000173792412/312023Q3FALSE00017379242023-01-012023-09-300001737924dei:FormerAddressMember2023-01-012023-09-3000017379242023-10-30xbrli:shares0001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-09-30iso4217:USD0001737924us-gaap:InvestmentUnaffiliatedIssuerMember2022-12-3100017379242023-09-3000017379242022-12-31iso4217:USDxbrli:shares0001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2022-07-012022-09-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2022-01-012022-09-3000017379242023-07-012023-09-3000017379242022-07-012022-09-3000017379242022-01-012022-09-3000017379242023-06-3000017379242022-06-3000017379242021-12-3100017379242022-09-300001737924AEgis Technologies2023-09-30xbrli:pure0001737924Arotech2023-09-300001737924Arotech (Delayed Draw)2023-09-300001737924Loc Performance Products2023-09-300001737924Turbine Engine Specialist, Inc2023-09-300001737924Valkyrie2023-09-300001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2023-09-300001737924American Auto Auction Group2023-09-300001737924Classic Collision (Delayed Draw) (Incremental Tranche A-4)2023-09-300001737924Classic Collision (Delayed Draw) (Incremental)2023-09-300001737924Classic Collision (Incremental)2023-09-300001737924Collision Right2023-09-300001737924Collision Right 12023-09-300001737924Collision Right (Delayed Draw) 12023-09-300001737924Covercraft 12023-09-300001737924Covercraft (Delayed Draw)2023-09-300001737924JEGS Automotive2023-09-300001737924JEGS Automotive (Delayed Draw)2023-09-300001737924OEP Glass Purchaser2023-09-300001737924Randys Holdings, Inc2023-09-300001737924Randys Holdings, Inc (Delayed Draw)2023-09-300001737924S&S Truck Parts 12023-09-300001737924S&S Truck Parts 22023-09-300001737924S&S Truck Parts (Delayed Draw) 12023-09-300001737924S&S Truck Parts (Delayed Draw) 22023-09-300001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Allied Benefit Systems2023-09-300001737924Bankruptcy Management Solutions Inc2023-09-300001737924Coding Solutions Acquisitions2023-09-300001737924Coding Solutions Acquisitions (Delayed Draw)2023-09-300001737924Long Term Care Group2023-09-300001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2023-09-300001737924Risk Strategies (Delayed Draw) 12023-09-300001737924Vensure Employer Services2023-09-300001737924World Insurance Associates (Delayed Draw)2023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:BankingFinanceInsuranceRealEstateMember2023-09-300001737924Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)2023-09-300001737924Bardstown PPC Holdings LLC 12023-09-300001737924Death Wish Coffee2023-09-300001737924Dessert Holdings2023-09-300001737924Fresh Edge 2023-09-300001737924Fresh Edge2023-09-300001737924Fresh Edge (Incremental)2023-09-300001737924Handgards2023-09-300001737924Harvest Hill Beverage Company2023-09-300001737924KSLB Holdings LLC2023-09-300001737924Rise Baking2023-09-300001737924Watermill Express, LLC2023-09-300001737924Watermill Express, LLC (Delayed Draw)2023-09-300001737924Palmetto Acquisitionco, Inc.2023-09-300001737924Palmetto Acquisitionco, Inc. (Delayed Draw)2023-09-300001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Blackbird Purchaser Inc.2023-09-300001737924Crete Mechanical Group2023-09-300001737924Crete Mechanical Group (Delayed Draw) 12023-09-300001737924Crete Mechanical Group (Delayed Draw) 22023-09-300001737924EFC Holdings, LLC2023-09-300001737924Heartland Home Services2023-09-300001737924Heartland Home Services (Delayed Draw) 12023-09-300001737924Heartland Home Services (Delayed Draw) 22023-09-300001737924Ovation Holdings, Inc.2023-09-300001737924Ovation Holdings, Inc. (Delayed Draw)2023-09-300001737924Precision Surfacing2023-09-300001737924PT Intermediate Holdings III, LLC2023-09-300001737924PT Intermediate Holdings III, LLC (Incremental)2023-09-300001737924Repipe Specialists2023-09-300001737924Repipe Specialists (Delayed Draw)2023-09-300001737924RTH Buyer LLC (dba "Rhino Tool House)2023-09-300001737924RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw)2023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:CapitalEquipmentMember2023-09-300001737924Ascensus2023-09-300001737924Ascensus Specialties2023-09-300001737924Boulder Scientific Company LLC2023-09-300001737924Chroma Color Corporation (dba "Chroma Color)2023-09-300001737924Chroma Color Corporation (dba "Chroma Color) (Delayed Draw)2023-09-300001737924Spartech2023-09-300001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Erie Construction 12023-09-300001737924Gannett Fleming 12023-09-300001737924MEI Rigging & Crating2023-09-300001737924MEI Rigging & Crating (Delayed Draw)2023-09-300001737924Royal Holdco Corporation (Delayed Draw A)2023-09-300001737924Royal Holdco Corporation (Delayed Draw B)2023-09-300001737924Royal Holdco Corporation (Incremental)2023-09-300001737924Sciens Building Solutions, LLC2023-09-300001737924Sciens Building Solutions, LLC (Delayed Draw)2023-09-300001737924WSB Engineering Holdings Inc.2023-09-300001737924WSB Engineering Holdings Inc. (Delayed Draw)2023-09-300001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Halo Buyer Inc2023-09-300001737924Petmate2023-09-300001737924Xpressmyself.com LLC (a/k/a SmartSign) 12023-09-300001737924Xpressmyself.com LLC (a/k/a SmartSign) 22023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsDurableMember2023-09-300001737924Arcadia Consumer Health2023-09-300001737924Arcadia Consumer Health (Incremental)2023-09-300001737924Badger Sportswear Acquisition Inc2023-09-300001737924Elevation Labs2023-09-300001737924Elevation Labs (Delayed Draw)2023-09-300001737924FoodScience2023-09-300001737924FoodScience 12023-09-300001737924Market Performance Group2023-09-300001737924Market Performance Group 12023-09-300001737924Protective Industrial Products (“PIP”)2023-09-300001737924Ultima Health Holdings, LLC 12023-09-300001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2023-09-300001737924B2B Packaging2023-09-300001737924B2B Packaging (Delayed Draw) 22023-09-300001737924Five Star Packing2023-09-300001737924Good2Grow2023-09-300001737924Oliver Packaging 12023-09-300001737924Specialized Packaging Group2023-09-300001737924Specialized Packaging Group 12023-09-300001737924Specialized Packaging Group (Incremental)2023-09-300001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) 2023-09-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw)2023-09-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) (Incremental)2023-09-300001737924Impact Parent Corporation (d/b/a Impact Environmental Group) (Second Amendment Delayed Draw)2023-09-300001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2023-09-300001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)2023-09-300001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)2023-09-300001737924The Facilities Group2023-09-300001737924The Facilities Group (Delayed Draw)2023-09-300001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Affinity Hospice2023-09-300001737924Affinity Hospice (Delayed Draw)2023-09-300001737924Anne Arundel 12023-09-300001737924Anne Arundel 22023-09-300001737924Anne Arundel (Delayed Draw)2023-09-300001737924Forefront Dermatology2023-09-300001737924Forefront Dermatology (Delayed Draw)2023-09-300001737924Genesee Scientific2023-09-300001737924Genesee Scientific (Delayed Draw)2023-09-300001737924GHR Healthcare2023-09-300001737924GHR Healthcare (Delayed Draw)2023-09-300001737924GHR Healthcare (Incremental)2023-09-300001737924Health Management Associates 2023-09-300001737924Health Management Associates (Delayed Draw) 2023-09-300001737924Heartland Veterinary Partners LLC (Incremental)2023-09-300001737924Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)2023-09-300001737924HemaSource Inc2023-09-300001737924InfuCare RX2023-09-300001737924MDC Intermediate Holdings II, LLC Delayed Draw2023-09-300001737924MDC Intermediate Holdings II, LLC (Delayed Draw) 12023-09-300001737924Midwest Eye Consultants2023-09-300001737924PromptCare2023-09-300001737924PromptCare (Delayed Draw)2023-09-300001737924Quorum Health Resources, LLC2023-09-300001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2023-09-300001737924Quorum Health Resources, LLC (Incremental)2023-09-300001737924Sandlot Buyer, LLC (Prime Time Healthcare)2023-09-300001737924Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental))2023-09-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) 2023-09-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2023-09-300001737924SM Wellness Holdings, Inc2023-09-300001737924Wellspring Pharmaceutical2023-09-300001737924US Fertility2023-09-300001737924Wellspring Pharmaceutical (Delayed Draw)2023-09-300001737924Wellspring Pharmaceutical 2023-09-300001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2023-09-300001737924Wellspring Pharmaceutical (Delayed Draw) 2023-09-300001737924Wellspring Pharmaceutical (Incremental)2023-09-300001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2023-09-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2023-09-300001737924Argano, LLC2023-09-300001737924Argano, LLC (Delayed Draw)2023-09-300001737924Argano, LLC (Delayed Draw) (Incremental)2023-09-300001737924Diligent Corporation 12023-09-300001737924Diligent Corporation 22023-09-300001737924Diligent Corporation 32023-09-300001737924Diligent Corporation (Delayed Draw) 12023-09-300001737924Diligent Corporation (Delayed Draw) 22023-09-300001737924Eliassen Group LLC2023-09-300001737924Eliassen Group LLC (Delayed Draw)2023-09-300001737924Exterro2023-09-300001737924Fineline Merger2023-09-300001737924Go Engineer2023-09-300001737924Go Engineer (Delayed Draw)2023-09-300001737924Infinite Bidco LLC (Infinite Electronics) (Incremental)2023-09-300001737924Infobase Acquisition, Inc.2023-09-300001737924Infobase Acquisition, Inc. (Delayed Draw)2023-09-300001737924ITSavvy LLC 12023-09-300001737924ITSavvy LLC (Delayed Draw)2023-09-300001737924North Haven CS Acquisition Inc2023-09-300001737924Northern Star Industries Inc2023-09-300001737924Prosci, Inc.2023-09-300001737924Revalize (Delayed Draw) 12023-09-300001737924Revalize (Delayed Draw) 22023-09-300001737924Revalize (Delayed Draw) 32023-09-300001737924SmartWave2023-09-300001737924Solve Industrial Motion Group 12023-09-300001737924Solve Industrial Motion Group 22023-09-300001737924Solve Industrial Motion Group (Delayed Draw)2023-09-300001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Tinuiti2023-09-300001737924Tinuiti (Delayed Draw)2023-09-300001737924Tinuiti (Delayed Draw) (Incremental)2023-09-300001737924Wpromote2023-09-300001737924Wpromote (Delayed Draw)2023-09-300001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2023-09-300001737924Corporate Visions 12023-09-300001737924Corporate Visions 22023-09-300001737924Spectrio II2023-09-300001737924Spectrio II (Delayed Draw) 12023-09-300001737924Spectrio II (Delayed Draw) 22023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:MediaDiversifiedProductionMember2023-09-300001737924Syndigo2023-09-300001737924us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2023-09-300001737924ALKU Intermediate Holdings, LLC2023-09-300001737924Apex Companies Holdings, LLC2023-09-300001737924Apex Companies Holdings, LLC (Delayed Draw)2023-09-300001737924Big Truck Rental 12023-09-300001737924Big Truck Rental 22023-09-300001737924Bounteous 12023-09-300001737924Bounteous 22023-09-300001737924Bounteous (Delayed Draw) 12023-09-300001737924Bounteous (Delayed Draw) 22023-09-300001737924BroadcastMed Holdco, LLC 12023-09-300001737924Bullhorn Inc2023-09-300001737924BusinesSolver2023-09-300001737924BusinesSolver (Delayed Draw)2023-09-300001737924Career Now 12023-09-300001737924Cornerstone Advisors of Arizona LLC 12023-09-300001737924Cornerstone Advisors of Arizona LLC 22023-09-300001737924Cornerstone Advisors of Arizona LLC (Delayed Draw)2023-09-300001737924CrossCountry Consulting2023-09-300001737924CrossCountry Consulting (Delayed Draw)2023-09-300001737924D&H United Fueling Solutions2023-09-300001737924D&H United Fueling Solutions (Delayed Draw)2023-09-300001737924D&H United Fueling Solutions (Delayed Draw) (Incremental)2023-09-300001737924D&H United Fueling Solutions (Incremental)2023-09-300001737924E78 12023-09-300001737924E78 22023-09-300001737924E78 (Delayed Draw) 12023-09-300001737924E78 (Delayed Draw) 22023-09-300001737924Evergreen Services Group2023-09-300001737924Evergreen Services Group (Delayed Draw)2023-09-300001737924Gabriel Partners LLC2023-09-300001737924Gabriel Partners LLC (Delayed Draw)2023-09-300001737924Gabriel Partners LLC (Incremental)2023-09-300001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC)2023-09-300001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)2023-09-300001737924KRIV Acquisition, Inc2023-09-300001737924KRIV Acquisition, Inc (Delayed Draw)2023-09-300001737924Lion Merger Sub Inc2023-09-300001737924Lion Merger Sub Inc (Incremental)2023-09-300001737924LSCS Holdings Inc.2023-09-300001737924LYNX FRANCHISING, LLC2023-09-300001737924Output Services Group, Inc.2023-09-300001737924Phaidon International2023-09-300001737924Plaze2023-09-300001737924RoadOne2023-09-300001737924RoadOne 22023-09-300001737924Scaled Agile2023-09-300001737924Scaled Agile (Delayed Draw)2023-09-300001737924Smile Brands2023-09-300001737924Soliant Health2023-09-300001737924Technical Safety Services2023-09-300001737924Technical Safety Services (Delayed Draw)2023-09-300001737924Technical Safety Services (Incremental)2023-09-300001737924TouchTunes Interactive2023-09-300001737924Transit Buyer LLC (dba“Propark”)2023-09-300001737924Transit Buyer LLC (dba“Propark”) (Delayed Draw)2023-09-300001737924Trilon Group, LLC 12023-09-300001737924Trilon Group, LLC 22023-09-300001737924Trilon Group, LLC 3 2023-09-300001737924Trilon Group, LLC (Delayed Draw)2023-09-300001737924Trilon Group, LLC (Delayed Draw) 12023-09-300001737924Trilon Group, LLC (Delayed Draw) 22023-09-300001737924Vital Records Control 12023-09-300001737924Vital Records Control 22023-09-300001737924Vital Records Control (Delayed Draw)2023-09-300001737924Worldwide Clinical Trials Holdings Inc2023-09-300001737924Worldwide Clinical Trials Holdings Inc (Incremental)2023-09-300001737924ncdlc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2023-09-300001737924ADPD Holdings, LLC (a/k/a NearU) 12023-09-300001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 12023-09-300001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 22023-09-300001737924All My Sons2023-09-300001737924Allstar Holdings2023-09-300001737924Allstar Holdings (Delayed Draw)2023-09-300001737924Allstar Holdings (Delayed Draw) 12023-09-300001737924Apex Services Partners, LLC (Delayed Draw) (Incremental)2023-09-300001737924Apex Services Partners, LLC (Incremental)2023-09-300001737924COP Exterminators Acquisition, Inc.2023-09-300001737924COP Exterminators Acquisition, Inc. (Delayed Draw)2023-09-300001737924Excel Fitness2023-09-300001737924Fairway Lawns 12023-09-300001737924Fairway Lawns 22023-09-300001737924Legacy Service Partners, LLC (“LSP”)2023-09-300001737924Legacy Service Partners, LLC (“LSP”) (Delayed Draw)2023-09-300001737924Liberty Buyer2023-09-300001737924Liberty Buyer (Delayed Draw)2023-09-300001737924NJEye LLC2023-09-300001737924NJEye LLC (Delayed Draw) 12023-09-300001737924NJEye LLC (Delayed Draw) 22023-09-300001737924NJEye LLC (Delayed Draw) 32023-09-300001737924North Haven Spartan US Holdco LLC2023-09-300001737924North Haven Spartan US Holdco LLC (Delayed Draw)2023-09-300001737924One World Fitness PFF LLC2023-09-300001737924Perennial Services, Group, LLC2023-09-300001737924Perennial Services, Group, LLC (Delayed Draw)2023-09-300001737924us-gaap:DebtSecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300001737924LMI Consulting, LLC (LMI)2023-09-300001737924LMI Consulting, LLC (LMI) (Incremental)2023-09-300001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2023-09-300001737924BCM One2023-09-300001737924BCM One (Delayed Draw)2023-09-300001737924Corbett Technology Solutions, Inc. ("CTSI")2023-09-300001737924Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw)2023-09-300001737924Mobile Communications America, Inc. 12023-09-300001737924Mobile Communications America, Inc. 22023-09-300001737924Mobile Communications America, Inc. (Incremental)2023-09-300001737924Momentum Telecom II2023-09-300001737924Momentum Telecom II (Incremental)2023-09-300001737924Sapphire Telecom Inc2023-09-300001737924Tyto Athene, LLC2023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:TelecommunicationsMember2023-09-300001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2023-09-300001737924Kenco Group, Inc.2023-09-300001737924Kenco Group, Inc. (Delayed Draw)2023-09-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 12023-09-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 22023-09-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 32023-09-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 42023-09-300001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 52023-09-300001737924SEKO Global Logistics 12023-09-300001737924SEKO Global Logistics 22023-09-300001737924SEKO Global Logistics 32023-09-300001737924SEKO Global Logistics (Delayed Draw)2023-09-300001737924SEKO Global Logistics (Delayed Draw) (Incremental)2023-09-300001737924SEKO Global Logistics (Incremental)2023-09-300001737924TI ACQUISITION NC LLC2023-09-300001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2023-09-300001737924American Student Transportaton Partners, Inc2023-09-300001737924us-gaap:DebtSecuritiesMemberncdlc:TransportationConsumerMember2023-09-300001737924DMC HoldCo LLC (DMC Power) 2023-09-300001737924DMC HoldCo LLC (DMC Power) (Delayed Draw)2023-09-300001737924Pinnacle Supply Partners, LLC2023-09-300001737924Pinnacle Supply Partners, LLC (Delayed Draw)2023-09-300001737924TPC Wire & Cable2023-09-300001737924TPC Wire & Cable (Delayed Draw)2023-09-300001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2023-09-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)2023-09-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)2023-09-300001737924ISG Merger Sub, LLC (dba Industrial Service Group)2023-09-300001737924ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)2023-09-300001737924ncdlc:WholesaleMemberus-gaap:DebtSecuritiesMember2023-09-300001737924us-gaap:DebtSecuritiesMember2023-09-300001737924BPC Kodiak LLC (Turbine Engine Specialist, Inc)2023-09-300001737924ncdlc:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2023-09-300001737924Covercraft 22023-09-300001737924S&S Truck Parts 32023-09-300001737924S&S Truck Parts 42023-09-300001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2023-09-300001737924Bardstown PPC Holdings LLC 22023-09-300001737924Fresh Edge - Common2023-09-300001737924Fresh Edge - Preferred2023-09-300001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:EquitySecuritiesMember2023-09-300001737924Crete Mechanical Group 22023-09-300001737924EFC Holdings, LLC 12023-09-300001737924EFC Holdings, LLC 22023-09-300001737924Precision Surfacing - Common2023-09-300001737924Repipe Specialists 22023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:CapitalEquipmentMember2023-09-300001737924Erie Construction 22023-09-300001737924Gannett Fleming 22023-09-300001737924OSP Gannet Aggregator LP (Gannet Fleming)2023-09-300001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2023-09-300001737924FoodScience 42023-09-300001737924FoodScience 52023-09-300001737924Ultima Health Holdings, LLC 22023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:ConsumerGoodsNonDurableMember2023-09-300001737924Oliver Packaging 22023-09-300001737924Specialized Packaging Group 32023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:ContainersPackagingAndGlassMember2023-09-300001737924AG MDC Holdings, Inc2023-09-300001737924Anne Arundel2023-09-300001737924Health Management Associates2023-09-300001737924REP HS Topco Holdings (HemaSource Inc.)2023-09-300001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:EquitySecuritiesMember2023-09-300001737924ITSavvy LLC 22023-09-300001737924Solve Industrial Motion Group 32023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:HighTechIndustriesMember2023-09-300001737924Apex Companies Holdings, LLC 22023-09-300001737924BroadcastMed Holdco, LLC2023-09-300001737924Career Now2023-09-300001737924E782023-09-300001737924KRIV Acquisition, Inc 12023-09-300001737924RoadOne - Common2023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:ServicesBusinessMember2023-09-300001737924ADPD Holdings, LLC (a/k/a NearU) 42023-09-300001737924COP Exterminators Investment, LLC2023-09-300001737924Legacy Service Partners, LLC (“LSP”) 12023-09-300001737924Perennial Services Investors LLC2023-09-300001737924us-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300001737924LMI Renaissance2023-09-300001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:EquitySecuritiesMember2023-09-300001737924SEKO Global Logistics2023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:TransportationCargoMember2023-09-300001737924ASTP Holdings Co-Investment LP2023-09-300001737924us-gaap:EquitySecuritiesMemberncdlc:TransportationConsumerMember2023-09-300001737924Pinnacle Supply Partners, LLC 12023-09-300001737924ncdlc:UtilitiesElectricMemberus-gaap:EquitySecuritiesMember2023-09-300001737924us-gaap:EquitySecuritiesMember2023-09-300001737924us-gaap:CashEquivalentsMember2023-09-300001737924ncdlc:OneMonthSOFRMember2023-09-300001737924ncdlc:ThreeMonthSOFRMember2023-09-300001737924ncdlc:SixMonthSOFRMember2023-09-300001737924ncdlc:TwelveMonthSOFRMember2023-09-300001737924ncdlc:PetmateAndSapphireTelecomIncMemberncdlc:LondonInterbankOfferedRateMember2023-09-30ncdlc:investment0001737924ncdlc:PetmateMemberncdlc:LondonInterbankOfferedRateMember2023-09-300001737924ncdlc:SapphireTelecomIncMemberncdlc:LondonInterbankOfferedRateMember2023-09-300001737924ncdlc:RestrictedSecurityMember2023-09-300001737924ncdlc:QualifyingAssetsMember2023-09-300001737924ncdlc:NonQualifyingAssetsMember2023-09-300001737924AEgis Technologies2022-12-310001737924Arotech2022-12-310001737924Arotech (Delayed Draw)2022-12-310001737924Loc Performance Products2022-12-310001737924Valkyrie2022-12-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2022-12-310001737924American Auto Auction Group2022-12-310001737924Classic Collision (Delayed Draw) (Incremental)2022-12-310001737924Classic Collision (Incremental)2022-12-310001737924Collision Right2022-12-310001737924Collision Right (Delayed Draw)2022-12-310001737924Covercraft 12022-12-310001737924Covercraft (Delayed Draw)2022-12-310001737924JEGS Automotive2022-12-310001737924JEGS Automotive (Delayed Draw)2022-12-310001737924OEP Glass Purchaser2022-12-310001737924Randys Holdings, Inc2022-12-310001737924Randys Holdings, Inc (Delayed Draw)2022-12-310001737924S&S Truck Parts 12022-12-310001737924S&S Truck Parts 22022-12-310001737924S&S Truck Parts (Delayed Draw) 12022-12-310001737924S&S Truck Parts (Delayed Draw) 22022-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Allied Benefit Systems2022-12-310001737924Bankruptcy Management Solutions Inc2022-12-310001737924Coding Solutions Acquisitions2022-12-310001737924Coding Solutions Acquisitions (Delayed Draw)2022-12-310001737924Long Term Care Group2022-12-310001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2022-12-310001737924Risk Strategies (Delayed Draw) 12022-12-310001737924Risk Strategies (Delayed Draw) 22022-12-310001737924Vensure Employer Services2022-12-310001737924World Insurance Associates2022-12-310001737924World Insurance Associates (Delayed Draw) 12022-12-310001737924World Insurance Associates (Delayed Draw) 22022-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:BankingFinanceInsuranceRealEstateMember2022-12-310001737924Bardstown PPC Holdings LLC 12022-12-310001737924Death Wish Coffee2022-12-310001737924Dessert Holdings2022-12-310001737924Fresh Edge2022-12-310001737924GA Foods2022-12-310001737924Handgards2022-12-310001737924KSLB Holdings LLC2022-12-310001737924Rise Baking2022-12-310001737924Watermill Express, LLC2022-12-310001737924Watermill Express, LLC (Delayed Draw)2022-12-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Blackbird Purchaser Inc.2022-12-310001737924Blackbird Purchaser Inc. (Delayed Draw)2022-12-310001737924Crete Mechanical Group 12022-12-310001737924Crete Mechanical Group (Delayed Draw) 12022-12-310001737924Crete Mechanical Group (Delayed Draw) 22022-12-310001737924Heartland Home Services2022-12-310001737924Heartland Home Services (Delayed Draw) 12022-12-310001737924Heartland Home Services (Delayed Draw) 22022-12-310001737924PT Intermediate Holdings III, LLC2022-12-310001737924PT Intermediate Holdings III, LLC (Incremental)2022-12-310001737924Repipe Specialists 12022-12-310001737924Repipe Specialists (Delayed Draw)2022-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:CapitalEquipmentMember2022-12-310001737924Ascensus2022-12-310001737924Ascensus Specialties2022-12-310001737924Boulder Scientific Company LLC2022-12-310001737924Spartech2022-12-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Erie Construction 12022-12-310001737924Gannett Fleming 12022-12-310001737924Sciens Building Solutions, LLC2022-12-310001737924Sciens Building Solutions, LLC (Delayed Draw)2022-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Halo Buyer Inc2022-12-310001737924Petmate2022-12-310001737924Xpressmyself.com LLC (a/k/a SmartSign)2022-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsDurableMember2022-12-310001737924Arcadia Consumer Health2022-12-310001737924Badger Sportswear Acquisition Inc2022-12-310001737924Elevation Labs2022-12-310001737924Elevation Labs (Delayed Draw)2022-12-310001737924FoodScience 12022-12-310001737924FoodScience 22022-12-310001737924Market Performance Group 12022-12-310001737924Market Performance Group 22022-12-310001737924Ultima Health Holdings, LLC 12022-12-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2022-12-310001737924B2B Packaging2022-12-310001737924B2B Packaging (Delayed Draw) 12022-12-310001737924B2B Packaging (Delayed Draw) 22022-12-310001737924Five Star Packing2022-12-310001737924Good2Grow2022-12-310001737924Oliver Packaging 12022-12-310001737924Specialized Packaging Group 12022-12-310001737924Specialized Packaging Group 22022-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Cadmus2022-12-310001737924Cadmus (Delayed Draw)2022-12-310001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2022-12-310001737924The Facilities Group2022-12-310001737924The Facilities Group (Delayed Draw)2022-12-310001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Affinity Hospice2022-12-310001737924Affinity Hospice (Delayed Draw)2022-12-310001737924Anne Arundel 12022-12-310001737924Anne Arundel 22022-12-310001737924Anne Arundel (Delayed Draw)2022-12-310001737924Forefront Dermatology2022-12-310001737924Forefront Dermatology (Delayed Draw)2022-12-310001737924Genesee Scientific2022-12-310001737924Genesee Scientific (Delayed Draw)2022-12-310001737924GHR Healthcare2022-12-310001737924GHR Healthcare (Delayed Draw)2022-12-310001737924GHR Healthcare (Incremental)2022-12-310001737924Heartland Veterinary Partners LLC (Incremental)2022-12-310001737924Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)2022-12-310001737924InfuCare RX2022-12-310001737924Midwest Eye Consultants2022-12-310001737924PromptCare2022-12-310001737924PromptCare (Delayed Draw)2022-12-310001737924Quorum Health Resources, LLC2022-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare)2022-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2022-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2022-12-310001737924SM Wellness Holdings, Inc2022-12-310001737924Wellspring Pharmaceutical2022-12-310001737924Wellspring Pharmaceutical (Delayed Draw)2022-12-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2022-12-310001737924Argano, LLC2022-12-310001737924Argano, LLC (Delayed Draw)2022-12-310001737924Argano, LLC (Delayed Draw) (Incremental)2022-12-310001737924Diligent Corporation 12022-12-310001737924Diligent Corporation 22022-12-310001737924Diligent Corporation 32022-12-310001737924Diligent Corporation (Delayed Draw) 12022-12-310001737924Diligent Corporation (Delayed Draw) 22022-12-310001737924Eliassen Group LLC2022-12-310001737924Eliassen Group LLC (Delayed Draw)2022-12-310001737924Exterro2022-12-310001737924Fineline Merger2022-12-310001737924Go Engineer2022-12-310001737924Go Engineer (Delayed Draw)2022-12-310001737924Infobase Acquisition, Inc.2022-12-310001737924Infobase Acquisition, Inc. 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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.) 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Midco, LLC2023-09-300001737924Acclaim Midco, LLC2022-12-310001737924ADPD Holdings, LLC2023-09-300001737924ADPD Holdings, LLC2022-12-310001737924Anne Arundel2022-12-310001737924Apex Companies Holdings, LLC2022-12-310001737924ASTP Holdings Co-Investment LP2022-12-310001737924Athlete Buyer LLC2023-09-300001737924Athlete Buyer LLC2022-12-310001737924Blackbird Purchaser, Inc.2023-09-300001737924Blackbird Purchaser, Inc.2022-12-310001737924Bounteous2023-09-300001737924Bounteous2022-12-310001737924Cadmus2023-09-300001737924Calienger Holdings, L.L.C2023-09-300001737924Calienger Holdings, L.L.C2022-12-310001737924Chroma Color Corporation2023-09-300001737924Chroma Color Corporation2022-12-310001737924Classic Collision2023-09-300001737924Classic Collision2022-12-310001737924CMG HoldCo, LLC2023-09-300001737924CMG HoldCo, LLC2022-12-310001737924COP Exterminators Acquisition, Inc2023-09-300001737924COP Exterminators Acquisition, Inc2022-12-310001737924Covercraft2023-09-300001737924Covercraft2022-12-310001737924DMC HoldCo, LLC2023-09-300001737924DMC HoldCo, LLC2022-12-310001737924E782022-12-310001737924Fairway Lawns2023-09-300001737924Fairway Lawns2022-12-310001737924Health Management Associates Superholdings2023-09-300001737924Health Management Associates Superholdings2022-12-310001737924Heartland Veterinary Partners LLC2023-09-300001737924Heartland Veterinary Partners LLC2022-12-310001737924Helios Aggregator Holdings I LP2023-09-300001737924Helios Aggregator Holdings I LP2022-12-310001737924Impact Parent Corporation2023-09-300001737924Impact Parent Corporation2022-12-310001737924Infobase Acquisition, Inc2023-09-300001737924Infobase Acquisition, Inc2022-12-310001737924INS Intermediate II, LLC2023-09-300001737924INS Intermediate II, LLC2022-12-310001737924ISG Enterprises, LLC2023-09-300001737924ISG Enterprises, LLC2022-12-310001737924ITSavvy LLC2023-09-300001737924ITSavvy LLC2022-12-310001737924Kenco PPC Buyer LLC2023-09-300001737924Kenco PPC Buyer LLC2022-12-310001737924Keng Acquisition, Inc2023-09-300001737924Keng Acquisition, Inc2022-12-310001737924KRIV Acquisition, Inc2022-12-310001737924Legacy Service Partners, LLC2023-09-300001737924Legacy Service Partners, LLC2022-12-310001737924LMI Renasissance2023-09-300001737924LMI Renasissance2022-12-310001737924MDC Intermediate Holdings II, LLC2023-09-300001737924MDC Intermediate Holdings II, LLC2022-12-310001737924MEI Buyer LLC2023-09-300001737924MEI Buyer LLC2022-12-310001737924Orion Group FM Holdings, LLC2023-09-300001737924Orion Group FM Holdings, LLC2022-12-310001737924Ovation Holdings, Inc2023-09-300001737924Ovation Holdings, Inc2022-12-310001737924Palmetto Acquisitionco, Inc2023-09-300001737924Palmetto Acquisitionco, Inc2022-12-310001737924Patriot Growth Insurance Service2023-09-300001737924Patriot Growth Insurance Service2022-12-310001737924Perennial Services, Group, LLC2022-12-310001737924QHR Holdco, Inc2023-09-300001737924QHR Holdco, 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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 September 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.)
375 Park Avenue, 9th Floor, New York, NY
 10152
(Address of principal executive offices) (Zip Code)
(212478-9200
(Registrant’s telephone number, including area code)
430 Park Avenue, 14th Floor, New York, NY 10022
(Registrant's former address)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
NoneN/AN/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 October 30, 2023, the registrant had 35,744,496 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 ongoing war in the Middle East, 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.

1


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.


2


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)
September 30, 2023December 31, 2022
(Unaudited)
Assets
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,510,014 and $1,225,573, respectively)
$1,481,012 $1,200,376 
Cash and cash equivalents35,971 39,270 
Restricted cash50 50 
Due from adviser expense support (See Note 4)
632 1,147 
Interest receivable15,786 11,898 
Receivable for investments sold5,118 719 
Contribution receivable35 458 
Prepaid expenses57 41 
Total assets$1,538,661 $1,253,959 
Liabilities
Secured borrowings (net of $6,357 and $5,675 deferred financing costs, respectively) (See Note 5)
$860,190 $699,772 
Payable for investments purchased 56 
Interest payable12,620 8,812 
Due to adviser expense support (See Note 4)
865 1,147 
Management fees payable2,722 2,211 
Distributions payable19,573 14,325 
Directors’ fees payable96 96 
Accounts payable and accrued expenses3,636 2,583 
Total liabilities$899,702 $729,002 
Commitments and contingencies (See Note 6)
Net Assets: (See Note 7)
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 35,585,951 and 28,650,548 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
$356 $287 
Paid-in-capital in excess of par value673,883 548,600 
Total distributable earnings (loss)(35,280)(23,930)
Total net assets$638,959 $524,957 
Total liabilities and net assets$1,538,661 $1,253,959 
Net asset value per share (See Note 8)
$17.96 $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 September 30,
Nine Months Ended September 30,
2023202220232022
Investment income:
Non-controlled/non-affiliated company investments:
Interest income$40,370 $21,438 $110,049 $51,105 
Payment-in-kind interest income951 216 1,823 544 
Dividend income16 130 56 130 
Other income409 816 879 1,421 
Total investment income41,746 22,600 112,807 53,200 
Expenses:
Interest and debt financing expenses16,048 7,301 43,089 14,559 
Management fees (See Note 4)
2,722 2,000 7,503 5,252 
Professional fees730 296 2,284 741 
Directors' fees96 96 287 287 
Administration fees (See Note 4)
370 210 1,029 615 
Other general and administrative expenses98 332 1,388 645 
Total expenses before expense support20,064 10,235 55,580 22,099 
Expense support (See Note 4)
 (55)(158)(149)
Net expenses after expense support20,064 10,180 55,422 21,950 
          Net investment income21,682 12,420 57,385 31,250 
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments(13,107)(501)(6,408)(409)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments11,574 (5,924)(3,805)(20,815)
Total net realized and unrealized gain (loss) on investments(1,533)(6,425)(10,213)(21,224)
Net increase (decrease) in net assets resulting from operations$20,149 $5,995 $47,172 $10,026 
Per share data:
Net investment income per share - basic and diluted $0.62 $0.51 $1.83 $1.39 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.58 $0.24 $1.50 $0.45 
Weighted average common shares outstanding - basic and diluted 34,812,720 24,489,969 31,409,296 22,419,189 





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 September 30,Nine Months Ended September 30,
2023202220232022
Increase (decrease) in net assets resulting from operations:
Net investment income$21,682 $12,420 $57,385 $31,250 
Net realized gain (loss) on investments(13,107)(501)(6,408)(409)
Net change in unrealized appreciation (depreciation) on investments11,574 (5,924)(3,805)(20,815)
Net increase (decrease) in net assets resulting from operations20,149 5,995 47,172 10,026 
Shareholder distributions:
Distributions declared from net investment income(19,572)(11,933)(52,487)(30,242)
Distributions declared from realized gains  (6,036) 
Net increase (decrease) in net assets resulting from shareholder distributions(19,572)(11,933)(58,523)(30,242)
Capital share transactions:
Issuance of common shares, net78,565 50,065 118,542 114,995 
Reinvestment of shareholder distributions, net2,320 876 6,811 1,946 
Net increase (decrease) in net assets resulting from capital share transactions80,885 50,941 125,353 116,941 
Total increase (decrease) in net assets81,462 45,003 114,002 96,725 
Net assets, at beginning of period557,497 425,773 524,957 374,051 
Net assets, at end of period$638,959 $470,776 $638,959 $470,776 

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)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$47,172 $10,026 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments(352,883)(385,140)
Proceeds from principal repayments and sales of investments65,851 35,483 
Payment-in-kind interest(1,823)(385)
Amortization of premium/accretion of discount, net(1,994)(1,233)
Net realized (gain) loss on investments6,408 409 
Net change in unrealized (appreciation) depreciation on investments3,805 20,815 
Amortization of deferred financing costs1,424 970 
Amortization of offering costs(23)(50)
Changes in operating assets and liabilities:
Due from adviser expense support515 (192)
Interest receivable(3,888)(5,840)
Receivable for investments sold(4,399)4,391 
Prepaid expenses(16)10 
Payable for investments purchased(56)(25,729)
Interest payable3,808 5,671 
Due to adviser expense support(282)192 
Management fees payable511 624 
Accounts payable and accrued expenses1,053 398 
Net cash provided by (used in) operating activities(234,817)(339,580)
Cash flows from financing activities:
Proceeds from issuance of common shares118,988 115,045 
Shareholder distributions(46,464)(24,001)
Proceeds from secured borrowings340,600 664,200 
Repayments of secured borrowings(179,500)(410,000)
Payments of deferred financing costs(2,106)(3,336)
Net cash provided by (used in) financing activities231,518 341,908 
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash (3,299)2,328 
Cash and Cash Equivalents and Restricted Cash, beginning of period39,320 35,236 
Cash and Cash Equivalents and Restricted Cash, end of period$36,021 $37,564 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$37,857 $7,918 
Supplemental disclosure of non-cash flow Information:
Reinvestment of shareholder distributions$6,811 $1,946 






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):
September 30, 2023September 30, 2022
Cash and cash equivalents$35,971 $37,514 
Restricted cash50 50 
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows$36,021 $37,564 


See Notes to Consolidated Financial Statements
7

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
AEgis Technologies(6) (13)First Lien Term Loan
S + 6.50%
11.90 %10/31/2025$14,695 $14,624 $14,535 2.27 %
Arotech(6) (13)First Lien Term Loan
S + 6.25%
11.65 %10/22/20269,226 9,147 8,606 1.35 %
Arotech (Delayed Draw)(6) (13)First Lien Term Loan
S + 6.25%
11.65 %10/22/2026449 447 419 0.07 %
Loc Performance Products(6) (13)First Lien Term Loan
S + 5.25%
10.65 %12/22/20266,576 6,517 6,261 0.98 %
Turbine Engine Specialist, Inc(17)Subordinated Debt
S + 9.50%
14.90 %3/1/20292,563 2,499 2,499 0.39 %
Valkyrie(17)Subordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,829 2,783 2,720 0.43 %
Total Aerospace & Defense36,017 35,040 5.49 %
Automotive
American Auto Auction Group(6) (13)First Lien Term Loan
S + 5.00%
10.40 %12/30/202710,547 10,465 9,776 1.53 %
Classic Collision (Delayed Draw) (Incremental Tranche A-4)(11) (17)First Lien Term Loan
S + 5.75%
11.07 %1/14/202625,233 (60)(429)(0.07 %)
Classic Collision (Delayed Draw) (Incremental)(6) (13)First Lien Term Loan
S + 5.75%
11.07 %1/14/20266,958 6,958 6,840 1.07 %
Classic Collision (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.22 %1/14/20267,771 7,722 7,639 1.20 %
Collision Right(13) (17)First Lien Term Loan
S + 5.25%
10.65 %4/14/20285,310 5,285 5,267 0.83 %
Collision Right(17)Subordinated Debt
N/A
9.00% (Cash) 3.75% (PIK)
10/14/20281,398 1,366 1,356 0.21 %
Collision Right (Delayed Draw)(17)Subordinated Debt
N/A
9.00% (Cash) 3.75% (PIK)
10/14/2028987 976 958 0.15 %
Covercraft(17)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/21/20287,464 7,356 6,853 1.07 %
Covercraft (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/21/20284,386  (359)(0.06 %)
JEGS Automotive(6)First Lien Term Loan
S + 6.00%
11.40 %12/22/20273,999 3,968 3,323 0.52 %
JEGS Automotive (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.40 %12/22/2027930  (157)(0.02 %)
OEP Glass Purchaser(6) (13)First Lien Term Loan
S + 5.25%
10.72 %4/18/202812,563 12,465 12,311 1.93 %
Randys Holdings, Inc(9) (13)First Lien Term Loan
S + 6.50%
11.82 %11/1/202811,166 10,965 11,022 1.73 %
Randys Holdings, Inc (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 6.50%
11.82 %11/1/20283,750  (48)(0.01 %)
S&S Truck Parts(6) (13)First Lien Term Loan
S + 4.75%
10.22 %3/1/20296,876 6,819 6,780 1.06 %
S&S Truck Parts(13)First Lien Term Loan
S + 4.75%
10.07 %3/1/20291,162 1,152 1,146 0.18 %
S&S Truck Parts (Delayed Draw)(11) (17)First Lien Term Loan
S + 4.75%
10.07 %3/1/202998  (1) %
S&S Truck Parts (Delayed Draw)(11) (17)First Lien Term Loan
S + 4.75%
10.07 %3/1/20291,728 1,580 1,556 0.24 %
Total Automotive77,017 73,833 11.56 %
See Notes to Consolidated Financial Statements
8

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar 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%
9.82 %11/18/20265,945 5,913 5,909 0.92 %
Bankruptcy Management Solutions Inc(6)First Lien Term Loan
S + 4.40%
9.72 %2/28/20253,820 3,839 3,820 0.60 %
Coding Solutions Acquisitions(6) (9) (13)First Lien Term Loan
S + 5.50%
10.90 %5/11/20286,448 6,394 6,295 0.99 %
Coding Solutions Acquisitions (Delayed Draw)(9) (17)First Lien Term Loan
S + 5.50%
10.82 %5/11/20281,966 1,966 1,920 0.30 %
Long Term Care Group(6) (9) (13)First Lien Term Loan
S + 6.00%
11.40 %9/8/20276,754 6,707 5,893 0.92 %
Patriot Growth Insurance Service (Delayed Draw) (Incremental)(9) (11) (17)First Lien Term Loan
S + 5.75%
11.15 %10/14/20287,176 4,607 4,471 0.70 %
Risk Strategies (Delayed Draw)(9) (17)First Lien Term Loan
S + 5.50%
10.90 %11/1/202614,906 14,906 14,560 2.28 %
Vensure Employer Services(6) (13)First Lien Term Loan
S + 4.75%
10.07 %3/26/202714,693 14,661 14,517 2.27 %
World Insurance Associates (Delayed Draw)(6) (9) (13) (17)First Lien Term Loan
S + 6.00%
11.40 %4/1/202614,918 14,906 14,729 2.31 %
Total Banking, Finance, Insurance, Real Estate73,899 72,114 11.29 %
Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)(7) (10) (13) (17)First Lien Term Loan
S + 6.25%
11.65 %9/25/202917,326 16,980 16,980 2.65 %
Bardstown PPC Holdings LLC(17)Subordinated Debt
S + 7.75%
13.15 %8/30/20279,300 9,148 9,300 1.45 %
Death Wish Coffee(6) (9) (13)First Lien Term Loan
S + 4.75%
10.15 %9/28/20279,825 9,760 9,825 1.53 %
Dessert Holdings(6) (17)Subordinated Debt
S + 7.25%
12.65 %6/8/20299,000 8,871 7,956 1.25 %
Fresh Edge(17)Subordinated Debt
S + 4.50% + 5.125% (PIK)
15.02 %4/3/20293,804 3,720 3,695 0.58 %
Fresh Edge (Incremental)(17)Subordinated Debt
S + 4.50% + 5.125% (PIK)
15.02 %4/3/2029760 741 738 0.12 %
Handgards(6) (13)First Lien Term Loan
S + 7.00%
12.40 %10/14/202614,550 14,391 14,550 2.28 %
Harvest Hill Beverage Company(17)Subordinated Debt
S + 9.00%
14.32 %2/28/20293,640 3,537 3,573 0.56 %
KSLB Holdings LLC(13)First Lien Term Loan
S + 4.50%
9.90 %7/30/20252,865 2,850 2,707 0.42 %
Rise Baking(6) (9) (13)First Lien Term Loan
S + 6.25%
11.57 %8/13/202714,738 14,584 14,738 2.31 %
Watermill Express, LLC(6) (9) (13)First Lien Term Loan
S + 5.00%
10.40 %4/20/20273,265 3,243 3,203 0.50 %
Watermill Express, LLC (Delayed Draw)(9) (17)First Lien Term Loan
S + 5.00%
10.40 %4/20/2027315 315 309 0.05 %
Palmetto Acquisitionco, Inc.(13) (17)First Lien Term Loan
S + 5.75%
11.15 %9/18/202913,314 13,082 13,083 2.05 %
Palmetto Acquisitionco, Inc. (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.15 %9/18/20294,842 (18)(84)(0.01 %)
Total Beverage, Food & Tobacco101,204 100,573 15.74 %
See Notes to Consolidated Financial Statements
9

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Capital Equipment
Blackbird Purchaser Inc.(6) (13) (17)First Lien Term Loan
S + 4.25%
9.57 %4/8/20269,836 9,803 9,836 1.54 %
Crete Mechanical Group(6) (13)First Lien Term Loan
S + 5.00%
10.40 %5/19/20284,835 4,796 4,823 0.75 %
Crete Mechanical Group (Delayed Draw)(6)First Lien Term Loan
S + 5.00%
10.32 %5/19/20282,853 2,813 2,846 0.45 %
Crete Mechanical Group (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.00%
10.32 %5/19/20287,167 4,441 4,423 0.69 %
EFC Holdings, LLC(17)Subordinated Debt
N/A
11.00% (Cash) 2.50% (PIK)
5/1/20283,146 3,060 3,088 0.48 %
Heartland Home ServicesFirst Lien Term Loan
S + 6.00%
11.32 %12/15/20266,484 6,442 6,316 0.99 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.32 %12/15/20265,622 5,602 5,477 0.86 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.32 %12/15/20262,578 2,578 2,512 0.39 %
Ovation Holdings, Inc.(13)First Lien Term Loan
S + 6.25%
11.65 %2/3/20298,055 7,892 7,929 1.24 %
Ovation Holdings, Inc. (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.65 %2/3/20291,903 611 603 0.09 %
Precision Surfacing(17)Subordinated Debt
N/A
15.00 %6/30/2024713 713 713 0.11 %
PT Intermediate Holdings III, LLC(6) (9) (13)First Lien Term Loan
S + 5.98%
11.37 %11/1/20288,757 8,732 8,660 1.36 %
PT Intermediate Holdings III, LLC (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.98%
11.37 %11/1/20281,071 1,062 1,059 0.17 %
Repipe Specialists(17)Subordinated Debt
N/A
10.00% (Cash) 1.00% (PIK)
3/18/20292,427 2,386 2,255 0.35 %
Repipe Specialists (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/2029901 210 146 0.02 %
RTH Buyer LLC (dba "Rhino Tool House)(13) (17)First Lien Term Loan
S + 6.25%
11.72 %4/4/20298,072 7,918 8,005 1.25 %
RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.57 %4/4/20291,887 905 898 0.14 %
Total Capital Equipment69,964 69,589 10.88 %
Chemicals, Plastics, & Rubber
Ascensus(9) (15) (17)Subordinated Debt
S + 6.50%
11.90 %8/2/20299,000 8,935 8,595 1.35 %
Ascensus Specialties(6) (9) (13)First Lien Term Loan
S + 4.35%
9.75 %6/30/20289,756 9,608 9,157 1.43 %
Boulder Scientific Company LLC(6)First Lien Term Loan
S + 4.50%
9.90 %12/29/20252,070 2,079 2,023 0.31 %
Chroma Color Corporation (dba "Chroma Color)(13)First Lien Term Loan
S + 5.75%
11.15 %4/21/20296,330 6,210 6,212 0.97 %
Chroma Color Corporation (dba "Chroma Color) (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.15 %4/21/20291,379 (13)(26) %
Spartech(6) (9) (13)First Lien Term Loan
S + 4.75%
10.15 %5/8/202814,806 14,735 12,479 1.95 %
Total Chemicals, Plastics, & Rubber41,554 38,440 6.01 %
Construction & Building
See Notes to Consolidated Financial Statements
10

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Erie Construction(6) (13)First Lien Term Loan
S + 4.75%
10.22 %7/30/202710,290 10,217 10,290 1.61 %
Gannett Fleming(13)First Lien Term Loan
S + 6.60%
12.00 %12/20/20289,925 9,747 9,849 1.54 %
MEI Rigging & Crating(13) (17)First Lien Term Loan
S + 6.50%
11.82 %6/29/202911,460 11,233 11,240 1.76 %
MEI Rigging & Crating (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.50%
11.90 %6/29/20291,814 (9)(35)(0.01 %)
Royal Holdco Corporation (Delayed Draw A)(11) (17)First Lien Term Loan
S + 5.75%
11.15 %12/30/20274,701 (12)(70)(0.01 %)
Royal Holdco Corporation (Delayed Draw B)(11) (17)First Lien Term Loan
S + 5.75%
11.15 %12/30/20273,134 (8)(47)(0.01 %)
Royal Holdco Corporation (Incremental)(13) (17)First Lien Term Loan
S + 5.75%
11.15 %12/30/20273,134 3,087 3,087 0.49 %
Sciens Building Solutions, LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
11.15 %12/15/20279,338 9,198 9,022 1.41 %
Sciens Building Solutions, LLC (Delayed Draw)(6) (9) (11) (13)First Lien Term Loan
S + 5.75%
11.15 %12/15/20274,923 2,535 2,404 0.38 %
WSB Engineering Holdings Inc.(13) (17)First Lien Term Loan
S + 6.00%
11.40 %8/31/20296,536 6,439 6,439 1.01 %
WSB Engineering Holdings Inc. (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.40 %8/31/20294,357 (32)(64)(0.01 %)
Total Construction & Building52,395 52,115 8.16 %
Consumer Goods: Durable
Halo Buyer Inc(6) (15)First Lien Term Loan
S + 4.50%
9.82 %6/30/20255,683 5,652 4,390 0.69 %
Petmate(6) (9) (13) (15)First Lien Term Loan
L + 5.50%
11.23 %9/15/20289,825 9,749 6,445 1.01 %
Xpressmyself.com LLC (a/k/a SmartSign)(13)First Lien Term Loan
S + 5.75%
11.15 %9/7/20289,900 9,816 9,713 1.52 %
Xpressmyself.com LLC (a/k/a SmartSign)(6)First Lien Term Loan
S + 5.75%
11.15 %9/7/20285,037 4,940 4,990 0.78 %
Total Consumer Goods: Durable30,157 25,538 4.00 %
Consumer Goods: Non-durable
Arcadia Consumer Health(6) (9) (13)First Lien Term Loan
S + 4.50%
9.90 %9/10/202712,636 12,548 12,188 1.91 %
Arcadia Consumer Health (Incremental)(13) (17)First Lien Term Loan
S + 5.75%
11.07 %9/10/20272,261 2,219 2,268 0.36 %
Badger Sportswear Acquisition Inc(6)First Lien Term Loan
S + 5.00%
10.40 %12/24/20233,811 3,805 3,713 0.58 %
Elevation Labs(13)First Lien Term Loan
S + 5.75%
11.07 %6/30/20286,806 6,749 6,573 1.03 %
Elevation Labs (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.07 %6/30/20283,125 (25)(107)(0.02 %)
FoodScience(6) (13)First Lien Term Loan
S + 6.50%
11.97 %3/1/20277,764 7,711 6,948 1.09 %
FoodScience(6) (13)First Lien Term Loan
S + 6.50%
11.97 %3/1/20276,898 6,847 6,173 0.97 %
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
10.90 %12/29/20262,512 2,494 2,537 0.40 %
See Notes to Consolidated Financial Statements
11

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
10.90 %12/29/20267,294 7,273 7,367 1.15 %
Protective Industrial Products (“PIP”)(9) (13) (17)First Lien Term Loan
S + 5.00%
10.32 %12/29/20274,872 4,686 4,872 0.76 %
Ultima Health Holdings, LLC(17)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
3/12/20291,727 1,698 1,675 0.26 %
Total Consumer Goods: Non-durable56,005 54,207 8.49 %
Containers, Packaging & Glass
B2B Packaging(6) (13)First Lien Term Loan
S + 6.75%
12.15 %10/7/202614,733 14,699 14,287 2.24 %
B2B Packaging (Delayed Draw)(6)First Lien Term Loan
S + 6.75%
12.15 %10/7/2026117 114 113 0.02 %
Five Star Packing(6) (13)First Lien Term Loan
S + 4.25%
9.72 %5/5/20297,595 7,498 7,513 1.18 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.50%
9.90 %12/1/20279,265 9,198 9,240 1.44 %
Oliver Packaging(17)Subordinated DebtN/A11.00 %1/6/20292,510 2,470 2,396 0.37 %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.97%
12/17/20252,991 2,974 2,959 0.46 %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.97 %12/17/20257,294 7,253 7,217 1.13 %
Specialized Packaging Group (Incremental)(7) (10) (13)First Lien Term Loan
S + 6.25%
11.72 %12/17/20254,420 4,359 4,414 0.69 %
Total Containers, Packaging & Glass48,565 48,139 7.53 %
Environmental Industries
Impact Parent Corporation (d/b/a Impact Environmental Group)(13) (17)First Lien Term Loan
S + 6.00%
11.47 %3/23/20296,793 6,660 6,670 1.04 %
Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.32 %3/23/20293,173 2,777 2,734 0.43 %
Impact Parent Corporation (d/b/a Impact Environmental Group) (Incremental)(17)First Lien Term Loan
S + 6.00%
11.47 %3/23/20291,740 1,707 1,709 0.27 %
Impact Parent Corporation (d/b/a Impact Environmental Group) (Second Amendment Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.47 %3/23/20296,822 (34)(124)(0.02 %)
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)(13)First Lien Term Loan
S + 5.25%
10.65 %8/31/20286,665 6,610 6,571 1.03 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)(13) (17)First Lien Term Loan
S + 6.25%
11.65 %7/3/20298,571 8,445 8,450 1.32 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.65 %7/3/20296,429 (16)(91)(0.01 %)
The Facilities Group(6) (9) (13)First Lien Term Loan
S + 5.75%
11.07 %11/30/20274,884 4,850 4,786 0.75 %
The Facilities Group (Delayed Draw)(6) (9) (11) (13)First Lien Term Loan
S + 5.75%
11.07 %11/30/20274,963 4,507 4,407 0.69 %
See Notes to Consolidated Financial Statements
12

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Total Environmental Industries35,506 35,112 5.50 %
Healthcare & Pharmaceuticals
Affinity Hospice(6) (13) (17)First Lien Term Loan
S + 4.75%
10.15 %12/17/20277,892 7,833 7,254 1.14 %
Affinity Hospice (Delayed Draw)(11) (17)First Lien Term Loan
S + 4.75%
10.15 %12/17/20271,981  (160)(0.03 %)
Anne Arundel(17)Subordinated DebtN/A
12.75% (PIK)
10/16/20263,175 3,137 2,651 0.41 %
Anne Arundel(17)Subordinated DebtN/A11.00 %4/16/20261,880 1,863 1,719 0.27 %
Anne Arundel (Delayed Draw)(11) (17)Subordinated DebtN/A11.00 %4/16/20262,258 1,883 1,697 0.27 %
Forefront Dermatology(6) (9) (13) (15)First Lien Term Loan
S + 4.25%
9.57 %4/2/20292,799 2,758 2,786 0.44 %
Forefront Dermatology (Delayed Draw)(9) (15) (17)First Lien Term Loan
S + 4.25%
9.57 %4/2/2029524 524 522 0.08 %
Genesee Scientific(6) (9)First Lien Term Loan
S + 5.50%
10.97 %9/30/20275,974 5,935 5,813 0.91 %
Genesee Scientific (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.50%
10.90 %9/30/20272,020 1,564 1,509 0.24 %
GHR Healthcare(6) (9)First Lien Term Loan
S + 4.75%
10.22 %12/9/20276,418 6,372 6,296 0.99 %
GHR Healthcare (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 4.75%
10.22 %12/9/20272,007 2,007 1,969 0.31 %
GHR Healthcare (Incremental)(9) (13)First Lien Term Loan
S + 4.75%
10.15 %12/9/20274,996 4,912 4,901 0.77 %
Health Management Associates(13) (17)First Lien Term Loan
S + 6.50%
11.82 %3/30/20298,470 8,308 8,394 1.31 %
Health Management Associates (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.50%
11.82 %3/30/20291,508 453 469 0.07 %
Heartland Veterinary Partners LLC (Incremental)(17)Subordinated Debt
S + 7.50%
12.82 %12/10/20271,900 1,871 1,858 0.29 %
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)(11) (17)Subordinated Debt
S + 7.50%
12.82 %12/10/20279,500 5,301 5,093 0.80 %
HemaSource Inc.(17)Subordinated DebtN/A
 8.50% (Cash), 5.00% (PIK)
2/28/20305,292 5,148 5,148 0.81 %
InfuCare RX(6) (13)First Lien Term Loan
S + 4.50%
9.90 %1/4/20289,825 9,752 9,496 1.49 %
MDC Intermediate Holdings II, LLC (Delayed Draw)(17)Subordinated DebtN/A
10.00% (Cash) 2.25% (PIK)
2/7/20301,729 1,690 1,689 0.26 %
MDC Intermediate Holdings II, LLC (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash), 2.25% (PIK)
2/7/2030720 (8)(17) %
Midwest Eye Consultants(6) (13)First Lien Term Loan
S + 4.50%
9.97 %8/20/20279,044 8,983 8,714 1.36 %
PromptCare(6) (9) (13)First Lien Term Loan
S + 6.00%
11.32 %9/1/20278,225 8,133 8,111 1.27 %
PromptCare (Delayed Draw)(6) (9) (11) (13)First Lien Term Loan
S + 6.00%
11.32 %9/1/20272,169 1,269 1,251 0.20 %
Quorum Health Resources, LLC(6) (13)First Lien Term Loan
S + 5.75%
11.15 %5/28/20277,699 7,645 7,500 1.17 %
Quorum Health Resources, LLC (Delayed Draw) (Incremental)(6) (17)First Lien Term Loan
S + 6.25%
11.72 %5/28/20273,256 3,248 3,220 0.50 %
Quorum Health Resources, LLC (Incremental)(13) (17)First Lien Term Loan
S + 6.25%
11.72 %5/28/20273,256 3,207 3,220 0.50 %
Sandlot Buyer, LLC (Prime Time Healthcare)(13)First Lien Term Loan
S + 6.00%
11.47 %9/19/20289,500 9,246 9,315 1.46 %
See Notes to Consolidated Financial Statements
13

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental))(13) (17)First Lien Term Loan
S + 6.00%
11.47 %9/19/202810,250 10,046 10,051 1.57 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)(13)First Lien Term Loan
S + 5.75%
11.15 %10/5/20297,492 7,425 7,400 1.16 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.07 %10/5/20292,447 1,159 1,129 0.18 %
SM Wellness Holdings, Inc(6) (13)First Lien Term Loan
S + 4.50%
9.82%
4/17/202814,703 14,608 14,007 2.19 %
US Fertility(17)Subordinated Debt
N/A
13.75% (PIK)
6/21/202811,979 11,655 11,647 1.82 %
Wellspring Pharmaceutical(13)First Lien Term Loan
S + 5.75%
11.22 %8/22/20283,387 3,330 3,281 0.51 %
Wellspring Pharmaceutical (Delayed Draw)(17)First Lien Term Loan
S + 5.75%
11.22 %8/22/20281,575 1,565 1,526 0.24 %
Wellspring Pharmaceutical (Delayed Draw) (Incremental)(11) (17)First Lien Term Loan
S + 5.75%
11.22 %8/22/20283,756 (17)(49)(0.01 %)
Wellspring Pharmaceutical (Incremental)(13) (17)First Lien Term Loan
S + 5.75%
11.22 %8/22/20281,249 1,226 1,233 0.19 %
Total Healthcare & Pharmaceuticals164,031 160,643 25.14 %
High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)(13) (17)First Lien Term Loan
S + 6.25%
11.65 %6/13/20298,042 7,886 7,889 1.23 %
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.65 %6/13/20293,225 (15)(61)(0.01 %)
Argano, LLC(6) (13)First Lien Term Loan
S + 5.50%
10.82 %6/10/20265,648 5,615 5,446 0.85 %
Argano, LLC (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.50%
10.82 %6/10/20262,501 2,501 2,411 0.38 %
Argano, LLC (Delayed Draw) (Incremental)(6)First Lien Term Loan
S + 5.50%
10.82 %6/10/20261,709 1,678 1,648 0.25 %
Diligent Corporation(6) (9) (17)First Lien Term Loan
S + 6.25%
11.57 %8/4/202512,502 12,481 12,264 1.92 %
Diligent Corporation(9) (13)First Lien Term Loan
S + 5.75%
11.07 %8/4/20253,396 3,379 3,304 0.52 %
Diligent Corporation(9) (13)First Lien Term Loan
S + 5.75%
11.07 %8/4/20251,479 1,472 1,440 0.23 %
Diligent Corporation (Delayed Draw)(9) (17)First Lien Term Loan
S + 6.25%
11.57 %8/4/2025168 168 165 0.03 %
Diligent Corporation (Delayed Draw)(9) (17)First Lien Term Loan
S + 6.25%
11.57 %8/4/2025106 106 104 0.02 %
Eliassen Group LLC(6) (9) (13)First Lien Term Loan
S + 5.50%
10.97 %4/14/202812,100 12,003 12,016 1.88 %
Eliassen Group LLC (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.50%
10.82 %4/14/20282,774 866 852 0.13 %
Exterro(6) (9) (13)First Lien Term Loan
S + 5.50%
10.90 %5/31/20249,474 9,454 9,571 1.50 %
Fineline Merger(17)Subordinated Debt
S + 9.26%
14.58 %8/22/20282,689 2,660 2,689 0.42 %
Go Engineer(6) (9) (13)First Lien Term Loan
S + 5.38%
10.84 %12/21/202711,602 11,515 11,375 1.78 %
Go Engineer (Delayed Draw)(9) (17)First Lien Term Loan
S + 5.38%
10.84 %12/21/20273,160 3,136 3,098 0.48 %
Infinite Bidco LLC (Infinite Electronics) (Incremental)(9) (13)First Lien Term Loan
S + 6.25%
11.72 %3/2/20286,329 6,273 6,162 0.96 %
Infobase Acquisition, Inc.(13)First Lien Term Loan
S + 5.50%
10.90 %6/14/20284,342 4,306 4,295 0.67 %
See Notes to Consolidated Financial Statements
14

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Infobase Acquisition, Inc. (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.50%
10.90 %6/14/2028721  (8) %
ITSavvy LLC(6) (13)First Lien Term Loan
S + 5.50%
10.90 %8/8/20287,814 7,748 7,814 1.22 %
ITSavvy LLC (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.50%
10.90 %8/8/20281,471 1,301 1,313 0.21 %
North Haven CS Acquisition Inc(6)First Lien Term Loan
S + 5.25%
10.65 %1/23/20255,804 5,804 5,804 0.91 %
Northern Star Industries Inc(6)First Lien Term Loan
S + 4.76%
10.16 %3/28/20253,260 3,252 3,260 0.51 %
Prosci, Inc.(6)First Lien Term Loan
S + 4.50%
9.82 %10/21/20264,733 4,702 4,703 0.74 %
Revalize (Delayed Draw)(9) (13)First Lien Term Loan
S + 5.75%
11.15 %4/15/20274,254 4,243 4,038 0.63 %
Revalize (Delayed Draw)(6) (9) (17)First Lien Term Loan
S + 5.75%
11.15 %4/15/20271,092 1,085 1,037 0.16 %
Revalize (Delayed Draw)(9) (17)First Lien Term Loan
S + 5.75%
11.15 %4/15/2027244 243 232 0.04 %
SmartWave(6) (13)First Lien Term Loan
S + 6.00%
11.40 %11/5/20269,238 9,166 8,013 1.25 %
Solve Industrial Motion Group(17)Subordinated DebtN/A10.75 %6/28/20281,786 1,759 1,722 0.27 %
Solve Industrial Motion Group(17)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
6/28/2028763 749 749 0.12 %
Solve Industrial Motion Group (Delayed Draw)(17)Subordinated DebtN/A10.75 %6/28/20282,035 2,035 1,962 0.31 %
Total High Tech Industries127,571 125,307 19.61 %
Media: Advertising, Printing & Publishing
Tinuiti(6) (9) (13)First Lien Term Loan
S + 5.25%
10.65 %12/10/20262,956 2,934 2,877 0.45 %
Tinuiti (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.25%
10.57 %12/10/20261,931 1,930 1,880 0.29 %
Tinuiti (Delayed Draw) (Incremental)(6) (9) (17)First Lien Term Loan
S + 5.25%
10.65 %12/10/20269,888 9,888 9,625 1.51 %
Wpromote(13)First Lien Term Loan
S + 5.75%
11.07 %10/23/20284,390 4,312 4,333 0.68 %
Wpromote (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.07 %10/23/2028588 (4)(8) %
Total Media: Advertising, Printing & Publishing19,060 18,707 2.93 %
Media: Diversified & Production
Corporate Visions(6) (13)First Lien Term Loan
S + 4.50%
9.82 %8/12/20272,894 2,874 2,729 0.43 %
Corporate Visions(6) (13)First Lien Term Loan
S + 4.50%
9.82 %8/12/20272,544 2,515 2,399 0.38 %
Spectrio II(6) (9) (13)First Lien Term Loan
S + 6.00%
11.47 %12/9/20268,061 8,015 7,625 1.19 %
Spectrio II (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.47 %12/9/20262,864 2,847 2,709 0.42 %
Spectrio II (Delayed Draw)(9) (13)First Lien Term Loan
S + 6.00%
11.47 %12/9/2026437 435 410 0.06 %
See Notes to Consolidated Financial Statements
15

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Total Media: Diversified & Production16,686 15,872 2.48 %
Retail
Syndigo(6) (9) (13)First Lien Term Loan
S + 4.50%
9.82 %12/15/20275,850 5,866 5,715 0.89 %
Total Retail5,866 5,715 0.89 %
Services: Business
ALKU Intermediate Holdings, LLC(13) (17)First Lien Term Loan
S + 6.25%
11.57 %5/22/20294,530 4,442 4,445 0.70 %
Apex Companies Holdings, LLC(17)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20293,939 3,852 3,888 0.61 %
Apex Companies Holdings, LLC (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20291,196 68 66 0.01 %
Big Truck Rental(17)Subordinated Debt
S + 8.00%
13.32 %9/30/202710,000 9,851 10,000 1.57 %
Big Truck Rental(17)Subordinated Debt
S + 8.00%
13.32 %9/30/20272,500 2,500 2,500 0.39 %
Bounteous(6) (13)First Lien Term Loan
S + 5.25%
10.72 %8/2/20275,361 5,323 5,123 0.80 %
Bounteous(6) (13)First Lien Term Loan
S + 5.25%
10.72 %8/2/20272,194 2,178 2,097 0.33 %
Bounteous (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.25%
10.72 %8/2/20272,775 2,757 2,652 0.42 %
Bounteous (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.25%
10.72 %8/2/20274,467  (198)(0.03 %)
BroadcastMed Holdco, LLC(17)Subordinated DebtN/A
10.00% (Cash) 3.75% (PIK)
11/12/20273,483 3,422 3,361 0.53 %
Bullhorn Inc(6) (9) (13) (17)First Lien Term Loan
S + 5.75%
11.07 %9/30/202613,741 13,639 13,741 2.15 %
BusinesSolver(6) (9) (13)First Lien Term Loan
S + 5.50%
10.90 %12/1/20277,761 7,702 7,696 1.20 %
BusinesSolver (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.50%
10.90 %12/1/20272,119 172 162 0.03 %
Career Now(17)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/30/20273,172 3,129 2,848 0.45 %
Cornerstone Advisors of Arizona LLC(6) (13)First Lien Term Loan
S + 5.50%
10.90 %9/24/2026309 307 309 0.05 %
Cornerstone Advisors of Arizona LLC(6) (13)First Lien Term Loan
S + 5.50%
10.97 %9/24/20262,301 2,288 2,301 0.36 %
Cornerstone Advisors of Arizona LLC (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.50%
10.97 %9/24/2026211 210 211 0.03 %
CrossCountry Consulting(6) (9) (13)First Lien Term Loan
S + 5.75%
11.15 %6/1/20298,195 8,054 8,195 1.28 %
CrossCountry Consulting (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.75%
11.15 %6/1/20293,320 (27)  %
D&H United Fueling Solutions(13)First Lien Term Loan
S + 5.50%
10.90 %9/16/20287,510 7,381 7,257 1.14 %
D&H United Fueling Solutions (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
10.97 %9/16/20282,390 2,370 2,310 0.36 %
D&H United Fueling Solutions (Delayed Draw) (Incremental)(11) (17)First Lien Term Loan
S + 6.00%
11.40 %9/16/20281,567 (7)(24) %
D&H United Fueling Solutions (Incremental)(6) (13)First Lien Term Loan
S + 6.00%
11.40 %9/16/20283,474 3,406 3,422 0.54 %
See Notes to Consolidated Financial Statements
16

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
E78(6)First Lien Term Loan
S + 5.75%
11.07 %12/1/20275,614 5,573 5,387 0.84 %
E78(13)First Lien Term Loan
S + 5.75%
11.07 %12/1/20271,441 1,430 1,383 0.22 %
E78 (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.75%
11.07 %12/1/20274,221 4,190 4,050 0.63 %
E78 (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.75%
11.07 %12/1/20273,552 982 838 0.13 %
Evergreen Services Group(6) (9) (13)First Lien Term Loan
S + 6.25%
11.65 %6/15/202911,996 11,788 11,652 1.82 %
Evergreen Services Group (Delayed Draw)(9) (17)First Lien Term Loan
S + 6.25%
11.65 %6/15/20292,870 2,845 2,787 0.44 %
Gabriel Partners LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
11.07 %9/21/20269,215 9,163 9,215 1.44 %
Gabriel Partners LLC (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.07 %9/21/20261,535 1,535 1,535 0.24 %
Gabriel Partners LLC (Incremental)(9) (13)First Lien Term Loan
S + 5.75%
11.07 %9/21/20263,804 3,779 3,804 0.60 %
Keng Acquisition, Inc. (Engage Group Holdings, LLC)(9) (13) (17)First Lien Term Loan
S + 6.25%
11.65 %8/1/20299,667 9,522 9,529 1.49 %
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 6.25%
11.57 %8/1/20299,314 1,178 1,068 0.17 %
KRIV Acquisition, Inc(13) (17)First Lien Term Loan
S + 6.50%
11.90 %7/6/202910,764 10,469 10,449 1.64 %
KRIV Acquisition, Inc (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.50%
11.90 %7/6/20291,607 (20)(47)(0.01 %)
Lion Merger Sub Inc(9) (13)First Lien Term Loan
S + 6.00%
11.40 %12/17/20257,358 7,318 7,314 1.14 %
Lion Merger Sub Inc (Incremental)(9) (13)First Lien Term Loan
S + 6.00%
11.40 %12/17/20257,336 7,262 7,291 1.14 %
LSCS Holdings Inc.(6) (13) (15)First Lien Term Loan
S + 4.50%
9.82 %12/16/20289,825 9,785 9,705 1.52 %
LYNX FRANCHISING, LLC(6) (9) (13)First Lien Term Loan
S + 6.75%
12.22 %12/23/20269,825 9,750 9,700 1.51 %
Output Services Group, Inc.(16) (17)First Lien Term Loan
S + 5.25% + 1.25% (PIK)
11.90 %6/29/20263,867 3,419 1,744 0.27 %
Phaidon International(7) (10) (13)First Lien Term Loan
S + 5.50%
10.82 %8/22/202914,198 14,074 13,974 2.19 %
Plaze(17)Subordinated Debt
S + 7.50%
12.82 %7/7/202815,000 14,656 13,665 2.13 %
RoadOne(11) (17)Subordinated Debt
N/A
8.75% (Cash) 5.00% (PIK)
6/30/20291,397 (19)(29) %
RoadOne(17)Subordinated DebtN/A
8.75% (Cash) 5.00% (PIK)
6/30/20294,641 4,517 4,544 0.71 %
Scaled Agile(6) (9) (13)First Lien Term Loan
S + 5.50%
10.90 %12/15/20287,956 7,892 7,657 1.20 %
Scaled Agile (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.50%
10.90 %12/15/20281,922 391 319 0.05 %
Smile Brands(17)Subordinated Debt
S + 8.50%
13.90 %4/13/20269,597 9,511 8,375 1.31 %
Soliant Health(6) (13)First Lien Term Loan
S + 4.00%
9.32 %3/31/20286,794 6,764 6,800 1.06 %
Technical Safety Services(13)First Lien Term Loan
S + 5.50%
10.90 %6/22/20296,789 6,730 6,659 1.04 %
Technical Safety Services (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.50%
10.90 %6/22/20296,411 2,535 2,486 0.38 %
Technical Safety Services (Incremental)(17)First Lien Term Loan
S + 5.50%
10.90 %6/22/20291,895 1,866 1,858 0.29 %
TouchTunes Interactive(6) (13)First Lien Term Loan
S + 5.00%
10.40 %4/2/20299,900 9,815 9,816 1.54 %
Transit Buyer LLC (dba“Propark”)(13)First Lien Term Loan
S + 6.25%
11.72 %1/31/20296,841 6,718 6,784 1.06 %
See Notes to Consolidated Financial Statements
17

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Transit Buyer LLC (dba“Propark”) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.72 %1/31/20293,125 (55)(26) %
Trilon Group, LLC(13)First Lien Term Loan
S + 6.25%
11.65 %5/28/20292,985 2,965 2,926 0.46 %
Trilon Group, LLC(13)First Lien Term Loan
S + 6.25%
11.57 %5/27/20297,425 7,362 7,278 1.14 %
Trilon Group, LLC(13) (17)First Lien Term Loan
S + 6.25%
11.65 %5/27/20297,427 7,279 7,280 1.14 %
Trilon Group, LLC (Delayed Draw)(17)First Lien Term Loan
S + 6.25%
11.65 %5/27/20297,444 7,444 7,296 1.14 %
Trilon Group, LLC (Delayed Draw)(17)First Lien Term Loan
S + 6.25%
11.65 %5/28/20291,990 1,990 1,951 0.31 %
Trilon Group, LLC (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.65 %5/27/202912,679 (63)(251)(0.04 %)
Vital Records Control(6) (9) (13)First Lien Term Loan
S + 5.50%
10.82 %6/29/20274,594 4,554 4,519 0.71 %
Vital Records Control(9) (13)First Lien Term Loan
S + 5.75%
11.22 %6/29/2027151 149 150 0.02 %
Vital Records Control (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.75%
11.15 %6/29/2027184 171 172 0.03 %
Worldwide Clinical Trials Holdings Inc(6)First Lien Term Loan
S + 4.25%
9.65 %12/5/20242,324 2,319 2,324 0.36 %
Worldwide Clinical Trials Holdings Inc (Incremental)(6) (13)First Lien Term Loan
S + 4.25%
9.65 %12/5/20243,688 3,675 3,687 0.58 %
Total Services: Business306,225 299,980 46.96 %
Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)(6) (9) (13) (17)First Lien Term Loan
S + 6.00%
11.47 %8/16/20288,495 8,495 7,948 1.24 %
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 6.00%
11.47 %8/16/20281,577  (102)(0.02 %)
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 6.00%
11.47 %8/16/20281,714  (110)(0.02 %)
All My Sons(6) (13)First Lien Term Loan
S + 4.75%
10.07 %10/25/20285,276 5,235 5,194 0.81 %
Allstar Holdings(17)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20302,097 2,037 2,037 0.31 %
Allstar Holdings (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20304,031 1,489 1,430 0.22 %
Allstar Holdings (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash)3.00%(PIK)
4/26/20306,188 (92)(178)(0.03 %)
Apex Services Partners, LLC (Delayed Draw) (Incremental)(9) (17)First Lien Term Loan
S + 5.50%
10.90 %7/31/20254,963 4,963 4,963 0.78 %
Apex Services Partners, LLC (Incremental)(9) (13)First Lien Term Loan
S + 5.50%
10.90 %7/31/20254,963 4,930 4,963 0.78 %
COP Exterminators Acquisition, Inc.(17)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
1/28/2030832 810 810 0.12 %
COP Exterminators Acquisition, Inc. (Delayed Draw)(11) (17)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
1/28/2030652 (9)(18)0.00 %
Excel Fitness(6) (13)First Lien Term Loan
S + 5.25%
10.72 %4/27/20299,900 9,801 9,558 1.50 %
Fairway Lawns(17)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20292,730 2,660 2,656 0.42 %
See Notes to Consolidated Financial Statements
18

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Fairway Lawns(11) (17)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20296,312 5,892 5,722 0.90 %
Legacy Service Partners, LLC (“LSP”)(13)First Lien Term Loan
  S + 6.50%
11.90 %1/9/202910,187 10,002 10,002 1.57 %
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.50%
11.90 %1/9/20294,744 3,525 3,460 0.54 %
Liberty Buyer(9) (13)First Lien Term Loan
S + 5.50%
10.97 %6/15/20283,939 3,906 3,927 0.61 %
Liberty Buyer (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 5.50%
10.90 %6/15/2028745 296 294 0.05 %
NJEye LLC(6)First Lien Term Loan
S + 4.75%
10.22 %9/16/20245,354 5,341 5,291 0.83 %
NJEye LLC (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
10.22 %9/16/2024702 702 693 0.11 %
NJEye LLC (Delayed Draw)(11) (17)First Lien Term Loan
S + 4.75%
10.22 %9/16/20241,373 882 868 0.14 %
NJEye LLC (Delayed Draw)(17)First Lien Term Loan
S + 4.75%
10.22 %9/16/2024892 892 882 0.14 %
North Haven Spartan US Holdco LLC(6)First Lien Term Loan
S + 6.25%
11.65 %6/6/20252,509 2,507 2,494 0.39 %
North Haven Spartan US Holdco LLC (Delayed Draw)(6)First Lien Term Loan
S + 6.25%
11.65 %6/6/2025218 217 216 0.03 %
One World Fitness PFF LLC(6)First Lien Term Loan
S + 6.25% + 1.00% (PIK)
12.65 %11/26/20253,870 3,872 3,503 0.55 %
Perennial Services, Group, LLC(13)First Lien Term Loan
S + 6.00%
11.32 %9/8/20296,750 6,650 6,650 1.04 %
Perennial Services, Group, LLC (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.40 %9/8/20296,027 769 694 0.11 %
Total Services: Consumer85,772 83,847 13.12 %
Sovereign & Public Finance
LMI Consulting, LLC (LMI)(13)First Lien Term Loan
S + 6.50%
11.90 %7/18/20284,362 4,289 4,329 0.68 %
LMI Consulting, LLC (LMI) (Incremental)(6)First Lien Term Loan
S + 6.50%
11.90 %7/18/20284,950 4,950 4,912 0.77 %
Total Sovereign & Public Finance9,239 9,241 1.45 %
Telecommunications
BCM One(6) (13)First Lien Term Loan
S + 4.50%
9.82 %11/17/20276,090 6,090 5,961 0.93 %
BCM One (Delayed Draw)(6)First Lien Term Loan
S + 4.50%
9.82 %11/17/20271,831 1,831 1,792 0.28 %
Corbett Technology Solutions, Inc. ("CTSI")(6) (10) (13)First Lien Term Loan
S + 5.75%
11.07 %10/29/20275,771 5,730 5,771 0.90 %
Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw)(6) (10) (13)First Lien Term Loan
S + 5.75%
11.15 %10/29/20274,054 4,054 4,054 0.63 %
Mobile Communications America, Inc.(6)First Lien Term Loan
S + 5.38%
10.78 %3/4/20253,826 3,830 3,826 0.60 %
Mobile Communications America, Inc.(13)First Lien Term Loan
S + 5.00%
10.40 %3/4/20254,270 4,217 4,270 0.67 %
Mobile Communications America, Inc. (Incremental)(6)First Lien Term Loan
S + 5.38%
10.78 %3/4/2025678 677 678 0.11 %
Momentum Telecom II(6) (9) (13)First Lien Term Loan
S + 5.75%
11.07 %4/16/202710,079 10,014 9,810 1.54 %
See Notes to Consolidated Financial Statements
19

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Momentum Telecom II (Incremental)(9) (17)First Lien Term Loan
S + 6.50%
11.82 %4/16/20271,318 1,292 1,311 0.21 %
Sapphire Telecom Inc(6) (9)First Lien Term Loan
L + 5.25%
10.72 %11/20/20256,668 6,642 6,668 1.04 %
Tyto Athene, LLC(6) (13)First Lien Term Loan
S + 5.50%
10.90 %4/3/20287,157 7,104 6,468 1.01 %
Total Telecommunications51,481 50,609 7.92 %
Transportation: Cargo
FSK Pallet Holding Corp. (DBA Kamps Pallets)(13)First Lien Term Loan
S + 5.50%
10.82 %12/23/20269,900 9,738 9,623 1.51 %
Kenco Group, Inc.(13)First Lien Term Loan
S + 5.00%
10.40 %11/15/20298,519 8,366 8,498 1.33 %
Kenco Group, Inc. (Delayed Draw)(11) (17)First Lien Term Loan
S + 5.00%
10.40 %11/15/20291,416 (25)(4) %
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
11.90 %5/5/2025258 257 257 0.04 %
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)(9) (13)First Lien Term Loan
S + 6.00%
11.40 %5/5/2025897 893 885 0.14 %
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
11.90 %5/5/2025181 180 180 0.03 %
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
11.90 %5/5/20254,378 4,359 4,352 0.68 %
Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)(9) (13)First Lien Term Loan
S + 6.50%
11.90 %5/5/20251,362 1,344 1,354 0.21 %
SEKO Global Logistics(17)Subordinated Debt
S + 9.00%
14.47 %6/30/20275,805 5,728 5,763 0.90 %
SEKO Global Logistics(17)Subordinated Debt
S + 9.00%
14.47 %6/30/20274,029 3,971 3,999 0.62 %
SEKO Global Logistics(6)First Lien Term Loan
S + 4.75%
10.22 %12/30/20261,128 1,121 1,123 0.18 %
SEKO Global Logistics (Delayed Draw)(17)Subordinated Debt
S + 9.00%
14.47 %6/30/2027907 907 900 0.14 %
SEKO Global Logistics (Delayed Draw) (Incremental)(17)First Lien Term Loan
S + 4.75%
10.22 %12/30/20264,496 4,496 4,477 0.70 %
SEKO Global Logistics (Incremental)(13)First Lien Term Loan
S + 4.75%
10.22 %12/30/20261,521 1,509 1,515 0.24 %
TI ACQUISITION NC LLC(6)First Lien Term Loan
S + 4.75%
10.07 %3/19/20272,788 2,722 2,692 0.42 %
Total Transportation: Cargo45,566 45,614 7.14 %
Transportation: Consumer
American Student Transportaton Partners, Inc(17)Subordinated DebtN/A
10.00% (Cash) 3.50% (PIK)
9/11/20292,081 2,025 2,024 0.32 %
Total Transportation: Consumer2,025 2,024 0.32 %
Utilities: Electric
DMC HoldCo LLC (DMC Power) (9) (13) (17)First Lien Term Loan
S + 6.00%
11.40 %7/13/20295,013 4,938 4,941 0.77 %
DMC HoldCo LLC (DMC Power) (Delayed Draw)(9) (11) (17)First Lien Term Loan
S + 6.00%
11.40 %7/13/20291,671 (4)(24) %
See Notes to Consolidated Financial Statements
20

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Pinnacle Supply Partners, LLC(13)First Lien Term Loan
S + 6.00%
11.32 %4/3/20306,348 6,226 6,231 0.98 %
Pinnacle Supply Partners, LLC (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.00%
11.32 %4/3/20303,636 (32)(67)(0.01 %)
TPC Wire & Cable(17)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
2/16/20282,211 2,190 2,173 0.34 %
TPC Wire & Cable (Delayed Draw)(11) (17)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
2/16/20281,785 1,779 1,753 0.27 %
Total Utilities: Electric15,097 15,007 2.35 %
Wholesale
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)(13)First Lien Term Loan
S + 6.50%
11.90 %1/19/20297,981 7,838 7,916 1.23 %
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.50%
11.90 %1/19/20291,979 (35)(16) %
ISG Merger Sub, LLC (dba Industrial Service Group)(13)First Lien Term Loan
S + 6.25%
11.57 %12/7/20286,541 6,423 6,489 1.01 %
ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)(11) (17)First Lien Term Loan
S + 6.25%
11.57 %12/7/20283,406 1,354 1,342 0.21 %
Total Wholesale15,580 15,731 2.45 %
Total Debt Investments1,486,482 1,452,997 227.41 %
                        
    
Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialist, Inc)(8) (14) (17) (18)LLC Interest9/1/20231,530,000 1,530 1,530 0.24 %
Total Aerospace & Defense1,530 1,530 0.24 %
Automotive
Covercraft(8) (14) (17)Equity Investments8/20/2021768 768 373 0.06 %
S&S Truck Parts(8) (14) (17)Equity Investments3/31/20224 378 314 0.05 %
See Notes to Consolidated Financial Statements
21

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
S&S Truck Parts(8) (14) (17)Equity Investments8/1/202278,541 79 65 0.01 %
Total Automotive1,225 752 0.12 %
Beverage, Food & Tobacco
Bardstown PPC Holdings LLC(8) (14) (17)Equity Investments7/13/202214,777 1,860 2,253 0.35 %
Fresh Edge - Common(8) (14) (17)Class B Units10/3/2022667    %
Fresh Edge - Preferred(8) (14) (17)Preferred Units10/3/2022667 667 606 0.10 %
Total Beverage, Food & Tobacco2,527 2,859 0.45 %
Capital Equipment
Crete Mechanical Group(8) (14) (17)Equity Investments5/19/202223 230 437 0.07 %
EFC Holdings, LLC(8) (10) (14) (17)Common Units3/1/2023148 60 80 0.01 %
EFC Holdings, LLC(8) (10) (14) (17)Preferred Units3/1/2023148 148 155 0.03 %
Precision Surfacing - Common(8) (10) (14) (17)Preferred Units10/5/20223,750,000 3,750 6,154 0.96 %
Repipe Specialists(8) (14) (17)Equity Investments3/31/2022239 239 56 0.01 %
Total Capital Equipment4,427 6,882 1.08 %
Construction & Building
Erie Construction(8) (17)Equity Investments7/30/2021166 166 508 0.08 %
Gannett Fleming(8) (14) (17)Series F Units5/27/2023569,505 570 666 0.10 %
OSP Gannet Aggregator LP (Gannet Fleming)(8) (14) (17) (18)Limited Partnership Interest12/20/2022424,742 425 497 0.08 %
Total Construction & Building1,161 1,671 0.26 %
Consumer Goods: Non-durable
FoodScience(8) (14) (17)Equity Investments3/1/20215,168 5   %
FoodScience(8) (14) (17)Equity Investments3/1/202198 98 22  %
Ultima Health Holdings, LLC(8) (14) (17)Preferred Units9/12/202215 170 165 0.03 %
Total Consumer Goods: Non-durable273 187 0.03 %
Containers, Packaging & Glass
Oliver Packaging(8) (14) (17)Class A Common Units7/12/202210,230 1,023 798 0.12 %
Specialized Packaging Group(7) (8) (10) (14) (17)Class A Common Units12/17/2020147,708 148 166 0.03 %
Total Containers, Packaging & Glass1,171 964 0.15 %
See Notes to Consolidated Financial Statements
22

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Healthcare & Pharmaceuticals
AG MDC Holdings, Inc(8) (10) (14) (17)Equity Investments2/7/2023245 245 230 0.03 %
Anne Arundel(8) (14) (17)Equity Investments10/16/202012,175 880 162 0.03 %
Health Management Associates(8) (14) (17)Class A Common Units3/31/2023399,904 400 443 0.07 %
REP HS Topco Holdings (HemaSource Inc.)(8) (14) (17)Class A Units8/31/2023577,000 577 577 0.09 %
Total Healthcare & Pharmaceuticals2,102 1,412 0.22 %
High Tech Industries
ITSavvy LLC(8) (14) (17)Class A Common Units8/8/2022522 522 1,041 0.16 %
Solve Industrial Motion Group(8) (14) (17)Equity Investments6/30/2021313 313 239 0.04 %
Total High Tech Industries835 1,280 0.20 %
Services: Business
Apex Companies Holdings, LLC(8) (10) (14) (17)Equity Investments1/31/20231,173 117 125 0.02 %
BroadcastMed Holdco, LLC(8) (17)Preferred Units10/4/202256,899 853 782 0.12 %
Career Now(8) (14) (17)Equity Investments9/30/2021624 624   %
E78(8) (14) (17)Equity Investments12/1/2021816 860 1,404 0.22 %
KRIV Acquisition, Inc(8) (14) (17)Class A Units7/17/2023790 790 790 0.12 %
RoadOne - Common(8) (14) (17)Equity Investments12/29/20221,173,220 939 1,522 0.24 %
Total Services: Business4,183 4,623 0.72 %
Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)(8) (14) (17)Equity Investments8/11/20222,432 243 156 0.02 %
COP Exterminators Investment, LLC(8) (14) (17)Class A Units7/31/2023997,000 1,117 1,117 0.17 %
Legacy Service Partners, LLC (“LSP”)(8) (14) (17)Class B Units1/9/20234,907 491 507 0.08 %
Perennial Services Investors LLC(8) (14) (17)Class A Units9/8/20237,784 778 778 0.12 %
Total Services: Consumer2,629 2,558 0.39 %
Sovereign & Public Finance
LMI Renaissance(8) (14) (17)Limited Partnership Interest6/30/2022648,627 649 1,317 0.21 %
Total Sovereign & Public Finance649 1,317 0.21 %
See Notes to Consolidated Financial Statements
23

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Transportation: Cargo
SEKO Global Logistics(8) (17)Equity Investments12/30/2020671,203 332 1,514 0.24 %
Total Transportation: Cargo332 1,514 0.24 %
Transportation: Consumer
ASTP Holdings Co-Investment LP(8) (14) (17)Limited Partnership Interest9/11/2023208,122 208 208 0.03 %
Total Transportation: Consumer208 208 0.03 %
Utilities: Electric
Pinnacle Supply Partners, LLC(8) (14) (17)Subject Partnership Units4/3/2023279,687 280 258 0.04 %
Total Utilities: Electric280 258 0.04 %
Total Equity Investments23,532 28,015 4.38 %
Cash equivalents(12)34,200 34,200 5.35 %
Total Investments and Cash Equivalents$1,544,214 $1,515,212 237.14 %
_______________
(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 the current contractual interest rate in effect at September 30, 2023. As of September 30, 2023, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.32%, 5.40%, 5.47%, and 5.47% respectively. As of September 30, 2023, two investments, Petmate and Sapphire Telecom Inc., bear interest at rates determined by London Interbank Offered Rate ("LIBOR"). The rate set for each contract was determined prior to the cessation of LIBOR. The effective LIBOR rate for Petmate and Sapphire Telecom Inc., as of September 30, 2023, was 5.73% and 5.46%, respectively. Certain investments are subject to a SOFR/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 $638,959 as of September 30, 2023.
(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 September 30, 2023, the Company held forty restricted securities with an aggregate fair value of $28,015, or 4.38% 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 September 30, 2023, total non-qualifying assets at fair value represented 4.24% of the Company's total assets calculated in accordance with the 1940 Act.
See Notes to Consolidated Financial Statements
24

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2023
(dollar amounts in thousands)

(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 Black Rock Advisors, LLC.
(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 September 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.
(18) Represents an investment held through an aggregator vehicle organized as a pool investment vehicle .

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)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized 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 %10/22/20269,297 9,200 8,614 1.64 %
Arotech (Delayed Draw)(6) (13)First Lien Term Loan
L + 6.25%
11.02 %10/22/2026452 450 419 0.08 %
Loc Performance Products(6) (13)First Lien Term Loan
S + 5.25%
9.84 %12/22/20267,350 7,272 6,954 1.33 %
ValkyrieSubordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,808 2,754 2,748 0.52 %
Total Aerospace & Defense34,376 33,110 6.31 %
Automotive
American Auto Auction Group(6) (13) (15)First Lien Term Loan
S + 5.00%
9.59 %12/30/202710,627 10,533 8,348 1.59 %
Classic Collision (Delayed Draw) (Incremental)(6) (11) (13)First Lien Term Loan
L + 5.75%
10.89 %1/14/20267,010 6,293 6,093 1.16 %
Classic Collision (Incremental)(6) (9) (13)First Lien Term Loan
L + 5.75%
10.89 %1/14/20267,830 7,766 7,607 1.45 %
Collision Right(13)First Lien Term Loan
S + 4.75%
9.34 %4/14/20284,838 4,808 4,733 0.90 %
Collision Right (Delayed Draw)(11)First Lien Term Loan
S + 4.75%
9.34 %4/14/2028506 (4)(11) %
CovercraftSubordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/21/20287,422 7,299 7,167 1.37 %
Covercraft (Delayed Draw)(11)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/21/20284,386  (150)(0.03 %)
JEGS Automotive(6)First Lien Term Loan
L + 6.00%
10.77 %12/22/20274,029 3,995 3,773 0.72 %
JEGS Automotive (Delayed Draw)(11)First Lien Term Loan
L + 5.75%
10.52 %12/22/2027930  (59)(0.01 %)
OEP Glass Purchaser(6) (13)First Lien Term Loan
S + 5.25%
9.84 %4/18/202814,888 14,751 14,443 2.75 %
Randys Holdings, Inc(9) (13)First Lien Term Loan
S + 6.50%
11.09 %11/1/202811,250 11,028 11,031 2.10 %
Randys Holdings, Inc (Delayed Draw)(9) (11)First Lien Term Loan
S + 6.50%
11.09 %11/1/20283,750  (73)(0.01 %)
S&S Truck Parts(6) (13)First Lien Term Loan
S + 4.75%
9.34 %3/1/20296,928 6,865 6,890 1.31 %
S&S Truck Parts(13)First Lien Term Loan
S + 4.75%
9.11 %3/1/20291,171 1,160 1,164 0.22 %
S&S Truck Parts (Delayed Draw)(11)First Lien Term Loan
S + 4.75%
9.34 %3/1/202998  (1) %
S&S Truck Parts (Delayed Draw)(11)First Lien Term Loan
S + 4.75%
9.11 %3/1/20291,740 1,592 1,583 0.30 %
Total Automotive76,086 72,538 13.82 %
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)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized 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 %11/18/20265,991 5,951 5,889 1.12 %
Bankruptcy Management Solutions Inc(6)First Lien Term Loan
S + 4.50%
8.86 %2/28/20253,850 3,869 3,824 0.73 %
Coding Solutions Acquisitions(6) (9) (13)First Lien Term Loan
S + 5.50%
9.86 %5/11/20286,497 6,436 6,367 1.21 %
Coding Solutions Acquisitions (Delayed Draw)(9) (11)First Lien Term Loan
S + 5.75%
10.11 %5/11/20281,967  (39)(0.01 %)
Long Term Care Group(6) (9) (13)First Lien Term Loan
L + 6.00%
10.39 %9/8/20276,654 6,598 6,521 1.25 %
Patriot Growth Insurance Service (Delayed Draw) (Incremental)(9) (11)First Lien Term Loan
L + 5.75%
10.52 %10/14/20287,199 450 319 0.06 %
Risk Strategies (Delayed Draw)(9) (11)First Lien Term Loan
S + 5.50%
10.09 %11/1/202611,045 332 145 0.03 %
Risk Strategies (Delayed Draw)(9)First Lien Term Loan
S + 5.50%
10.09 %11/1/20263,945 3,945 3,839 0.73 %
Vensure Employer Services(6) (13)First Lien Term Loan
S + 4.75%
9.34 %3/26/202714,806 14,754 14,486 2.76 %
World Insurance Associates(6) (9) (13)First Lien Term Loan
S + 5.75%
10.34 %4/1/20261,981 1,965 1,912 0.36 %
World Insurance Associates (Delayed Draw)(9) (11)First Lien Term Loan
S + 5.75%
10.34 %4/1/20265,005 2,472 2,298 0.44 %
World Insurance Associates (Delayed Draw)(9)First Lien Term Loan
 S + 5.75%
10.34 %4/1/20268,000 8,000 7,721 1.47 %
Total Banking, Finance, Insurance, Real Estate54,772 53,282 10.15 %
Beverage, Food & Tobacco
Bardstown PPC Holdings LLCSubordinated Debt
S + 7.75%
12.34 %8/30/20279,300 9,125 9,216 1.76 %
Death Wish Coffee(6) (9) (13)First Lien Term Loan
L + 4.75%
9.52 %9/28/20279,900 9,819 9,832 1.87 %
Dessert Holdings(6)Subordinated Debt
L + 7.25%
12.02 %6/8/20299,000 8,860 8,325 1.59 %
Fresh EdgeSubordinated Debt
S + 9.00%
13.36 %4/3/20293,770 3,679 3,679 0.70 %
GA Foods(13) (16)First Lien Term Loan
L + 5.50%
9.77% (Cash) 0.50% (PIK)
12/1/202614,781 14,676 8,898 1.69 %
Handgards(6) (13)First Lien Term Loan
L + 7.00%
11.77 %10/14/202614,663 14,466 14,663 2.79 %
KSLB Holdings LLC(13)First Lien Term Loan
L + 4.50%
8.89 %7/30/20252,888 2,867 2,633 0.50 %
Rise Baking(6) (9) (13)First Lien Term Loan
L + 6.50%
11.27 %8/13/202714,850 14,672 13,769 2.62 %
Watermill Express, LLC(6) (9) (13)First Lien Term Loan
L + 5.50%
10.27 %4/20/20273,290 3,264 3,225 0.62 %
Watermill Express, LLC (Delayed Draw)(9) (11)First Lien Term Loan
L + 5.50%
10.27 %4/20/2027318 197 191 0.04 %
Total Beverage, Food & Tobacco81,625 74,431 14.18 %
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)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Capital Equipment
Blackbird Purchaser Inc.(6) (13)First Lien Term Loan
L +4.50%
8.89 %4/8/20267,201 7,159 7,018 1.34 %
Blackbird Purchaser Inc. (Delayed Draw)(11)First Lien Term Loan
L +4.50%
8.89 %4/8/20262,709 (22)(69)(0.01 %)
Crete Mechanical Group(6) (13)First Lien Term Loan
S +5.25%
9.84 %5/19/20284,872 4,825 4,785 0.91 %
Crete Mechanical Group (Delayed Draw)(6)First Lien Term Loan
S + 5.25%
9.84 %5/19/20282,875 2,828 2,824 0.54 %
Crete Mechanical Group (Delayed Draw)(11)First Lien Term Loan
S + 5.00%
9.59 %5/19/20287,211 4,484 4,356 0.83 %
Heartland Home Services(6) (9) (13)First Lien Term Loan
L +6.00%
10.39 %12/15/20266,534 6,486 6,368 1.21 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
L + 6.00%
10.39 %12/15/20265,665 5,642 5,521 1.05 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
L + 6.00%
10.39 %12/15/20262,598 2,598 2,532 0.48 %
PT Intermediate Holdings III, LLC(6) (9) (13)First Lien Term Loan
L + 5.50%
10.27 %11/1/20288,824 8,790 8,624 1.64 %
PT Intermediate Holdings III, LLC (Incremental)(6) (9) (13)First Lien Term Loan
L + 5.50%
10.27 %11/1/20281,079 1,069 1,054 0.20 %
Repipe SpecialistsSubordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/20292,408 2,364 2,292 0.44 %
Repipe Specialists (Delayed Draw)(11)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/2029900  (44)(0.01 %)
Total Capital Equipment46,223 45,261 8.62 %
Chemicals, Plastics, & Rubber
Ascensus(9)Subordinated Debt
L + 6.50%
11.27 %8/2/20299,000 8,929 8,447 1.61 %
Ascensus Specialties(6) (9) (13)First Lien Term Loan
L + 4.25%
8.64 %6/30/20289,831 9,669 9,504 1.81 %
Boulder Scientific Company LLC(6)First Lien Term Loan
L + 4.25%
9.02 %12/29/20252,088 2,098 2,061 0.39 %
Spartech(6) (9) (13)First Lien Term Loan
L + 4.75%
9.52 %5/8/202814,919 14,837 14,517 2.77 %
Total Chemicals, Plastics, & Rubber35,533 34,529 6.58 %
Construction & Building
Erie Construction(6) (13)First Lien Term Loan
S + 4.75%
9.53 %7/30/202710,702 10,612 10,702 2.04 %
Gannett Fleming(13)First Lien Term Loan
S + 6.50%
11.09 %12/20/202810,000 9,801 9,801 1.87 %
Sciens Building Solutions, LLC(6) (9) (13)First Lien Term Loan
L + 5.75%
10.52 %12/15/20279,410 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 %12/15/20274,938 1,594 1,377 0.26 %
Total Construction & Building31,257 30,797 5.87 %
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)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized 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 %6/30/20255,728 5,686 5,062 0.97 %
Petmate(6) (9) (13)First Lien Term Loan
L + 5.50%
10.27 %9/15/20289,900 9,815 7,951 1.51 %
Xpressmyself.com LLC (a/k/a SmartSign)(13)First Lien Term Loan
S + 5.00%
9.59 %9/7/20289,975 9,881 9,881 1.88 %
Total Consumer Goods: Durable25,382 22,894 4.36 %
Consumer Goods: Non-durable
Arcadia Consumer Health(6) (9) (13)First Lien Term Loan
S + 4.75%
9.11 %9/10/202712,733 12,628 12,609 2.40 %
Badger Sportswear Acquisition Inc(6)First Lien Term Loan
L + 4.50%
8.89 %12/24/20233,842 3,816 3,746 0.71 %
Elevation Labs(13)First Lien Term Loan
S + 5.25%
9.84 %6/30/20286,858 6,793 6,784 1.29 %
Elevation Labs (Delayed Draw)(11)First Lien Term Loan
S + 5.25%
9.84 %6/30/20283,125 (29)(34)(0.01 %)
FoodScience(6) (13)First Lien Term Loan
L + 4.75%
9.52 %3/1/20277,823 7,762 7,055 1.35 %
FoodScience(6) (13)First Lien Term Loan
L + 4.75%
9.52 %3/1/20276,951 6,897 6,269 1.20 %
Market Performance Group(6) (13)First Lien Term Loan
L + 5.75%
10.52 %12/29/20262,531 2,510 2,531 0.48 %
Market Performance Group(6) (13)First Lien Term Loan
L + 5.75%
10.52 %12/29/20267,350 7,324 7,350 1.40 %
Ultima Health Holdings, LLCSubordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
3/12/20291,708 1,676 1,671 0.32 %
Total Consumer Goods: Non-durable49,377 47,981 9.14 %
Containers, Packaging & Glass
B2B Packaging(6) (13)First Lien Term Loan
S + 6.75%
11.34 %10/7/202612,613 12,571 12,313 2.35 %
B2B Packaging (Delayed Draw)(13)First Lien Term Loan
S + 6.75%
11.53 %10/7/20262,232 2,232 2,179 0.41 %
B2B Packaging (Delayed Draw)(6)First Lien Term Loan
S + 6.75%
11.34 %10/7/2026118 115 115 0.02 %
Five Star Packing(6) (13)First Lien Term Loan
S + 4.25%
9.03 %5/5/20297,653 7,545 7,516 1.43 %
Good2Grow(6) (13)First Lien Term Loan
L + 4.50%
9.27 %12/1/20279,925 9,842 9,720 1.85 %
Oliver PackagingSubordinated DebtN/A