000173792412/31FALSE2024Q1xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purencdlc:restricted_securityncdlc:investmentncdlc:member00017379242024-01-012024-03-3100017379242024-05-080001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-3100017379242024-03-3100017379242023-12-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-03-3100017379242023-01-012023-03-3100017379242022-12-3100017379242023-03-310001737924AEgis Technologies 12024-03-310001737924AEgis Technologies 22024-03-310001737924Arotech2024-03-310001737924Arotech (Delayed Draw)2024-03-310001737924Loc Performance Products2024-03-310001737924Precision Aviation Group2024-03-310001737924Precision Aviation Group (Delayed Draw)2024-03-310001737924Turbine Engine Specialist, Inc2024-03-310001737924Valkyrie2024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:AerospaceAndDefenseMember2024-03-310001737924Classic Collision (Delayed Draw) (Incremental Tranche A-4)2024-03-310001737924Classic Collision (Delayed Draw) (Incremental)2024-03-310001737924Classic Collision (Incremental)2024-03-310001737924Covercraft 12024-03-310001737924Covercraft (Delayed Draw)2024-03-310001737924High Bar Brands 12024-03-310001737924High Bar Brands (Delayed Draw)2024-03-310001737924JEGS Automotive2024-03-310001737924OEP Glass Purchaser2024-03-310001737924Randys Holdings, Inc2024-03-310001737924Randys Holdings, Inc (Delayed Draw)2024-03-310001737924S&S Truck Parts 12024-03-310001737924S&S Truck Parts 22024-03-310001737924S&S Truck Parts (Delayed Draw) 12024-03-310001737924S&S Truck Parts (Delayed Draw) 22024-03-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Coding Solutions Acquisitions2024-03-310001737924Coding Solutions Acquisitions (Delayed Draw)2024-03-310001737924Long Term Care Group2024-03-310001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2024-03-310001737924Risk Strategies (Delayed Draw)2024-03-310001737924Vensure Employer Services2024-03-310001737924World Insurance Associates2024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:BankingFinanceInsuranceRealEstateMember2024-03-310001737924Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)2024-03-310001737924Bardstown PPC Holdings LLC 12024-03-310001737924Death Wish Coffee2024-03-310001737924Dessert Holdings2024-03-310001737924Fresh Edge2024-03-310001737924Fresh Edge (Incremental) 12024-03-310001737924Fresh Edge (Incremental) 22024-03-310001737924Handgards2024-03-310001737924KSLB Holdings LLC2024-03-310001737924Palmetto Acquisitionco, Inc.2024-03-310001737924Palmetto Acquisitionco, Inc. (Delayed Draw)2024-03-310001737924Rise Baking2024-03-310001737924Rise Baking (Delayed Draw)2024-03-310001737924Summit Hill Foods2024-03-310001737924Sunny Sky Products (Delayed Draw)2024-03-310001737924Sunny Sky Products2024-03-310001737924Watermill Express (Incremental)2024-03-310001737924Watermill Express (Delayed Draw) (Incremental)2024-03-310001737924Watermill Express, LLC2024-03-310001737924Watermill Express, LLC (Delayed Draw)2024-03-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Crete Mechanical Group2024-03-310001737924Crete Mechanical Group 12024-03-310001737924Crete Mechanical Group (Delayed Draw) 12024-03-310001737924Crete Mechanical Group (Delayed Draw) 22024-03-310001737924EFC Holdings, LLC 12024-03-310001737924Heartland Home Services2024-03-310001737924Heartland Home Services (Delayed Draw) 12024-03-310001737924Heartland Home Services (Delayed Draw) 22024-03-310001737924Hyperion2024-03-310001737924MSHC Inc2024-03-310001737924Ovation Holdings, Inc.2024-03-310001737924Ovation Holdings, Inc. (Delayed Draw)2024-03-310001737924Precision Surfacing2024-03-310001737924PT Intermediate Holdings III, LLC2024-03-310001737924PT Intermediate Holdings III, LLC (Incremental)2024-03-310001737924Repipe Specialists 12024-03-310001737924Repipe Specialists (Delayed Draw)2024-03-310001737924Rhino Tool House2024-03-310001737924Rhino Tool House (Delayed Draw)2024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:CapitalEquipmentMember2024-03-310001737924Ascensus Specialties2024-03-310001737924Boulder Scientific Company LLC2024-03-310001737924Chroma Color Corporation (dba Chroma Color)2024-03-310001737924Chroma Color Corporation (dba Chroma Color) (Delayed Draw)2024-03-310001737924Spartech2024-03-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Allstar Holdings2024-03-310001737924Allstar Holdings (Delayed Draw) 12024-03-310001737924Allstar Holdings (Delayed Draw) 22024-03-310001737924Erie Construction 12024-03-310001737924Gannett Fleming2024-03-310001737924MEI Rigging & Crating2024-03-310001737924MEI Rigging & Crating (Delayed Draw)2024-03-310001737924ICE USA Infrastructure2024-03-310001737924RMA Companies (Delayed Draw) 12024-03-310001737924RMA Companies (Delayed Draw) 22024-03-310001737924Royal Holdco Corporation (Incremental)2024-03-310001737924Sciens Building Solutions, LLC2024-03-310001737924Sciens Building Solutions, LLC (Delayed Draw)2024-03-310001737924Tencate2024-03-310001737924Tencate (Delayed Draw)2024-03-310001737924WSB Engineering Holdings Inc.2024-03-310001737924WSB Engineering Holdings Inc. (Delayed Draw)2024-03-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Halo Buyer Inc2024-03-310001737924SmartSign 12024-03-310001737924SmartSign 22024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsDurableMember2024-03-310001737924Arcadia Consumer Health2024-03-310001737924Arcadia Consumer Health (Incremental)2024-03-310001737924Elevation Labs2024-03-310001737924Elevation Labs (Delayed Draw)2024-03-310001737924FoodScience 12024-03-310001737924FoodScience 22024-03-310001737924Market Performance Group2024-03-310001737924Market Performance Group (Delayed Draw)2024-03-310001737924Protective Industrial Products (“PIP”) 12024-03-310001737924Protective Industrial Products (“PIP”) 22024-03-310001737924Ultima Health Holdings, LLC 12024-03-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2024-03-310001737924B2B Packaging2024-03-310001737924B2B Packaging (Delayed Draw)2024-03-310001737924Five Star Packing2024-03-310001737924Good2Grow 12024-03-310001737924Good2Grow 22024-03-310001737924Oliver Packaging 12024-03-310001737924Online Labels Group2024-03-310001737924Online Labels Group (Delayed Draw) 12024-03-310001737924Online Labels Group (Delayed Draw) 22024-03-310001737924Proampac2024-03-310001737924Specialized Packaging Group 12024-03-310001737924Specialized Packaging Group 22024-03-310001737924Specialized Packaging Group (Incremental) 12024-03-310001737924Specialized Packaging Group (Incremental) 22024-03-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2024-03-310001737924MGM Transformer Company2024-03-310001737924MGM Transformer Company (Delayed Draw)2024-03-310001737924National Power2024-03-310001737924National Power (Delayed Draw)2024-03-310001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Contract Land Staff2024-03-310001737924Contract Land Staff (Delayed Draw)2024-03-310001737924Impact Environmental Group2024-03-310001737924Impact Environmental Group (Delayed Draw)2024-03-310001737924Impact Environmental Group (Incremental)2024-03-310001737924Impact Environmental Group (Delayed Draw) (Incremental)2024-03-310001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2024-03-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)2024-03-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)2024-03-310001737924The Facilities Group 12024-03-310001737924The Facilities Group (Delayed Draw) 12024-03-310001737924The Facilities Group 22024-03-310001737924The Facilities Group (Delayed Draw) 22024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:EnvironmentalIndustriesMember2024-03-310001737924Affinity Hospice2024-03-310001737924Anne Arundel 12024-03-310001737924Anne Arundel 22024-03-310001737924Anne Arundel (Delayed Draw)2024-03-310001737924Forefront Dermatology2024-03-310001737924Genesee Scientific2024-03-310001737924Genesee Scientific (Delayed Draw)2024-03-310001737924GHR Healthcare2024-03-310001737924GHR Healthcare (Delayed Draw)2024-03-310001737924GHR Healthcare (Incremental)2024-03-310001737924Health Management Associates 12024-03-310001737924Health Management Associates (Delayed Draw)2024-03-310001737924Heartland Veterinary Partners LLC (Incremental)2024-03-310001737924Heartland Veterinary Partners (Delayed Draw) (Incremental)2024-03-310001737924Heartland Veterinary Partners LLC (Delayed Draw) (Incremental)2024-03-310001737924HemaSource Inc.2024-03-310001737924InfuCare RX2024-03-310001737924MDC Intermediate Holdings II, LLC2024-03-310001737924MDC Intermediate Holdings II, LLC (Delayed Draw)2024-03-310001737924Midwest Eye Consultants2024-03-310001737924PromptCare2024-03-310001737924PromptCare (Delayed Draw)2024-03-310001737924Quorum Health Resources, LLC2024-03-310001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2024-03-310001737924Quorum Health Resources, LLC (Incremental)2024-03-310001737924Sandlot Buyer, LLC (Prime Time Healthcare)2024-03-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental))2024-03-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2024-03-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2024-03-310001737924SM Wellness Holdings, Inc2024-03-310001737924Southern Veterinary Partners2024-03-310001737924Team Services Group2024-03-310001737924Thorne HealthTech2024-03-310001737924TIDI Products2024-03-310001737924TIDI Products (Delayed Draw)2024-03-310001737924US Fertility2024-03-310001737924Wellspring Pharmaceutical2024-03-310001737924Wellspring Pharmaceutical (Delayed Draw)2024-03-310001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2024-03-310001737924Wellspring Pharmaceutical (Incremental)2024-03-310001737924Young Innovations2024-03-310001737924Young Innovations (Delayed Draw)2024-03-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2024-03-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2024-03-310001737924Ahead Data Blue LLC2024-03-310001737924Argano, LLC2024-03-310001737924Argano, LLC (Delayed Draw)2024-03-310001737924Argano, LLC (Delayed Draw) (Incremental)2024-03-310001737924Diligent Corporation 12024-03-310001737924Diligent Corporation 22024-03-310001737924Diligent Corporation 32024-03-310001737924Diligent Corporation (Delayed Draw) 12024-03-310001737924Diligent Corporation (Delayed Draw) 22024-03-310001737924Eliassen Group LLC2024-03-310001737924Eliassen Group LLC (Delayed Draw)2024-03-310001737924Evergreen Services Group II2024-03-310001737924Evergreen Services Group II (Delayed Draw)2024-03-310001737924Exterro2024-03-310001737924Fineline Merger2024-03-310001737924Go Engineer2024-03-310001737924Go Engineer (Delayed Draw)2024-03-310001737924Infinite Electronics (Incremental)2024-03-310001737924Infobase Acquisition, Inc.2024-03-310001737924ITSavvy LLC 12024-03-310001737924ITSavvy LLC (Delayed Draw)2024-03-310001737924North Haven CS Acquisition Inc2024-03-310001737924North Haven CS Acquisition Inc (Incremental)2024-03-310001737924Prosci, Inc.2024-03-310001737924Quickbase2024-03-310001737924Revalize (Delayed Draw) 12024-03-310001737924Revalize (Delayed Draw) 22024-03-310001737924Revalize (Delayed Draw) 32024-03-310001737924SmartWave2024-03-310001737924Solve Industrial Motion Group 12024-03-310001737924Solve Industrial Motion Group 22024-03-310001737924Solve Industrial Motion Group (Delayed Draw)2024-03-310001737924Velosio2024-03-310001737924Velosio (Delayed Draw)2024-03-310001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Tinuiti2024-03-310001737924Tinuiti (Delayed Draw)2024-03-310001737924Tinuiti (Delayed Draw) (Incremental)2024-03-310001737924Wpromote2024-03-310001737924Wpromote (Delayed Draw)2024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:MediaAdvertisingPrintingPublishingMember2024-03-310001737924Corporate Visions 12024-03-310001737924Corporate Visions 22024-03-310001737924Spectrio II2024-03-310001737924Spectrio II (Delayed Draw) 12024-03-310001737924Spectrio II (Delayed Draw) 22024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:MediaDiversifiedProductionMember2024-03-310001737924Syndigo2024-03-310001737924us-gaap:DebtSecuritiesMemberus-gaap:RetailSectorMember2024-03-310001737924ALKU Intermediate Holdings, LLC2024-03-310001737924Apex Companies Holdings, LLC 12024-03-310001737924Apex Companies Holdings, LLC (Delayed Draw)2024-03-310001737924Aramsco2024-03-310001737924Aramsco (Delayed Draw)2024-03-310001737924ARMstrong2024-03-310001737924ARMstrong (Delayed Draw)2024-03-310001737924Big Truck Rental 12024-03-310001737924Big Truck Rental 22024-03-310001737924Bounteous 12024-03-310001737924Bounteous 22024-03-310001737924Bounteous (Delayed Draw) 12024-03-310001737924Bounteous (Delayed Draw) 22024-03-310001737924BroadcastMed Holdco, LLC2024-03-310001737924BroadcastMed Holdco, LLC 12024-03-310001737924Bullhorn Inc2024-03-310001737924BusinesSolver2024-03-310001737924BusinesSolver (Delayed Draw)2024-03-310001737924Career Now2024-03-310001737924Cornerstone Advisors of Arizona LLC 12024-03-310001737924Cornerstone Advisors of Arizona LLC 22024-03-310001737924Cornerstone Advisors of Arizona LLC (Delayed Draw)2024-03-310001737924Cornerstone Advisors of Arizona LLC (Incremental)2024-03-310001737924CrossCountry Consulting2024-03-310001737924CrossCountry Consulting (Delayed Draw)2024-03-310001737924D&H United Fueling Solutions2024-03-310001737924D&H United Fueling Solutions (Delayed Draw)2024-03-310001737924D&H United Fueling Solutions (Delayed Draw) (Incremental)2024-03-310001737924D&H United Fueling Solutions (Incremental)2024-03-310001737924E78 12024-03-310001737924E78 22024-03-310001737924E78 (Delayed Draw) 12024-03-310001737924E78 (Delayed Draw) 22024-03-310001737924Evergreen Services Group2024-03-310001737924Evergreen Services Group (Delayed Draw)2024-03-310001737924Gabriel Partners LLC2024-03-310001737924Gabriel Partners LLC (Delayed Draw)2024-03-310001737924Gabriel Partners LLC (Incremental)2024-03-310001737924HireRight2024-03-310001737924Image First2024-03-310001737924Image First (Delayed Draw)2024-03-310001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC)2024-03-310001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)2024-03-310001737924KRIV Acquisition, Inc 12024-03-310001737924KRIV Acquisition, Inc (Delayed Draw)2024-03-310001737924Lion Merger Sub Inc2024-03-310001737924Lion Merger Sub Inc (Incremental)2024-03-310001737924LSCS Holdings Inc.2024-03-310001737924Lynx Franchising, LLC2024-03-310001737924Micronics2024-03-310001737924Output Services Group, Inc. 12024-03-310001737924Output Services Group, Inc. 22024-03-310001737924Phaidon International2024-03-310001737924Plaze2024-03-310001737924Propark Mobility2024-03-310001737924Propark Mobility (Delayed Draw)2024-03-310001737924Scaled Agile2024-03-310001737924Scaled Agile (Delayed Draw)2024-03-310001737924Smile Brands2024-03-310001737924Soliant Health2024-03-310001737924System One2024-03-310001737924Technical Safety Services2024-03-310001737924Technical Safety Services (Delayed Draw)2024-03-310001737924Technical Safety Services (Incremental)2024-03-310001737924TouchTunes Interactive2024-03-310001737924Trilon Group, LLC 12024-03-310001737924Trilon Group, LLC 22024-03-310001737924Trilon Group, LLC 32024-03-310001737924Trilon Group, LLC (Delayed Draw) 12024-03-310001737924Trilon Group, LLC (Delayed Draw) 22024-03-310001737924Trilon Group, LLC (Delayed Draw) 32024-03-310001737924Vistage2024-03-310001737924Vital Records Control 12024-03-310001737924Vital Records Control 22024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:ServicesBusinessMember2024-03-310001737924360 Training2024-03-310001737924360 Training (Delayed Draw)2024-03-310001737924All My Sons2024-03-310001737924COP Exterminators Acquisition, Inc.2024-03-310001737924COP Exterminators Acquisition, Inc. (Delayed Draw)2024-03-310001737924Excel Fitness2024-03-310001737924Fairway Lawns2024-03-310001737924Fairway Lawns (Delayed Draw)2024-03-310001737924Legacy Service Partners, LLC (“LSP”) 12024-03-310001737924Legacy Service Partners, LLC (“LSP”) (Delayed Draw)2024-03-310001737924Liberty Buyer2024-03-310001737924Liberty Buyer (Delayed Draw)2024-03-310001737924NearU 12024-03-310001737924NearU (Delayed Draw) 12024-03-310001737924NearU (Delayed Draw) 22024-03-310001737924NJEye LLC2024-03-310001737924NJEye LLC (Delayed Draw) 12024-03-310001737924NJEye LLC (Delayed Draw) 22024-03-310001737924NJEye LLC (Delayed Draw) 32024-03-310001737924North Haven Spartan US Holdco LLC2024-03-310001737924North Haven Spartan US Holdco LLC (Delayed Draw)2024-03-310001737924North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental)2024-03-310001737924One World Fitness PFF LLC2024-03-310001737924Perennial Services, Group, LLC2024-03-310001737924Perennial Services, Group, LLC (Delayed Draw)2024-03-310001737924Wrench Group2024-03-310001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-03-310001737924LMI Renaissance 12024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:SovereignAndPublicFinanceMember2024-03-310001737924BCM One2024-03-310001737924BCM One (Delayed Draw)2024-03-310001737924MBS Holdings, Inc.2024-03-310001737924Mobile Communications America Inc2024-03-310001737924Mobile Communications America Inc (Delayed Draw)2024-03-310001737924Momentum Telecom II2024-03-310001737924Momentum Telecom II (Incremental)2024-03-310001737924Sapphire Telecom Inc2024-03-310001737924Tyto Athene, LLC2024-03-310001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2024-03-310001737924AIT Logistics2024-03-310001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2024-03-310001737924Kenco Group, Inc.2024-03-310001737924Kenco Group, Inc. (Delayed Draw)2024-03-310001737924Quantix (Incremental) 12024-03-310001737924Quantix (Incremental) 22024-03-310001737924Quantix (Incremental) 32024-03-310001737924Quantix (Incremental) 42024-03-310001737924Quantix (Incremental) 52024-03-310001737924RoadOne2024-03-310001737924RoadOne (Delayed Draw)2024-03-310001737924SEKO Global Logistics 12024-03-310001737924SEKO Global Logistics 22024-03-310001737924SEKO Global Logistics 32024-03-310001737924SEKO Global Logistics (Delayed Draw)2024-03-310001737924SEKO Global Logistics (Delayed Draw) (Incremental)2024-03-310001737924SEKO Global Logistics (Incremental)2024-03-310001737924TI ACQUISITION NC LLC2024-03-310001737924Worldwide Express2024-03-310001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Alternative Logistics Technologies Buyer, LLC2024-03-310001737924Alternative Logistics Technologies Buyer, LLC (Delayed Draw)2024-03-310001737924American Student Transportaton Partners, Inc2024-03-310001737924ncdlc:TransportationConsumerMemberus-gaap:DebtSecuritiesMember2024-03-310001737924DMC HoldCo LLC (DMC Power)2024-03-310001737924DMC HoldCo LLC (DMC Power) (Delayed Draw)2024-03-310001737924Pinnacle Supply Partners, LLC 12024-03-310001737924Pinnacle Supply Partners, LLC (Delayed Draw)2024-03-310001737924TPC Wire & Cable2024-03-310001737924TPC Wire & Cable (Delayed Draw)2024-03-310001737924TPC Wire & Cable Corp (Delayed Draw) (Incremental)2024-03-310001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2024-03-310001737924USA Water 12024-03-310001737924USA Water (Delayed Draw)2024-03-310001737924ncdlc:UtilitiesWaterMemberus-gaap:DebtSecuritiesMember2024-03-310001737924Industrial Service Group2024-03-310001737924Industrial Service Group (Delayed Draw)2024-03-310001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)2024-03-310001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)2024-03-310001737924us-gaap:DebtSecuritiesMemberncdlc:WholesaleMember2024-03-310001737924us-gaap:DebtSecuritiesMember2024-03-310001737924BPC Kodiak LLC (Turbine Engine Specialist, Inc)2024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:AerospaceAndDefenseMember2024-03-310001737924Covercraft 22024-03-310001737924High Bar Brands 22024-03-310001737924S&S Truck Parts 32024-03-310001737924S&S Truck Parts 42024-03-310001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2024-03-310001737924Bardstown PPC Holdings LLC 22024-03-310001737924Fresh Edge - Common2024-03-310001737924Fresh Edge - Preferred2024-03-310001737924Tech242024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:BeverageFoodTobaccoMember2024-03-310001737924Crete Mechanical Group 22024-03-310001737924EFC Holdings, LLC 22024-03-310001737924EFC Holdings, LLC 32024-03-310001737924Precision Surfacing - Common2024-03-310001737924Repipe Specialists 22024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:CapitalEquipmentMember2024-03-310001737924Erie Construction 22024-03-310001737924Gannett Fleming 12024-03-310001737924Gannett Fleming 22024-03-310001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2024-03-310001737924FoodScience 32024-03-310001737924FoodScience 42024-03-310001737924Ultima Health Holdings, LLC 22024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:ConsumerGoodsNonDurableMember2024-03-310001737924Oliver Packaging 22024-03-310001737924Specialized Packaging Group2024-03-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2024-03-310001737924AG MDC Holdings, Inc2024-03-310001737924Anne Arundel2024-03-310001737924Health Management Associates 22024-03-310001737924REP HS Topco Holdings (HemaSource Inc.)2024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:HealthcareAndPharmaceuticalsMember2024-03-310001737924ITSavvy LLC 22024-03-310001737924Solve Industrial Motion Group2024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:HighTechIndustriesMember2024-03-310001737924Apex Companies Holdings, LLC 22024-03-310001737924BroadcastMed Holdco, LLC 22024-03-310001737924Career Now 12024-03-310001737924Career Now 22024-03-310001737924E782024-03-310001737924KRIV Acquisition, Inc 22024-03-310001737924Output Services Group, Inc.2024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:ServicesBusinessMember2024-03-310001737924COP Exterminators Investment, LLC2024-03-310001737924Legacy Service Partners, LLC (“LSP”) 22024-03-310001737924NearU 22024-03-310001737924Perennial Services Investors LLC2024-03-310001737924us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-03-310001737924LMI Renaissance 22024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:SovereignAndPublicFinanceMember2024-03-310001737924RoadOne - Common2024-03-310001737924SEKO Global Logistics2024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:TransportationCargoMember2024-03-310001737924ASTP Holdings Co-Investment LP2024-03-310001737924ncdlc:TransportationConsumerMemberus-gaap:EquitySecuritiesMember2024-03-310001737924Pinnacle Supply Partners, LLC 22024-03-310001737924us-gaap:EquitySecuritiesMemberncdlc:UtilitiesElectricMember2024-03-310001737924USA Water 22024-03-310001737924ncdlc:UtilitiesWaterMemberus-gaap:EquitySecuritiesMember2024-03-310001737924us-gaap:EquitySecuritiesMember2024-03-310001737924BlackRock Liquidity Funds Treasury2024-03-310001737924First American Government Obligations Fund2024-03-310001737924us-gaap:CashEquivalentsMember2024-03-310001737924ncdlc:OneMonthSOFRMember2024-03-310001737924ncdlc:ThreeMonthSOFRMember2024-03-310001737924ncdlc:SixMonthSOFRMember2024-03-310001737924ncdlc:TwelveMonthSOFRMember2024-03-310001737924ncdlc:RestrictedSecurityMember2024-03-310001737924ncdlc:QualifyingAssetsMember2024-03-310001737924ncdlc:NonQualifyingAssetsMember2024-03-310001737924AEgis Technologies2023-12-310001737924Arotech2023-12-310001737924Arotech (Delayed Draw)2023-12-310001737924Loc Performance Products2023-12-310001737924Precision Aviation Group2023-12-310001737924Precision Aviation Group (Delayed Draw)2023-12-310001737924Turbine Engine Specialist, Inc2023-12-310001737924Valkyrie2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:AerospaceAndDefenseMember2023-12-310001737924American Auto Auction Group2023-12-310001737924Classic Collision (Delayed Draw) (Incremental Tranche A-4)2023-12-310001737924Classic Collision (Delayed Draw) (Incremental)2023-12-310001737924Classic Collision (Incremental)2023-12-310001737924Collision Right2023-12-310001737924Collision Right 12023-12-310001737924Collision Right (Delayed Draw)2023-12-310001737924Covercraft2023-12-310001737924Covercraft (Delayed Draw)2023-12-310001737924High Bar Brands2023-12-310001737924High Bar Brands (Delayed Draw)2023-12-310001737924JEGS Automotive2023-12-310001737924OEP Glass Purchaser2023-12-310001737924Randys Holdings, Inc2023-12-310001737924Randys Holdings, Inc (Delayed Draw)2023-12-310001737924S&S Truck Parts2023-12-310001737924S&S Truck Parts 12023-12-310001737924S&S Truck Parts (Delayed Draw)2023-12-310001737924S&S Truck Parts (Delayed Draw) 12023-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Coding Solutions Acquisitions2023-12-310001737924Coding Solutions Acquisitions (Delayed Draw)2023-12-310001737924Long Term Care Group2023-12-310001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2023-12-310001737924Risk Strategies (Delayed Draw)2023-12-310001737924Vensure Employer Services2023-12-310001737924World Insurance Associates (Delayed Draw)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:BankingFinanceInsuranceRealEstateMember2023-12-310001737924Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)2023-12-310001737924Bardstown PPC Holdings LLC2023-12-310001737924Death Wish Coffee2023-12-310001737924Dessert Holdings2023-12-310001737924Fresh Edge2023-12-310001737924Fresh Edge (Incremental)2023-12-310001737924Fresh Edge (Incremental) 12023-12-310001737924Handgards2023-12-310001737924Harvest Hill Beverage Company2023-12-310001737924KSLB Holdings LLC2023-12-310001737924Palmetto Acquisitionco, Inc.2023-12-310001737924Palmetto Acquisitionco, Inc. (Delayed Draw)2023-12-310001737924Rise Baking2023-12-310001737924Rise Baking (Delayed Draw)2023-12-310001737924Summit Hill Foods2023-12-310001737924Sunny Sky Products (Delayed Draw)2023-12-310001737924Sunny Sky Products2023-12-310001737924Watermill Express, LLC2023-12-310001737924Watermill Express, LLC (Delayed Draw)2023-12-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Crete Mechanical Group2023-12-310001737924Crete Mechanical Group (Delayed Draw)2023-12-310001737924Crete Mechanical Group (Delayed Draw) 12023-12-310001737924EFC Holdings, LLC2023-12-310001737924Heartland Home Services2023-12-310001737924Heartland Home Services (Delayed Draw)2023-12-310001737924Heartland Home Services (Delayed Draw) 12023-12-310001737924Ovation Holdings, Inc.2023-12-310001737924Ovation Holdings, Inc. (Delayed Draw)2023-12-310001737924Precision Surfacing2023-12-310001737924PT Intermediate Holdings III, LLC2023-12-310001737924PT Intermediate Holdings III, LLC (Incremental)2023-12-310001737924Repipe Specialists2023-12-310001737924Repipe Specialists (Delayed Draw)2023-12-310001737924RTH Buyer LLC (dba Rhino Tool House)2023-12-310001737924RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:CapitalEquipmentMember2023-12-310001737924Ascensus2023-12-310001737924Ascensus Specialties2023-12-310001737924Boulder Scientific Company LLC2023-12-310001737924Chroma Color Corporation (dba Chroma Color)2023-12-310001737924Chroma Color Corporation (dba Chroma Color) (Delayed Draw)2023-12-310001737924Spartech2023-12-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Allstar Holdings2023-12-310001737924Allstar Holdings (Delayed Draw)2023-12-310001737924Allstar Holdings (Delayed Draw) 12023-12-310001737924Erie Construction2023-12-310001737924Gannett Fleming2023-12-310001737924MEI Rigging & Crating2023-12-310001737924MEI Rigging & Crating (Delayed Draw)2023-12-310001737924Royal Holdco Corporation (Delayed Draw A)2023-12-310001737924Royal Holdco Corporation (Delayed Draw B)2023-12-310001737924Royal Holdco Corporation (Incremental)2023-12-310001737924Sciens Building Solutions, LLC2023-12-310001737924Sciens Building Solutions, LLC (Delayed Draw)2023-12-310001737924WSB Engineering Holdings Inc.2023-12-310001737924WSB Engineering Holdings Inc. (Delayed Draw)2023-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Halo Buyer Inc2023-12-310001737924Petmate2023-12-310001737924Xpressmyself.com LLC (a/k/a SmartSign)2023-12-310001737924Xpressmyself.com LLC (a/k/a SmartSign) 12023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsDurableMember2023-12-310001737924Arcadia Consumer Health2023-12-310001737924Arcadia Consumer Health (Incremental)2023-12-310001737924Badger Sportswear Acquisition Inc2023-12-310001737924FoodScience2023-12-310001737924FoodScience 12023-12-310001737924Protective Industrial Products (“PIP”)2023-12-310001737924Elevation Labs2023-12-310001737924Elevation Labs (Delayed Draw)2023-12-310001737924Market Performance Group2023-12-310001737924Market Performance Group 12023-12-310001737924Ultima Health Holdings, LLC2023-12-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2023-12-310001737924B2B Packaging2023-12-310001737924B2B Packaging (Delayed Draw)2023-12-310001737924Five Star Packing2023-12-310001737924Good2Grow2023-12-310001737924Good2Grow 12023-12-310001737924Oliver Packaging2023-12-310001737924Online Labels Group2023-12-310001737924Online Labels Group (Delayed Draw)2023-12-310001737924Online Labels Group (Delayed Draw) 12023-12-310001737924Specialized Packaging Group2023-12-310001737924Specialized Packaging Group 12023-12-310001737924Specialized Packaging Group (Incremental)2023-12-310001737924Specialized Packaging Group (Incremental) 12023-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2023-12-310001737924MGM Transformer Company (Delayed Draw)2023-12-310001737924MGM Transformer Company2023-12-310001737924National Power2023-12-310001737924National Power (Delayed Draw)2023-12-310001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Impact Environmental Group2023-12-310001737924Impact Environmental Group (Delayed Draw)2023-12-310001737924Impact Environmental Group (Incremental)2023-12-310001737924Impact Environmental Group (Delayed Draw) (Incremental)2023-12-310001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2023-12-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)2023-12-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)2023-12-310001737924The Facilities Group2023-12-310001737924The Facilities Group (Delayed Draw)2023-12-310001737924The Facilities Group 12023-12-310001737924The Facilities Group (Delayed Draw) 12023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:EnvironmentalIndustriesMember2023-12-310001737924Affinity Hospice2023-12-310001737924Anne Arundel2023-12-310001737924Anne Arundel 12023-12-310001737924Anne Arundel (Delayed Draw)2023-12-310001737924Forefront Dermatology2023-12-310001737924Genesee Scientific2023-12-310001737924Genesee Scientific (Delayed Draw)2023-12-310001737924GHR Healthcare2023-12-310001737924GHR Healthcare (Delayed Draw)2023-12-310001737924GHR Healthcare (Incremental)2023-12-310001737924Health Management Associates2023-12-310001737924Health Management Associates (Delayed Draw)2023-12-310001737924Heartland Veterinary Partners LLC (Incremental)2023-12-310001737924Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)2023-12-310001737924HemaSource Inc.2023-12-310001737924InfuCare RX2023-12-310001737924MDC Intermediate Holdings II, LLC2023-12-310001737924MDC Intermediate Holdings II, LLC (Delayed Draw)2023-12-310001737924Midwest Eye Consultants2023-12-310001737924PromptCare2023-12-310001737924PromptCare (Delayed Draw)2023-12-310001737924Quorum Health Resources, LLC2023-12-310001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2023-12-310001737924Quorum Health Resources, LLC (Incremental)2023-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare)2023-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)2023-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2023-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2023-12-310001737924SM Wellness Holdings, Inc2023-12-310001737924Thorne HealthTech2023-12-310001737924TIDI Products2023-12-310001737924TIDI Products (Delayed Draw)2023-12-310001737924US Fertility2023-12-310001737924Wellspring Pharmaceutical2023-12-310001737924Wellspring Pharmaceutical (Delayed Draw)2023-12-310001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2023-12-310001737924Wellspring Pharmaceutical (Incremental)2023-12-310001737924Young Innovations (Delayed Draw)2023-12-310001737924Young Innovations2023-12-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2023-12-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2023-12-310001737924Argano, LLC2023-12-310001737924Argano, LLC (Delayed Draw)2023-12-310001737924Argano, LLC (Delayed Draw) (Incremental)2023-12-310001737924Diligent Corporation2023-12-310001737924Diligent Corporation 12023-12-310001737924Diligent Corporation 22023-12-310001737924Diligent Corporation (Delayed Draw)2023-12-310001737924Diligent Corporation (Delayed Draw) 12023-12-310001737924Eliassen Group LLC2023-12-310001737924Eliassen Group LLC (Delayed Draw)2023-12-310001737924Evergreen Services Group II (Delayed Draw)2023-12-310001737924Evergreen Services Group II2023-12-310001737924Exterro2023-12-310001737924Fineline Merger2023-12-310001737924Go Engineer2023-12-310001737924Go Engineer (Delayed Draw)2023-12-310001737924Infinite Electronics (Incremental)2023-12-310001737924Infobase Acquisition, Inc.2023-12-310001737924Infobase Acquisition, Inc. (Delayed Draw)2023-12-310001737924ITSavvy LLC2023-12-310001737924ITSavvy LLC (Delayed Draw)2023-12-310001737924North Haven CS Acquisition Inc2023-12-310001737924Prosci, Inc.2023-12-310001737924Revalize (Delayed Draw) 2023-12-310001737924Revalize (Delayed Draw) 12023-12-310001737924Revalize (Delayed Draw) 22023-12-310001737924SmartWave2023-12-310001737924Solve Industrial Motion Group2023-12-310001737924Solve Industrial Motion Group 12023-12-310001737924Solve Industrial Motion Group (Delayed Draw)2023-12-310001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Tinuiti2023-12-310001737924Tinuiti (Delayed Draw)2023-12-310001737924Tinuiti (Delayed Draw) (Incremental)2023-12-310001737924Wpromote2023-12-310001737924Wpromote (Delayed Draw)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:MediaAdvertisingPrintingPublishingMember2023-12-310001737924Corporate Visions2023-12-310001737924Corporate Visions 12023-12-310001737924Spectrio II2023-12-310001737924Spectrio II (Delayed Draw)2023-12-310001737924Spectrio II (Delayed Draw) 12023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:MediaDiversifiedProductionMember2023-12-310001737924Syndigo2023-12-310001737924us-gaap:DebtSecuritiesMemberus-gaap:RetailSectorMember2023-12-310001737924ALKU Intermediate Holdings, LLC2023-12-310001737924Apex Companies Holdings, LLC2023-12-310001737924Apex Companies Holdings, LLC (Delayed Draw)2023-12-310001737924ARMstrong (Delayed Draw)2023-12-310001737924ARMstrong2023-12-310001737924Big Truck Rental2023-12-310001737924Big Truck Rental 12023-12-310001737924Bounteous2023-12-310001737924Bounteous 12023-12-310001737924Bounteous (Delayed Draw)2023-12-310001737924Bounteous (Delayed Draw) 12023-12-310001737924BroadcastMed Holdco, LLC2023-12-310001737924Bullhorn Inc2023-12-310001737924BusinesSolver2023-12-310001737924BusinesSolver (Delayed Draw)2023-12-310001737924Career Now2023-12-310001737924Cornerstone Advisors of Arizona LLC2023-12-310001737924Cornerstone Advisors of Arizona LLC 12023-12-310001737924Cornerstone Advisors of Arizona LLC (Delayed Draw)2023-12-310001737924CrossCountry Consulting2023-12-310001737924CrossCountry Consulting (Delayed Draw)2023-12-310001737924D&H United Fueling Solutions2023-12-310001737924D&H United Fueling Solutions (Delayed Draw)2023-12-310001737924D&H United Fueling Solutions (Delayed Draw) (Incremental)2023-12-310001737924D&H United Fueling Solutions (Incremental)2023-12-310001737924E782023-12-310001737924E78 12023-12-310001737924E78 (Delayed Draw)2023-12-310001737924E78 (Delayed Draw) 12023-12-310001737924Evergreen Services Group2023-12-310001737924Evergreen Services Group (Delayed Draw)2023-12-310001737924Gabriel Partners LLC2023-12-310001737924Gabriel Partners LLC (Delayed Draw)2023-12-310001737924Gabriel Partners LLC (Incremental)2023-12-310001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC)2023-12-310001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)2023-12-310001737924KRIV Acquisition, Inc2023-12-310001737924KRIV Acquisition, Inc (Delayed Draw)2023-12-310001737924Lion Merger Sub Inc2023-12-310001737924Lion Merger Sub Inc (Incremental)2023-12-310001737924LSCS Holdings Inc.2023-12-310001737924LYNX FRANCHISING, LLC2023-12-310001737924Micronics2023-12-310001737924Output Services Group, Inc.2023-12-310001737924Output Services Group, Inc. 12023-12-310001737924Phaidon International2023-12-310001737924Plaze2023-12-310001737924Scaled Agile2023-12-310001737924Scaled Agile (Delayed Draw)2023-12-310001737924Smile Brands2023-12-310001737924Soliant Health2023-12-310001737924Technical Safety Services2023-12-310001737924Technical Safety Services (Delayed Draw)2023-12-310001737924Technical Safety Services (Incremental)2023-12-310001737924TouchTunes Interactive2023-12-310001737924Transit Buyer LLC (dba“Propark”)2023-12-310001737924Transit Buyer LLC (dba“Propark”) (Delayed Draw)2023-12-310001737924Trilon Group, LLC2023-12-310001737924Trilon Group, LLC 12023-12-310001737924Trilon Group, LLC 22023-12-310001737924Trilon Group, LLC (Delayed Draw)2023-12-310001737924Trilon Group, LLC (Delayed Draw) 12023-12-310001737924Trilon Group, LLC (Delayed Draw) 22023-12-310001737924Vital Records Control2023-12-310001737924Vital Records Control 12023-12-310001737924Vital Records Control (Delayed Draw)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ServicesBusinessMember2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU)2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 12023-12-310001737924All My Sons2023-12-310001737924COP Exterminators Acquisition, Inc.2023-12-310001737924COP Exterminators Acquisition, Inc. (Delayed Draw)2023-12-310001737924Excel Fitness2023-12-310001737924Fairway Lawns2023-12-310001737924Fairway Lawns (Delayed Draw)2023-12-310001737924Legacy Service Partners, LLC (“LSP”)2023-12-310001737924Legacy Service Partners, LLC (“LSP”) (Delayed Draw)2023-12-310001737924Liberty Buyer2023-12-310001737924Liberty Buyer (Delayed Draw)2023-12-310001737924NJEye LLC2023-12-310001737924NJEye LLC (Delayed Draw)2023-12-310001737924NJEye LLC (Delayed Draw) 12023-12-310001737924NJEye LLC (Delayed Draw) 22023-12-310001737924North Haven Spartan US Holdco LLC2023-12-310001737924North Haven Spartan US Holdco LLC (Delayed Draw)2023-12-310001737924One World Fitness PFF LLC2023-12-310001737924Perennial Services, Group, LLC2023-12-310001737924Perennial Services, Group, LLC (Delayed Draw)2023-12-310001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001737924LMI Consulting, LLC (LMI)2023-12-310001737924LMI Consulting, LLC (LMI) (Incremental)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:SovereignAndPublicFinanceMember2023-12-310001737924BCM One2023-12-310001737924BCM One (Delayed Draw)2023-12-310001737924MBS Holdings, Inc.2023-12-310001737924Mobile Communications America Inc2023-12-310001737924Mobile Communications America Inc (Delayed Draw)2023-12-310001737924Momentum Telecom II2023-12-310001737924Momentum Telecom II (Incremental)2023-12-310001737924Sapphire Telecom Inc2023-12-310001737924Tyto Athene, LLC2023-12-310001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2023-12-310001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2023-12-310001737924Kenco Group, Inc.2023-12-310001737924Kenco Group, Inc. (Delayed Draw)2023-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental)2023-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 12023-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 22023-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 32023-12-310001737924Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 42023-12-310001737924RoadOne (Delayed Draw)2023-12-310001737924RoadOne2023-12-310001737924SEKO Global Logistics2023-12-310001737924SEKO Global Logistics 12023-12-310001737924SEKO Global Logistics 22023-12-310001737924SEKO Global Logistics (Delayed Draw)2023-12-310001737924SEKO Global Logistics (Delayed Draw) (Incremental)2023-12-310001737924SEKO Global Logistics (Incremental)2023-12-310001737924TI ACQUISITION NC LLC2023-12-310001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2023-12-310001737924American Student Transportaton Partners, Inc2023-12-310001737924ncdlc:TransportationConsumerMemberus-gaap:DebtSecuritiesMember2023-12-310001737924DMC HoldCo LLC (DMC Power)2023-12-310001737924DMC HoldCo LLC (DMC Power) (Delayed Draw)2023-12-310001737924Pinnacle Supply Partners, LLC2023-12-310001737924Pinnacle Supply Partners, LLC (Delayed Draw)2023-12-310001737924TPC Wire & Cable2023-12-310001737924TPC Wire & Cable (Delayed Draw)2023-12-310001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2023-12-310001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)2023-12-310001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)2023-12-310001737924ISG Merger Sub, LLC (dba Industrial Service Group)2023-12-310001737924ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:WholesaleMember2023-12-310001737924us-gaap:DebtSecuritiesMember2023-12-310001737924BPC Kodiak LLC (Turbine Engine Specialist, Inc)2023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:AerospaceAndDefenseMember2023-12-310001737924Covercraft 12023-12-310001737924High Bar Brands 12023-12-310001737924S&S Truck Parts 22023-12-310001737924S&S Truck Parts 32023-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2023-12-310001737924Bardstown PPC Holdings LLC 12023-12-310001737924Fresh Edge - Common2023-12-310001737924Fresh Edge - Preferred2023-12-310001737924Tech242023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:BeverageFoodTobaccoMember2023-12-310001737924Crete Mechanical Group 12023-12-310001737924EFC Holdings, LLC 12023-12-310001737924EFC Holdings, LLC 22023-12-310001737924Precision Surfacing - Common2023-12-310001737924Repipe Specialists 12023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:CapitalEquipmentMember2023-12-310001737924Erie Construction 12023-12-310001737924Gannett Fleming 12023-12-310001737924Gannett Fleming 22023-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2023-12-310001737924FoodScience 32023-12-310001737924FoodScience 42023-12-310001737924Ultima Health Holdings, LLC 12023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:ConsumerGoodsNonDurableMember2023-12-310001737924Oliver Packaging 12023-12-310001737924Specialized Packaging Group 22023-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2023-12-310001737924AG MDC Holdings, Inc2023-12-310001737924Anne Arundel 22023-12-310001737924Health Management Associates 12023-12-310001737924REP HS Topco Holdings (HemaSource Inc.)2023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:HealthcareAndPharmaceuticalsMember2023-12-310001737924ITSavvy LLC 12023-12-310001737924Solve Industrial Motion Group 22023-12-310001737924ncdlc:HighTechIndustriesMember2023-12-310001737924Apex Companies Holdings, LLC 12023-12-310001737924BroadcastMed Holdco, LLC 12023-12-310001737924Career Now 12023-12-310001737924Career Now 22023-12-310001737924E78 22023-12-310001737924KRIV Acquisition, Inc 12023-12-310001737924Output Services Group, Inc. 22023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:ServicesBusinessMember2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU) 12023-12-310001737924COP Exterminators Investment, LLC2023-12-310001737924Legacy Service Partners, LLC (“LSP”) 12023-12-310001737924Perennial Services Investors LLC2023-12-310001737924us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2023-12-310001737924LMI Renaissance2023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:SovereignAndPublicFinanceMember2023-12-310001737924RoadOne - Common2023-12-310001737924SEKO Global Logistics 32023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:TransportationCargoMember2023-12-310001737924ASTP Holdings Co-Investment LP2023-12-310001737924ncdlc:TransportationConsumerMemberus-gaap:EquitySecuritiesMember2023-12-310001737924Pinnacle Supply Partners, LLC 12023-12-310001737924us-gaap:EquitySecuritiesMemberncdlc:UtilitiesElectricMember2023-12-310001737924us-gaap:EquitySecuritiesMember2023-12-310001737924BlackRock Liquidity Funds Treasury2023-12-310001737924First American Government Obligations Fund2023-12-310001737924U.S. Bank National Association Money Market Deposit Account2023-12-310001737924us-gaap:CashEquivalentsMember2023-12-310001737924ncdlc:OneMonthSOFRMember2023-12-310001737924ncdlc:ThreeMonthSOFRMember2023-12-310001737924ncdlc:SixMonthSOFRMember2023-12-310001737924ncdlc:TwelveMonthSOFRMember2023-12-310001737924ncdlc:RestrictedSecurityMember2023-12-310001737924ncdlc:QualifyingAssetsMember2023-12-310001737924ncdlc:NonQualifyingAssetsMember2023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberus-gaap:PaymentInKindPIKNoteMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberus-gaap:PaymentInKindPIKNoteMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-03-310001737924ncdlc:NonAccrualLoansMember2024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:NonAccrualLoansMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:NonAccrualLoansMember2023-12-310001737924ncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:DebtSecuritiesFirstLienMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:DebtSecuritiesFirstLienMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924us-gaap:SubordinatedDebtMember2024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001737924us-gaap:SubordinatedDebtMember2023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:SubordinatedDebtSecondLienMember2024-03-310001737924ncdlc:SubordinatedDebtMezzanineDebtMember2024-03-310001737924ncdlc:StructuredDebtMember2024-03-310001737924ncdlc:SubordinatedDebtSecondLienMember2023-12-310001737924ncdlc:SubordinatedDebtMezzanineDebtMember2023-12-310001737924ncdlc:StructuredDebtMember2023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:AerospaceDefenseMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:AerospaceDefenseMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:AutomotiveMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:AutomotiveMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:BankingFinanceInsuranceRealEstateMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:BankingFinanceInsuranceRealEstateMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:BeverageFoodTobaccoMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:BeverageFoodTobaccoMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:CapitalEquipmentMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:CapitalEquipmentMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ChemicalsPlasticsRubberMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ChemicalsPlasticsRubberMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:ConstructionBuildingMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:ConstructionBuildingMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ConsumerGoodsDurableMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ConsumerGoodsDurableMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ConsumerGoodsNonDurableMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:ConsumerGoodsNonDurableMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:ContainersPackagingGlassMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:ContainersPackagingGlassMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:EnergyElectricityMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:EnergyElectricityMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:EnvironmentalIndustriesMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:EnvironmentalIndustriesMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:HealthcarePharmaceuticalsMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:HealthcarePharmaceuticalsMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:HighTechIndustriesMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:HighTechIndustriesMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:MediaAdvertisingPrintingPublishingMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:MediaAdvertisingPrintingPublishingMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:MediaDiversifiedProductionMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:MediaDiversifiedProductionMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberus-gaap:RetailSectorMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberus-gaap:RetailSectorMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:ServicesBusinessMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:ServicesBusinessMember2023-01-012023-12-310001737924ncdlc:ServicesConsumerMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:ServicesConsumerMemberncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:SovereignPublicFinanceMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:SovereignPublicFinanceMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TelecommunicationsMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TelecommunicationsMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TransportationCargoMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TransportationCargoMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TransportationConsumerMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:TransportationConsumerMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:UtilitiesElectricMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:UtilitiesElectricMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:UtilitiesWaterMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:UtilitiesWaterMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:WholesaleMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:WholesaleMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924country:US2024-03-310001737924country:USncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924country:CA2024-03-310001737924country:CAncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924country:GB2024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMembercountry:GB2024-01-012024-03-310001737924country:US2023-12-310001737924country:USncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924country:CA2023-12-310001737924country:CAncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924country:GB2023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMembercountry:GB2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:DebtSecuritiesVariableRateMemberncdlc:InvestmentOwnedAtFairValueMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:DebtSecuritiesVariableRateMemberncdlc:InvestmentOwnedAtFairValueMember2023-01-012023-12-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:DebtSecuritiesFixedRateMember2024-01-012024-03-310001737924ncdlc:InvestmentTypeConcentrationRiskMemberncdlc:InvestmentOwnedAtFairValueMemberncdlc:DebtSecuritiesFixedRateMember2023-01-012023-12-310001737924us-gaap:FairValueInputsLevel1Memberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:FairValueInputsLevel2Memberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:FairValueInputsLevel3Memberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel1Member2024-03-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel2Member2024-03-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2024-03-310001737924us-gaap:SubordinatedDebtMember2024-03-310001737924us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310001737924us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-03-310001737924us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-03-310001737924us-gaap:EquitySecuritiesMember2024-03-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-03-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2024-03-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2024-03-310001737924us-gaap:CashEquivalentsMember2024-03-310001737924us-gaap:FairValueInputsLevel1Member2024-03-310001737924us-gaap:FairValueInputsLevel2Member2024-03-310001737924us-gaap:FairValueInputsLevel3Member2024-03-310001737924us-gaap:FairValueInputsLevel1Memberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:FairValueInputsLevel2Memberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:FairValueInputsLevel3Memberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel2Member2023-12-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2023-12-310001737924us-gaap:SubordinatedDebtMember2023-12-310001737924us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001737924us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-12-310001737924us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310001737924us-gaap:EquitySecuritiesMember2023-12-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2023-12-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2023-12-310001737924us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001737924us-gaap:CashEquivalentsMember2023-12-310001737924us-gaap:FairValueInputsLevel1Member2023-12-310001737924us-gaap:FairValueInputsLevel2Member2023-12-310001737924us-gaap:FairValueInputsLevel3Member2023-12-310001737924ncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:SubordinatedDebtMember2023-12-310001737924us-gaap:EquitySecuritiesMember2023-12-310001737924us-gaap:InvestmentsMember2023-12-310001737924ncdlc:DebtSecuritiesFirstLienMember2024-01-012024-03-310001737924us-gaap:SubordinatedDebtMember2024-01-012024-03-310001737924us-gaap:EquitySecuritiesMember2024-01-012024-03-310001737924us-gaap:InvestmentsMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberncdlc:DebtSecuritiesFirstLienMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:InvestmentsMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberncdlc:DebtSecuritiesFirstLienMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-03-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:InvestmentsMember2024-01-012024-03-310001737924ncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:SubordinatedDebtMember2024-03-310001737924us-gaap:EquitySecuritiesMember2024-03-310001737924us-gaap:InvestmentsMember2024-03-310001737924ncdlc:DebtSecuritiesFirstLienMember2022-12-310001737924us-gaap:SubordinatedDebtMember2022-12-310001737924us-gaap:EquitySecuritiesMember2022-12-310001737924us-gaap:InvestmentsMember2022-12-310001737924ncdlc:DebtSecuritiesFirstLienMember2023-01-012023-12-310001737924us-gaap:SubordinatedDebtMember2023-01-012023-12-310001737924us-gaap:EquitySecuritiesMember2023-01-012023-12-310001737924us-gaap:InvestmentsMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberncdlc:DebtSecuritiesFirstLienMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:InvestmentsMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberncdlc:DebtSecuritiesFirstLienMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2023-01-012023-12-310001737924ncdlc:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:InvestmentsMember2023-01-012023-12-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMembersrt:MinimumMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:TransactionPriceMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924ncdlc:TransactionPriceMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationBlackScholesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:EBITDAMultipleMemberncdlc:ValuationBlackScholesMember2024-03-310001737924us-gaap:SubordinatedDebtMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationBlackScholesMember2024-03-310001737924us-gaap:SubordinatedDebtMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationBlackScholesMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMembersrt:MinimumMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2024-03-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2024-03-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924ncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924ncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2024-03-310001737924us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2024-03-310001737924us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2024-03-310001737924srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2024-03-310001737924srt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2024-03-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMembersrt:MinimumMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:TransactionPriceMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924ncdlc:TransactionPriceMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMemberncdlc:DebtSecuritiesFirstLienMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMembersrt:MinimumMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2023-12-310001737924us-gaap:SubordinatedDebtMemberncdlc:TransactionPriceMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationRecentTransactionsMember2023-12-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924ncdlc:ValuationYieldMethodMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924ncdlc:ValuationYieldMethodMembersrt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924ncdlc:ValuationYieldMethodMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:MarketYieldDiscountRatesMember2023-12-310001737924us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924srt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:EBITDAMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924ncdlc:BlendedEBITDAMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberncdlc:ValuationMarketApproachMember2023-12-310001737924ncdlc:BlendedEBITDAMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:ValuationMarketApproachMember2023-12-310001737924ncdlc:BlendedEBITDAMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationMarketApproachMember2023-12-310001737924ncdlc:BlendedEBITDAMultipleMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:ValuationMarketApproachMember2023-12-310001737924us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberncdlc:BlendedRevenueMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:BlendedRevenueMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924srt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberncdlc:BlendedRevenueMultipleMemberncdlc:ValuationMarketApproachMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMember2024-03-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMember2023-12-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:SeniorSecuredRevolvingCreditAgreementMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:SeniorSecuredRevolvingCreditAgreementMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:SeniorSecuredRevolvingCreditAgreementMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:SeniorSecuredRevolvingCreditAgreementMemberus-gaap:SecuredDebtMember2023-12-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-03-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-03-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2024-03-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2023-12-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementsMember2019-12-312019-12-310001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementsMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementsMember2023-10-272023-10-270001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementCompensationOfTheAdviserManagementFeeFirstFiveQuartersMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementCompensationOfTheAdviserManagementFeeThereafterMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRateQuarterlyHurdleRateMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRateAnnualizedHurdleRateMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRateQuarterlyCatchUpThresholdMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementCumulativePreIncentiveFeeNetReturnMember2024-01-292024-01-290001737924us-gaap:RelatedPartyMemberncdlc:InvestmentAdvisoryAgreementIncentiveRateRealizedCapitalGainsMember2024-01-292024-01-290001737924ncdlc:ExpenseSupportAgreementMember2019-12-312019-12-310001737924us-gaap:RelatedPartyMemberncdlc:ExpenseSupportAgreementMember2024-01-012024-03-310001737924us-gaap:RelatedPartyMemberncdlc:AdvisorAndAdministratorMember2024-03-310001737924us-gaap:RelatedPartyMemberncdlc:AdvisorAndAdministratorMember2023-12-310001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SubscriptionFacilityMember2020-09-100001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2019-12-300001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-140001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2022-03-310001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2022-05-052022-05-050001737924ncdlc:WellsFargoFinancingFacilityDailyUndrawnAmountsDuringThePeriodMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-142024-03-140001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:WellsFargoFinancingFacilityForNextSixMonthsAndThereafterMember2024-03-142024-03-140001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-142024-03-140001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMember2024-01-012024-03-310001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMember2023-01-012023-12-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2023-11-202023-11-200001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMember2023-11-202023-11-200001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2023-11-212023-11-210001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMember2023-11-212023-11-210001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-11-200001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-11-210001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-11-202023-11-200001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-11-212023-11-210001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMember2024-01-012024-03-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-12-070001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-12-060001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-06-230001737924us-gaap:BridgeLoanMemberus-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-06-230001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-06-232023-06-230001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2024-01-012024-03-310001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-01-012023-12-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:SecuredDebtMember2022-05-200001737924us-gaap:SecuredDebtMemberncdlc:AAAClassA12022NotesMember2022-05-200001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:AAAClassA12022NotesMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924ncdlc:AAAClassA1F2022NotesMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:AAAClassA1F2022NotesMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924ncdlc:AAClassB2022NotesMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:AAClassB2022NotesMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924ncdlc:AClassC2022NotesMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:AClassC2022NotesMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924ncdlc:BBBClassD2022NotesMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:BBBClassD2022NotesMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924ncdlc:Subordinated2022NotesMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:AAAClassAL2022LoansToCLOIMemberus-gaap:SecuredDebtMember2022-05-200001737924ncdlc:AAAClassAL2022LoansToCLOIMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2022-05-202022-05-200001737924us-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2023-12-070001737924ncdlc:AAAClassX2023NotesMemberus-gaap:SecuredDebtMember2023-12-070001737924ncdlc:AAAClassX2023NotesMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2023-12-072023-12-070001737924ncdlc:AAAClassA12023NotesMemberus-gaap:SecuredDebtMember2023-12-070001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:AAAClassA12023NotesMemberus-gaap:SecuredDebtMember2023-12-072023-12-070001737924us-gaap:SecuredDebtMemberncdlc:AAClassB2023NotesMember2023-12-070001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMemberncdlc:AAClassB2023NotesMember2023-12-072023-12-070001737924ncdlc:Subordinated2023NotesMemberus-gaap:SecuredDebtMember2023-12-070001737924ncdlc:AAAClassALA2023ToCLOIIMemberus-gaap:SecuredDebtMember2023-12-070001737924ncdlc:AAAClassALB2023LoansToCLOIIMemberus-gaap:SecuredDebtMember2023-12-070001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberncdlc:AAAClassALA2023ToCLOIIMemberus-gaap:SecuredDebtMember2023-12-072023-12-070001737924ncdlc:AAAClassALB2023LoansToCLOIIMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2023-12-072023-12-070001737924ncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2024-03-140001737924ncdlc:AAAClassX2024NotesMemberus-gaap:SecuredDebtMember2024-03-140001737924ncdlc:AAAClassX2024NotesMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2024-03-142024-03-140001737924us-gaap:SecuredDebtMemberncdlc:AAAClassA2024NotesMember2024-03-140001737924ncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMemberncdlc:AAAClassA2024NotesMember2024-03-142024-03-140001737924ncdlc:AAClassB2024NotesMemberus-gaap:SecuredDebtMember2024-03-140001737924ncdlc:AAClassB2024NotesMemberncdlc:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMember2024-03-142024-03-140001737924ncdlc:Subordinated2024NotesMemberus-gaap:SecuredDebtMember2024-03-140001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2024-03-310001737924ncdlc:A2024DebtSecuritizationMemberus-gaap:SecuredDebtMember2024-03-310001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2024-03-310001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-12-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-12-310001737924ncdlc:A2022DebtSecuritizationMemberus-gaap:SecuredDebtMember2023-12-310001737924us-gaap:SecuredDebtMemberncdlc:A2023DebtSecuritizationMember2023-12-310001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-12-310001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:LineOfCreditMember2024-03-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:LineOfCreditMember2024-03-310001737924us-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2024-03-310001737924ncdlc:WellsFargoFinancingFacilityMemberus-gaap:LineOfCreditMember2023-12-310001737924ncdlc:SMBCFinancingFacilityMemberus-gaap:LineOfCreditMember2023-12-310001737924us-gaap:LineOfCreditMemberncdlc:SeniorSecuredRevolvingCreditAgreementMember2023-12-310001737924360 Training2023-12-310001737924Alternative Logistics Technologies Buyer, LLC2023-12-310001737924Apex Companies2024-03-310001737924Apex Companies2023-12-310001737924Aramsco2023-12-310001737924Bounteous2024-03-310001737924Chroma Color2024-03-310001737924Chroma Color2023-12-310001737924ClaimLogiq2024-03-310001737924ClaimLogiq2023-12-310001737924Classic Collision2024-03-310001737924Classic Collision2023-12-310001737924CMP Ren Partners I-A LP2024-03-310001737924CMP Ren Partners I-A LP2023-12-310001737924Contract Land Staff2023-12-310001737924Covercraft2024-03-310001737924Crete2024-03-310001737924Crete2023-12-310001737924DMC Power2024-03-310001737924DMC Power2023-12-310001737924Eliassen Group, LLC2024-03-310001737924Eliassen Group, LLC2023-12-310001737924Engage2024-03-310001737924Engage2023-12-310001737924Ergotech (INS)2024-03-310001737924Ergotech (INS)2023-12-310001737924EyeSouth2024-03-310001737924EyeSouth2023-12-310001737924Health Management Associates2024-03-310001737924Heartland Veterinary Partners2024-03-310001737924Heartland Veterinary Partners2023-12-310001737924High Bar Brands2024-03-310001737924Image First2023-12-310001737924Infobase2024-03-310001737924Infobase2023-12-310001737924ITSavvy2024-03-310001737924ITSavvy2023-12-310001737924Kenco2024-03-310001737924Kenco2023-12-310001737924Legacy Service Partners2024-03-310001737924Legacy Service Partners2023-12-310001737924Leo Facilities2024-03-310001737924Leo Facilities2023-12-310001737924Liberty Group2024-03-310001737924Liberty Group2023-12-310001737924MEI Buyer LLC2024-03-310001737924MEI Buyer LLC2023-12-310001737924Mosaic Dental2024-03-310001737924Mosaic Dental2023-12-310001737924NearU2024-03-310001737924NearU2023-12-310001737924NJEye, LLC2024-03-310001737924NJEye, LLC2023-12-310001737924Ovation Holdings2024-03-310001737924Ovation Holdings2023-12-310001737924Palmetto Exterminators2024-03-310001737924Palmetto Exterminators2023-12-310001737924Pinnacle Supply Partners, LLC2024-03-310001737924Propark Mobility2023-12-310001737924Randy's Worldwide Automotive2024-03-310001737924Randy's Worldwide Automotive2023-12-310001737924Repipe Specialists2024-03-310001737924Rhino Tool House2023-12-310001737924Riveron2024-03-310001737924Riveron2023-12-310001737924RMA Companies2024-03-310001737924RMA Companies2023-12-310001737924RoadOne- Common2024-03-310001737924RoadOne- Common2023-12-310001737924S&S Truck Parts2024-03-310001737924Tencate2023-12-310001737924The Facilities Group2024-03-310001737924TPC Wire & Cable Corp2024-03-310001737924TPC Wire & Cable Corp2023-12-310001737924Trilon Group2024-03-310001737924Trilon Group2023-12-310001737924USA Water2024-03-310001737924USA Water2023-12-310001737924Velosio2023-12-310001737924Watermill Express2024-03-310001737924Watermill Express2023-12-310001737924Wellspring2024-03-310001737924Wellspring2023-12-310001737924WSB / EST2024-03-310001737924WSB / EST2023-12-310001737924us-gaap:IPOMember2024-01-292024-01-290001737924us-gaap:IPOMember2024-01-2900017379242024-01-2900017379242024-01-292024-01-2900017379242024-01-0500017379242024-01-052024-01-0500017379242023-11-0300017379242023-11-032023-11-0300017379242023-07-1700017379242023-07-172023-07-1700017379242023-04-2000017379242023-04-202023-04-2000017379242022-12-2100017379242022-12-212022-12-2100017379242022-08-0100017379242022-08-012022-08-0100017379242022-04-2500017379242022-04-252022-04-2500017379242022-01-2100017379242022-01-212022-01-2100017379242021-12-0900017379242021-12-092021-12-0900017379242021-11-0100017379242021-11-012021-11-0100017379242021-08-2300017379242021-08-232021-08-2300017379242021-07-2600017379242021-07-262021-07-2600017379242021-06-2200017379242021-06-222021-06-2200017379242021-04-2300017379242021-04-232021-04-2300017379242021-03-1100017379242021-03-112021-03-1100017379242020-11-0600017379242020-11-062020-11-0600017379242020-10-1600017379242020-10-162020-10-1600017379242020-08-0600017379242020-08-062020-08-0600017379242020-05-0700017379242020-05-072020-05-0700017379242019-12-3100017379242019-12-312019-12-3100017379242019-12-1900017379242019-12-192019-12-190001737924ncdlc:SpecialDividendOneMember2024-01-102024-01-100001737924ncdlc:SpecialDividendTwoMember2024-01-102024-01-100001737924ncdlc:SpecialDividendThreeMember2024-01-102024-01-100001737924ncdlc:SpecialDividendFourMember2024-01-102024-01-1000017379242024-01-102024-01-1000017379242023-12-282023-12-280001737924ncdlc:SupplementalDividendMember2023-12-282023-12-2800017379242023-09-282023-09-280001737924ncdlc:SupplementalDividendMember2023-09-282023-09-2800017379242023-06-282023-06-280001737924ncdlc:SupplementalDividendMember2023-06-282023-06-2800017379242023-03-302023-03-300001737924ncdlc:SpecialAndSupplementalDividendMember2023-03-302023-03-3000017379242022-12-292022-12-2900017379242022-09-282022-09-2800017379242022-06-302022-06-3000017379242022-03-302022-03-3000017379242021-12-292021-12-2900017379242021-09-292021-09-2900017379242021-06-292021-06-2900017379242021-03-292021-03-2900017379242020-12-292020-12-2900017379242020-11-042020-11-0400017379242020-08-042020-08-0400017379242020-04-162020-04-1600017379242023-10-122023-10-1200017379242023-07-122023-07-1200017379242023-04-122023-04-1200017379242023-01-172023-01-1700017379242022-10-112022-10-1100017379242022-07-122022-07-1200017379242022-04-122022-04-1200017379242022-01-182022-01-1800017379242021-10-112021-10-1100017379242021-07-122021-07-1200017379242021-04-192021-04-1900017379242021-01-182021-01-1800017379242020-11-112020-11-1100017379242020-08-112020-08-110001737924ncdlc:ShareRepurchasePlanMember2024-03-050001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-04-080001737924us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-04-090001737924ncdlc:SeniorSecuredRevolvingCreditAgreementOneMonthBorrowingsMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberncdlc:CORRAMember2024-04-092024-04-090001737924ncdlc:SeniorSecuredRevolvingCreditAgreementThreeMonthBorrowingsMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberncdlc:CORRAMember2024-04-092024-04-090001737924us-gaap:SubsequentEventMember2024-05-012024-05-01

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 March 31, 2024
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)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.01
NCDL
New York Stock Exchange

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 May 8, 2024, the registrant had 55,037,886 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 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;
general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;
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)
March 31, 2024December 31, 2023
Assets
(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,814,985 and $1,666,169, respectively)
$1,794,559 $1,641,686 
Cash and cash equivalents64,146 67,395 
Restricted cash50 50 
Interest receivable16,067 17,674 
Receivable for investments sold422 3,919 
Prepaid expenses118 13 
Other assets$125 $127 
Total assets$1,875,487 $1,730,864 
Liabilities
Secured borrowings (net of $8,286 and $7,941 deferred financing costs, respectively) (See Note 6)
$817,214 $943,936 
Payable for investments purchased16,877  
Interest payable11,022 9,837 
Due to adviser expense support (See Note 5)
 632 
Management fees payable3,264 3,006 
Distributions payable24,684 22,683 
Directors’ fees payable128 96 
Accounts payable and accrued expenses4,065 2,789 
Total liabilities$877,254 $982,979 
Commitments and contingencies (See Note 7)
Net Assets: (See Note 8)
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 54,815,740 and 41,242,105 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
$548 $412 
Paid-in-capital in excess of par value1,021,573 776,719 
Total distributable earnings (loss)(23,888)(29,246)
Total net assets$998,233 $747,885 
Total liabilities and net assets$1,875,487 $1,730,864 
Net asset value per share (See Note 9)
$18.21 $18.13 

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 March 31,
20242023
Investment income:
Non-controlled/non-affiliated company investments:
Interest income$49,078 $33,387 
Payment-in-kind interest income1,992 321 
Dividend income308 16 
Other income217 236 
Total investment income51,595 33,960 
Expenses:
Interest and debt financing expenses16,941 12,743 
Management fees (See Note 5)
3,264 2,306 
Incentive fees on net investment income
4,459  
Professional fees
710 590 
Directors' fees128 96 
Administration fees (See Note 5)
542 309 
Other general and administrative expenses277 171 
Total expenses before expense support and Incentive fees waived
26,321 16,215 
Expense support (See Note 5)
 (14)
Incentive fees waived (See Note 5)
(4,459) 
Net Expenses
21,862 16,201 
          Net investment income29,733 17,759 
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments(3,625)6,481 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments
4,057 (11,137)
Income tax (provision) benefit(141)(386)
Total net change in unrealized gain (loss)
3,916 (11,523)
Total net realized and unrealized gain (loss) on investments291 (5,042)
Net increase (decrease) in net assets resulting from operations$30,024 $12,717 
Per share data:
Net investment income per share - basic and diluted $0.56 $0.62 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.57 $0.44 
Weighted average common shares outstanding - basic and diluted 52,758,353 28,727,285 
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 March 31,
20242023
Increase (decrease) in net assets resulting from operations:
Net investment income$29,733 $17,759 
Net realized gain (loss) on investments(3,625)6,481 
Net change in unrealized appreciation (depreciation) on investments3,916 (11,523)
Net increase (decrease) in net assets resulting from operations30,024 12,717 
Shareholder distributions:
Distributions declared from net investment income(24,667)(21,845)
Net increase (decrease) in net assets resulting from shareholder distributions(24,667)(21,845)
Capital share transactions:
Issuance of common shares, net241,657  
Reinvestment of shareholder distributions, net3,334 1,715 
Net increase (decrease) in net assets resulting from capital share transactions244,991 1,715 
Total increase (decrease) in net assets250,348 (7,413)
Net assets, at beginning of period747,885 524,957 
Net assets, at end of period$998,233 $517,544 

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)
Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$30,024 $12,717 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments(204,329)(99,914)
Proceeds from principal repayments and sales of investments54,896 39,602 
Payment-in-kind interest(1,992)(321)
Amortization of premium/accretion of discount, net(1,016)(905)
Net realized (gain) loss on investments3,625 (6,481)
Net change in unrealized (appreciation) depreciation on investments(4,057)11,137 
Amortization of deferred financing costs1,296 435 
Amortization of offering costs (15)
Changes in operating assets and liabilities:
Due from adviser expense support 182 
Interest receivable1,607 (2)
Receivable for investments sold3,497 98 
Prepaid expenses(105)(85)
Other assets2  
Payable for investments purchased16,877  
Interest payable1,185 1,345 
Due to adviser expense support(632)(182)
Management fees payable258 95 
Directors’ fees payable32  
Accounts payable and accrued expenses1,276 1,229 
Net cash provided by (used in) operating activities(97,556)(41,065)
Cash flows from financing activities:
Proceeds from issuance of common shares241,657 473 
Shareholder distributions(19,332)(12,610)
Proceeds from secured borrowings323,000 85,000 
Repayments of secured borrowings(449,377)(21,500)
Payments of deferred financing costs(1,641) 
Net cash provided by (used in) financing activities94,307 51,363 
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash (3,249)10,298 
Cash and Cash Equivalents and Restricted Cash, beginning of period67,445 39,320 
Cash and Cash Equivalents and Restricted Cash, end of period$64,196 $49,618 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$14,460 $10,963 
Cash paid during the period for excise taxes
$6 $ 
Supplemental disclosure of non-cash flow Information:
Reinvestment of shareholder distributions$3,334 $1,730 

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):
March 31, 2024March 31, 2023
Cash and cash equivalents$64,146 $49,568 
Restricted cash50 50 
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows$64,196 $49,618 


See Notes to Consolidated Financial Statements
7

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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) (12) (13)First Lien Term Loan
S + 4.75%
10.05 %10/31/2025$14,623 $14,570 $14,483 1.45 %
AEgis Technologies(6) (12) (13)First Lien Term Loan
S + 4.75%
10.05 %10/31/20253,038 3,009 3,009 0.30 %
Arotech(6) (12)First Lien Term Loan
S + 6.25%
11.66 %10/22/20269,178 9,109 8,962 0.90 %
Arotech (Delayed Draw)(6) (12)First Lien Term Loan
S + 6.25%
11.66 %10/22/2026446 445 436 0.04 %
Loc Performance Products(6)First Lien Term Loan
S + 5.25%
10.68 %12/22/20266,539 6,489 6,312 0.63 %
Precision Aviation Group(6) (12) (13)First Lien Term Loan
S + 5.75%
11.06 %12/21/202915,002 14,714 14,830 1.50 %
Precision Aviation Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.06 %12/21/20294,961 (47)(57)(0.01 %)
Turbine Engine Specialist, Inc(12)Subordinated Debt
S + 9.50%
14.93 %3/1/20292,550 2,491 2,517 0.25 %
Valkyrie(12)Subordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,843 2,802 2,773 0.28 %
Total Aerospace & Defense53,582 53,265 5.34 %
Automotive
Classic Collision (Delayed Draw) (Incremental Tranche A-4)(11) (12)First Lien Term Loan
S + 5.75%
10.50 %1/14/202725,202 9,049 8,766 0.88 %
Classic Collision (Delayed Draw) (Incremental)(6) (12) (13)First Lien Term Loan
S + 5.75%
10.50 %1/14/20276,923 6,923 6,833 0.68 %
Classic Collision (Incremental)(6)First Lien Term Loan
S + 5.75%
10.50 %1/14/20277,731 7,693 7,630 0.76 %
Covercraft(12)Subordinated Debt
N/A
10.00% (Cash) 0.75% (PIK)
2/20/20287,492 7,393 6,932 0.69 %
Covercraft (Delayed Draw)(11) (12)Subordinated Debt
N/A
10.00% (Cash) 0.75% (PIK)
8/20/20274,386  (328)(0.03 %)
High Bar Brands(12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/20302,088 2,038 2,037 0.20 %
High Bar Brands (Delayed Draw)(11) (12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/2030596 (7)(14) %
JEGS Automotive(6)First Lien Term Loan
S + 6.00%
11.47 %12/22/20273,978 3,951 2,864 0.29 %
OEP Glass Purchaser(6) (13)First Lien Term Loan
S + 5.25%
10.45 %4/18/202812,563 12,472 12,563 1.27 %
Randys Holdings, Inc(6) (9) (12) (13)First Lien Term Loan
S + 6.50%
11.81 %11/1/202811,109 10,926 10,975 1.10 %
Randys Holdings, Inc (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.50%
11.81 %11/1/20283,750 450 405 0.04 %
S&S Truck Parts(6)First Lien Term Loan
S + 4.75%
10.22 %3/1/20296,841 6,788 6,693 0.67 %
S&S Truck Parts(6)First Lien Term Loan
S + 4.75%
10.22 %3/1/20291,156 1,147 1,131 0.11 %
S&S Truck Parts (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
10.22 %3/1/202998  (2) %
See Notes to Consolidated Financial Statements
8

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
S&S Truck Parts (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
10.22 %3/1/20291,720 1,572 1,535 0.15 %
Total Automotive70,395 68,020 6.81 %
Banking, Finance, Insurance, Real Estate
Coding Solutions Acquisitions(6) (9)First Lien Term Loan
S + 5.50%
10.83 %5/11/20286,415 6,368 6,347 0.64 %
Coding Solutions Acquisitions (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.50%
10.83 %5/11/20281,961 1,961 1,940 0.19 %
Long Term Care Group(6) (9) (12)First Lien Term Loan
S + 1.26%
6.57% (Cash) 6.00% (PIK)
9/8/20276,963 6,920 5,762 0.58 %
Patriot Growth Insurance Service (Delayed Draw) (Incremental)(9) (12)First Lien Term Loan
S + 5.75%
11.20 %10/16/20287,150 7,096 7,022 0.70 %
Risk Strategies (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
10.96 %11/1/202914,831 14,831 14,537 1.46 %
Vensure Employer Services(6) (13)First Lien Term Loan
S + 4.75%
10.08 %3/26/202714,619 14,595 14,399 1.44 %
World Insurance Associates(6) (9) (12)First Lien Term Loan
S + 6.00%
11.31 %4/3/202814,843 14,832 14,586 1.46 %
Total Banking, Finance, Insurance, Real Estate66,603 64,593 6.47 %
Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)(6) (7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.31 %9/25/202917,239 16,927 16,911 1.69 %
Bardstown PPC Holdings LLC(12)Subordinated Debt
S + 7.75%
13.18 %8/30/20279,300 9,163 9,234 0.93 %
Death Wish Coffee(6) (9) (13)First Lien Term Loan
S + 4.75%
10.16 %9/28/20279,775 9,718 9,775 0.98 %
Dessert Holdings(6) (9) (12)Subordinated Debt
S + 7.25%
12.69 %6/8/20299,000 8,881 7,938 0.80 %
Fresh Edge(12)Subordinated Debt
S + 4.50%
10.07% (Cash) 5.13% (PIK)
4/3/20293,904 3,826 3,818 0.38 %
Fresh Edge (Incremental)(12)Subordinated Debt
S + 4.50%
9.76% (Cash) 5.13% (PIK)
4/3/2029922 900 902 0.09 %
Fresh Edge (Incremental)(12)Subordinated Debt
S + 4.50%
9.76% (Cash) 5.13% (PIK)
4/3/2029780 762 762 0.08 %
Handgards(6) (13)First Lien Term Loan
S + 7.00%
12.49 %10/14/202614,475 14,339 14,475 1.45 %
KSLB Holdings LLC(13)First Lien Term Loan
S + 4.50%
9.96 %7/30/20252,850 2,839 2,736 0.27 %
Palmetto Acquisitionco, Inc.(6) (12) (13)First Lien Term Loan
S + 5.75%
11.06 %9/18/202913,281 13,066 13,062 1.31 %
Palmetto Acquisitionco, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.06 %9/18/20294,839 1,271 1,208 0.12 %
Rise Baking(6) (9) (13)First Lien Term Loan
S + 6.25%
11.68 %8/13/202714,663 14,530 14,875 1.49 %
Rise Baking (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.68 %8/13/20274,443 4,424 4,413 0.44 %
Summit Hill Foods(6)First Lien Term Loan
S + 6.00%
11.34 %11/29/20299,811 9,669 9,669 0.97 %
Sunny Sky Products (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.55 %12/23/20281,773  (17) %
Sunny Sky Products(6) (12) (13)First Lien Term Loan
S + 5.25%
10.55 %12/23/20287,076 7,010 7,009 0.70 %
Watermill Express (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.21 %7/5/20296,359 6,298 6,300 0.63 %
See Notes to Consolidated Financial Statements
9

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Watermill Express (Delayed Draw) (Incremental)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.21 %7/5/20293,179 445 416 0.04 %
Watermill Express, LLC(6) (9) (10)First Lien Term Loan
S + 5.75%
11.21 %7/5/20293,247 3,228 3,217 0.32 %
Watermill Express, LLC (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.75%
11.21 %7/5/2029314 314 311 0.03 %
Total Beverage, Food & Tobacco127,610 127,014 12.72 %
Capital Equipment
Crete Mechanical Group(6)First Lien Term Loan
S + 5.00%
10.31 %5/19/20284,810 4,776 4,790 0.48 %
Crete Mechanical Group (Delayed Draw)(6)First Lien Term Loan
S + 5.00%
10.31 %5/19/20282,839 2,802 2,827 0.28 %
Crete Mechanical Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.31 %5/19/20287,135 6,987 6,957 0.70 %
EFC Holdings, LLC(12)Subordinated DebtN/A
11.00% (Cash) 2.50% (PIK)
5/1/20283,187 3,108 31580.32 %
Heartland Home Services(6) (9) (13)First Lien Term Loan
S + 6.00%
11.31 %12/15/20266,450 6,416 6,312 0.63 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.31 %12/15/20265,593 5,577 5,473 0.55 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.31 %12/15/20262,565 2,565 2,510 0.25 %
Hyperion(12) (13) (14)First Lien Term Loan
S + 4.50%
9.94 %8/30/20282,647 2,644 2,650 0.27 %
MSHC Inc(6) (9)First Lien Term Loan
S + 4.00%
9.57 %10/29/20277,979 7,999 7,999 0.80 %
Ovation Holdings, Inc.(6) (13)First Lien Term Loan
S + 6.25%
11.71 %2/5/20298,015 7,864 8,007 0.80 %
Ovation Holdings, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.71 %2/5/20291,895 1,532 1,550 0.16 %
Precision Surfacing(12)First Lien Term Loan
N/A
15.00 %6/26/2024713 713 713 0.07 %
PT Intermediate Holdings III, LLC(6) (9) (13)First Lien Term Loan
S + 5.98%
11.43 %11/1/20288,713 8,692 8,713 0.86 %
PT Intermediate Holdings III, LLC (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.98%
11.43 %11/1/20281,065 1,057 1,065 0.11 %
Repipe Specialists(12)Subordinated Debt
N/A
10.00% (Cash) 1.00% (PIK)
3/18/20292,439 2,401 2,201 0.22 %
Repipe Specialists (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/2029902 211 123 0.01 %
Rhino Tool House(6) (12) (13)First Lien Term Loan
S + 6.25%
11.73 %4/4/20298,031 7,888 8,044 0.81 %
Rhino Tool House (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.73 %4/4/20291,880 1,837 1,848 0.19 %
Total Capital Equipment75,069 74,940 7.51 %
See Notes to Consolidated Financial Statements
10

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Chemicals, Plastics, & Rubber
Ascensus Specialties(6) (9) (13)First Lien Term Loan
S + 4.35%
9.68 %6/30/20289,706 9,573 8,877 0.89 %
Boulder Scientific Company LLC(6)First Lien Term Loan
S + 4.50%
10.48 %12/28/20252,058 2,067 1,999 0.20 %
Chroma Color Corporation (dba Chroma Color)(6)First Lien Term Loan
S + 6.00%
11.32 %4/23/20296,298 6,186 6,188 0.62 %
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.32 %4/23/20291,379 (12)(24) %
Spartech(6) (9) (12) (13)First Lien Term Loan
S + 4.75%
10.07 %5/6/202814,731 14,667 11,868 1.19 %
Total Chemicals, Plastics, & Rubber32,481 28,908 2.90 %
Construction & Building
Allstar Holdings(12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20302,130 2,068 2,071 0.21 %
Allstar Holdings (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20304,065 2,826 2,769 0.28 %
Allstar Holdings (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20306,188 (85)(170)(0.02 %)
Erie Construction(6) (13)First Lien Term Loan
S + 4.75%
10.15 %7/30/202710,016 9,951 9,956 1.00 %
Gannett Fleming(6) (13)First Lien Term Loan
S + 6.60%
11.90 %12/20/20289,875 9,712 9,888 0.99 %
MEI Rigging & Crating(6) (12) (13)First Lien Term Loan
S + 6.50%
11.83 %6/29/202911,402 11,195 11,305 1.12 %
MEI Rigging & Crating (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.83 %6/29/20291,814 (8)(15) %
ICE USA Infrastructure(10) (12) (13)First Lien Term Loan
S + 5.75%
11.08 %3/15/20306,605 6,539 6,539 0.66 %
RMA Companies (Delayed Draw)(12)First Lien Term Loan
S + 5.75%
11.18 %12/30/20274,616 4,608 4,553 0.46 %
RMA Companies (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.18 %12/30/20273,134 (7)(43) %
Royal Holdco Corporation (Incremental)(6) (10)First Lien Term Loan
S + 5.75%
11.18 %12/30/20273,110 3,069 3,068 0.31 %
Sciens Building Solutions, LLC(6) (9)First Lien Term Loan
S + 5.75%
11.18 %12/15/20279,291 9,167 9,200 0.92 %
Sciens Building Solutions, LLC (Delayed Draw)(6) (9) (11) (12) (13)First Lien Term Loan
S + 5.75%
11.18 %12/15/20274,907 3,253 3,236 0.32 %
Tencate(6) (9) (12) (13)First Lien Term Loan
S + 4.00%
9.31 %2/21/20317,034 6,999 7,001 0.70 %
Tencate (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 4.00%
9.31 %2/21/20311,540  (7) %
WSB Engineering Holdings Inc.(6) (12)First Lien Term Loan
S + 6.00%
11.34 %8/31/20296,503 6,413 6,412 0.64 %
WSB Engineering Holdings Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.34 %8/31/20294,350 3,013 2,981 0.30 %
Total Construction & Building78,713 78,744 7.89 %
Consumer Goods: Durable
Halo Buyer Inc(6) (14)First Lien Term Loan
S + 4.50%
9.93 %6/30/20255,652 5,631 4,143 0.42 %
See Notes to Consolidated Financial Statements
11

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
SmartSign(6) (13)First Lien Term Loan
S + 5.50%
10.93 %9/7/20289,850 9,776 9,742 0.97 %
SmartSign(6)First Lien Term Loan
S + 5.75%
11.17 %9/7/20285,012 4,924 5,001 0.50 %
Total Consumer Goods: Durable20,331 18,886 1.89 %
Consumer Goods: Non-durable
Arcadia Consumer Health(6) (9) (13)First Lien Term Loan
S + 4.50%
9.91 %9/10/202712,572 12,496 12,249 1.23 %
Arcadia Consumer Health (Incremental)(6) (9)First Lien Term Loan
S + 5.75%
11.16 %9/10/20272,160 2,124 2,181 0.22 %
Elevation Labs(6) (13)First Lien Term Loan
S + 5.75%
11.00 %6/30/20286,772 6,720 6,675 0.67 %
Elevation Labs (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.00 %6/30/20283,125 915 893 0.09 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
11.54 %3/1/20277,724 7,680 7,356 0.74 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
11.54 %3/1/20276,863 6,815 6,536 0.65 %
Market Performance Group(6) (13)First Lien Term Loan
S + 5.25%
10.56 %1/8/203012,620 12,498 12,503 1.25 %
Market Performance Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.56 %1/8/20303,086  (29) %
Protective Industrial Products (“PIP”)(6)First Lien Term Loan
S + 4.00%
9.44 %12/29/20273,800 3,796 3,797 0.38 %
Protective Industrial Products (“PIP”)(6) (12)First Lien Term Loan
S + 5.00%
10.44 %12/29/20274,848 4,682 4,896 0.49 %
Ultima Health Holdings, LLC(12)Subordinated DebtN/A
 11.00% (Cash) 1.50% (PIK)
3/12/20291,740 1,713 1,745 0.17 %
Total Consumer Goods: Non-durable 59,439 58,802 5.89 %
Containers, Packaging & Glass
B2B Packaging(6) (13)First Lien Term Loan
S + 6.75%
12.21 %10/7/202614,659 14,630 14,276 1.43 %
B2B Packaging (Delayed Draw)(6)First Lien Term Loan
S + 6.75%
12.24 %10/7/2026116 114 113 0.01 %
Five Star Packing(6) (13) (14)First Lien Term Loan
S + 4.25%
9.57 %5/5/20297,557 7,467 7,505 0.75 %
Good2Grow(6) (12) (13)First Lien Term Loan
S + 6.00%
11.04 %12/1/20276,346 6,260 6,409 0.64 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.50%
9.99 %12/1/20279,265 9,205 9,252 0.93 %
Oliver Packaging(12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
1/6/20292,510 2,473 2,378 0.24 %
Online Labels Group(13)First Lien Term Loan
S + 5.25%
10.61 %12/19/20293,320 3,289 3,303 0.33 %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (2) %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (2) %
Proampac(9) (12) (13)First Lien Term Loan
S + 4.00%
9.30%
9/15/20284,514 4,514 4,545 0.46 %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
11.04 %12/17/20252,975 2,962 2,929 0.29 %
See Notes to Consolidated Financial Statements
12

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
11.04 %12/17/20257,256 7,221 7,143 0.71 %
Specialized Packaging Group (Incremental)(7) (10) (13)First Lien Term Loan
S + 6.25%
11.79 %12/17/20254,398 4,350 4,381 0.44 %
Specialized Packaging Group (Incremental)(6) (7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.79 %12/17/20256,877 6,793 6,850 0.69 %
Total Containers, Packaging & Glass69,278 69,080 6.92 %
Energy: Electricity
MGM Transformer Company(6) (12) (13)First Lien Term Loan
S + 6.00%
11.33 %10/31/202923,553 23,217 23,403 2.33 %
MGM Transformer Company (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.33 %10/31/20296,388 (15)(41) %
National Power(6) (12)First Lien Term Loan
S + 6.00%
11.34 %10/22/20295,660 5,578 5,579 0.56 %
National Power (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.34 %10/22/20293,051 (7)(44) %
Total Energy: Electricity28,773 28,897 2.89 %
Environmental Industries
Contract Land Staff(12) (13)First Lien Term Loan
S + 5.00%
10.31 %3/27/20307,564 7,488 7,488 0.75 %
Contract Land Staff (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.31 %3/27/20303,025 (8)(30) %
Impact Environmental Group(6) (12)First Lien Term Loan
S + 6.00%
11.41 %3/23/20296,759 6,638 6,771 0.68 %
Impact Environmental Group (Delayed Draw)(12)First Lien Term Loan
S + 6.00%
11.41 %3/23/20293,158 3,143 3,163 0.32 %
Impact Environmental Group (Incremental)(12)First Lien Term Loan
S + 6.00%
11.41 %3/23/20291,732 1,700 1,735 0.17 %
Impact Environmental Group (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.41 %3/23/20296,815 2,693 2,734 0.27 %
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)(6)First Lien Term Loan
S + 5.25%
10.66 %8/31/20286,631 6,582 6,386 0.64 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)(6) (12)First Lien Term Loan
S + 6.25%
11.56 %7/3/20298,529 8,409 8,412 0.84 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.56 %7/3/20296,429 1,100 1,026 0.10 %
The Facilities Group(6) (9)First Lien Term Loan
S + 5.75%
11.16 %11/30/20274,859 4,830 4,859 0.49 %
The Facilities Group (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.15 %11/30/20275,028 167 167 0.02 %
See Notes to Consolidated Financial Statements
13

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
The Facilities Group(6) (9) (13)First Lien Term Loan
S + 5.75%
11.15 %11/30/20279,026 8,944 9,026 0.91 %
The Facilities Group (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.16 %11/30/20274,939 4,939 4,939 0.49 %
Total Environmental Industries56,625 56,676 5.68 %
Healthcare & Pharmaceuticals
Affinity Hospice(6) (12)First Lien Term Loan
S + 4.75%
10.15 %12/17/20277,852 7,800 6,583 0.66 %
Anne Arundel(12) (16)Subordinated DebtN/A
12.75% (PIK)
10/16/20263,282 3,252 713 0.07 %
Anne Arundel(12) (16)Subordinated DebtN/A
11.00% (PIK)
4/16/20261,972 1,959 894 0.09 %
Anne Arundel (Delayed Draw)(11) (12) (16)Subordinated DebtN/A
11.00% (PIK)
4/16/20262,396 2,023 719 0.07 %
Forefront Dermatology(6) (9) (14)First Lien Term Loan
S + 4.25%
9.56 %3/30/20293,306 3,262 3,236 0.32 %
Genesee Scientific(6) (9)First Lien Term Loan
S + 5.50%
10.93 %9/30/20275,943 5,909 5,756 0.58 %
Genesee Scientific (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.93 %9/30/20271,556 1,556 1,507 0.15 %
GHR Healthcare(6) (9)First Lien Term Loan
S + 5.00%
10.46 %12/9/20276,385 6,345 6,251 0.63 %
GHR Healthcare (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.00%
10.46 %12/9/20271,997 1,997 1,955 0.20 %
GHR Healthcare (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.00%
10.46 %12/9/20274,970 4,896 4,866 0.49 %
Health Management Associates(6) (12) (13)First Lien Term Loan
S + 6.25%
11.69 %3/30/20298,285 8,139 8,262 0.83 %
Health Management Associates (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.69 %3/30/20291,498 444 468 0.05 %
Heartland Veterinary Partners LLC (Incremental)(12)Subordinated DebtN/A
7.50% (Cash) 7.00% (PIK)
12/10/20271,900 1,875 1,853 0.19 %
Heartland Veterinary Partners (Delayed Draw) (Incremental)(11) (12)Subordinated DebtN/A
7.50% (Cash) 7.00% (PIK)
12/10/20273,600  (90)(0.01 %)
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental)(12)Subordinated DebtN/A
7.50% (Cash) 7.00% (PIK)
12/10/20279,500 9,500 9,263 0.93 %
HemaSource Inc.(12)Subordinated DebtN/A
8.50% (Cash) 5.00% (PIK)
2/28/20305,292 5,158 5,154 0.52 %
InfuCare RX(6) (12) (13)First Lien Term Loan
S + 4.50%
9.91 %1/4/20289,248 9,186 9,226 0.92 %
MDC Intermediate Holdings II, LLC(12)Subordinated Debt
N/A
10.00% (Cash) 2.25% (PIK)
2/7/20301,759 1,722 1,701 0.17 %
MDC Intermediate Holdings II, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.25% (PIK)
2/7/2030723 462 445 0.04 %
Midwest Eye Consultants(6) (13)First Lien Term Loan
S + 4.50%
9.96 %8/20/20278,998 8,945 8,936 0.90 %
PromptCare(6) (9)First Lien Term Loan
S + 6.00%
11.45 %9/1/20278,183 8,110 8,087 0.81 %
PromptCare (Delayed Draw)(6) (9)First Lien Term Loan
S + 6.00%
11.45 %9/1/20271,275 1,269 1,260 0.13 %
Quorum Health Resources, LLC(6) (13)First Lien Term Loan
S + 5.75%
11.29 %5/28/20277,660 7,610 7,500 0.75 %
Quorum Health Resources, LLC (Delayed Draw) (Incremental)(6) (10)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,240 3,232 3,215 0.32 %
Quorum Health Resources, LLC (Incremental)(6) (10) (13)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,240 3,195 3,215 0.32 %
Sandlot Buyer, LLC (Prime Time Healthcare)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.28 %9/19/20288,625 8,414 8,543 0.86 %
See Notes to Consolidated Financial Statements
14

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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))(12) (13)First Lien Term Loan
S + 6.00%
11.27 %9/19/20289,994 9,806 9,899 0.99 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)(6) (13)First Lien Term Loan
S + 5.75%
11.18 %10/5/20297,455 7,392 7,367 0.74 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.18 %10/5/20292,439 1,554 1,525 0.15 %
SM Wellness Holdings, Inc(6) (12) (13)First Lien Term Loan
S + 4.50%
10.07 %4/17/202814,627 14,542 14,149 1.42 %
Southern Veterinary Partners(9)First Lien Term Loan
S + 4.00%
9.44 %10/5/20272,118 2,113 2,113 0.21 %
Team Services Group(6)First Lien Term Loan
S + 5.00%
10.58%
12/20/20276,650 6,617 6,620 0.66 %
Thorne HealthTech(6) (12) (13)First Lien Term Loan
S + 6.00%
11.06 %10/16/203010,625 10,525 10,522 1.05 %
TIDI Products(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.83 %12/19/202915,484 15,337 15,427 1.55 %
TIDI Products (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.83 %12/19/20294,085  (15) %
US Fertility(12)Subordinated Debt
N/A
13.75% (PIK)
6/21/202812,831 12,543 12,652 1.27 %
Wellspring Pharmaceutical(6)First Lien Term Loan
S + 5.75%
11.03 %8/22/20283,370 3,317 3,317 0.33 %
Wellspring Pharmaceutical (Delayed Draw)(12)First Lien Term Loan
S + 5.75%
11.03 %8/22/20281,567 1,558 1,543 0.15 %
Wellspring Pharmaceutical (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.33 %8/22/20283,756 (15)(26) %
Wellspring Pharmaceutical (Incremental)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.33 %8/22/20281,243 1,221 1,234 0.12 %
Young Innovations(6) (9) (13)First Lien Term Loan
S + 5.75%
11.07 %12/3/202916,510 16,354 16,352 1.63 %
Young Innovations (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.07 %12/3/20293,448  (33) %
Total Healthcare & Pharmaceuticals219,124 212,164 21.26 %
High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)(6) (12)First Lien Term Loan
S + 6.00%
11.31 %6/13/20298,001 7,856 7,934 0.79 %
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.31 %6/13/20293,225 (14)(27) %
Ahead Data Blue LLC(6)First Lien Term Loan
S + 4.25%
9.56 %2/1/20315,118 5,069 5,069 0.51 %
Argano, LLC(6)First Lien Term Loan
S + 6.00%
11.68 %6/10/20265,619 5,591 5,551 0.56 %
Argano, LLC (Delayed Draw)(6) (13)First Lien Term Loan
S + 6.00%
11.68 %6/10/20262,488 2,489 2,459 0.25 %
Argano, LLC (Delayed Draw) (Incremental)(6)First Lien Term Loan
S + 6.00%
11.68 %6/10/20261,700 1,674 1,680 0.17 %
Diligent Corporation(6) (9)First Lien Term Loan
S + 6.25%
11.71 %8/4/202512,437 12,422 12,422 1.24 %
Diligent Corporation(6) (9) (12) (13)First Lien Term Loan
S + 5.75%
11.21 %8/4/20253,378 3,366 3,353 0.34 %
Diligent Corporation(9) (12)First Lien Term Loan
S + 5.75%
11.21 %8/4/20251,472 1,467 1,461 0.15 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.71 %8/4/2025167 167 167 0.02 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.71 %8/4/2025106 106 105 0.01 %
See Notes to Consolidated Financial Statements
15

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Eliassen Group LLC(6) (9) (13)First Lien Term Loan
S + 5.50%
10.81 %4/14/202812,039 11,950 12,054 1.21 %
Eliassen Group LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.81 %4/14/20282,769 862 870 0.09 %
Evergreen Services Group II(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
11.31 %10/4/203016,115 15,884 16,067 1.60 %
Evergreen Services Group II (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.25%
11.31 %10/4/203013,014 11,863 11,853 1.19 %
Exterro(6) (13)First Lien Term Loan
S + 5.50%
10.99 %6/1/20279,474 9,470 9,590 0.96 %
Fineline Merger(12)Subordinated Debt
S + 9.26%
14.31 %8/19/20282,453 2,430 2,453 0.25 %
Go Engineer(6) (9) (13)First Lien Term Loan
S + 5.38%
10.83 %12/21/202711,543 11,466 11,491 1.15 %
Go Engineer (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.38%
10.83 %12/21/20273,144 3,123 3,129 0.31 %
Infinite Electronics (Incremental)(6) (9)First Lien Term Loan
S + 6.25%
11.83 %3/2/20286,297 6,144 6,096 0.61 %
Infobase Acquisition, Inc.(6)First Lien Term Loan
S + 5.50%
10.98 %6/14/20284,320 4,288 4,310 0.43 %
ITSavvy LLC(6)First Lien Term Loan
S + 5.25%
10.89 %8/8/20287,774 7,715 7,774 0.77 %
ITSavvy LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.89 %8/8/20281,049 884 891 0.09 %
North Haven CS Acquisition Inc(6)First Lien Term Loan
S + 5.50%
10.97 %1/23/20255,769 5,769 5,742 0.58 %
North Haven CS Acquisition Inc (Incremental)(12) (13)First Lien Term Loan
S + 5.50%
10.97 %1/22/202722,355 22,135 22,251 2.23 %
Prosci, Inc.(6)First Lien Term Loan
S + 4.50%
9.93 %10/21/20264,733 4,707 4,733 0.47 %
Quickbase(12) (13)First Lien Term Loan
S + 4.00%
9.30 %10/2/20286,353 6,322 6,322 0.63 %
Revalize (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.21 %4/15/20274,232 4,222 4,002 0.40 %
Revalize (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.21 %4/15/20271,087 1,080 1,028 0.10 %
Revalize (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.21 %4/15/2027244 243 231 0.02 %
SmartWave(6) (12)First Lien Term Loan
S + 6.00%
11.46 %11/5/20269,190 9,128 7,599 0.76 %
Solve Industrial Motion Group(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/30/20281,823 1,798 1,735 0.17 %
Solve Industrial Motion Group(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/30/2028779 767 755 0.08 %
Solve Industrial Motion Group (Delayed Draw)(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/30/20282,088 2,088 1,987 0.20 %
Velosio(6) (9) (13)First Lien Term Loan
S + 5.25%
10.58 %3/1/20306,248 6,187 6,187 0.62 %
Velosio (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
10.58 %3/1/20301,284  (12) %
Total High Tech Industries190,718 189,312 18.96 %
Media: Advertising, Printing & Publishing
Tinuiti(6) (9)First Lien Term Loan
S + 5.25%
10.65 %12/10/20262,940 2,922 2,842 0.28 %
Tinuiti (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.25%
10.65 %12/10/20261,922 1,921 1,857 0.19 %
Tinuiti (Delayed Draw) (Incremental)(6) (9) (12)First Lien Term Loan
S + 5.25%
10.65 %12/10/20269,838 9,838 9,509 0.95 %
Wpromote(6) (13)First Lien Term Loan
S + 5.75%
11.18 %10/23/20284,368 4,297 4,373 0.44 %
See Notes to Consolidated Financial Statements
16

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Wpromote (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.18 %10/23/2028588 (3)1  %
Total Media: Advertising, Printing & Publishing18,975 18,582 1.86 %
Media: Diversified & Production
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.93 %8/12/20272,879 2,862 2,635 0.26 %
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.93 %8/12/20272,531 2,505 2,316 0.23 %
Spectrio II(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/20268,225 8,187 7,608 0.77 %
Spectrio II (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 6.00%
6.33% (Cash) 5.00% (PIK)
12/9/20262,922 2,905 2,703 0.27 %
Spectrio II (Delayed Draw)(9) (13)First Lien Term Loan
S + 6.00%
6.33% (Cash) 5.00% (PIK)
12/9/2026446 444 410 0.04 %
Total Media: Diversified & Production16,903 15,672 1.57 %
Retail
Syndigo(6)First Lien Term Loan
S + 4.50%
9.94 %12/15/20275,820 5,834 5,789 0.59 %
Total Retail5,834 5,789 0.59 %
Services: Business
ALKU Intermediate Holdings, LLC(12) (13)First Lien Term Loan
S + 6.25%
11.58 %5/23/20294,508 4,428 4,553 0.46 %
Apex Companies Holdings, LLC(12)Subordinated DebtN/A
 10.00% (Cash) 2.50% (PIK)
1/31/20293,989 3,908 3,979 0.40 %
Apex Companies Holdings, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20291,085 71 80 0.01 %
Aramsco(6) (9)First Lien Term Loan
S + 4.75%
10.06 %10/10/20301,703 1,703 1,703 0.17 %
Aramsco (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 4.75%
10.06 %10/10/2030297    %
ARMstrong(6) (12) (13)First Lien Term Loan
S + 6.25%
11.66 %10/8/202911,418 11,256 11,371 1.13 %
ARMstrong (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.66 %10/8/20293,847 (27)(16) %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.44 %9/30/202710,000 9,869 10,000 1.00 %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.44 %9/30/20272,500 2,500 2,500 0.25 %
Bounteous(6) (12) (13)First Lien Term Loan
S + 5.25%
10.69 %8/2/20275,334 5,299 5,307 0.53 %
Bounteous(6) (12)First Lien Term Loan
S + 5.25%
10.69 %8/2/20272,183 2,169 2,172 0.22 %
Bounteous (Delayed Draw)(6) (12)First Lien Term Loan
S + 5.25%
10.69 %8/2/20272,761 2,745 2,746 0.28 %
Bounteous (Delayed Draw)(12)First Lien Term Loan
S + 5.25%
10.69 %8/2/20273,567 3,567 3,549 0.36 %
BroadcastMed Holdco, LLC(12)Subordinated Debt
N/A
10.00% (Cash) 3.75% (PIK)
11/12/20273,615 3,560 3,475 0.35 %
Bullhorn Inc(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.93 %9/30/202613,671 13,585 13,671 1.36 %
BusinesSolver(6) (9)First Lien Term Loan
S + 5.50%
10.91 %12/1/20277,721 7,671 7,721 0.77 %
See Notes to Consolidated Financial Statements
17

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
BusinesSolver (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.91 %12/1/20271,149 272 276 0.03 %
Career Now(12)Subordinated Debt
N/A
13.00% (PIK)
3/30/20273,393 3,355 2,313 0.23 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
10.83 %9/24/2026308 306 308 0.03 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
10.83 %9/24/20262,289 2,279 2,289 0.23 %
Cornerstone Advisors of Arizona LLC (Delayed Draw)(6) (10)First Lien Term Loan
S + 5.50%
10.83 %9/24/2026210 209 210 0.02 %
Cornerstone Advisors of Arizona LLC (Incremental)(6)First Lien Term Loan
S + 5.50%
10.89 %9/24/20263,449 3,415 3,449 0.35 %
CrossCountry Consulting(6) (9)First Lien Term Loan
S + 5.75%
11.17 %6/1/20298,154 8,023 8,235 0.82 %
CrossCountry Consulting (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.17 %6/1/20293,320 (25)33  %
D&H United Fueling Solutions(6) (13)First Lien Term Loan
S + 6.00%
10.98 %9/15/20287,472 7,356 7,309 0.73 %
D&H United Fueling Solutions (Delayed Draw)(6)First Lien Term Loan
S + 6.00%
10.98 %9/15/20282,378 2,360 2,326 0.23 %
D&H United Fueling Solutions (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.46 %9/15/20281,567 167 167 0.02 %
D&H United Fueling Solutions (Incremental)(6) (13)First Lien Term Loan
S + 6.00%
11.46 %9/15/20283,457 3,395 3,441 0.34 %
E78(6)First Lien Term Loan
S + 5.50%
10.93 %12/1/20275,586 5,549 5,573 0.56 %
E78(13)First Lien Term Loan
S + 5.75%
10.93 %12/1/20271,434 1,424 1,431 0.14 %
E78 (Delayed Draw)(6) (13)First Lien Term Loan
 S + 5.50%
10.93 %12/1/20274,200 4,172 4,190 0.42 %
E78 (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%

10.93 %12/1/20273,547 977 969 0.10 %
Evergreen Services Group(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
11.66 %6/15/202911,936 11,743 11,773 1.17 %
Evergreen Services Group (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.66 %6/15/20292,856 2,833 2,817 0.28 %
Gabriel Partners LLC(6) (9) (13)First Lien Term Loan
S + 6.25%
11.74 %9/21/20269,168 9,125 9,168 0.92 %
Gabriel Partners LLC (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.25%
11.74 %9/21/20261,527 1,527 1,527 0.15 %
Gabriel Partners LLC (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.74 %9/21/20263,784 3,764 3,784 0.38 %
HireRight(12) (13)First Lien Term Loan
S + 4.00%
9.33 %9/27/20306,754 6,686 6,687 0.67 %
Image First(6) (12) (13)First Lien Term Loan
S + 4.25%
9.57 %4/27/20287,668 7,650 7,649 0.77 %
Image First (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.25%
9.57 %4/27/2028143    %
Keng Acquisition, Inc. (Engage Group Holdings, LLC)(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
11.56 %8/1/20299,643 9,507 9,605 0.96 %
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.25%
11.56 %8/1/20299,311 1,177 1,162 0.12 %
KRIV Acquisition, Inc(6) (12) (13)First Lien Term Loan
S + 6.50%
11.80 %7/6/202910,737 10,459 10,439 1.05 %
KRIV Acquisition, Inc (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.80 %7/6/20291,607 (18)(45) %
Lion Merger Sub Inc(9) (13)First Lien Term Loan
S + 6.00%
11.41 %12/17/20257,323 7,293 7,295 0.73 %
See Notes to Consolidated Financial Statements
18

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Lion Merger Sub Inc (Incremental)(9) (12) (13)First Lien Term Loan
S + 6.00%
11.41 %12/17/20257,298 7,241 7,270 0.73 %
LSCS Holdings Inc.(6) (13) (14)First Lien Term Loan
S + 4.50%
9.94 %12/16/20289,775 9,742 9,650 0.97 %
Lynx Franchising, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.23 %12/23/20269,775 9,700 9,759 0.98 %
Micronics(12)Subordinated Debt
S + 5.25%
10.84 %2/17/20272,450 2,405 2,405 0.24 %
Output Services Group, Inc.(10) (12)First Lien Term Loan
S + 8.00%
13.29 %5/30/2028155 155 155 0.02 %
Output Services Group, Inc.(12)First Lien Term Loan
S + 6.25%
7.22% (Cash) 4.75% (PIK)
11/30/2028837 837 837 0.08 %
Phaidon International(6) (7) (10) (12) (13)First Lien Term Loan
S + 5.50%
10.93 %8/22/202913,823 13,715 13,660 1.36 %
Plaze(12)Subordinated Debt
S + 7.50%
12.94 %7/7/202813,500 13,218 12,574 1.26 %
Propark Mobility(6)First Lien Term Loan
S + 6.25%
11.40 %1/31/20296,806 6,694 6,816 0.68 %
Propark Mobility (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.40 %1/31/20293,122 1,274 1,329 0.13 %
Scaled Agile(6) (9)First Lien Term Loan
S + 5.50%
10.91 %12/15/20287,915 7,858 7,461 0.75 %
Scaled Agile (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.91 %12/15/2028389 389 367 0.04 %
Smile Brands(12)Subordinated Debt
S + 8.50%
14.95% (PIK)
4/12/202610,325 10,255 8,763 0.88 %
Soliant Health(6)First Lien Term Loan
S + 4.00%
9.44 %3/31/20285,353 5,350 5,370 0.54 %
System One(6) (9) (12)First Lien Term Loan
S + 4.00%
9.46 %3/2/20282,253 2,250 2,249 0.23 %
Technical Safety Services(6)First Lien Term Loan
S + 5.50%
10.95 %6/22/20296,755 6,701 6,755 0.68 %
Technical Safety Services (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.95 %6/22/20296,394 3,982 4,051 0.41 %
Technical Safety Services (Incremental)(6) (12)First Lien Term Loan
S + 5.50%
10.95 %6/22/20291,885 1,859 1,885 0.19 %
TouchTunes Interactive(6) (13)First Lien Term Loan
S + 5.00%
10.30 %4/2/20299,850 9,772 9,899 0.99 %
Trilon Group, LLC(13)First Lien Term Loan
S + 6.25%
11.71 %5/25/20292,970 2,951 2,941 0.29 %
Trilon Group, LLC(6) (13)First Lien Term Loan
S + 6.00%
11.71 %5/25/20297,388 7,328 7,315 0.73 %
Trilon Group, LLC(12) (13)First Lien Term Loan
S + 6.25%
11.72 %5/25/20293,724 3,654 3,687 0.37 %
Trilon Group, LLC (Delayed Draw)(12)First Lien Term Loan
S + 6.00%
11.71 %5/25/20297,406 7,406 7,333 0.73 %
Trilon Group, LLC (Delayed Draw)(12)First Lien Term Loan
S + 6.25%
11.71 %5/25/20291,980 1,980 1,960 0.20 %
Trilon Group, LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.72 %5/25/20296,373 4,469 4,436 0.44 %
Vistage(6) (9)First Lien Term Loan
S + 4.75%
10.05 %7/13/20296,982 6,948 6,947 0.70 %
Vital Records Control(6) (9)First Lien Term Loan
S + 5.50%
11.07 %6/29/20274,571 4,536 4,542 0.46 %
Vital Records Control(6) (9)First Lien Term Loan
S + 5.75%
11.07 %6/29/2027333 330 333 0.03 %
Total Services: Business340,283 337,940 33.85 %
Services: Consumer
360 Training(13)First Lien Term Loan
S + 5.00%
10.33 %8/2/20283,465 3,431 3,431 0.34 %
360 Training (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.33 %8/2/20283,093  (30) %
All My Sons(6)First Lien Term Loan
S + 4.75%
10.31 %10/25/20285,247 5,210 5,247 0.53 %
COP Exterminators Acquisition, Inc.(12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
1/28/2030847 825 825 0.08 %
See Notes to Consolidated Financial Statements
19

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
COP Exterminators Acquisition, Inc. (Delayed Draw)(11) (12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
1/28/2030652 535 526 0.05 %
Excel Fitness(6) (13)First Lien Term Loan
S + 5.25%
10.70 %4/27/20299,850 9,757 9,689 0.97 %
Fairway Lawns(12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20292,766 2,701 2,695 0.27 %
Fairway Lawns (Delayed Draw)(12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20295,944 5,944 5,794 0.58 %
Legacy Service Partners, LLC (“LSP”)(6) (12) (13)First Lien Term Loan
  S + 6.50%
11.96 %1/9/202910,136 9,965 10,237 1.02 %
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)(12)First Lien Term Loan
S + 6.50%
11.96 %1/9/20294,724 4,704 4,771 0.48 %
Liberty Buyer(6) (9) (13)First Lien Term Loan
S + 5.75%
11.18 %6/15/20283,919 3,890 3,926 0.39 %
Liberty Buyer (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.18 %6/15/2028743 295 296 0.03 %
NearU(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.51 %8/16/20288,452 8,452 7,895 0.79 %
NearU (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.51 %8/16/20281,577  (104)(0.01 %)
NearU (Delayed Draw)(9) (11) (12)First Lien Term Loan
 S + 6.00%
11.51 %8/16/20281,714  (113)(0.01 %)
NJEye LLC(6)First Lien Term Loan
S + 4.75%
10.17 %3/14/20255,326 5,321 5,306 0.53 %
NJEye LLC (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
10.17 %3/14/2025698 698 695 0.07 %
NJEye LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
10.17 %9/14/20241,373 884 879 0.09 %
NJEye LLC (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
10.44 %9/14/2024888 888 885 0.09 %
North Haven Spartan US Holdco LLC(6)First Lien Term Loan
S + 6.25%
11.57 %6/8/20262,496 2,495 2,466 0.25 %
North Haven Spartan US Holdco LLC (Delayed Draw)(6)First Lien Term Loan
S + 6.25%
11.57 %6/8/2026216 216 214 0.02 %
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental)(11) (13)First Lien Term Loan
S + 6.25%
11.57 %6/8/20263,260 (8)(40) %
One World Fitness PFF LLC(6)First Lien Term Loan
S + 5.25%
10.66% (Cash) 1.00% (PIK)
11/26/20253,874 3,875 3,686 0.37 %
Perennial Services, Group, LLC(6)First Lien Term Loan
S + 6.00%
11.44 %9/7/20296,716 6,624 6,688 0.67 %
Perennial Services, Group, LLC (Delayed Draw)(6) (12)First Lien Term Loan
S + 6.00%
11.44 %9/7/20296,010 5,997 5,985 0.60 %
Wrench Group(9) (13)First Lien Term Loan
 S + 4.00%
9.57 %10/30/20284,500 4,490 4,491 0.45 %
Total Services: Consumer87,189 86,340 8.65 %
Sovereign & Public Finance
LMI Renaissance(6) (12) (13)First Lien Term Loan
S + 5.50%
10.84 %7/18/202812,224 12,125 12,174 1.22 %
Total Sovereign & Public Finance12,125 12,174 1.22 %
See Notes to Consolidated Financial Statements
20

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
Telecommunications
BCM One(6)First Lien Term Loan
S + 4.50%
9.92 %11/17/20275,942 5,942 5,918 0.59 %
BCM One (Delayed Draw)(6)First Lien Term Loan
S + 4.50%
9.92 %11/17/20271,822 1,822 1,815 0.18 %
MBS Holdings, Inc.(6) (9)First Lien Term Loan
S + 6.25%
11.68 %4/16/20271,823 1,795 1,833 0.18 %
Mobile Communications America Inc(6) (12) (13)First Lien Term Loan
S + 6.00%
11.31 %10/16/202918,459 18,196 18,229 1.84 %
Mobile Communications America Inc (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.31 %10/16/20295,970 (42)(74)(0.01 %)
Momentum Telecom II(6) (9) (13)First Lien Term Loan
S + 5.75%
11.18 %4/16/202710,028 9,973 9,950 1.00 %
Momentum Telecom II (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
11.93 %4/16/20271,311 1,289 1,326 0.13 %
Sapphire Telecom Inc(6) (9)First Lien Term Loan
S + 6.00%
11.47 %11/20/20256,633 6,613 6,633 0.66 %
Tyto Athene, LLC(6) (12)First Lien Term Loan
S + 5.50%
10.98 %4/3/20287,157 7,108 6,610 0.66 %
Total Telecommunications52,696 52,240 5.23 %
Transportation: Cargo
AIT Logistics(6) (14)First Lien Term Loan
S + 4.75%
10.17 %4/6/20281,281 1,280 1,286 0.13 %
FSK Pallet Holding Corp. (DBA Kamps Pallets)(6) (13)First Lien Term Loan
S + 6.00%
11.46 %12/23/20269,850 9,713 9,500 0.94 %
Kenco Group, Inc.(6) (13)First Lien Term Loan
S + 5.00%
10.29 %11/15/20298,476 8,334 8,476 0.85 %
Kenco Group, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.29 %11/15/20291,416 (23)  %
Quantix (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
12.23 %8/3/2026257 256 251 0.03 %
Quantix (Incremental)(6) (9)First Lien Term Loan
S + 6.00%
11.73 %8/3/2026892 889 870 0.09 %
Quantix (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
12.23 %8/3/2026180 180 176 0.02 %
Quantix (Incremental)(6) (9)First Lien Term Loan
S + 6.50%
12.23 %8/3/20264,356 4,341 4,247 0.43 %
Quantix (Incremental)(9) (13)First Lien Term Loan
S + 6.50%
11.90 %8/3/20261,355 1,342 1,321 0.13 %
RoadOne(12)Subordinated DebtN/A
8.75% (Cash) 5.00% (PIK)
6/30/20294,759 4,642 4,637 0.46 %
RoadOne (Delayed Draw)(11) (12)Subordinated DebtN/A
8.75% (Cash) 5.00% (PIK)
6/30/20291,397 (17)(36) %
SEKO Global Logistics(12)Subordinated Debt
S + 5.00%
10.50% (Cash) 4.50% (PIK)
6/30/20275,905 5,835 5,288 0.53 %
SEKO Global Logistics(12)Subordinated Debt
S + 5.00%
 10.50% (Cash) 4.50% (PIK)
6/30/20274,098 4,046 3,670 0.37 %
SEKO Global Logistics(6)First Lien Term Loan
S + 5.00%
10.46 %12/30/20261,122 1,116 1,045 0.10 %
SEKO Global Logistics (Delayed Draw)(12)Subordinated Debt
S + 5.00%
10.50% (Cash) 4.50% (PIK)
6/30/2027923 923 826 0.08 %
SEKO Global Logistics (Delayed Draw) (Incremental)(6) (12)First Lien Term Loan
S + 5.00%
10.46 %12/30/20264,473 4,473 4,164 0.42 %
See Notes to Consolidated Financial Statements
21

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
SEKO Global Logistics (Incremental)(6)First Lien Term Loan
S + 5.00%
10.46 %12/30/20261,513 1,503 1,409 0.14 %
TI ACQUISITION NC LLC(6)First Lien Term Loan
S + 4.75%
10.04 %3/19/20272,773 2,715 2,666 0.27 %
Worldwide Express(6) (14)First Lien Term Loan
S + 4.00%
9.57 %7/26/20282,494 2,457 2,485 0.25 %
Total Transportation: Cargo54,005 52,281 5.24 %
Transportation: Consumer
Alternative Logistics Technologies Buyer, LLC(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.83 %2/14/203110,640 10,539 10,538 1.06 %
Alternative Logistics Technologies Buyer, LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.83 %2/14/20313,040  (29) %
American Student Transportaton Partners, Inc(12)Subordinated DebtN/A
6.00% (Cash) 8.50% (PIK)
9/11/20292,125 2,073 2,033 0.20 %
Total Transportation: Consumer12,612 12,542 1.26 %
Utilities: Electric
DMC HoldCo LLC (DMC Power) (6)First Lien Term Loan
S + 6.00%
11.31 %7/13/20294,988 4,918 4,969 0.50 %
DMC HoldCo LLC (DMC Power) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.31 %7/13/20291,671 (4)(6) %
Pinnacle Supply Partners, LLC(6)First Lien Term Loan
S + 6.25%
11.68 %4/3/20306,316 6,203 6,273 0.62 %
Pinnacle Supply Partners, LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.68 %4/3/20303,636 (28)(25) %
TPC Wire & Cable(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/20282,244 2,225 2,204 0.22 %
TPC Wire & Cable (Delayed Draw)(11) (12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/2028918 916 901 0.09 %
TPC Wire & Cable Corp (Delayed Draw) (Incremental)(11) (12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/20281,714  (30) %
Total Utilities: Electric14,230 14,286 1.43 %
Utilities: Water
USA Water(6) (12)First Lien Term Loan
S + 4.75%
10.06 %2/21/20317,897 7,822 7,821 0.78 %
USA Water (Delayed Draw)(11) (12)First Lien Term Loan
 S + 4.75%
10.06 %2/21/20313,037  (29) %
Total Utilities: Water
7,822 7,792 0.78 %
Wholesale
Industrial Service Group(6)First Lien Term Loan
S + 6.25%
11.56 %12/7/20286,509 6,400 6,550 0.66 %
Industrial Service Group (Delayed Draw)(6) (12)First Lien Term Loan
S + 6.25%
11.56 %12/7/20283,389 3,375 3,410 0.34 %
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)(6) (13)First Lien Term Loan
S + 6.50%
11.96 %1/19/20297,941 7,809 7,952 0.79 %
See Notes to Consolidated Financial Statements
22

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(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)
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.96 %1/19/20291,979 (32)3  %
Total Wholesale17,552 17,915 1.79 %
Total Debt Investments1,788,967 1,762,854 176.60 %
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) (12) (15)Class A-1 Units9/1/20231,530,000 1,530 1,859 0.19 %
Total Aerospace & Defense1,530 1,859 0.19 %
Automotive
Covercraft(8) (12)LP Interests8/20/2021768 768 330 0.03 %
High Bar Brands(8) (10) (12)Class A Units12/19/2023303,000 303 294 0.03 %
S&S Truck Parts(8) (12)Partnership Units3/1/20224 378 288 0.03 %
S&S Truck Parts(8) (12)Common Units8/1/202278,541 79 60 0.01 %
Total Automotive1,528 972 0.10 %
Beverage, Food & Tobacco
Bardstown PPC Holdings LLC(8) (10) (12)Common Units7/13/202214,777 1,860 2,207 0.22 %
Fresh Edge - Common(8) (12)Class B Common Units10/3/2022682 3 46  %
Fresh Edge - Preferred(8) (12)Class A Preferred Units10/3/2022682 682 790 0.08 %
Tech24(8) (12)Company Unit10/5/2023954 954 983 0.10 %
Total Beverage, Food & Tobacco3,499 4,026 0.40 %
Capital Equipment
Crete Mechanical Group(8) (12)Equity Co-Investment5/7/202223 230 616 0.06 %
EFC Holdings, LLC(8) (10) (12)Class A Common Units2/28/2023148 60 120 0.01 %
EFC Holdings, LLC(8) (10) (12)Series A Preferred Units2/28/2023148 148 161 0.02 %
See Notes to Consolidated Financial Statements
23

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Precision Surfacing - Common(8) (10) (12)Common Units10/3/20223,750,000 3,750 7,126 0.71 %
Repipe Specialists(8) (12)Purchased Units3/18/2022239 239 3  %
Total Capital Equipment4,427 8,026 0.80 %
Construction & Building
Erie Construction(8) (12)Common Units7/27/2021166 166 521 0.05 %
Gannett Fleming(8) (12)Series F Units5/26/2023569,505 570 830 0.08 %
Gannett Fleming(8) (12) (15)Limited Partnership Interests12/20/2022424,742 425 619 0.06 %
Total Construction & Building1,161 1,970 0.19 %
Consumer Goods: Non-durable
FoodScience(8) (12)Class B Units3/1/20215,168 5   %
FoodScience(8) (12)Class A Units3/1/202198 98 80 0.01 %
Ultima Health Holdings, LLC(8) (12)Preferred Units9/12/202215 170 182 0.02 %
Total Consumer Goods: Non-durable273 262 0.03 %
Containers, Packaging & Glass
Oliver Packaging(8) (12)Class A Common Units7/6/202210,230 1,023 606 0.06 %
Specialized Packaging Group(7) (8) (10) (12)Class A Units12/17/2020147,708 148 177 0.02 %
Total Containers, Packaging & Glass1,171 783 0.08 %
Healthcare & Pharmaceuticals
AG MDC Holdings, Inc(8) (10) (12)Class A2 Units2/7/2023245 245 204 0.02 %
Anne Arundel(8) (12)AA Equity Co-Invest9/14/202312,175 880   %
Health Management Associates(8) (12)Class A Common Units3/31/2023399,904 400 489 0.05 %
REP HS Topco Holdings (HemaSource Inc.)(8) (12)LP Interests8/31/2023577,000 577 652 0.06 %
Total Healthcare & Pharmaceuticals2,102 1,345 0.13 %
High Tech Industries
ITSavvy LLC(8) (12)Class A Common Units8/8/2022522 522 1,377 0.14 %
Solve Industrial Motion Group(8) (12)LP Interests6/30/2021313 313 183 0.02 %
Total High Tech Industries835 1,560 0.16 %
Services: Business
See Notes to Consolidated Financial Statements
24

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Apex Companies Holdings, LLC(8) (10) (12)Class A Membership Interests1/31/20231,173 117 127 0.01 %
BroadcastMed Holdco, LLC(8) (12)Series A-3 Preferred Units10/4/202256,899 853 790 0.08 %
Career Now(8) (12)Series B Limited Partnership Units10/14/2023222 22   %
Career Now(8) (12)Common Equity9/30/2021624 624   %
E78(8) (12)Class A Common Units12/1/2021816 860 894 0.09 %
KRIV Acquisition, Inc(8) (12)Class A Units7/17/2023790 790 734 0.07 %
Output Services Group, Inc.(8) (10) (12)Class A Units11/30/202347,021 833 908 0.09 %
Total Services: Business4,099 3,453 0.34 %
Services: Consumer
COP Exterminators Investment, LLC(8) (12)Class A Units7/31/2023997,000 1,117 1,201 0.12 %
Legacy Service Partners, LLC (“LSP”)(8) (12)Class B Units1/9/20234,907 491 597 0.06 %
NearU(8) (9) (12)Limited Partnership Interests8/8/20222,432 243 159 0.02 %
Perennial Services Investors LLC(8) (10) (12)Class A Units9/8/20237,784 778 1,095 0.11 %
Total Services: Consumer2,629 3,052 0.31 %
Sovereign & Public Finance
LMI Renaissance(8) (12)Limited Partnership Interests7/18/2022633,980 634 1,421 0.14 %
Total Sovereign & Public Finance634 1,421 0.14 %
Transportation: Cargo
RoadOne - Common(8) (12)Partnership Units12/29/20221,173,220 939 1,471 0.15 %
SEKO Global Logistics(8) (12)Equity Co-Invest12/30/2020671,203 332 681 0.07 %
Total Transportation: Cargo1,271 2,152 0.22 %
See Notes to Consolidated Financial Statements
25

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Transportation: Consumer
ASTP Holdings Co-Investment LP(8) (12)Limited Partnership Interest9/11/2023101,041 101 82 0.01 %
Total Transportation: Consumer101 82 0.01 %
Utilities: Electric
Pinnacle Supply Partners, LLC(8) (12)Limited Partnership Units4/3/2023279,687 280 264 0.03 %
Total Utilities: Electric280 264 0.03 %
Utilities: Water
USA Water(8) (10) (12)Common Units2/21/20244,781 478 478 0.05 %
Total Utilities: Water
478 478 0.05 %
Total Equity Investments26,018 31,705 3.18 %
Portfolio Company (1) (2)
Interest Rate
Shares/Units
Amortized Cost
Fair Value (4)
% of Net Assets (5)
Cash Equivalents
BlackRock Liquidity Funds Treasury 5.17%52,743 52,743 52,743 5.28 %
First American Government Obligations Fund5.17%30 30 30  %
Total Cash Equivalents$52,773 $52,773 5.28 %
Total Investments and Cash Equivalents$1,867,758 $1,847,332 185.06 %
_______________
(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 March 31, 2024. As of March 31, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.33%, 5.30%, 5.22%, and 5.00% respectively. Certain investments are subject to a SOFR 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 4 "Fair Value Measurements" for more information.
(5)Percentage is based on net assets of $998,233 as of March 31, 2024.
(6)Denotes that all or a portion of the assets are owned by CLO-I, CLO-II and/or CLO-III (each as defined in Note 1 "Organization"), which serve as collateral for the 2022 Debt Securitization, the 2023 Debt Securitization, and 2024 Debt Securitization (each as defined in the Notes). See Note 6 "Secured Borrowings".
(7)This portfolio company is not domiciled in the United States. The principal place of business for Specialized Packing Group and Bakeovations Intermediate is Canada and the principal place of business for Phaidon International is the United Kingdom.
(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 March 31, 2024, the Company held forty-four restricted securities with an aggregate fair value of $31,705, or 3.18% of the Company’s net assets.
See Notes to Consolidated Financial Statements
26

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
March 31, 2024
(dollar amounts in thousands)

(9)Investment is a unitranche position.
(10)The investment is considered 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 March 31, 2024, total non-qualifying assets at fair value represented 4.50% of the Company's total assets calculated in accordance with the 1940 Act.
(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 "Commitments and Contingencies". The investment may be subject to unused commitment fees.
(12)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.
(13)Denotes that all or a portion of the assets are owned by SPV IV and/or SPV V (each as defined in Note 1 "Organization"). SPV IV 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 IV. Accordingly, such assets are not available to other creditors of the Company. SPV V 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 V. Accordingly, such assets are not available to other creditors of the Company.
(14)Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information.
(15)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.
(16)Loan was on non-accrual status as of March 31, 2024.



See Notes to Consolidated Financial Statements
27

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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) (12) (13)First Lien Term Loan
S + 6.50%
12.04 %10/31/2025$14,657 $14,592 $14,311 1.91 %
Arotech(6) (12)First Lien Term Loan
S + 6.25%
11.70 %10/22/20269,202 9,127 8,945 1.20 %
Arotech (Delayed Draw)(6) (12) (13)First Lien Term Loan
S + 6.25%
11.70 %10/22/2026448 446 435 0.06 %
Loc Performance Products(6) (12)First Lien Term Loan
S + 5.25%
10.71 %12/22/20266,557 6,502 6,270 0.84 %
Precision Aviation Group(6) (12) (13)First Lien Term Loan
S + 5.75%
11.12 %12/21/202915,039 14,740 14,740 1.97 %
Precision Aviation Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.12 %12/21/20294,961 (49)(99)(0.01 %)
Turbine Engine Specialist, Inc(12)Subordinated Debt
S + 9.50%
14.96 %3/1/20292,556 2,494 2,509 0.33 %
Valkyrie(12)Subordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,836 2,792 2,740 0.37 %
Total Aerospace & Defense50,644 49,851 6.67 %
Automotive
American Auto Auction Group(6) (12)First Lien Term Loan
S + 5.00%
10.50 %12/30/202710,520 10,443 10,266 1.37 %
Classic Collision (Delayed Draw) (Incremental Tranche A-4)(11) (12)First Lien Term Loan
S + 5.75%
11.29 %1/14/202625,225 3,304 3,016 0.40 %
Classic Collision (Delayed Draw) (Incremental)(6) (12) (13)First Lien Term Loan
S + 5.75%
11.29 %1/14/20266,941 6,941 6,847 0.92 %
Classic Collision (Incremental)(6) (12)First Lien Term Loan
S + 5.75%
11.29 %1/14/20267,751 7,707 7,646 1.02 %
Collision Right(6) (12) (13)First Lien Term Loan
S + 5.25%
10.50 %4/14/20285,294 5,269 5,282 0.71 %
Collision Right(12)Subordinated DebtN/A
9.00% (Cash) 3.75% (PIK)
10/14/20281,411 1,380 1,371 0.18 %
Collision Right (Delayed Draw)(12)Subordinated DebtN/A
9.00% (Cash) 3.75% (PIK)
10/14/2028996 985 968 0.13 %
Covercraft(12)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/20/20287,478 7,373 6,892 0.92 %
Covercraft (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/20/20284,386  (344)(0.04 %)
High Bar Brands(12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/20302,088 2,035 2,036 0.27 %
High Bar Brands (Delayed Draw)(11) (12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/2030596 (7)(15) %
JEGS Automotive(6)First Lien Term Loan
S + 6.00%
11.46 %12/22/20273,999 3,970 3,381 0.45 %
See Notes to Consolidated Financial Statements
28

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
OEP Glass Purchaser(6) (12) (13)First Lien Term Loan
S + 5.25%
10.55 %4/18/202812,563 12,467 12,508 1.67 %
Randys Holdings, Inc(6) (9) (12) (13)First Lien Term Loan
S + 6.50%
11.88 %11/1/202811,138 10,943 10,997 1.47 %
Randys Holdings, Inc (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.50%
11.88 %11/1/20283,750  (47)(0.01 %)
S&S Truck Parts(6)First Lien Term Loan
S + 5.00%
10.19 %3/1/20296,858 6,803 6,779 0.91 %
S&S Truck Parts(13)First Lien Term Loan
S + 5.00%
10.19 %3/1/20291,159 1,150 1,146 0.15 %
S&S Truck Parts (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.19 %3/1/202998  (1) %
S&S Truck Parts (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.19 %3/1/20291,724 1,576 1,556 0.21 %
Total Automotive82,339 80,284 10.73 %
Banking, Finance, Insurance, Real Estate
Coding Solutions Acquisitions(6) (9)First Lien Term Loan
S + 5.75%
11.11 %5/11/20286,432 6,380 6,304 0.84 %
Coding Solutions Acquisitions (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.11 %5/11/20281,966 1,966 1,927 0.26 %
Long Term Care Group(6) (9) (12)First Lien Term Loan
S + 1.00%
6.66% (Cash) 6.00% (PIK)
9/8/20276,858 6,812 5,916 0.79 %
Patriot Growth Insurance Service (Delayed Draw) (Incremental)(9) (12)First Lien Term Loan
S + 5.75%
11.25 %10/14/20287,166 7,109 7,003 0.94 %
Risk Strategies (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
11.00 %11/2/202614,869 14,869 14,606 1.95 %
Vensure Employer Services(6) (13)First Lien Term Loan
S + 4.75%
10.12 %3/26/202714,656 14,628 14,326 1.92 %
World Insurance Associates (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 6.00%
11.35 %4/3/202814,881 14,869 14,841 1.98 %
Total Banking, Finance, Insurance, Real Estate66,633 64,923 8.68 %
Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)(6) (7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.60 %9/25/202917,282 16,958 16,940 2.27 %
Bardstown PPC Holdings LLC(12)Subordinated Debt
S + 7.75%
13.18 %8/28/20279,300 9,154 9,154 1.22 %
Death Wish Coffee(6) (9) (13)First Lien Term Loan
S + 4.75%
10.20 %9/28/20279,800 9,739 9,800 1.31 %
Dessert HoldingsSubordinated Debt
S + 7.25%
12.72 %6/10/20299,000 8,874 7,628 1.02 %
Fresh Edge(12)Subordinated Debt
S + 4.50%
10.07% (Cash) 5.13% (PIK)
4/3/20293,853 3,772 3,765 0.50 %
See Notes to Consolidated Financial Statements
29

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Fresh Edge (Incremental)(12)Subordinated Debt
S + 4.50%
9.98% (Cash) 5.13% (PIK)
4/3/2029914 891 893 0.12 %
Fresh Edge (Incremental)(12)Subordinated Debt
S + 4.50%
9.76% (Cash) 5.13% (PIK)
4/3/2029769 752 752 0.10 %
Handgards(6) (13)First Lien Term Loan
S + 7.00%
12.54 %10/14/202614,513 14,364 14,513 1.94 %
Harvest Hill Beverage Company(12)Subordinated Debt
S + 9.00%
14.46 %2/28/20293,640 3,540 3,573 0.48 %
KSLB Holdings LLC(13)First Lien Term Loan
S + 4.50%
10.03 %7/30/20252,858 2,844 2,712 0.36 %
Palmetto Acquisitionco, Inc.(6) (12) (13)First Lien Term Loan
S + 5.75%
11.10 %9/18/202913,314 13,091 13,085 1.74 %
Palmetto Acquisitionco, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.10 %9/18/20294,842 1,169 1,103 0.15 %
Rise Baking(6) (9) (13)First Lien Term Loan
S + 6.25%
11.71 %8/13/202714,700 14,554 14,852 1.99 %
Rise Baking (Delayed Draw)(9) (12)First Lien Term Loan
 
S +5.50%
10.96 %8/13/20274,454 4,432 4,400 0.59 %
Summit Hill Foods(6)First Lien Term Loan
S + 6.00%
11.39 %11/29/20299,835 9,689 9,690 1.30 %
Sunny Sky Products (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.60 %12/23/20281,773  (17) %
Sunny Sky Products(12) (13)First Lien Term Loan
S + 5.25%
10.60 %12/23/20287,093 7,025 7,026 0.94 %
Watermill Express, LLC(6) (9)First Lien Term Loan
S + 5.00%
10.50 %4/20/20273,256 3,236 3,241 0.43 %
Watermill Express, LLC (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.00%
10.50 %4/20/2027314 315 313 0.04 %
Total Beverage, Food & Tobacco124,399 123,423 16.50 %
Capital Equipment
Crete Mechanical Group(6)First Lien Term Loan
S +5.00%
10.37 %5/19/20284,823 4,785 4,708 0.63 %
Crete Mechanical Group (Delayed Draw)(6)First Lien Term Loan
S +5.00%
10.37 %5/19/20282,846 2,807 2,778 0.37 %
Crete Mechanical Group (Delayed Draw)(11) (12)First Lien Term Loan
S +5.00%
10.37 %5/19/20287,153 5,710 5,539 0.74 %
EFC Holdings, LLC(12)Subordinated DebtN/A
11.00% (Cash) 2.50% (PIK)
5/1/20283,167 3,083 3,137 0.42 %
Heartland Home Services(6) (9) (13)First Lien Term Loan
S + 6.00%
11.36 %12/15/20266,467 6,428 6,382 0.85 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.36 %12/15/20265,608 5,589 5,533 0.74 %
Heartland Home Services (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
11.36 %12/15/20262,571 2,571 2,537 0.34 %
Ovation Holdings, Inc.(6) (13)First Lien Term Loan
S +6.25%
11.78 %2/3/20298,035 7,876 7,949 1.06 %
Ovation Holdings, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.78 %2/3/20291,899 1,535 1,536 0.21 %
Precision Surfacing(12)First Lien Term Loan
N/A
15.00 %6/30/2024713 713 713 0.09 %
PT Intermediate Holdings III, LLC(6) (9) (13)First Lien Term Loan
S + 5.98%
11.52 %11/1/20288,735 8,711 8,664 1.16 %
See Notes to Consolidated Financial Statements
30

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
PT Intermediate Holdings III, LLC (Incremental)(6) (9) (13)First Lien Term Loan
S + 5.98%
11.47 %11/1/20281,068 1,059 1,059 0.14 %
Repipe Specialists(12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/20292,433 2,393 2,207 0.30 %
Repipe Specialists (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
3/18/2029901 210 126 0.01 %
RTH Buyer LLC (dba Rhino Tool House)(12) (13)First Lien Term Loan
S + 6.25%
11.97 %4/4/20298,052 7,902 7,986 1.07 %
RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.97 %4/4/20291,885 956 949 0.13 %
Total Capital Equipment62,328 61,803 8.26 %
Chemicals, Plastics, & Rubber
Ascensus(12) (15)Subordinated Debt
S + 6.50%
12.18 %8/2/20299,000 8,935 8,691 1.16 %
Ascensus Specialties(6) (9) (13)First Lien Term Loan
S + 4.25%
9.71 %6/30/20289,731 9,589 8,776 1.17 %
Boulder Scientific Company LLC(6)First Lien Term Loan
S + 4.50%
10.04 %12/28/20252,064 2,073 1,996 0.27 %
Chroma Color Corporation (dba Chroma Color)(6) (13)First Lien Term Loan
S + 6.00%
11.41 %4/21/20296,314 6,197 6,199 0.83 %
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.41 %4/21/20291,379 (12)(25) %
Spartech(6) (9) (12) (13)First Lien Term Loan
S + 4.75%
10.16 %5/6/202814,768 14,699 11,898 1.59 %
Total Chemicals, Plastics, & Rubber41,481 37,535 5.02 %
Construction & Building
Allstar Holdings(12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20302,114 2,053 2,054 0.27 %
Allstar Holdings (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20304,043 2,803 2,745 0.37 %
Allstar Holdings (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20306,188 (88)(175)(0.02 %)
Erie Construction(6) (13)First Lien Term Loan
S + 4.75%
10.21 %7/30/202710,153 10,083 10,153 1.36 %
Gannett Fleming(6) (13)First Lien Term Loan
S + 6.60%
11.95 %12/20/20289,900 9,730 9,913 1.32 %
MEI Rigging & Crating(6) (12) (13)First Lien Term Loan
S + 6.50%
11.86 %6/30/202911,431 11,212 11,329 1.51 %
MEI Rigging & Crating (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.86 %6/30/20291,814 (8)(16) %
Royal Holdco Corporation (Delayed Draw A)(11) (12)First Lien Term Loan
S + 5.75%
11.21 %12/30/20274,690 4,303 4,246 0.57 %
Royal Holdco Corporation (Delayed Draw B)(11) (12)First Lien Term Loan
S + 5.75%
11.21 %12/30/20273,134 (7)(45)(0.01 %)
See Notes to Consolidated Financial Statements
31

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Royal Holdco Corporation (Incremental)(10) (12) (13)First Lien Term Loan
S + 5.75%
11.21 %12/30/20273,118 3,074 3,073 0.41 %
Sciens Building Solutions, LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
11.23 %12/15/20279,315 9,183 9,128 1.22 %
Sciens Building Solutions, LLC (Delayed Draw)(6) (9) (11) (12) (13)First Lien Term Loan
S + 5.75%
11.23 %12/15/20274,915 3,259 3,193 0.43 %
WSB Engineering Holdings Inc.(12) (13)First Lien Term Loan
S + 6.00%
11.39 %8/31/20296,519 6,426 6,424 0.86 %
WSB Engineering Holdings Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.39 %8/31/20294,357 (31)(64)(0.01 %)
Total Construction & Building61,992 61,958 8.28 %
Consumer Goods: Durable
Halo Buyer Inc(6) (15)First Lien Term Loan
S + 4.50%
9.96 %6/28/20255,668 5,641 4,284 0.57 %
Petmate(6) (9) (12)First Lien Term Loan
S + 5.50%
11.23 %9/15/20289,825 9,753 5,846 0.78 %
Xpressmyself.com LLC (a/k/a SmartSign)(6) (13)First Lien Term Loan
S + 5.50%
10.98 %9/7/20289,875 9,796 9,701 1.30 %
Xpressmyself.com LLC (a/k/a SmartSign)(6)First Lien Term Loan
S + 5.75%
11.22 %9/7/20285,025 4,932 4,983 0.67 %
Total Consumer Goods: Durable30,122 24,814 3.32 %
Consumer Goods: Non-durable
Arcadia Consumer Health(6) (9) (13)First Lien Term Loan
S + 4.50%
9.98 %9/10/202712,604 12,522 12,192 1.63 %
Arcadia Consumer Health (Incremental)(9) (12) (13)First Lien Term Loan
S + 5.75%
11.23 %9/10/20272,256 2,216 2,251 0.30 %
Badger Sportswear Acquisition Inc(6)First Lien Term Loan
S + 4.50%
10.03 %1/7/20243,800 3,800 3,800 0.51 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
11.73 %3/1/20277,744 7,696 7,081 0.95 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
12.23 %3/1/20276,880 6,831 6,291 0.84 %
Protective Industrial Products (“PIP”)(6) (9) (12) (13)First Lien Term Loan
S + 5.00%
10.47 %12/29/20274,860 4,684 4,909 0.66 %
Elevation Labs(6) (13)First Lien Term Loan
S + 5.75%
11.23 %6/30/20286,789 6,733 6,335 0.85 %
Elevation Labs (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.23 %6/30/20283,125 (24)(209)(0.03 %)
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
11.03 %12/29/20262,505 2,489 2,505 0.33 %
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
11.03 %12/29/20267,275 7,256 7,275 0.97 %
See Notes to Consolidated Financial Statements
32

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Ultima Health Holdings, LLC(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
3/12/20291,734 1,706 1,704 0.23 %
Total Consumer Goods: Non-durable55,909 54,134 7.24 %
Containers, Packaging & Glass
B2B Packaging(6) (13)First Lien Term Loan
S + 6.75%
12.28 %10/7/202614,696 14,663 14,398 1.93 %
B2B Packaging (Delayed Draw)(6)First Lien Term Loan
S + 6.75%
12.29 %10/7/2026116 114 114 0.02 %
Five Star Packing(6) (13) (15)First Lien Term Loan
S + 4.25%
9.63 %5/6/20297,576 7,482 7,482 1.00 %
Good2Grow(12) (13)First Lien Term Loan
S + 5.50%
11.04 %12/1/20276,362 6,270 6,362 0.85 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.50%
10.04 %12/1/20279,265 9,201 9,137 1.22 %
Oliver Packaging(12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
1/6/20292,510 2,471 2,377 0.32 %
Online Labels Group(13)First Lien Term Loan
S + 5.25%
10.61 %12/19/20293,328 3,295 3,296 0.44 %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (4) %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (4) %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
 S + 5.50%
11.23 %12/17/20252,983 2,968 2,921 0.39 %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
11.23 %12/17/20257,275 7,236 7,123 0.95 %
Specialized Packaging Group (Incremental)(7) (10) (13)First Lien Term Loan
S + 6.25%
11.98 %12/17/20254,409 4,354 4,375 0.58 %
Specialized Packaging Group (Incremental)(7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.78 %12/17/20256,894 6,798 6,751 0.90 %
Total Containers, Packaging & Glass64,852 64,328 8.60 %
Energy: Electricity
MGM Transformer Company (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.38 %10/31/20296,388 (16)(92)(0.01 %)
MGM Transformer Company(6) (12) (13)First Lien Term Loan
S + 6.00%
11.38 %10/31/202923,612 23,259 23,271 3.11 %
National Power(12) (13)First Lien Term Loan
S + 6.00%
11.36 %10/20/20295,674 5,589 5,593 0.75 %
National Power (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.36 %10/20/20293,051 (7)(44)(0.01 %)
Total Energy: Electricity28,825 28,728 3.84 %
Environmental Industries
Impact Environmental Group(12) (13)First Lien Term Loan
S + 6.00%
11.28 %3/23/20296,776 6,650 6,721 0.90 %
See Notes to Consolidated Financial Statements
33

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Impact Environmental Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20293,166 2,770 2,759 0.37 %
Impact Environmental Group (Incremental)(12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20291,736 1,703 1,722 0.23 %
Impact Environmental Group (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20296,822 (32)(55)(0.01 %)
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)(6) (13)First Lien Term Loan
S + 5.25%
10.73 %8/31/20286,648 6,596 6,518 0.87 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)(6) (12) (13)First Lien Term Loan
S + 6.25%
11.65 %7/1/20298,550 8,426 8,429 1.13 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.65 %7/1/20296,429 (15)(91)(0.01 %)
The Facilities Group(6) (9)First Lien Term Loan
S + 5.75%
11.23 %11/30/20274,872 4,840 4,847 0.64 %
The Facilities Group (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.22 %11/30/20275,028  (25) %
The Facilities Group(9) (13)First Lien Term Loan
S + 5.75%
11.22 %11/30/20279,051 8,963 9,006 1.20 %
The Facilities Group (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.22 %11/30/20274,952 4,952 4,927 0.66 %
Total Environmental Industries44,853 44,758 5.98 %
Healthcare & Pharmaceuticals
Affinity Hospice(6) (12)First Lien Term Loan
S + 4.75%
10.20 %12/17/20277,872 7,817 7,048 0.94 %
Anne Arundel(12)Subordinated Debt
N/A
12.75% (PIK)
10/16/20263,282 3,247 2,656 0.36 %
Anne Arundel(12)Subordinated DebtN/A
11.00% (PIK)
4/16/20261,972 1,957 1,776 0.24 %
Anne Arundel (Delayed Draw)(11) (12)Subordinated DebtN/A
11.00% (PIK)
4/16/20262,396 2,022 1,790 0.24 %
Forefront Dermatology(6) (9) (12) (15)First Lien Term Loan
S + 4.25%
9.63 %4/1/20293,315 3,268 3,215 0.43 %
Genesee Scientific(6) (9)First Lien Term Loan
S + 5.50%
10.95 %9/30/20275,959 5,922 5,839 0.78 %
Genesee Scientific (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.95 %9/30/20271,560 1,560 1,528 0.20 %
GHR Healthcare(6) (9)First Lien Term Loan
S + 5.00%
10.50 %12/8/20276,401 6,359 6,255 0.84 %
GHR Healthcare (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.00%
10.50 %12/9/20272,002 2,002 1,957 0.26 %
GHR Healthcare (Incremental)(13)First Lien Term Loan
S + 5.00%
10.50 %12/9/20274,983 4,904 4,869 0.65 %
Health Management Associates(12) (13)First Lien Term Loan
S + 6.50%
11.73 %3/31/20298,307 8,154 8,233 1.10 %
Health Management Associates (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.73 %3/31/20291,499 444 460 0.06 %
See Notes to Consolidated Financial Statements
34

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Heartland Veterinary Partners LLC (Incremental)(12)Subordinated Debt
S + 7.50%
12.96 %12/10/20271,900 1,872 1,875 0.25 %
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)(12)Subordinated Debt
S +7.50%
12.96 %12/10/20279,500 9,500 9,377 1.25 %
HemaSource Inc.(12)Subordinated DebtN/A
8.50% (Cash) 5.00% (PIK)
2/28/20305,292 5,153 5,147 0.69 %
InfuCare RX(6) (12) (13)First Lien Term Loan
S + 4.50%
9.95 %1/4/20289,248 9,182 9,045 1.21 %
MDC Intermediate Holdings II, LLC(12)Subordinated DebtN/A
 10.00% (Cash) 2.25% (PIK)
2/7/20301,749 1,711 1,690 0.23 %
MDC Intermediate Holdings II, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.25% (PIK)
2/7/2030721 160 143 0.02 %
Midwest Eye Consultants(6) (13)First Lien Term Loan
S + 4.50%
10.04 %8/20/20279,021 8,962 8,790 1.18 %
PromptCare(6) (9) (13)First Lien Term Loan
S + 6.00%
11.46 %9/1/20278,204 8,121 8,079 1.08 %
PromptCare (Delayed Draw)(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.46 %9/1/20271,278 1,271 1,258 0.17 %
Quorum Health Resources, LLC(6) (13)First Lien Term Loan
S + 5.75%
11.50 %5/28/20277,680 7,627 7,552 1.01 %
Quorum Health Resources, LLC (Delayed Draw) (Incremental)(6) (10) (12)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,248 3,240 3,240 0.43 %
Quorum Health Resources, LLC (Incremental)(10) (12) (13)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,248 3,201 3,240 0.43 %
Sandlot Buyer, LLC (Prime Time Healthcare)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.28 %9/19/20288,958 8,729 8,854 1.18 %
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)(12) (13)First Lien Term Loan
S + 6.00%
11.52 %9/19/202810,122 9,924 10,004 1.34 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)(6) (13)First Lien Term Loan
S + 5.75%
11.21 %10/7/20297,474 7,408 7,382 0.99 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.21 %10/7/20292,443 1,558 1,528 0.21 %
SM Wellness Holdings, Inc(6) (12) (13)First Lien Term Loan
S + 4.75%
10.14 %4/15/202814,665 14,573 14,187 1.90 %
Thorne HealthTech(6) (12) (13)First Lien Term Loan
S + 5.75%
11.10 %10/16/203010,652 10,549 10,553 1.41 %
TIDI Products(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.86 %12/19/202915,523 15,368 15,369 2.05 %
TIDI Products (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.86 %12/19/20294,085  (40)(0.01 %)
US Fertility(12)Subordinated Debt
N/A
13.75% (PIK)
6/21/202812,391 12,084 12,066 1.61 %
Wellspring Pharmaceutical(13)First Lien Term Loan
S + 5.75%
11.03 %8/22/20283,378 3,323 3,298 0.44 %
Wellspring Pharmaceutical (Delayed Draw)(12)First Lien Term Loan
S + 5.75%
11.03 %8/22/20281,571 1,561 1,534 0.21 %
See Notes to Consolidated Financial Statements
35

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Wellspring Pharmaceutical (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.18 %8/22/20283,756 (16)(55)(0.01 %)
Wellspring Pharmaceutical (Incremental)(12) (13)First Lien Term Loan
S + 6.00%
11.18 %8/22/20281,246 1,223 1,228 0.16 %
Young Innovations (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.09 %12/1/20293,448  (34) %
Young Innovations(6) (9) (13)First Lien Term Loan
S + 5.75%
11.09 %12/1/202916,552 16,386 16,391 2.19 %
Total Healthcare & Pharmaceuticals210,326 207,327 27.72 %
High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.35 %6/13/20298,021 7,870 7,951 1.06 %
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.35 %6/13/20293,225 (15)(28) %
Argano, LLC(6)First Lien Term Loan
S + 5.50%
11.69 %6/10/20265,634 5,602 5,510 0.74 %
Argano, LLC (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.50%
11.69 %6/10/20262,494 2,494 2,440 0.33 %
Argano, LLC (Delayed Draw) (Incremental)(6)First Lien Term Loan
S + 5.50%
11.69 %6/10/20261,705 1,676 1,667 0.22 %
Diligent Corporation(6) (9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/202512,469 12,451 12,366 1.65 %
Diligent Corporation(9) (12) (13)First Lien Term Loan
S + 5.75%
11.28 %7/31/20253,387 3,372 3,334 0.45 %
Diligent Corporation(9) (12)First Lien Term Loan
S + 5.75%
11.28 %8/4/20251,476 1,469 1,453 0.19 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/2025168 168 166 0.02 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/2025106 106 105 0.01 %
Eliassen Group LLC(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.85 %4/14/202812,069 11,976 12,083 1.62 %
Eliassen Group LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.85 %4/14/20282,771 864 872 0.11 %
Evergreen Services Group II (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.35 %10/4/203013,014 8,495 8,342 1.11 %
Evergreen Services Group II(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.35 %10/4/203016,156 15,917 15,926 2.13 %
Exterro(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
11.03 %6/1/20279,474 9,462 9,503 1.27 %
Fineline Merger(12)Subordinated Debt
S + 9.26%
14.61 %8/22/20282,453 2,427 2,453 0.33 %
Go Engineer(6) (9) (13)First Lien Term Loan
S + 5.38%
10.87 %12/21/202711,572 11,490 11,409 1.53 %
Go Engineer (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.38%
10.87 %12/21/20273,152 3,130 3,107 0.42 %
Infinite Electronics (Incremental)(6) (9) (13)First Lien Term Loan
S + 6.25%
11.88 %3/2/20286,313 6,152 6,100 0.82 %
See Notes to Consolidated Financial Statements
36

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Infobase Acquisition, Inc.(6) (13)First Lien Term Loan
S + 5.50%
10.93 %6/14/20284,331 4,297 4,297 0.57 %
Infobase Acquisition, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.93 %6/14/2028721  (6) %
ITSavvy LLC(6) (13)First Lien Term Loan
 S + 5.25%
10.89 %8/8/20287,794 7,730 7,794 1.04 %
ITSavvy LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.89 %8/8/20281,049 883 891 0.12 %
North Haven CS Acquisition Inc(6)First Lien Term Loan
S + 5.25%
10.78 %1/23/20255,787 5,787 5,787 0.77 %
Prosci, Inc.(6)First Lien Term Loan
S + 4.50%
9.99 %10/21/20264,733 4,704 4,708 0.63 %
Revalize (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.21 %4/15/20274,243 4,232 4,064 0.54 %
Revalize (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.21 %4/15/20271,090 1,083 1,044 0.14 %
Revalize (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.25 %4/15/2027244 243 234 0.03 %
SmartWave(6) (12)First Lien Term Loan
S + 6.00%
11.53 %11/5/20269,214 9,145 7,744 1.04 %
Solve Industrial Motion Group(12)Subordinated Debt
N/A
5.00% (Cash) 8.00% (PIK)
6/30/20281,786 1,760 1,700 0.23 %
Solve Industrial Motion Group(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/28/2028763 749 739 0.10 %
Solve Industrial Motion Group (Delayed Draw)(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/30/20282,046 2,046 1,947 0.26 %
Total High Tech Industries147,765 145,702 19.48 %
Media: Advertising, Printing & Publishing
Tinuiti(6) (9)First Lien Term Loan
S + 5.25%
10.70 %12/10/20262,948 2,928 2,823 0.38 %
Tinuiti (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.25%
10.70 %12/10/20261,926 1,926 1,845 0.25 %
Tinuiti (Delayed Draw) (Incremental)(6) (12)First Lien Term Loan
S + 5.25%
10.70 %12/10/20269,863 9,863 9,445 1.26 %
Wpromote(13)First Lien Term Loan
S + 5.75%
11.19 %10/21/20284,379 4,304 4,344 0.58 %
Wpromote (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.19 %10/21/2028588 (4)(5) %
Total Media: Advertising, Printing & Publishing19,017 18,452 2.47 %
Media: Diversified & Production
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.96 %8/12/20272,887 2,867 2,752 0.37 %
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.96 %8/12/20272,538 2,509 2,419 0.32 %
Spectrio II(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/20268,143 8,100 7,556 1.01 %
Spectrio II (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/20262,893 2,875 2,684 0.36 %
See Notes to Consolidated Financial Statements
37

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Spectrio II (Delayed Draw)(9) (13)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/2026441 440 407 0.06 %
Total Media: Diversified & Production16,791 15,818 2.12 %
Retail
Syndigo(6)First Lien Term Loan
S + 4.50%
9.97 %12/14/20275,835 5,850 5,747 0.77 %
Total Retail5,850 5,747 0.77 %
Services: Business
ALKU Intermediate Holdings, LLC(12) (13)First Lien Term Loan
S + 6.25%
11.61 %5/23/20294,519 4,434 4,480 0.60 %
Apex Companies Holdings, LLC(12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20293,964 3,879 3,953 0.53 %
Apex Companies Holdings, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20291,197 69 79 0.01 %
ARMstrong (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.70 %10/6/20293,847 (28)(55)(0.01 %)
ARMstrong(6) (12) (13)First Lien Term Loan
S + 6.25%
11.70 %10/6/202911,447 11,279 11,284 1.51 %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.47 %9/30/202710,000 9,858 10,000 1.34 %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.47 %9/30/20272,500 2,500 2,500 0.33 %
Bounteous(6) (12) (13)First Lien Term Loan
S + 5.25%
10.74 %8/2/20275,347 5,310 5,083 0.68 %
Bounteous(6) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20272,189 2,173 2,080 0.28 %
Bounteous (Delayed Draw)(6) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20272,768 2,750 2,631 0.35 %
Bounteous (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20274,467  (221)(0.03 %)
BroadcastMed Holdco, LLC(12)Subordinated DebtN/A
10.00% (Cash) 3.75% (PIK)
11/12/20273,483 3,424 3,369 0.45 %
Bullhorn Inc(6) (9) (12) (13)First Lien Term Loan
S + 5.75%
10.96 %9/30/202613,706 13,609 13,706 1.83 %
BusinesSolver(6) (9) (12)First Lien Term Loan
S + 5.50%
10.96 %12/1/20277,741 7,686 7,738 1.03 %
BusinesSolver (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.96 %12/1/20271,149 176 179 0.02 %
Career Now(12)Subordinated DebtN/A
13.00% (PIK)
3/27/20273,277 3,237 2,425 0.32 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/2026308 306 308 0.04 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/20262,295 2,283 2,295 0.31 %
Cornerstone Advisors of Arizona LLC (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/2026210 210 210 0.03 %
CrossCountry Consulting(6) (9) (13)First Lien Term Loan
S + 5.75%
11.21 %6/1/20298,174 8,037 8,217 1.10 %
CrossCountry Consulting (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.21 %6/1/20293,320 (26)17  %
See Notes to Consolidated Financial Statements
38

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
D&H United Fueling Solutions(6) (13)First Lien Term Loan
S + 5.50%
11.03 %9/16/20287,491 7,368 7,290 0.97 %
D&H United Fueling Solutions (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
11.03 %9/16/20282,384 2,365 2,320 0.31 %
D&H United Fueling Solutions (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.50 %9/16/20281,567 (7)(13) %
D&H United Fueling Solutions (Incremental)(6) (13)First Lien Term Loan
S + 6.00%
11.50 %9/16/20283,465 3,401 3,436 0.46 %
E78(6)First Lien Term Loan
S + 5.75%
11.21 %12/1/20275,600 5,560 5,489 0.74 %
E78(13)First Lien Term Loan
S + 5.75%
11.21 %12/1/20271,438 1,426 1,409 0.19 %
E78 (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.75%
11.21 %12/1/20274,210 4,180 4,127 0.55 %
E78 (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.21 %12/1/20273,550 979 909 0.12 %
Evergreen Services Group(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
11.70 %6/15/202911,966 11,766 11,733 1.57 %
Evergreen Services Group (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.70 %6/15/20292,863 2,839 2,807 0.38 %
Gabriel Partners LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
11.53 %9/21/20269,192 9,144 9,192 1.23 %
Gabriel Partners LLC (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.53 %9/21/20261,531 1,531 1,531 0.20 %
Gabriel Partners LLC (Incremental)(9) (13)First Lien Term Loan
S + 5.75%
11.53 %9/21/20263,794 3,771 3,794 0.51 %
Keng Acquisition, Inc. (Engage Group Holdings, LLC)(9) (12) (13)First Lien Term Loan
S + 6.25%
11.60 %8/1/20299,667 9,526 9,528 1.27 %
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.25%
11.60 %8/1/20299,314 1,179 1,067 0.14 %
KRIV Acquisition, Inc(6) (12) (13)First Lien Term Loan
S + 6.50%
11.85 %7/6/202910,764 10,476 10,453 1.40 %
KRIV Acquisition, Inc (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.85 %7/6/20291,607 (19)(46)(0.01 %)
Lion Merger Sub Inc(9) (13)First Lien Term Loan
S + 6.00%
11.45 %12/17/20257,342 7,308 7,259 0.97 %
Lion Merger Sub Inc (Incremental)(9) (12) (13)First Lien Term Loan
S + 6.00%
11.45 %12/17/20257,317 7,252 7,234 0.97 %
LSCS Holdings Inc.(6) (13) (15)First Lien Term Loan
S + 4.50%
9.86 %12/16/20289,800 9,762 9,675 1.30 %
LYNX FRANCHISING, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.47 %12/23/20269,800 9,725 9,699 1.30 %
Micronics(12)Subordinated Debt
S + 5.25%
10.00 %2/17/20272,450 2,401 2,401 0.32 %
Output Services Group, Inc.(10) (12)First Lien Term Loan
S + 8.00%
13.39 %5/30/2028155 155 155 0.02 %
Output Services Group, Inc.(12)First Lien Term Loan
S + 6.25%
7.32% (Cash) 4.75% (PIK)
5/30/2028837 837 837 0.11 %
Phaidon International(6) (7) (10) (12) (13)First Lien Term Loan
S + 5.50%
10.96 %8/22/202914,010 13,892 14,010 1.88 %
Plaze(12)Subordinated Debt
S + 7.50%
12.97 %7/7/202813,500 13,201 12,465 1.67 %
See Notes to Consolidated Financial Statements
39

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Scaled Agile(6) (9)First Lien Term Loan
S +5.50%
10.95 %12/16/20287,936 7,875 7,623 1.02 %
Scaled Agile (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.95 %12/16/2028390 390 375 0.05 %
Smile Brands(12)Subordinated Debt
S + 8.50%
14.99% (PIK)
4/12/20289,947 9,866 8,665 1.16 %
Soliant Health(6)First Lien Term Loan
S + 4.00%
9.47 %4/1/20282,628 2,615 2,628 0.35 %
Technical Safety Services(6) (13)First Lien Term Loan
S + 5.50%
11.00 %6/22/20296,772 6,716 6,712 0.90 %
Technical Safety Services (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
11.00 %6/22/20296,404 3,903 3,918 0.52 %
Technical Safety Services (Incremental)(12)First Lien Term Loan
S + 5.50%
11.00 %6/22/20291,890 1,863 1,873 0.25 %
TouchTunes Interactive(6) (13) (15)First Lien Term Loan
S + 5.00%
10.35 %4/2/20299,875 9,793 9,825 1.31 %
Transit Buyer LLC (dba“Propark”)(6) (13)First Lien Term Loan
S + 6.25%
11.69 %1/31/20296,823 6,705 6,801 0.91 %
Transit Buyer LLC (dba“Propark”) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.69 %1/31/20293,125 1,275 1,318 0.18 %
Trilon Group, LLC(13)First Lien Term Loan
S + 6.25%
11.78 %5/27/20292,978 2,958 2,939 0.39 %
Trilon Group, LLC(6) (13)First Lien Term Loan
S + 6.25%
11.75 %5/27/20297,406 7,345 7,311 0.98 %
Trilon Group, LLC(12) (13)First Lien Term Loan
S + 6.25%
11.78 %5/27/20293,733 3,661 3,685 0.49 %
Trilon Group, LLC (Delayed Draw)(12)First Lien Term Loan
S + 6.25%
11.78 %5/27/20297,425 7,425 7,330 0.98 %
Trilon Group, LLC (Delayed Draw)(12)First Lien Term Loan
S + 6.25%
11.78 %5/27/20291,985 1,985 1,959 0.26 %
Trilon Group, LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.78 %5/27/20296,373 1,935 1,884 0.25 %
Vital Records Control(6) (9)First Lien Term Loan
S + 5.50%
11.14 %6/29/20274,582 4,544 4,515 0.60 %
Vital Records Control(9) (13)First Lien Term Loan
S + 5.75%
11.12 %6/29/2027151 149 150 0.02 %
Vital Records Control (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.12 %6/29/2027183 181 182 0.03 %
Total Services: Business302,368 298,732 39.94 %
Services: Consumer
ADPD Holdings, LLC (a/k/a NearU)(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.68 %8/16/20288,474 8,474 7,920 1.06 %
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.68 %8/16/20281,577  (103)(0.01 %)
ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.68 %8/16/20281,714  (112)(0.01 %)
All My Sons(6)First Lien Term Loan
S + 4.75%
10.36 %10/25/20285,261 5,222 5,206 0.69 %
COP Exterminators Acquisition, Inc.(12)Subordinated Debt
N/A
9.00% (Cash) 4.00% (PIK)
1/28/2030838 816 816 0.11 %
COP Exterminators Acquisition, Inc. (Delayed Draw)(11) (12)Subordinated Debt
N/A
9.00% (Cash) 4.00% (PIK)
1/28/2030652 (8)(17)0.00 %
See Notes to Consolidated Financial Statements
40

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(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)
Excel Fitness(6) (13)First Lien Term Loan
S + 5.25%
10.75 %4/29/20299,875 9,778 9,616 1.29 %
Fairway Lawns(12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20292,730 2,662 2,659 0.35 %
Fairway Lawns (Delayed Draw)(11) (12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20296,287 5,867 5,704 0.76 %
Legacy Service Partners, LLC (“LSP”)(6) (12) (13)First Lien Term Loan
S + 6.50%
12.00 %1/9/202910,161 9,983 10,306 1.38 %
Legacy Service Partners, LLC (“LSP”) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
12.00 %1/9/20294,734 3,949 4,037 0.54 %
Liberty Buyer(9) (13)First Lien Term Loan
S + 5.50%
11.18 %6/15/20283,929 3,898 3,945 0.53 %
Liberty Buyer (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
11.18 %6/15/2028744 295 298 0.04 %
NJEye LLC(6)First Lien Term Loan
S + 4.75%
10.39 %3/14/20255,340 5,331 5,283 0.71 %
NJEye LLC (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
10.39 %3/14/2025700 700 692 0.09 %
NJEye LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
10.39 %3/14/20251,373 883 870 0.12 %
NJEye LLC (Delayed Draw)(12)First Lien Term Loan
S + 4.75%
10.44 %3/14/2025890 890 881 0.12 %
North Haven Spartan US Holdco LLC(6)First Lien Term Loan
S + 6.25%
11.63 %6/6/20252,503 2,501 2,497 0.33 %
North Haven Spartan US Holdco LLC (Delayed Draw)(6)First Lien Term Loan
S + 6.25%
11.63 %6/6/2025217 217 217 0.03 %
One World Fitness PFF LLC(6)First Lien Term Loan
S + 5.25%
10.70% (Cash) 1.00% (PIK)
11/26/20253,872 3,873 3,637 0.48 %
Perennial Services, Group, LLC(6) (13)First Lien Term Loan
S + 6.00%
11.49 %9/8/20296,733 6,637 6,634 0.89 %
Perennial Services, Group, LLC (Delayed Draw)(12)First Lien Term Loan
S + 6.00%
11.49 %9/8/20296,025 6,011 5,937 0.79 %
Total Services: Consumer77,979 76,923 10.29 %
Sovereign & Public Finance
LMI Consulting, LLC (LMI)(13)First Lien Term Loan
S + 6.50%
11.90 %7/18/20284,351 4,280 4,370 0.59 %
LMI Consulting, LLC (LMI) (Incremental)(6)First Lien Term Loan