | | 6,436 | | | 6,437 | | | 1.15 | % | | |
See Notes to Consolidated Financial Statements
19
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw) | | (11) (17) | | First Lien Term Loan | | S + 6.25% | | 11.52 | % | | 12/7/2028 | | 3,409 | | | (15) | | | (63) | | | (0.01 | %) | | |
Total Wholesale | | | | | | | | | | | | | | 14,237 | | | 14,189 | | | 2.55 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Total Debt Investments | | | | | | | | | | | | | | 1,372,866 | | | 1,325,863 | | | 237.82 | % | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | |
Equity Investments | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | |
Covercraft | | (8) (14) (17) | | Equity Investments | | | 8/20/2021 | | 768 | | | 768 | | | 516 | | | 0.10 | % | | |
S&S Truck Parts | | (8) (14) (17) | | Equity Investments | | | 3/31/2022 | | 4 | | | 378 | | | 302 | | | 0.05 | % | | |
S&S Truck Parts | | (8) (14) (17) | | Equity Investments | | | 8/1/2022 | | 78,541 | | | 79 | | | 63 | | | 0.01 | % | | |
Total Automotive | | | | | | | | | | | 1,225 | | | 881 | | | 0.16 | % | | |
| | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | |
Bardstown PPC Holdings LLC | | (8) (14) (17) | | Equity Investments | | | 7/13/2022 | | 14,777 | | | 1,860 | | | 2,169 | | | 0.39 | % | | |
Fresh Edge - Common | | (8) (14) (17) | | Class B Units | | | 10/3/2022 | | 667 | | | — | | | 79 | | | 0.01 | % | | |
Fresh Edge - Preferred | | (8) (14) (17) | | Preferred Units | | | 10/3/2022 | | 667 | | | 667 | | | 717 | | | 0.13 | % | | |
Total Beverage, Food & Tobacco | | | | | | | | | | | 2,527 | | | 2,965 | | | 0.53 | % | | |
| | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | |
Crete Mechanical Group | | (8) (14) (17) | | Equity Investments | | | 5/19/2022 | | 23 | | | 230 | | | 347 | | | 0.06 | % | | |
EFC Holdings, LLC | | (8) (10) (14) (17) | | Common Units | | | 3/1/2023 | | 148 | | | 60 | | | 64 | | | 0.01 | % | | |
EFC Holdings, LLC | | (8) (10) (14) (17) | | Preferred Units | | | 3/1/2023 | | 148 | | | 148 | | | 152 | | | 0.03 | % | | |
Precision Surfacing - Common | | (8) (10) (14) (17) | | Preferred Units | | | 10/5/2022 | | 3,750,000 | | | 3,750 | | | 6,675 | | | 1.20 | % | | |
Repipe Specialists | | (8) (14) (17) | | Equity Investments | | | 3/31/2022 | | 239 | | | 239 | | | 185 | | | 0.03 | % | | |
Total Capital Equipment | | | | | | | | | | | 4,427 | | | 7,423 | | | 1.33 | % | | |
| | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | |
Erie Construction | | (8) (17) | | Equity Investments | | | 7/30/2021 | | 166 | | | 166 | | | 583 | | | 0.10 | % | | |
See Notes to Consolidated Financial Statements
20
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
Gannett Fleming | | (8) (14) (17) | | Limited Partnership Interest | | | 12/20/2022 | | 424,742 | | | 425 | | | 423 | | | 0.08 | % | | |
Gannett Fleming | | (8) (14) (17) | | Series F Units | | | 5/27/2023 | | 569,505 | | | 570 | | | 567 | | | 0.10 | % | | |
Total Construction & Building | | | | | | | | | | | 1,161 | | | 1,573 | | | 0.28 | % | | |
| | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | |
FoodScience | | (8) (14) (17) | | Equity Investments | | | 3/1/2021 | | 98 | | | 98 | | | 27 | | | — | % | | |
FoodScience | | (8) (14) (17) | | Equity Investments | | | 3/1/2021 | | 5,168 | | | 5 | | | — | | | — | % | | |
Ultima Health Holdings, LLC | | (8) (14) (17) | | Preferred Units | | | 9/12/2022 | | 15 | | | 170 | | | 154 | | | 0.03 | % | | |
Total Consumer Goods: Non-durable | | | | | | | | | | | 273 | | | 181 | | | 0.03 | % | | |
| | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | |
Oliver Packaging | | (8) (14) (17) | | Class A Common Units | | | 7/12/2022 | | 10,230 | | | 1,023 | | | 955 | | | 0.17 | % | | |
Specialized Packaging Group | | (7) (8) (10) (14) (17) | | Class A Common Units | | | 12/17/2020 | | 147,708 | | | 148 | | | 148 | | | 0.03 | % | | |
Total Containers, Packaging & Glass | | | | | | | | | | | 1,171 | | | 1,103 | | | 0.20 | % | | |
| | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | |
AG MDC Holdings, Inc | | (8) (10) (14) (17) | | Equity Investments | | | 2/7/2023 | | 245 | | | 245 | | | 248 | | | 0.05 | % | | |
Anne Arundel | | (8) (14) (17) | | Equity Investments | | | 10/16/2020 | | 10,061 | | | 816 | | | 509 | | | 0.09 | % | | |
Health Management Associates | | (8) (14) (17) | | Class A Common Units | | | 3/31/2023 | | 399,904 | | | 400 | | | 443 | | | 0.08 | % | | |
Total Healthcare & Pharmaceuticals | | | | | | | | | | | 1,461 | | | 1,200 | | | 0.22 | % | | |
| | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | |
ITSavvy LLC | | (8) (14) (17) | | Class A Common Units | | | 8/8/2022 | | 522 | | | 522 | | | 796 | | | 0.14 | % | | |
Solve Industrial Motion Group | | (8) (14) (17) | | Equity Investments | | | 6/30/2021 | | 313 | | | 313 | | | 264 | | | 0.05 | % | | |
Total High Tech Industries | | | | | | | | | | | 835 | | | 1,060 | | | 0.19 | % | | |
| | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | |
Apex Companies Holdings, LLC | | (8) (10) (14) (17) | | Equity Investments | | | 1/31/2023 | | 1,173 | | | 117 | | | 121 | | | 0.02 | % | | |
BroadcastMed Holdco, LLC | | (8) (17) | | Preferred Units | | | 10/4/2022 | | 56,899 | | | 853 | | | 812 | | | 0.15 | % | | |
Career Now | | (8) (14) (17) | | Equity Investments | | | 9/30/2021 | | 624 | | | 624 | | | 379 | | | 0.07 | % | | |
E78 | | (8) (14) (17) | | Equity Investments | | | 12/1/2021 | | 816 | | | 860 | | | 1,043 | | | 0.19 | % | | |
RoadOne - Common | | (8) (14) (17) | | Equity Investments | | | 12/29/2022 | | 1,173,220 | | | 938 | | | 1,635 | | | 0.29 | % | | |
Total Services: Business | | | | | | | | | | | 3,392 | | | 3,990 | | | 0.72 | % | | |
See Notes to Consolidated Financial Statements
21
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | |
ADPD Holdings, LLC (a/k/a NearU) | | (8) (14) (17) | | Equity Investments | | | 8/11/2022 | | 2,432 | | | 243 | | | 223 | | | 0.04 | % | | |
Legacy Service Partners, LLC (“LSP”) | | (8) (14) (17) | | Class B Units | | | 1/9/2023 | | 4,907 | | | 491 | | | 497 | | | 0.09 | % | | |
Total Services: Consumer | | | | | | | | | | | 734 | | | 720 | | | 0.13 | % | | |
| | | | | | | | | | | | | | | | | |
Sovereign & Public Finance | | | | | | | | | | | | | | | | | |
LMI Renaissance | | (8) (14) (17) | | Limited Partnership Interest | | | 6/30/2022 | | 648,627 | | | 649 | | | 1,269 | | | 0.23 | % | | |
Total Sovereign & Public Finance | | | | | | | | | | | 649 | | | 1,269 | | | 0.23 | % | | |
| | | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | | |
SEKO Global Logistics | | (8) (17) | | Equity Investments | | | 12/30/2020 | | 671,203 | | | 332 | | | 2,249 | | | 0.40 | % | | |
Total Transportation: Cargo | | | | | | | | | | | 332 | | | 2,249 | | | 0.40 | % | | |
| | | | | | | | | | | | | | | | | |
Utilities: Electric | | | | | | | | | | | | | | | | | |
Pinnacle Supply Partners, LLC | | (8) (14) (17) | | Subject Partnership Units | | | 4/3/2023 | | 279,687 | | | 280 | | | 280 | | | 0.05 | % | | |
Total Utilities: Electric | | | | | | | | | | | 280 | | | 280 | | | 0.05 | % | | |
| | | | | | | | | | | | | | | | | |
Total Equity Investments | | | | | | | | | | | 18,467 | | | 24,894 | | | 4.47 | % | | |
Cash equivalents | | (12) | | | | | | | | | 35,350 | | | 35,350 | | | 6.34 | % | | |
Total Investments and Cash Equivalents | | | | | | | | | | | $ | 1,426,683 | | | $ | 1,386,107 | | | 248.63 | % | | |
_______________
(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.
(2)Unless otherwise indicated, issuers of debt and equity held by the Company are domiciled in the United States.
(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and LIBOR and the current contractual interest rate in effect at June 30, 2023. As of June 30, 2023, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.14%, 5.27%, 5.39%, and 5.40% respectively. As of June 30, 2023, effective rates for 1M L, 3M L, 6M L and 12M L are 5.22%, 5.55%, 5.76% and 6.04% respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of June 30, 2023. Certain investments are subject to a SOFR or LIBOR floor. For fixed rate loans, a spread above a reference rate is not applicable.
(4)Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 3 "Fair Value Measurements" for more information. (5)Percentage is based on net assets of $557,497 as of June 30, 2023.
See Notes to Consolidated Financial Statements
22
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2023
(dollar amounts in thousands)
(6)Denotes that all or a portion of the assets are owned by CLO-I (as defined in the Notes), which serve as collateral for the 2022 Debt Securitization (as defined in the Notes). See Note 5 "Secured Debt". (7)This portfolio company is not domiciled in the United States. The principal place of business for Specialized Packing Group and Phaidon International is Canada and the United Kingdom, respectively.
(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of June 30, 2023, the Company held thirty-four restricted securities with an aggregate fair value of $24,894, or 4.47% of the Company’s net assets.
(9)Investment is a unitranche position.
(10)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2023, total non-qualifying assets at fair value represented 3.26% of the Company's total assets calculated in accordance with the 1940 Act.
(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 6 "Commitments and Contingencies". The investment may be subject to unused commitment fees. (12)Cash equivalents balance represents amounts held in interest-bearing money market funds issued by U.S. Bank National Association and J.P. Morgan.
(13)Denotes that all or a portion of the assets are owned by SPV II and/or SPV III (each as defined in Note 1 "Organization"). SPV II has entered into a senior secured revolving credit facility (the “SMBC Financing Facility”). The lenders of the SMBC Financing Facility have a first lien security interest in substantially all of the assets of SPV II. Accordingly, such assets are not available to other creditors of the Company. SPV III has entered into a senior secured revolving credit facility (the “Wells Fargo Financing Facility”). The lenders of the Wells Fargo Financing Facility have a first lien security interest in substantially all of the assets of SPV III. Accordingly, such assets are not available to other creditors of the Company. (14)Equity investments are non-income producing securities unless otherwise noted.
(15)Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 3 "Fair Value Measurements" for more information. (16)Loan was on non-accrual status as of June 30, 2023.
(17)Denotes that all or a portion of the assets are owned by the Company or NCDL Equity Holdings (each as defined in Note 1 "Organization"). The Company entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”). The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future.
See Notes to Consolidated Financial Statements
23
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | |
AEgis Technologies | | (6) (13) | | First Lien Term Loan | | L + 6.00% | | 10.77 | % | | 10/31/2025 | | $ | 14,807 | | | $ | 14,700 | | | $ | 14,375 | | | 2.74 | % |
Arotech | | (6) (13) | | First Lien Term Loan | | L + 6.25% | | 10.64 | % | | 10/22/2026 | | 9,297 | | | 9,200 | | | 8,614 | | | 1.64 | % |
Arotech (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | L + 6.25% | | 11.02 | % | | 10/22/2026 | | 452 | | | 450 | | | 419 | | | 0.08 | % |
Loc Performance Products | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 12/22/2026 | | 7,350 | | | 7,272 | | | 6,954 | | | 1.33 | % |
Valkyrie | | | | Subordinated Debt | | N/A | | 10.50% (Cash) 1.00% (PIK) | | 11/17/2027 | | 2,808 | | | 2,754 | | | 2,748 | | | 0.52 | % |
Total Aerospace & Defense | | | | | | | | | | | | | | 34,376 | | | 33,110 | | | 6.31 | % |
| | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | |
American Auto Auction Group | | (6) (13) (15) | | First Lien Term Loan | | S + 5.00% | | 9.59 | % | | 12/30/2027 | | 10,627 | | | 10,533 | | | 8,348 | | | 1.59 | % |
Classic Collision (Delayed Draw) (Incremental) | | (6) (11) (13) | | First Lien Term Loan | | L + 5.75% | | 10.89 | % | | 1/14/2026 | | 7,010 | | | 6,293 | | | 6,093 | | | 1.16 | % |
Classic Collision (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | L + 5.75% | | 10.89 | % | | 1/14/2026 | | 7,830 | | | 7,766 | | | 7,607 | | | 1.45 | % |
Collision Right | | (13) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 4/14/2028 | | 4,838 | | | 4,808 | | | 4,733 | | | 0.90 | % |
Collision Right (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 4/14/2028 | | 506 | | | (4) | | | (11) | | | — | % |
Covercraft | | | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/21/2028 | | 7,422 | | | 7,299 | | | 7,167 | | | 1.37 | % |
Covercraft (Delayed Draw) | | (11) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/21/2028 | | 4,386 | | | — | | | (150) | | | (0.03 | %) |
JEGS Automotive | | (6) | | First Lien Term Loan | | L + 6.00% | | 10.77 | % | | 12/22/2027 | | 4,029 | | | 3,995 | | | 3,773 | | | 0.72 | % |
JEGS Automotive (Delayed Draw) | | (11) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 12/22/2027 | | 930 | | | — | | | (59) | | | (0.01 | %) |
OEP Glass Purchaser | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 4/18/2028 | | 14,888 | | | 14,751 | | | 14,443 | | | 2.75 | % |
Randys Holdings, Inc | | (9) (13) | | First Lien Term Loan | | S + 6.50% | | 11.09 | % | | 11/1/2028 | | 11,250 | | | 11,028 | | | 11,031 | | | 2.10 | % |
Randys Holdings, Inc (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 6.50% | | 11.09 | % | | 11/1/2028 | | 3,750 | | | — | | | (73) | | | (0.01 | %) |
S&S Truck Parts | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 3/1/2029 | | 6,928 | | | 6,865 | | | 6,890 | | | 1.31 | % |
S&S Truck Parts | | (13) | | First Lien Term Loan | | S + 4.75% | | 9.11 | % | | 3/1/2029 | | 1,171 | | | 1,160 | | | 1,164 | | | 0.22 | % |
S&S Truck Parts (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 3/1/2029 | | 98 | | | — | | | (1) | | | — | % |
S&S Truck Parts (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 4.75% | | 9.11 | % | | 3/1/2029 | | 1,740 | | | 1,592 | | | 1,583 | | | 0.30 | % |
Total Automotive | | | | | | | | | | | | | | 76,086 | | | 72,538 | | | 13.82 | % |
| | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
24
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | | | | | |
Allied Benefit Systems | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.09 | % | | 11/18/2026 | | 5,991 | | | 5,951 | | | 5,889 | | | 1.12 | % |
Bankruptcy Management Solutions Inc | | (6) | | First Lien Term Loan | | S + 4.50% | | 8.86 | % | | 2/28/2025 | | 3,850 | | | 3,869 | | | 3,824 | | | 0.73 | % |
Coding Solutions Acquisitions | | (6) (9) (13) | | First Lien Term Loan | | S + 5.50% | | 9.86 | % | | 5/11/2028 | | 6,497 | | | 6,436 | | | 6,367 | | | 1.21 | % |
Coding Solutions Acquisitions (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 5.75% | | 10.11 | % | | 5/11/2028 | | 1,967 | | | — | | | (39) | | | (0.01 | %) |
Long Term Care Group | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.39 | % | | 9/8/2027 | | 6,654 | | | 6,598 | | | 6,521 | | | 1.25 | % |
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | | (9) (11) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 10/14/2028 | | 7,199 | | | 450 | | | 319 | | | 0.06 | % |
Risk Strategies (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 5.50% | | 10.09 | % | | 11/1/2026 | | 11,045 | | | 332 | | | 145 | | | 0.03 | % |
Risk Strategies (Delayed Draw) | | (9) | | First Lien Term Loan | | S + 5.50% | | 10.09 | % | | 11/1/2026 | | 3,945 | | | 3,945 | | | 3,839 | | | 0.73 | % |
Vensure Employer Services | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 3/26/2027 | | 14,806 | | | 14,754 | | | 14,486 | | | 2.76 | % |
World Insurance Associates | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/1/2026 | | 1,981 | | | 1,965 | | | 1,912 | | | 0.36 | % |
World Insurance Associates (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/1/2026 | | 5,005 | | | 2,472 | | | 2,298 | | | 0.44 | % |
World Insurance Associates (Delayed Draw) | | (9) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/1/2026 | | 8,000 | | | 8,000 | | | 7,721 | | | 1.47 | % |
Total Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | 54,772 | | | 53,282 | | | 10.15 | % |
| | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | |
Bardstown PPC Holdings LLC | | | | Subordinated Debt | | S + 7.75% | | 12.34 | % | | 8/30/2027 | | 9,300 | | | 9,125 | | | 9,216 | | | 1.76 | % |
Death Wish Coffee | | (6) (9) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 9/28/2027 | | 9,900 | | | 9,819 | | | 9,832 | | | 1.87 | % |
Dessert Holdings | | (6) | | Subordinated Debt | | L + 7.25% | | 12.02 | % | | 6/8/2029 | | 9,000 | | | 8,860 | | | 8,325 | | | 1.59 | % |
Fresh Edge | | | | Subordinated Debt | | S + 9.00% | | 13.36 | % | | 4/3/2029 | | 3,770 | | | 3,679 | | | 3,679 | | | 0.70 | % |
GA Foods | | (13) (16) | | First Lien Term Loan | | L + 5.50% | | 9.77% (Cash) 0.50% (PIK) | | 12/1/2026 | | 14,781 | | | 14,676 | | | 8,898 | | | 1.69 | % |
Handgards | | (6) (13) | | First Lien Term Loan | | L + 7.00% | | 11.77 | % | | 10/14/2026 | | 14,663 | | | 14,466 | | | 14,663 | | | 2.79 | % |
KSLB Holdings LLC | | (13) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 7/30/2025 | | 2,888 | | | 2,867 | | | 2,633 | | | 0.50 | % |
Rise Baking | | (6) (9) (13) | | First Lien Term Loan | | L + 6.50% | | 11.27 | % | | 8/13/2027 | | 14,850 | | | 14,672 | | | 13,769 | | | 2.62 | % |
Watermill Express, LLC | | (6) (9) (13) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 4/20/2027 | | 3,290 | | | 3,264 | | | 3,225 | | | 0.62 | % |
Watermill Express, LLC (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 4/20/2027 | | 318 | | | 197 | | | 191 | | | 0.04 | % |
Total Beverage, Food & Tobacco | | | | | | | | | | | | | | 81,625 | | | 74,431 | | | 14.18 | % |
| | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
25
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | |
Blackbird Purchaser Inc. | | (6) (13) | | First Lien Term Loan | | L +4.50% | | 8.89 | % | | 4/8/2026 | | 7,201 | | | 7,159 | | | 7,018 | | | 1.34 | % |
Blackbird Purchaser Inc. (Delayed Draw) | | (11) | | First Lien Term Loan | | L +4.50% | | 8.89 | % | | 4/8/2026 | | 2,709 | | | (22) | | | (69) | | | (0.01 | %) |
Crete Mechanical Group | | (6) (13) | | First Lien Term Loan | | S +5.25% | | 9.84 | % | | 5/19/2028 | | 4,872 | | | 4,825 | | | 4,785 | | | 0.91 | % |
Crete Mechanical Group (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 5/19/2028 | | 2,875 | | | 2,828 | | | 2,824 | | | 0.54 | % |
Crete Mechanical Group (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.00% | | 9.59 | % | | 5/19/2028 | | 7,211 | | | 4,484 | | | 4,356 | | | 0.83 | % |
Heartland Home Services | | (6) (9) (13) | | First Lien Term Loan | | L +6.00% | | 10.39 | % | | 12/15/2026 | | 6,534 | | | 6,486 | | | 6,368 | | | 1.21 | % |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.39 | % | | 12/15/2026 | | 5,665 | | | 5,642 | | | 5,521 | | | 1.05 | % |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.39 | % | | 12/15/2026 | | 2,598 | | | 2,598 | | | 2,532 | | | 0.48 | % |
PT Intermediate Holdings III, LLC | | (6) (9) (13) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 11/1/2028 | | 8,824 | | | 8,790 | | | 8,624 | | | 1.64 | % |
PT Intermediate Holdings III, LLC (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 11/1/2028 | | 1,079 | | | 1,069 | | | 1,054 | | | 0.20 | % |
Repipe Specialists | | | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 2,408 | | | 2,364 | | | 2,292 | | | 0.44 | % |
Repipe Specialists (Delayed Draw) | | (11) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 900 | | | — | | | (44) | | | (0.01 | %) |
Total Capital Equipment | | | | | | | | | | | | | | 46,223 | | | 45,261 | | | 8.62 | % |
| | | | | | | | | | | | | | | | | | |
Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | | | |
Ascensus | | (9) | | Subordinated Debt | | L + 6.50% | | 11.27 | % | | 8/2/2029 | | 9,000 | | | 8,929 | | | 8,447 | | | 1.61 | % |
Ascensus Specialties | | (6) (9) (13) | | First Lien Term Loan | | L + 4.25% | | 8.64 | % | | 6/30/2028 | | 9,831 | | | 9,669 | | | 9,504 | | | 1.81 | % |
Boulder Scientific Company LLC | | (6) | | First Lien Term Loan | | L + 4.25% | | 9.02 | % | | 12/29/2025 | | 2,088 | | | 2,098 | | | 2,061 | | | 0.39 | % |
Spartech | | (6) (9) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 5/8/2028 | | 14,919 | | | 14,837 | | | 14,517 | | | 2.77 | % |
Total Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | 35,533 | | | 34,529 | | | 6.58 | % |
| | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | |
Erie Construction | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 9.53 | % | | 7/30/2027 | | 10,702 | | | 10,612 | | | 10,702 | | | 2.04 | % |
Gannett Fleming | | (13) | | First Lien Term Loan | | S + 6.50% | | 11.09 | % | | 12/20/2028 | | 10,000 | | | 9,801 | | | 9,801 | | | 1.87 | % |
Sciens Building Solutions, LLC | | (6) (9) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 12/15/2027 | | 9,410 | | | 9,250 | | | 8,917 | | | 1.70 | % |
Sciens Building Solutions, LLC (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 12/15/2027 | | 4,938 | | | 1,594 | | | 1,377 | | | 0.26 | % |
Total Construction & Building | | | | | | | | | | | | | | 31,257 | | | 30,797 | | | 5.87 | % |
| | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
26
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | |
Halo Buyer Inc | | (6) (15) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 6/30/2025 | | 5,728 | | | 5,686 | | | 5,062 | | | 0.97 | % |
Petmate | | (6) (9) (13) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 9/15/2028 | | 9,900 | | | 9,815 | | | 7,951 | | | 1.51 | % |
Xpressmyself.com LLC (a/k/a SmartSign) | | (13) | | First Lien Term Loan | | S + 5.00% | | 9.59 | % | | 9/7/2028 | | 9,975 | | | 9,881 | | | 9,881 | | | 1.88 | % |
Total Consumer Goods: Durable | | | | | | | | | | | | | | 25,382 | | | 22,894 | | | 4.36 | % |
| | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | |
Arcadia Consumer Health | | (6) (9) (13) | | First Lien Term Loan | | S + 4.75% | | 9.11 | % | | 9/10/2027 | | 12,733 | | | 12,628 | | | 12,609 | | | 2.40 | % |
Badger Sportswear Acquisition Inc | | (6) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 12/24/2023 | | 3,842 | | | 3,816 | | | 3,746 | | | 0.71 | % |
Elevation Labs | | (13) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 6/30/2028 | | 6,858 | | | 6,793 | | | 6,784 | | | 1.29 | % |
Elevation Labs (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 6/30/2028 | | 3,125 | | | (29) | | | (34) | | | (0.01 | %) |
FoodScience | | (6) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 3/1/2027 | | 7,823 | | | 7,762 | | | 7,055 | | | 1.35 | % |
FoodScience | | (6) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 3/1/2027 | | 6,951 | | | 6,897 | | | 6,269 | | | 1.20 | % |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 12/29/2026 | | 2,531 | | | 2,510 | | | 2,531 | | | 0.48 | % |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 12/29/2026 | | 7,350 | | | 7,324 | | | 7,350 | | | 1.40 | % |
Ultima Health Holdings, LLC | | | | Subordinated Debt | | N/A | | 11.00% (Cash) 1.50% (PIK) | | 3/12/2029 | | 1,708 | | | 1,676 | | | 1,671 | | | 0.32 | % |
Total Consumer Goods: Non-durable | | | | | | | | | | | | | | 49,377 | | | 47,981 | | | 9.14 | % |
| | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | |
B2B Packaging | | (6) (13) | | First Lien Term Loan | | S + 6.75% | | 11.34 | % | | 10/7/2026 | | 12,613 | | | 12,571 | | | 12,313 | | | 2.35 | % |
B2B Packaging (Delayed Draw) | | (13) | | First Lien Term Loan | | S + 6.75% | | 11.53 | % | | 10/7/2026 | | 2,232 | | | 2,232 | | | 2,179 | | | 0.41 | % |
B2B Packaging (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.75% | | 11.34 | % | | 10/7/2026 | | 118 | | | 115 | | | 115 | | | 0.02 | % |
Five Star Packing | | (6) (13) | | First Lien Term Loan | | S + 4.25% | | 9.03 | % | | 5/5/2029 | | 7,653 | | | 7,545 | | | 7,516 | | | 1.43 | % |
Good2Grow | | (6) (13) | | First Lien Term Loan | | L + 4.50% | | 9.27 | % | | 12/1/2027 | | 9,925 | | | 9,842 | | | 9,720 | | | 1.85 | % |
Oliver Packaging | | | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 1/6/2029 | | 2,523 | | | 2,476 | | | 2,395 | | | 0.46 | % |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | L + 5.50% | | 10.64 | % | | 12/17/2025 | | 3,013 | | | 2,992 | | | 2,995 | | | 0.57 | % |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | L + 5.50% | | 10.64 | % | | 12/17/2025 | | 7,350 | | | 7,301 | | | 7,304 | | | 1.39 | % |
Total Containers, Packaging & Glass | | | | | | | | | | | | | | 45,074 | | | 44,537 | | | 8.48 | % |
| | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
27
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | |
Cadmus | | (6) | | First Lien Term Loan | | S + 5.25% | | 9.84 | % | | 9/14/2027 | | 3,292 | | | 3,266 | | | 3,208 | | | 0.61 | % |
Cadmus (Delayed Draw) | | (11) | | First Lien Term Loan | | L + 5.25% | | 9.64 | % | | 9/14/2027 | | 1,663 | | | 1,152 | | | 1,110 | | | 0.21 | % |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | | (13) | | First Lien Term Loan | | S + 5.25% | | 9.61 | % | | 8/31/2028 | | 6,715 | | | 6,651 | | | 6,649 | | | 1.27 | % |
The Facilities Group | | (6) (9) (13) | | First Lien Term Loan | | L + 5.75% | | 10.14 | % | | 11/30/2027 | | 4,922 | | | 4,879 | | | 4,810 | | | 0.92 | % |
The Facilities Group (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 11/30/2027 | | 4,996 | | | 4,114 | | | 4,001 | | | 0.76 | % |
Total Environmental Industries | | | | | | | | | | | | | | 20,062 | | | 19,778 | | | 3.77 | % |
| | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | |
Affinity Hospice | | (6) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 12/17/2027 | | 7,953 | | | 7,885 | | | 7,731 | | | 1.47 | % |
Affinity Hospice (Delayed Draw) | | (11) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 12/17/2027 | | 1,981 | | | — | | | (55) | | | (0.01 | %) |
Anne Arundel | | | | Subordinated Debt | | N/A | | 12.75% (PIK) | | 10/16/2026 | | 2,888 | | | 2,838 | | | 2,688 | | | 0.51 | % |
Anne Arundel | | | | Subordinated Debt | | N/A | | 11.00 | % | | 4/16/2026 | | 1,838 | | | 1,815 | | | 1,734 | | | 0.33 | % |
Anne Arundel (Delayed Draw) | | (11) | | Subordinated Debt | | N/A | | 11.00 | % | | 4/16/2026 | | 2,258 | | | 1,880 | | | 1,730 | | | 0.33 | % |
Forefront Dermatology | | (6) (9) (13) | | First Lien Term Loan | | S + 4.25% | | 8.61 | % | | 4/2/2029 | | 5,360 | | | 5,259 | | | 5,222 | | | 0.99 | % |
Forefront Dermatology (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 4.25% | | 8.61 | % | | 4/2/2029 | | 1,007 | | | 895 | | | 869 | | | 0.17 | % |
Genesee Scientific | | (6) (9) | | First Lien Term Loan | | L + 5.00% | | 9.77 | % | | 9/30/2027 | | 6,019 | | | 5,971 | | | 5,897 | | | 1.12 | % |
Genesee Scientific (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 9/30/2027 | | 2,027 | | | — | | | (41) | | | (0.01 | %) |
GHR Healthcare | | (6) (9) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 12/9/2027 | | 6,467 | | | 6,411 | | | 6,467 | | | 1.23 | % |
GHR Healthcare (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | S + 4.75% | | 9.34 | % | | 12/9/2027 | | 3,444 | | | 2,023 | | | 2,023 | | | 0.39 | % |
GHR Healthcare (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 4.75% | | 9.53 | % | | 12/9/2027 | | 5,033 | | | 4,938 | | | 5,033 | | | 0.96 | % |
Heartland Veterinary Partners LLC (Incremental) | | | | Subordinated Debt | | S + 7.50% | | 12.09 | % | | 12/10/2027 | | 1,900 | | | 1,865 | | | 1,862 | | | 0.35 | % |
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw) | | (11) | | Subordinated Debt | | S + 7.50% | | 12.09 | % | | 12/10/2027 | | 9,500 | | | — | | | (190) | | | (0.04 | %) |
InfuCare RX | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.09 | % | | 1/4/2028 | | 9,900 | | | 9,814 | | | 9,695 | | | 1.85 | % |
Midwest Eye Consultants | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.09 | % | | 8/20/2027 | | 9,113 | | | 9,039 | | | 8,579 | | | 1.63 | % |
PromptCare | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.39 | % | | 9/1/2027 | | 8,288 | | | 8,169 | | | 8,031 | | | 1.53 | % |
PromptCare (Delayed Draw) | | (6) (9) (11) (13) | | First Lien Term Loan | | L + 6.00% | | 10.39 | % | | 9/1/2027 | | 3,025 | | | 777 | | | 711 | | | 0.14 | % |
Quorum Health Resources, LLC | | (6) (13) | | First Lien Term Loan | | L + 5.25% | | 10.02 | % | | 5/28/2027 | | 7,759 | | | 7,695 | | | 7,445 | | | 1.42 | % |
Sandlot Buyer, LLC (Prime Time Healthcare) | | (13) | | First Lien Term Loan | | S + 6.00% | | 10.78 | % | | 9/19/2028 | | 9,875 | | | 9,587 | | | 9,589 | | | 1.83 | % |
See Notes to Consolidated Financial Statements
28
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
| | | | | | | | | | | | | | | | | | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | | (13) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 10/5/2029 | | 7,549 | | | 7,475 | | | 7,404 | | | 1.41 | % |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 10/5/2029 | | 2,451 | | | — | | | (47) | | | (0.01 | %) |
SM Wellness Holdings, Inc | | (6) (13) | | First Lien Term Loan | | L + 4.75% | | 9.52 | % | | 4/17/2028 | | 14,815 | | | 14,704 | | | 14,254 | | | 2.72 | % |
Wellspring Pharmaceutical | | (13) | | First Lien Term Loan | | S + 5.75% | | 10.53 | % | | 8/22/2028 | | 3,413 | | | 3,348 | | | 3,350 | | | 0.64 | % |
Wellspring Pharmaceutical (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.75% | | 10.53 | % | | 8/22/2028 | | 1,579 | | | (11) | | | (29) | | | (0.01 | %) |
Total Healthcare & Pharmaceuticals | | | | | | | | | | | | | | 112,377 | | | 109,952 | | | 20.94 | % |
| | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | |
Argano, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 9.86 | % | | 6/10/2026 | | 5,691 | | | 5,648 | | | 5,508 | | | 1.05 | % |
Argano, LLC (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 9.86 | % | | 6/10/2026 | | 2,520 | | | 2,520 | | | 2,439 | | | 0.47 | % |
Argano, LLC (Delayed Draw) (Incremental) | | (6) | | First Lien Term Loan | | S + 5.50% | | 9.86 | % | | 6/10/2026 | | 1,722 | | | 1,683 | | | 1,666 | | | 0.32 | % |
Diligent Corporation | | (6) (9) | | First Lien Term Loan | | L + 6.25% | | 11.39 | % | | 8/4/2025 | | 12,599 | | | 12,570 | | | 12,136 | | | 2.31 | % |
Diligent Corporation | | (9) (13) | | First Lien Term Loan | | L + 5.75% | | 10.52 | % | | 8/4/2025 | | 3,422 | | | 3,399 | | | 3,269 | | | 0.62 | % |
Diligent Corporation | | (9) (13) | | First Lien Term Loan | | L + 5.75% | | 10.89 | % | | 8/4/2025 | | 1,491 | | | 1,481 | | | 1,425 | | | 0.27 | % |
Diligent Corporation (Delayed Draw) | | (9) | | First Lien Term Loan | | L + 6.25% | | 11.02 | % | | 8/4/2025 | | 170 | | | 170 | | | 163 | | | 0.03 | % |
Diligent Corporation (Delayed Draw) | | (9) | | First Lien Term Loan | | L + 6.25% | | 11.02 | % | | 8/4/2025 | | 107 | | | 107 | | | 103 | | | 0.02 | % |
Eliassen Group LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/14/2028 | | 12,192 | | | 12,080 | | | 12,021 | | | 2.29 | % |
Eliassen Group LLC (Delayed Draw) | | (9) (11) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/14/2028 | | 2,777 | | | 409 | | | 377 | | | 0.07 | % |
Exterro | | (6) (9) (13) | | First Lien Term Loan | | L + 5.50% | | 10.27 | % | | 5/31/2024 | | 9,474 | | | 9,435 | | | 9,474 | | | 1.81 | % |
Fineline Merger | | | | Subordinated Debt | | L + 8.75% | | 13.52 | % | | 8/22/2028 | | 2,941 | | | 2,905 | | | 2,926 | | | 0.56 | % |
Go Engineer | | (6) (9) (13) | | First Lien Term Loan | | S + 5.63% | | 10.21 | % | | 12/21/2027 | | 11,690 | | | 11,590 | | | 11,260 | | | 2.14 | % |
Go Engineer (Delayed Draw) | | (9) | | First Lien Term Loan | | S + 5.63% | | 9.98 | % | | 12/21/2027 | | 3,184 | | | 3,157 | | | 3,066 | | | 0.58 | % |
Infobase Acquisition, Inc. | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.09 | % | | 6/14/2028 | | 4,375 | | | 4,334 | | | 4,319 | | | 0.82 | % |
Infobase Acquisition, Inc. (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.50% | | 10.09 | % | | 6/14/2028 | | 721 | | | — | | | (9) | | | — | % |
ITSavvy LLC | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.03 | % | | 8/8/2028 | | 7,873 | | | 7,797 | | | 7,871 | | | 1.50 | % |
ITSavvy LLC (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 5.50% | | 10.09 | % | | 8/8/2028 | | 2,107 | | | (20) | | | — | | | — | % |
North Haven CS Acquisition Inc | | (6) | | First Lien Term Loan | | L + 5.25% | | 10.02 | % | | 1/23/2025 | | 5,857 | | | 5,857 | | | 5,857 | | | 1.12 | % |
Northern Star Industries Inc | | (6) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 3/28/2025 | | 3,286 | | | 3,275 | | | 3,227 | | | 0.62 | % |
Prosci, Inc. | | (6) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 10/21/2026 | | 4,733 | | | 4,695 | | | 4,665 | | | 0.89 | % |
See Notes to Consolidated Financial Statements
29
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
(dollar amounts in thousands, including share data)
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Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) |
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Revalize (Delayed Draw) | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/15/2027 | | 4,286 | | | 4,273 | | | 3,985 | | | 0.76 | % |
Revalize (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/15/2027 | | 1,101 | | | 1,092 | | | 1,023 | | | 0.19 | % |
Revalize (Delayed Draw) | | (9) | | First Lien Term Loan | | S + 5.75% | | 10.34 | % | | 4/15/2027 | | 244 | | | 243 | | | 227 | | | 0.04 | % |
SmartWave | | (6) (13) | | First Lien Term Loan | | L + 6.00% | | 10.77 | % | | 11/5/2026 | | 9,309 | | | 9,223 | | | 8,116 | | | 1.55 | % |
Solve Industrial Motion Group | | | | Subordinated Debt | | N/A | | 10.75 | % | | 6/28/2028 | | 1,763 | | | 1,732 | | | 1,669 | | | 0.32 | % |
Solve Industrial Motion Group (Delayed Draw) | | | | Subordinated Debt | | N/A | | 10.75 | % | | 6/28/2028 | | 2,019 | | | 2,019 | | | 1,912 | | | 0.36 | % |
Total High Tech Industries | | | | | | | | | | | | | | 111,674 | | | 108,695 | | | 20.71 | % |
| | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | |
Tinuiti | | (6) (9) (13) | | First Lien Term Loan | | L + 4.50% | | 9.27 | % | | 12/10/2026 | | 2,978 | | | 2,953 | | | 2,933 | | | 0.56 | % |
Tinuiti (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 12/10/2026 | | 1,946 | | | 1,945 | | | 1,916 | | | 0.36 | % |
Tinuiti (Delayed Draw) (Incremental) | | (9) (11) | | First Lien Term Loan | | L + 4.50% | | 9.27 | % | | 12/10/2026 | | 9,963 | | | 5,935 | | | 5,781 | | | 1.10 | % |
Wpromote | | (13) | | First Lien Term Loan | | S + 6.00% | | 10.36 | % | | 10/23/2028 | | 4,412 | | | 4,325 | | | 4,326 | | | 0.83 | % |
Wpromote (Delayed Draw) | | (11) | | First Lien Term Loan | | S + 6.00% | | 10.36 | % | | 10/23/2028 | | 588 | | | (4) | | | (11) | | | — | % |
Total Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | 15,154 | | | 14,945 | | | 2.85 | % |
| | | | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | | | |
Corporate Visions | | (6) (13) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 8/12/2027 | | 2,916 | | | 2,893 | | | 2,842 | | | 0.54 | % |
Corporate Visions | | (6) (13) | | First Lien Term Loan | | L + 4.50% | | 8.89 | % | | 8/12/2027 | | 2,563 | | | 2,529 | | | 2,498 | | | 0.48 | % |
Spectrio II | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.77 | % | | 12/9/2026 | | 8,123 | | | 8,067 | | | 7,784 | | | 1.48 | % |
Spectrio II (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | L + 6.00% | | 10.77 | % | | 12/9/2026 | | 2,886 | | | 2,866 | | | 2,765 | | | 0.53 | % |
Spectrio II (Delayed Draw) | | |