000173792412/31FALSE2024Q2xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purencdlc:investmentncdlc:portfolioCompanyncdlc:member00017379242024-01-012024-06-3000017379242024-08-050001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-06-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-3100017379242024-06-3000017379242023-12-310001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-04-012023-06-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001737924us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-06-3000017379242024-04-012024-06-3000017379242023-04-012023-06-3000017379242023-01-012023-06-3000017379242024-03-3100017379242023-03-3100017379242022-12-3100017379242023-06-300001737924AEgis Technologies 12024-06-300001737924AEgis Technologies 22024-06-300001737924Arotech2024-06-300001737924Arotech (Delayed Draw)2024-06-300001737924Loc Performance Products2024-06-300001737924Precision Aviation Group2024-06-300001737924Precision Aviation Group (Delayed Draw)2024-06-300001737924Turbine Engine Specialist, Inc2024-06-300001737924Valkyrie2024-06-300001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2024-06-300001737924Covercraft2024-06-300001737924High Bar Brands2024-06-300001737924High Bar Brands (Delayed Draw)2024-06-300001737924JEGS Automotive2024-06-300001737924OEP Glass Purchaser2024-06-300001737924Randys Holdings, Inc2024-06-300001737924Randys Holdings, Inc (Delayed Draw)2024-06-300001737924S&S Truck Parts 12024-06-300001737924S&S Truck Parts 22024-06-300001737924S&S Truck Parts (Delayed Draw) 12024-06-300001737924S&S Truck Parts (Delayed Draw) 22024-06-300001737924S&S Truck Parts (Incremental)2024-06-300001737924us-gaap:DebtSecuritiesMemberus-gaap:AutomotiveSectorMember2024-06-300001737924Coding Solutions Acquisitions2024-06-300001737924Coding Solutions Acquisitions (Delayed Draw)2024-06-300001737924Long Term Care Group2024-06-300001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2024-06-300001737924Risk Strategies (Delayed Draw)2024-06-300001737924Vensure Employer Services2024-06-300001737924World Insurance Associates2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:BankingFinanceInsuranceRealEstateMember2024-06-300001737924Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)2024-06-300001737924Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental)2024-06-300001737924Bardstown PPC Holdings LLC2024-06-300001737924Death Wish Coffee2024-06-300001737924Dessert Holdings 12024-06-300001737924Dessert Holdings 22024-06-300001737924Fresh Edge2024-06-300001737924Fresh Edge (Incremental) 12024-06-300001737924Fresh Edge (Incremental) 22024-06-300001737924Handgards, LLC2024-06-300001737924KSLB Holdings LLC2024-06-300001737924Palmetto Acquisitionco, Inc.2024-06-300001737924Palmetto Acquisitionco, Inc. (Delayed Draw)2024-06-300001737924Rise Baking2024-06-300001737924Rise Baking (Delayed Draw)2024-06-300001737924Rise Baking (Incremental)2024-06-300001737924Summit Hill Foods2024-06-300001737924Sunny Sky Products2024-06-300001737924Sunny Sky Products (Delayed Draw)2024-06-300001737924Watermill Express (Delayed Draw) (Incremental)2024-06-300001737924Watermill Express (Incremental)2024-06-300001737924Watermill Express, LLC2024-06-300001737924Watermill Express, LLC (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:BeverageFoodTobaccoMember2024-06-300001737924Crete Mechanical Group2024-06-300001737924Crete Mechanical Group (Delayed Draw) 12024-06-300001737924Crete Mechanical Group (Delayed Draw) 22024-06-300001737924EFC Holdings, LLC2024-06-300001737924E-Technologies2024-06-300001737924Firstcall Mechanical Group2024-06-300001737924Firstcall Mechanical Group (Delayed Draw)2024-06-300001737924Heartland Home Services2024-06-300001737924Heartland Home Services (Delayed Draw) 12024-06-300001737924Heartland Home Services (Delayed Draw) 22024-06-300001737924Hyperion2024-06-300001737924MSHC Inc2024-06-300001737924Ovation Holdings, Inc.2024-06-300001737924Ovation Holdings, Inc. (Delayed Draw)2024-06-300001737924Precision Surfacing2024-06-300001737924PT Intermediate Holdings III, LLC2024-06-300001737924PT Intermediate Holdings III, LLC (Delayed Draw)2024-06-300001737924Rhino Tool House 12024-06-300001737924Rhino Tool House 22024-06-300001737924Rhino Tool House (Delayed Draw)2024-06-300001737924ncdlc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2024-06-300001737924Ascensus Specialties2024-06-300001737924Boulder Scientific Company LLC2024-06-300001737924Chroma Color Corporation (dba Chroma Color)2024-06-300001737924Chroma Color Corporation (dba Chroma Color) (Delayed Draw)2024-06-300001737924Spartech2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ChemicalsPlasticsRubberMember2024-06-300001737924Allstar Holdings2024-06-300001737924Allstar Holdings (Delayed Draw) 12024-06-300001737924Allstar Holdings (Delayed Draw) 22024-06-300001737924Erie Construction2024-06-300001737924Gannett Fleming2024-06-300001737924ICE USA Infrastructure2024-06-300001737924MEI Rigging & Crating2024-06-300001737924MEI Rigging & Crating (Delayed Draw)2024-06-300001737924RMA Companies (Delayed Draw) 12024-06-300001737924RMA Companies (Delayed Draw) 22024-06-300001737924Royal Holdco Corporation (Incremental)2024-06-300001737924Sciens Building Solutions, LLC2024-06-300001737924Sciens Building Solutions, LLC (Delayed Draw)2024-06-300001737924Tencate2024-06-300001737924Tencate (Delayed Draw)2024-06-300001737924WSB Engineering Holdings Inc.2024-06-300001737924WSB Engineering Holdings Inc. (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ConstructionBuildingMember2024-06-300001737924Halo Buyer Inc2024-06-300001737924SmartSign 12024-06-300001737924SmartSign 22024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsDurableMember2024-06-300001737924Arcadia Consumer Health2024-06-300001737924Arcadia Consumer Health (Incremental)2024-06-300001737924Elevation Labs2024-06-300001737924Elevation Labs (Delayed Draw)2024-06-300001737924FoodScience2024-06-300001737924Market Performance Group2024-06-300001737924Market Performance Group (Delayed Draw)2024-06-300001737924Protective Industrial Products (“PIP”)2024-06-300001737924Ultima Health Holdings, LLC2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsNonDurableMember2024-06-300001737924B2B Packaging2024-06-300001737924B2B Packaging (Delayed Draw)2024-06-300001737924Five Star Packing2024-06-300001737924Good2Grow 12024-06-300001737924Good2Grow 22024-06-300001737924Good2Grow (Incremental)2024-06-300001737924Oliver Packaging2024-06-300001737924Online Labels Group2024-06-300001737924Online Labels Group (Delayed Draw) 12024-06-300001737924Online Labels Group (Delayed Draw) 22024-06-300001737924Proampac2024-06-300001737924Specialized Packaging Group 12024-06-300001737924Specialized Packaging Group 22024-06-300001737924Specialized Packaging Group (Incremental) 12024-06-300001737924Specialized Packaging Group (Incremental) 22024-06-300001737924Specialized Packaging Group (Incremental) 32024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ContainersPackagingAndGlassMember2024-06-300001737924Insulation Technology Group2024-06-300001737924Insulation Technology Group (Delayed Draw)2024-06-300001737924MGM Transformer Company2024-06-300001737924MGM Transformer Company (Delayed Draw)2024-06-300001737924National Power2024-06-300001737924National Power (Delayed Draw)2024-06-300001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2024-06-300001737924Contract Land Staff2024-06-300001737924Contract Land Staff (Delayed Draw)2024-06-300001737924Impact Environmental Group2024-06-300001737924Impact Environmental Group (Delayed Draw)2024-06-300001737924Impact Environmental Group (Delayed Draw) (Incremental)2024-06-300001737924Impact Environmental Group (Incremental)2024-06-300001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2024-06-300001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)2024-06-300001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)2024-06-300001737924The Facilities Group 12024-06-300001737924The Facilities Group 22024-06-300001737924The Facilities Group (Delayed Draw) 12024-06-300001737924The Facilities Group (Delayed Draw) 22024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:EnvironmentalIndustriesMember2024-06-300001737924Affinity Hospice2024-06-300001737924Anne Arundel 12024-06-300001737924Anne Arundel 22024-06-300001737924Anne Arundel 32024-06-300001737924Anne Arundel (Delayed Draw)2024-06-300001737924Forefront Dermatology2024-06-300001737924Genesee Scientific2024-06-300001737924Genesee Scientific (Delayed Draw)2024-06-300001737924GHR Healthcare2024-06-300001737924GHR Healthcare (Delayed Draw)2024-06-300001737924GHR Healthcare (Delayed Draw) (Incremental) 12024-06-300001737924GHR Healthcare (Delayed Draw) (Incremental) 22024-06-300001737924GHR Healthcare (Incremental) 12024-06-300001737924GHR Healthcare (Incremental) 22024-06-300001737924GHR Healthcare (Incremental) 32024-06-300001737924Health Management Associates2024-06-300001737924Health Management Associates (Delayed Draw)2024-06-300001737924Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) 12024-06-300001737924Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) 22024-06-300001737924Heartland Veterinary Partners LLC (Incremental)2024-06-300001737924HemaSource Inc.2024-06-300001737924InfuCare RX2024-06-300001737924MDC Intermediate Holdings II, LLC2024-06-300001737924MDC Intermediate Holdings II, LLC (Delayed Draw)2024-06-300001737924Midwest Eye Consultants2024-06-300001737924Prompt Care (Delayed Draw) (Incremental)2024-06-300001737924PromptCare2024-06-300001737924PromptCare (Delayed Draw)2024-06-300001737924Quorum Health Resources, LLC2024-06-300001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2024-06-300001737924Quorum Health Resources, LLC (Incremental)2024-06-300001737924Sandlot Buyer, LLC (Prime Time Healthcare)2024-06-300001737924Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)2024-06-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2024-06-300001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2024-06-300001737924SM Wellness Holdings, Inc2024-06-300001737924Smile Brands2024-06-300001737924Southern Veterinary Partners2024-06-300001737924Team Services Group2024-06-300001737924Thorne HealthTech2024-06-300001737924TIDI Products2024-06-300001737924TIDI Products (Delayed Draw)2024-06-300001737924US Fertility2024-06-300001737924VMG Health2024-06-300001737924Wellspring Pharmaceutical2024-06-300001737924Wellspring Pharmaceutical (Delayed Draw)2024-06-300001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2024-06-300001737924Wellspring Pharmaceutical (Incremental)2024-06-300001737924Young Innovations2024-06-300001737924Young Innovations (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:HealthcareAndPharmaceuticalsMember2024-06-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2024-06-300001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2024-06-300001737924Ahead Data Blue LLC 12024-06-300001737924Ahead Data Blue LLC 22024-06-300001737924Argano, LLC2024-06-300001737924Argano, LLC (Delayed Draw)2024-06-300001737924Argano, LLC (Delayed Draw) (Incremental)2024-06-300001737924Diligent Corporation 12024-06-300001737924Diligent Corporation 22024-06-300001737924Diligent Corporation 32024-06-300001737924Eliassen Group LLC2024-06-300001737924Eliassen Group LLC (Delayed Draw)2024-06-300001737924Evergreen Services Group II2024-06-300001737924Evergreen Services Group II (Delayed Draw)2024-06-300001737924Exterro2024-06-300001737924Fineline Merger2024-06-300001737924Go Engineer2024-06-300001737924Go Engineer (Delayed Draw)2024-06-300001737924Infobase Acquisition, Inc.2024-06-300001737924ITSavvy LLC2024-06-300001737924ITSavvy LLC (Delayed Draw)2024-06-300001737924North Haven CS Acquisition Inc2024-06-300001737924North Haven CS Acquisition Inc (Incremental)2024-06-300001737924Prosci, Inc.2024-06-300001737924Quickbase2024-06-300001737924Revalize (Delayed Draw) 12024-06-300001737924Revalize (Delayed Draw) 22024-06-300001737924Revalize (Delayed Draw) 32024-06-300001737924SmartWave2024-06-300001737924Solve Industrial Motion Group 12024-06-300001737924Solve Industrial Motion Group 22024-06-300001737924Solve Industrial Motion Group (Delayed Draw)2024-06-300001737924Velosio2024-06-300001737924Velosio (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:HighTechIndustriesMember2024-06-300001737924Tinuiti2024-06-300001737924Tinuiti (Delayed Draw)2024-06-300001737924Tinuiti (Delayed Draw) (Incremental)2024-06-300001737924Wpromote2024-06-300001737924Wpromote (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:MediaAdvertisingPrintingPublishingMember2024-06-300001737924BroadcastMed Holdco, LLC2024-06-300001737924Corporate Visions 12024-06-300001737924Corporate Visions 22024-06-300001737924Spectrio II2024-06-300001737924Spectrio II (Delayed Draw) 12024-06-300001737924Spectrio II (Delayed Draw) 22024-06-300001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2024-06-300001737924Syndigo2024-06-300001737924us-gaap:DebtSecuritiesMemberus-gaap:RetailSectorMember2024-06-300001737924ALKU Intermediate Holdings, LLC2024-06-300001737924Apex Companies Holdings, LLC2024-06-300001737924Apex Companies Holdings, LLC (Delayed Draw)2024-06-300001737924Aramsco2024-06-300001737924Aramsco (Delayed Draw)2024-06-300001737924ARMstrong2024-06-300001737924ARMstrong (Delayed Draw)2024-06-300001737924Bounteous 12024-06-300001737924Bounteous 22024-06-300001737924Bounteous (Delayed Draw) 12024-06-300001737924Bounteous (Delayed Draw) 22024-06-300001737924Bullhorn Inc2024-06-300001737924BusinesSolver2024-06-300001737924BusinesSolver (Delayed Draw)2024-06-300001737924Career Now2024-06-300001737924Cornerstone Advisors of Arizona LLC 12024-06-300001737924Cornerstone Advisors of Arizona LLC 22024-06-300001737924Cornerstone Advisors of Arizona LLC (Delayed Draw)2024-06-300001737924Cornerstone Advisors of Arizona, LLC (Incremental)2024-06-300001737924CrossCountry Consulting2024-06-300001737924CrossCountry Consulting (Delayed Draw)2024-06-300001737924D&H United Fueling Solutions2024-06-300001737924D&H United Fueling Solutions (Delayed Draw)2024-06-300001737924D&H United Fueling Solutions (Delayed Draw) (Incremental)2024-06-300001737924D&H United Fueling Solutions (Incremental)2024-06-300001737924E78 12024-06-300001737924E78 22024-06-300001737924E78 32024-06-300001737924E78 (Delayed Draw) 12024-06-300001737924E78 (Delayed Draw) 22024-06-300001737924Evergreen Services Group2024-06-300001737924Evergreen Services Group (Delayed Draw)2024-06-300001737924Gabriel Partners LLC2024-06-300001737924Gabriel Partners LLC (Delayed Draw)2024-06-300001737924Gabriel Partners LLC (Incremental)2024-06-300001737924HireRight2024-06-300001737924Image First2024-06-300001737924Image First (Delayed Draw)2024-06-300001737924Integrated Power Services (Delayed Draw)2024-06-300001737924Integrated Power Services (Incremental)2024-06-300001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC)2024-06-300001737924Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)2024-06-300001737924KRIV Acquisition, Inc2024-06-300001737924KRIV Acquisition, Inc (Delayed Draw)2024-06-300001737924Lion Merger Sub Inc2024-06-300001737924Lion Merger Sub Inc (Incremental)2024-06-300001737924LSCS Holdings Inc.2024-06-300001737924Lynx Franchising, LLC2024-06-300001737924Lynx Franchising, LLC (Incremental)2024-06-300001737924Output Services Group, Inc. 12024-06-300001737924Output Services Group, Inc. 22024-06-300001737924Phaidon International2024-06-300001737924Plaze2024-06-300001737924Press Ganey2024-06-300001737924Propark Mobility2024-06-300001737924Propark Mobility (Delayed Draw)2024-06-300001737924Propark Mobility (Delayed Draw) (Incremental)2024-06-300001737924Scaled Agile2024-06-300001737924Scaled Agile (Delayed Draw)2024-06-300001737924Soliant Health2024-06-300001737924Soliant Holdings LLC2024-06-300001737924System One2024-06-300001737924Technical Safety Services2024-06-300001737924Technical Safety Services (Delayed Draw)2024-06-300001737924Technical Safety Services (Incremental)2024-06-300001737924TouchTunes Interactive2024-06-300001737924Trilon Group, LLC2024-06-300001737924Trilon Group, LLC (Delayed Draw)2024-06-300001737924Vistage2024-06-300001737924Vital Records Control 12024-06-300001737924Vital Records Control 22024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:ServicesBusinessMember2024-06-300001737924360 Training2024-06-300001737924360 Training (Delayed Draw)2024-06-300001737924All My Sons2024-06-300001737924COP Exterminators Acquisition, Inc.2024-06-300001737924COP Exterminators Acquisition, Inc. (Delayed Draw)2024-06-300001737924Excel Fitness2024-06-300001737924Excel Fitness (Delayed Draw)2024-06-300001737924Fairway Lawns2024-06-300001737924Fairway Lawns (Delayed Draw)2024-06-300001737924Fairway Lawns (Delayed Draw) (Incremental)2024-06-300001737924Legacy Service Partners, LLC (“LSP”)2024-06-300001737924Legacy Service Partners, LLC (“LSP”) (Delayed Draw)2024-06-300001737924Liberty Buyer2024-06-300001737924Liberty Buyer (Delayed Draw)2024-06-300001737924NearU2024-06-300001737924NearU (Delayed Draw) 12024-06-300001737924NearU (Delayed Draw) 22024-06-300001737924NearU (Delayed Draw) (Incremental)2024-06-300001737924NJEye LLC2024-06-300001737924NJEye LLC (Delayed Draw)2024-06-300001737924NJEye LLC (Delayed Draw) 12024-06-300001737924NJEye LLC (Delayed Draw) 22024-06-300001737924North Haven Spartan US Holdco LLC2024-06-300001737924North Haven Spartan US Holdco LLC (Delayed Draw)2024-06-300001737924North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental)2024-06-300001737924One World Fitness PFF LLC2024-06-300001737924Perennial Services, Group, LLC2024-06-300001737924Perennial Services, Group, LLC (Delayed Draw)2024-06-300001737924Repipe Specialists2024-06-300001737924Repipe Specialists (Delayed Draw)2024-06-300001737924Wrench Group2024-06-300001737924us-gaap:DebtSecuritiesMemberus-gaap:ConsumerSectorMember2024-06-300001737924LMI Renaissance2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:SovereignAndPublicFinanceMember2024-06-300001737924BCM One2024-06-300001737924BCM One (Delayed Draw)2024-06-300001737924MBS Holdings, Inc.2024-06-300001737924Mobile Communications America Inc2024-06-300001737924Mobile Communications America Inc (Delayed Draw)2024-06-300001737924Momentum Telecom II2024-06-300001737924Momentum Telecom II (Incremental)2024-06-300001737924Sapphire Telecom Inc2024-06-300001737924Tyto Athene, LLC2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:TelecommunicationsMember2024-06-300001737924Armstrong Transport Group 12024-06-300001737924Armstrong Transport Group 22024-06-300001737924AIT Logistics2024-06-300001737924FSK Pallet Holding Corp. (DBA Kamps Pallets)2024-06-300001737924Kenco Group, Inc.2024-06-300001737924Kenco Group, Inc. (Delayed Draw)2024-06-300001737924Kenco Group, Inc. (Delayed Draw) (Incremental)2024-06-300001737924Quantix (Incremental) 12024-06-300001737924Quantix (Incremental) 22024-06-300001737924Quantix (Incremental) 32024-06-300001737924Quantix (Incremental) 42024-06-300001737924Quantix (Incremental) 52024-06-300001737924RoadOne2024-06-300001737924RoadOne (Delayed Draw)2024-06-300001737924SEKO Global Logistics 12024-06-300001737924SEKO Global Logistics 22024-06-300001737924SEKO Global Logistics 32024-06-300001737924SEKO Global Logistics (Delayed Draw)2024-06-300001737924SEKO Global Logistics (Delayed Draw) (Incremental)2024-06-300001737924SEKO Global Logistics (Incremental)2024-06-300001737924TI ACQUISITION NC LLC2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:TransportationCargoMember2024-06-300001737924Alternative Logistics Technologies Buyer, LLC2024-06-300001737924Alternative Logistics Technologies Buyer, LLC (Delayed Draw)2024-06-300001737924American Student Transportaton Partners, Inc2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:TransportationConsumerMember2024-06-300001737924DMC HoldCo LLC (DMC Power)2024-06-300001737924DMC HoldCo LLC (DMC Power) (Delayed Draw)2024-06-300001737924Pinnacle Supply Partners, LLC2024-06-300001737924Pinnacle Supply Partners, LLC (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:UtilitiesElectricMember2024-06-300001737924USA Water2024-06-300001737924USA Water (Delayed Draw)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:UtilitiesWaterMember2024-06-300001737924Industrial Service Group2024-06-300001737924Industrial Service Group (Delayed Draw)2024-06-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS)2024-06-300001737924INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw)2024-06-300001737924Micronics2024-06-300001737924TPC Wire & Cable2024-06-300001737924TPC Wire & Cable (Delayed Draw)2024-06-300001737924TPC Wire & Cable Corp (Delayed Draw) (Incremental)2024-06-300001737924us-gaap:DebtSecuritiesMemberncdlc:WholesaleMember2024-06-300001737924us-gaap:DebtSecuritiesMember2024-06-300001737924BPC Kodiak LLC (Turbine Engine Specialist, Inc)2024-06-300001737924ncdlc:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2024-06-300001737924Covercraft 12024-06-300001737924High Bar Brands 12024-06-300001737924S&S Truck Parts 32024-06-300001737924S&S Truck Parts 42024-06-300001737924S&S Truck Parts 52024-06-300001737924S&S Truck Parts 62024-06-300001737924us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMember2024-06-300001737924Bardstown PPC Holdings LLC 12024-06-300001737924Fresh Edge - Common2024-06-300001737924Fresh Edge - Preferred2024-06-300001737924Tech242024-06-300001737924us-gaap:EquitySecuritiesMemberncdlc:BeverageFoodTobaccoMember2024-06-300001737924Crete Mechanical Group 12024-06-300001737924EFC Holdings, LLC 12024-06-300001737924EFC Holdings, LLC 22024-06-300001737924E-Technologies 12024-06-300001737924Precision Surfacing - Common2024-06-300001737924ncdlc:CapitalEquipmentMemberus-gaap:EquitySecuritiesMember2024-06-300001737924Erie Construction 12024-06-300001737924Gannett Fleming 12024-06-300001737924Gannett Fleming 22024-06-300001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2024-06-300001737924FoodScience 12024-06-300001737924FoodScience 22024-06-300001737924Ultima Health Holdings, LLC 12024-06-300001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:EquitySecuritiesMember2024-06-300001737924Oliver Packaging 12024-06-300001737924Specialized Packaging Group2024-06-300001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2024-06-300001737924AG MDC Holdings, Inc2024-06-300001737924Anne Arundel2024-06-300001737924Health Management Associates 12024-06-300001737924REP HS Topco Holdings (HemaSource Inc.)2024-06-300001737924us-gaap:EquitySecuritiesMemberncdlc:HealthcareAndPharmaceuticalsMember2024-06-300001737924ITSavvy LLC 12024-06-300001737924Solve Industrial Motion Group2024-06-300001737924ncdlc:HighTechIndustriesMemberus-gaap:EquitySecuritiesMember2024-06-300001737924BroadcastMed Holdco, LLC 12024-06-300001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:EquitySecuritiesMember2024-06-300001737924Apex Companies Holdings, LLC 12024-06-300001737924Career Now 12024-06-300001737924Career Now 22024-06-300001737924E782024-06-300001737924KRIV Acquisition, Inc 12024-06-300001737924Output Services Group, Inc.2024-06-300001737924us-gaap:EquitySecuritiesMemberncdlc:ServicesBusinessMember2024-06-300001737924COP Exterminators Investment, LLC2024-06-300001737924Legacy Service Partners, LLC (“LSP”) 12024-06-300001737924NearU 12024-06-300001737924Perennial Services Investors LLC2024-06-300001737924Repipe Specialists 12024-06-300001737924us-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2024-06-300001737924LMI Renaissance 12024-06-300001737924us-gaap:EquitySecuritiesMemberncdlc:SovereignAndPublicFinanceMember2024-06-300001737924RoadOne - Common2024-06-300001737924SEKO Global Logistics2024-06-300001737924ncdlc:TransportationCargoMemberus-gaap:EquitySecuritiesMember2024-06-300001737924ASTP Holdings Co-Investment LP2024-06-300001737924ncdlc:TransportationConsumerMemberus-gaap:EquitySecuritiesMember2024-06-300001737924Pinnacle Supply Partners, LLC 12024-06-300001737924ncdlc:UtilitiesElectricMemberus-gaap:EquitySecuritiesMember2024-06-300001737924USA Water 12024-06-300001737924ncdlc:UtilitiesWaterMemberus-gaap:EquitySecuritiesMember2024-06-300001737924us-gaap:EquitySecuritiesMember2024-06-300001737924BlackRock Liquidity Funds Treasury - T-Fund - Institutional Class2024-06-300001737924First American Government Obligations Fund - Class Z2024-06-300001737924us-gaap:CashEquivalentsMember2024-06-300001737924ncdlc:OneMonthSOFRMember2024-06-300001737924ncdlc:ThreeMonthSOFRMember2024-06-300001737924ncdlc:SixMonthSOFRMember2024-06-300001737924ncdlc:TwelveMonthSOFRMember2024-06-300001737924ncdlc:RestrictedSecurityMember2024-06-300001737924ncdlc:QualifyingAssetsMember2024-06-300001737924ncdlc:NonQualifyingAssetsMember2024-06-300001737924AEgis 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, Inc2023-12-310001737924Valkyrie2023-12-310001737924ncdlc:AerospaceAndDefenseMemberus-gaap:DebtSecuritiesMember2023-12-310001737924American 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:DebtSecuritiesMemberus-gaap:AutomotiveSectorMember2023-12-310001737924Coding 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)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:BeverageFoodTobaccoMember2023-12-310001737924Crete 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)2023-12-310001737924ncdlc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Ascensus2023-12-310001737924Ascensus Specialties2023-12-310001737924Boulder Scientific Company LLC2023-12-310001737924Chroma Color Corporation (dba Chroma Color)2023-12-310001737924Chroma Color Corporation (dba Chroma Color) (Delayed Draw)2023-12-310001737924Spartech2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ChemicalsPlasticsRubberMember2023-12-310001737924Allstar 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)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ConstructionBuildingMember2023-12-310001737924Halo 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, LLC2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ConsumerGoodsNonDurableMember2023-12-310001737924B2B 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) 12023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:ContainersPackagingAndGlassMember2023-12-310001737924MGM 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 Innovations2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:HealthcareAndPharmaceuticalsMember2023-12-310001737924Acclaim 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)2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:HighTechIndustriesMember2023-12-310001737924Tinuiti2023-12-310001737924Tinuiti (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) 12023-12-310001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Syndigo2023-12-310001737924us-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:DebtSecuritiesMemberus-gaap:ConsumerSectorMember2023-12-310001737924LMI 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, LLC2023-12-310001737924us-gaap:DebtSecuritiesMemberncdlc:TelecommunicationsMember2023-12-310001737924FSK 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.) 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 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) |
(212) 478-9200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
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 August 5, 2024, the registrant had 54,821,734 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;
•the impact of geopolitical conditions, including the ongoing conflict between Ukraine and Russia and ongoing war in the Middle East, and its impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;
•our contractual arrangements and relationships with third parties;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;
•the ability of our portfolio companies to achieve their objectives;
•the use of borrowed money to finance a portion of our investments;
•the adequacy of our financing sources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability of the Advisers; to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;
•our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) and operate as a business development company ("BDC"); and
•the impact of future legislation and regulation on our business and our portfolio companies.
Although we believe that the assumptions on which these forward-looking statements are based 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 statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| | | |
Assets | (Unaudited) | | |
Investments | | | |
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $2,023,384 and $1,666,169, respectively) | $ | 1,990,856 | | | $ | 1,641,686 | |
Cash and cash equivalents | 70,986 | | | 67,395 | |
Restricted cash | 50 | | | 50 | |
| | | |
| | | |
Interest receivable | 18,299 | | | 17,674 | |
Receivable for investments sold | 2,650 | | | 3,919 | |
| | | |
Prepaid expenses | 93 | | | 13 | |
Other assets | — | | | 127 | |
Total assets | $ | 2,082,934 | | | $ | 1,730,864 | |
| | | |
Liabilities | | | |
Secured borrowings (net of $8,029 and $7,941 deferred financing costs, respectively) (See Note 6) | $ | 1,020,721 | | | $ | 943,936 | |
Payable for investments purchased | 17,790 | | | — | |
Interest payable | 21,292 | | | 9,837 | |
Due to adviser for expense support (See Note 5) | — | | | 632 | |
| | | |
Management fees payable | 3,590 | | | 3,006 | |
Distributions payable | 30,108 | | | 22,683 | |
Directors’ fees payable | 127 | | | 96 | |
Accounts payable and accrued expenses | 2,934 | | | 2,789 | |
Total liabilities | $ | 1,096,562 | | | $ | 982,979 | |
| | | |
Commitments and contingencies (See Note 7) | | | |
| | | |
| | | |
| | | |
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 54,705,779 and 41,242,105 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | $ | 547 | | | $ | 412 | |
Paid-in-capital in excess of par value | 1,019,617 | | | 776,719 | |
Total distributable earnings (loss) | (33,792) | | | (29,246) | |
Total net assets | $ | 986,372 | | | $ | 747,885 | |
| | | |
Total liabilities and net assets | $ | 2,082,934 | | | $ | 1,730,864 | |
| | | |
Net asset value per share (See Note 9) | $ | 18.03 | | | $ | 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 June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
Investment income: | | | | | | | | | |
Non-controlled/non-affiliated company investments: | | | | | | | | | |
Interest income | $ | 53,018 | | | $ | 36,292 | | | $ | 102,096 | | | $ | 69,679 | | | |
Payment-in-kind interest income | 1,529 | | | 551 | | | 3,521 | | | 872 | | | |
Dividend income | 33 | | | 24 | | | 341 | | | 40 | | | |
Other income | 509 | | | 234 | | | 726 | | | 470 | | | |
Total investment income | 55,089 | | | 37,101 | | | 106,684 | | | 71,061 | | | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Interest and debt financing expenses | 18,721 | | | 14,298 | | | 35,662 | | | 27,041 | | | |
| 3,590 | | | 2,475 | | | 6,854 | | | 4,781 | | | |
Incentive fees on net investment income | 3,075 | | | — | | | 7,534 | | | — | | | |
Professional fees | 693 | | | 964 | | | 1,403 | | | 1,554 | | | |
Directors' fees | 127 | | | 95 | | | 255 | | | 191 | | | |
Administration fees (See Note 5) | 484 | | | 350 | | | 1,026 | | | 659 | | | |
Other general and administrative expenses | 466 | | | 357 | | | 743 | | | 528 | | | |
Total expenses before expense support and Incentive fees waived | 27,156 | | | 18,539 | | | 53,477 | | | 34,754 | | | |
| — | | | (144) | | | — | | | (158) | | | |
Incentive fees waived (See Note 5) | (3,075) | | | — | | | (7,534) | | | — | | | |
Net Expenses after expense support | 24,081 | | | 18,395 | | | 45,943 | | | 34,596 | | | |
| | | | | | | | | |
| | | | | | | | | |
Net investment income | 31,008 | | | 18,706 | | | 60,741 | | | 36,465 | | | |
| | | | | | | | | |
Realized and unrealized gain (loss) on investments: | | | | | | | | | |
Net realized gain (loss) on non-controlled/non-affiliated company investments | 1,017 | | | 218 | | | (2,608) | | | 6,699 | | | |
Net change in unrealized appreciation (depreciation): | | | | | | | | | |
Non-controlled/non-affiliated company investments | (12,102) | | | (4,242) | | | (8,045) | | | (15,379) | | | |
Income tax (provision) benefit | 282 | | | (376) | | | 141 | | | (762) | | | |
Total net change in unrealized gain (loss) | (11,820) | | | (4,618) | | | (7,904) | | | (16,141) | | | |
Total net realized and unrealized gain (loss) on investments | (10,803) | | | (4,400) | | | (10,512) | | | (9,442) | | | |
| | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | $ | 20,205 | | | $ | 14,306 | | | $ | 50,229 | | | $ | 27,023 | | | |
| | | | | | | | | |
Per share data: | | | | | | | | | |
Net investment income per share - basic and diluted | $ | 0.57 | | | $ | 0.61 | | | $ | 1.13 | | | $ | 1.23 | | | |
Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $ | 0.37 | | | $ | 0.47 | | | $ | 0.93 | | | $ | 0.91 | | | |
Weighted average common shares outstanding - basic and diluted | 54,789,044 | | | 30,621,009 | | | 53,773,698 | | | 29,679,378 | | | |
See Notes to Consolidated Financial Statements
4
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(dollars in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | |
Net investment income | $ | 31,008 | | | $ | 18,706 | | | $ | 60,741 | | | $ | 36,465 | | | |
Net realized gain (loss) on investments | 1,017 | | | 218 | | | (2,608) | | | 6,699 | | | |
Net change in unrealized appreciation (depreciation) on investments | (11,820) | | | (4,618) | | | (7,904) | | | (16,141) | | | |
Net increase (decrease) in net assets resulting from operations | 20,205 | | | 14,306 | | | 50,229 | | | 27,023 | | | |
Shareholder distributions: | | | | | | | | | |
Distributions declared from net investment income | (30,108) | | | (17,106) | | | (54,775) | | | (38,951) | | | |
Net increase (decrease) in net assets resulting from shareholder distributions | (30,108) | | | (17,106) | | | (54,775) | | | (38,951) | | | |
Capital share transactions: | | | | | | | | | |
Issuance of common shares, net | — | | | 39,977 | | | 241,657 | | | 39,977 | | | |
Reinvestment of shareholder distributions | 3,191 | | | 2,776 | | | 6,525 | | | 4,491 | | | |
Repurchase of common stock | (5,149) | | | — | | | (5,149) | | | — | | | |
Net increase (decrease) in net assets resulting from capital share transactions | (1,958) | | | 42,753 | | | 243,033 | | | 44,468 | | | |
Total increase (decrease) in net assets | (11,861) | | | 39,953 | | | 238,487 | | | 32,540 | | | |
Net assets, beginning of period | 998,233 | | | 517,544 | | | 747,885 | | | 524,957 | | | |
Net assets, end of period | $ | 986,372 | | | $ | 557,497 | | | $ | 986,372 | | | $ | 557,497 | | | |
See Notes to Consolidated Financial Statements
5
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands, except share and per share data) | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 | | |
Cash flows from operating activities: | | | | | |
Net increase (decrease) in net assets resulting from operations | $ | 50,229 | | | $ | 27,023 | | | |
| | | | | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities | | | | | |
Purchase of investments | (509,305) | | | (202,017) | | | |
Proceeds from principal repayments and sales of investments | 154,873 | | | 45,361 | | | |
Payment-in-kind interest | (3,521) | | | (872) | | | |
Amortization of (premium)/accretion of discount, net | (1,870) | | | (1,533) | | | |
Net realized (gain) loss on investments | 2,608 | | | (6,699) | | | |
Net change in unrealized (appreciation) depreciation on investments | 8,045 | | | 15,379 | | | |
Amortization of deferred financing costs | 1,960 | | | 884 | | | |
Amortization of offering costs | — | | | (23) | | | |
Changes in operating assets and liabilities: | | | | | |
Due from adviser for expense support | — | | | 282 | | | |
Interest receivable | (625) | | | (1,178) | | | |
Receivable for investments sold | 1,269 | | | (47) | | | |
| | | | | |
Prepaid expenses | (80) | | | (59) | | | |
Other assets | 127 | | | — | | | |
Payable for investments purchased | 17,790 | | | (56) | | | |
Interest payable | 11,455 | | | 2,509 | | | |
Due to adviser for expense support | (632) | | | (46) | | | |
| | | | | |
Management fees payable | 584 | | | 263 | | | |
Directors’ fees payable | 31 | | | — | | | |
| | | | | |
Accounts payable and accrued expenses | 145 | | | 338 | | | |
Net cash provided by (used in) operating activities | (266,917) | | | (120,491) | | | |
| | | | | |
Cash flows from financing activities: | | | | | |
| | | | | |
Proceeds from issuance of common shares | 241,657 | | | 40,455 | | | |
| | | | | |
Shareholder distributions | (40,825) | | | (31,680) | | | |
Repurchases of common shares | (5,149) | | | — | | | |
Proceeds from secured borrowings | 546,250 | | | 179,000 | | | |
Repayments of secured borrowings | (469,377) | | | (59,000) | | | |
Payments of deferred financing costs | (2,048) | | | (2,106) | | | |
Net cash provided by (used in) financing activities | 270,508 | | | 126,669 | | | |
| | | | | |
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash | 3,591 | | | 6,178 | | | |
Cash and Cash Equivalents and Restricted Cash, beginning of period | 67,445 | | | 39,320 | | | |
Cash and Cash Equivalents and Restricted Cash, end of period | $ | 71,036 | | | $ | 45,498 | | | |
| | | | | |
Supplemental disclosure of cash flow information: | | | | | |
Cash paid during the period for interest | $ | 22,247 | | | $ | 23,648 | | | |
Cash paid during the period for excise taxes | $ | 6 | | | $ | — | | | |
| | | | | |
| | | | | |
Supplemental disclosure of non-cash flow Information: | | | | | |
Reinvestment of shareholder distributions | $ | 6,525 | | | $ | 4,491 | | | |
| | | | | |
See Notes to Consolidated Financial Statements
6
The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the consolidated statements of assets and liabilities that sum to the total of comparable amounts on the consolidated statements of cash flows (dollars in thousands):
| | | | | | | | | | | | | |
| June 30, 2024 | | June 30, 2023 | | |
Cash | $ | 3,301 | | | $ | 10,098 | | | |
Cash equivalents | 67,685 | | | 35,350 | | | |
Restricted cash | 50 | | | 50 | | | |
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows | $ | 71,036 | | | $ | 45,498 | | | |
See Notes to Consolidated Financial Statements
7
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | | |
AEgis Technologies | | (6) (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 10/31/2025 | | $ | 14,585 | | | $ | 14,541 | | | $ | 14,532 | | | 1.47 | % | | | | | | |
AEgis Technologies | | (6) (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 10/31/2025 | | 3,030 | | | 3,004 | | | 3,019 | | | 0.31 | % | | | | | | |
Arotech | | (6) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.68 | % | | 10/22/2026 | | 15,043 | | | 14,418 | | | 15,040 | | | 1.52 | % | | | | | | |
Arotech (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 6.25% | | 11.69 | % | | 10/22/2026 | | 732 | | | 703 | | | 732 | | | 0.07 | % | | | | | | |
Loc Performance Products | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.69 | % | | 12/22/2026 | | 6,520 | | | 6,474 | | | 6,374 | | | 0.65 | % | | | | | | |
Precision Aviation Group | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 12/21/2029 | | 14,964 | | | 14,683 | | | 14,879 | | | 1.51 | % | | | | | | |
Precision Aviation Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 10.83 | % | | 12/21/2029 | | 4,961 | | | 753 | | | 771 | | | 0.08 | % | | | | | | |
Turbine Engine Specialist, Inc | | (12) | | Subordinated Debt | | S + 9.50% | | 14.94 | % | | 3/1/2029 | | 2,543 | | | 2,486 | | | 2,536 | | | 0.26 | % | | | | | | |
Valkyrie | | (12) | | Subordinated Debt | | N/A | | 10.50% (Cash) 1.00% (PIK) | | 11/17/2027 | | 2,851 | | | 2,812 | | | 2,783 | | | 0.28 | % | | | | | | |
Total Aerospace & Defense | | | | | | | | | | | | | | 59,874 | | | 60,666 | | | 6.15 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | | | | | |
Covercraft | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/20/2028 | | 7,506 | | | 7,411 | | | 6,791 | | | 0.69 | % | | | | | | |
High Bar Brands | | (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 6/19/2030 | | 2,088 | | | 2,040 | | | 2,059 | | | 0.21 | % | | | | | | |
High Bar Brands (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 6/19/2030 | | 596 | | | (7) | | | (8) | | | — | % | | | | | | |
JEGS Automotive | | (6) (16) | | First Lien Term Loan | | S + 6.00% | | 11.47 | % | | 12/22/2027 | | 3,988 | | | 3,963 | | | 2,650 | | | 0.27 | % | | | | | | |
OEP Glass Purchaser | | (6) (13) | | First Lien Term Loan | | S + 5.00% | | 10.48 | % | | 4/18/2028 | | 12,563 | | | 12,478 | | | 12,563 | | | 1.27 | % | | | | | | |
Randys Holdings, Inc | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.56 | % | | 11/1/2028 | | 11,081 | | | 10,906 | | | 10,952 | | | 1.11 | % | | | | | | |
Randys Holdings, Inc (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.56 | % | | 11/1/2028 | | 3,749 | | | 689 | | | 645 | | | 0.07 | % | | | | | | |
S&S Truck Parts | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.48 | % | | 3/1/2029 | | 6,823 | | | 6,773 | | | 6,752 | | | 0.68 | % | | | | | | |
S&S Truck Parts | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.48 | % | | 3/1/2029 | | 1,153 | | | 1,145 | | | 1,141 | | | 0.12 | % | | | | | | |
S&S Truck Parts (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.50 | % | | 3/1/2029 | | 98 | | | 98 | | | 97 | | | 0.01 | % | | | | | | |
S&S Truck Parts (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.48 | % | | 3/1/2029 | | 1,716 | | | 1,716 | | | 1,698 | | | 0.17 | % | | | | | | |
S&S Truck Parts (Incremental) | | (6) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.35 | % | | 3/1/2029 | | 20,134 | | | 19,935 | | | 19,925 | | | 2.02 | % | | | | | | |
Total Automotive | | | | | | | | | | | | | | 67,147 | | | 65,265 | | | 6.62 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
8
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | | | | | | | | | | | |
Coding Solutions Acquisitions | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 5/11/2028 | | 6,399 | | | 6,354 | | | 6,353 | | | 0.64 | % | | | | | | |
Coding Solutions Acquisitions (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 5/11/2028 | | 1,956 | | | 1,956 | | | 1,942 | | | 0.20 | % | | | | | | |
Long Term Care Group | | (6) (9) (12) | | First Lien Term Loan | | S + 4.62% | | 10.21% (Cash) 2.38% (PIK) | | 9/8/2027 | | 7,055 | | | 7,020 | | | 6,220 | | | 0.63 | % | | | | | | |
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | | (9) (12) | | First Lien Term Loan | | S + 5.00% | | 10.48 | % | | 10/16/2028 | | 7,136 | | | 7,084 | | | 7,040 | | | 0.71 | % | | | | | | |
Risk Strategies (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 11/1/2029 | | 14,794 | | | 14,794 | | | 14,617 | | | 1.48 | % | | | | | | |
Vensure Employer Services | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 3/26/2027 | | 14,581 | | | 14,561 | | | 14,543 | | | 1.47 | % | | | | | | |
World Insurance Associates | | (6) (9) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 4/3/2028 | | 14,806 | | | 14,796 | | | 14,767 | | | 1.50 | % | | | | | | |
Total Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | 66,565 | | | 65,482 | | | 6.63 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | | | | | |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) | | (6) (7) (10) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 9/25/2029 | | 17,196 | | | 16,892 | | | 16,977 | | | 1.72 | % | | | | | | |
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental) | | (6) (7) (10) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 9/25/2029 | | 2,034 | | | 2,016 | | | 2,009 | | | 0.20 | % | | | | | | |
Bardstown PPC Holdings LLC | | (12) | | Subordinated Debt | | S + 7.75% | | 13.08 | % | | 8/30/2027 | | 9,300 | | | 9,171 | | | 9,199 | | | 0.93 | % | | | | | | |
Death Wish Coffee | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.43 | % | | 9/28/2027 | | 9,750 | | | 9,696 | | | 9,750 | | | 0.99 | % | | | | | | |
Dessert Holdings | | (6) (9) (12) | | Subordinated Debt | | S + 7.25% | | 12.71 | % | | 6/8/2029 | | 9,000 | | | 8,885 | | | 8,123 | | | 0.82 | % | | | | | | |
Dessert Holdings | | (13) | | First Lien Term Loan | | S + 4.00% | | 9.46 | % | | 6/9/2028 | | 5,559 | | | 5,415 | | | 5,410 | | | 0.55 | % | | | | | | |
Fresh Edge | | (12) | | Subordinated Debt | | S + 4.50% | | 9.76% (Cash) 5.13% (PIK) | | 4/3/2029 | | 3,954 | | | 3,880 | | | 3,871 | | | 0.39 | % | | | | | | |
Fresh Edge (Incremental) | | (12) | | Subordinated Debt | | S + 4.50% | | 9.76% (Cash) 5.13% (PIK) | | 4/3/2029 | | 790 | | | 773 | | | 773 | | | 0.08 | % | | | | | | |
Fresh Edge (Incremental) | | (12) | | Subordinated Debt | | S + 4.50% | | 9.76% (Cash) 5.13% (PIK) | | 4/3/2029 | | 934 | | | 913 | | | 915 | | | 0.09 | % | | | | | | |
Handgards, LLC | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 4/10/2031 | | 30,000 | | | 29,707 | | | 29,722 | | | 3.02 | % | | | | | | |
KSLB Holdings LLC | | (13) | | First Lien Term Loan | | S + 4.50% | | 9.93 | % | | 7/30/2025 | | 2,843 | | | 2,833 | | | 2,749 | | | 0.28 | % | | | | | | |
Palmetto Acquisitionco, Inc. | | (6) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 9/18/2029 | | 13,248 | | | 13,038 | | | 13,037 | | | 1.32 | % | | | | | | |
Palmetto Acquisitionco, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 9/18/2029 | | 4,834 | | | 1,772 | | | 1,711 | | | 0.17 | % | | | | | | |
Rise Baking | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.69 | % | | 8/13/2027 | | 14,625 | | | 14,500 | | | 14,747 | | | 1.50 | % | | | | | | |
Rise Baking (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 8/13/2027 | | 4,432 | | | 4,414 | | | 4,381 | | | 0.44 | % | | | | | | |
Rise Baking (Incremental) | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 8/13/2027 | | 10,846 | | | 10,793 | | | 10,722 | | | 1.09 | % | | | | | | |
Summit Hill Foods | | (6) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 11/29/2029 | | 9,377 | | | 9,248 | | | 9,341 | | | 0.95 | % | | | | | | |
Sunny Sky Products | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 12/23/2028 | | 7,058 | | | 6,994 | | | 6,994 | | | 0.71 | % | | | | | | |
See Notes to Consolidated Financial Statements
9
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sunny Sky Products (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 12/23/2028 | | 1,773 | | | — | | | (16) | | | — | % | | | | | | |
Watermill Express (Delayed Draw) (Incremental) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.22 | % | | 7/5/2029 | | 3,178 | | | 3,178 | | | 3,170 | | | 0.32 | % | | | | | | |
Watermill Express (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 7/5/2029 | | 6,343 | | | 6,284 | | | 6,327 | | | 0.64 | % | | | | | | |
Watermill Express, LLC | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 7/5/2029 | | 3,238 | | | 3,221 | | | 3,230 | | | 0.33 | % | | | | | | |
Watermill Express, LLC (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 7/5/2029 | | 313 | | | 313 | | | 312 | | | 0.03 | % | | | | | | |
Total Beverage, Food & Tobacco | | | | | | | | | | | | | | 163,936 | | | 163,454 | | | 16.57 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | | | | | | | |
Crete Mechanical Group | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 5/19/2028 | | 4,798 | | | 4,766 | | | 4,818 | | | 0.49 | % | | | | | | |
Crete Mechanical Group (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 5/19/2028 | | 2,831 | | | 2,797 | | | 2,842 | | | 0.29 | % | | | | | | |
Crete Mechanical Group (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 4.75% | | 10.32 | % | | 5/19/2028 | | 7,114 | | | 7,114 | | | 7,142 | | | 0.72 | % | | | | | | |
EFC Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 11.00% (Cash) 2.50% (PIK) | | 5/1/2028 | | 3,207 | | | 3,132 | | | 3,204 | | | 0.32 | % | | | | | | |
E-Technologies | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 4/9/2030 | | 7,313 | | | 7,242 | | | 7,246 | | | 0.73 | % | | | | | | |
Firstcall Mechanical Group | | (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.09 | % | | 6/27/2030 | | 10,000 | | | 9,900 | | | 9,900 | | | 1.00 | % | | | | | | |
Firstcall Mechanical Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 4.75% | | 10.09 | % | | 6/27/2030 | | 20,000 | | | (25) | | | (199) | | | (0.02 | %) | | | | | | |
Heartland Home Services | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.34 | % | | 12/15/2026 | | 6,434 | | | 6,401 | | | 6,170 | | | 0.63 | % | | | | | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.34 | % | | 12/15/2026 | | 5,579 | | | 5,564 | | | 5,350 | | | 0.54 | % | | | | | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.43 | % | | 12/15/2026 | | 2,558 | | | 2,558 | | | 2,453 | | | 0.25 | % | | | | | | |
Hyperion | | (12) (13) (14) | | First Lien Term Loan | | S + 4.50% | | 10.11 | % | | 8/30/2028 | | 2,641 | | | 2,638 | | | 2,579 | | | 0.26 | % | | | | | | |
MSHC Inc | | (6) (9) | | First Lien Term Loan | | S + 4.00% | | 9.59 | % | | 10/29/2027 | | 7,959 | | | 7,978 | | | 7,969 | | | 0.81 | % | | | | | | |
Ovation Holdings, Inc. | | (6) (13) | | First Lien Term Loan | | S + 6.25% | | 11.73 | % | | 2/5/2029 | | 7,995 | | | 7,852 | | | 7,987 | | | 0.81 | % | | | | | | |
Ovation Holdings, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.73 | % | | 2/5/2029 | | 1,891 | | | 1,529 | | | 1,546 | | | 0.16 | % | | | | | | |
Precision Surfacing | | (12) | | First Lien Term Loan | | N/A | | 15.00 | % | | 10/13/2024 | | 713 | | | 713 | | | 713 | | | 0.07 | % | | | | | | |
PT Intermediate Holdings III, LLC | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 3.25% | | 8.58 | % | | 4/9/2030 | | 12,035 | | | 11,996 | | | 12,014 | | | 1.22 | % | | | | | | |
PT Intermediate Holdings III, LLC (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 3.25% | | 8.58 | % | | 4/9/2030 | | 1,238 | | | (1) | | | (2) | | | — | % | | | | | | |
Rhino Tool House | | (6) (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 4/4/2029 | | 8,013 | | | 7,875 | | | 8,025 | | | 0.81 | % | | | | | | |
Rhino Tool House | | (12) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 4/4/2029 | | 748 | | | 741 | | | 749 | | | 0.08 | % | | | | | | |
Rhino Tool House (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.72 | % | | 4/4/2029 | | 1,876 | | | 1,834 | | | 1,843 | | | 0.19 | % | | | | | | |
Total Capital Equipment | | | | | | | | | | | | | | 92,604 | | | 92,349 | | | 9.36 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
10
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | | | | | | | | | |
Ascensus Specialties | | (6) (9) (13) | | First Lien Term Loan | | S + 4.35% | | 9.69 | % | | 6/30/2028 | | 9,681 | | | 9,554 | | | 8,246 | | | 0.84 | % | | | | | | |
Boulder Scientific Company LLC | | (6) | | First Lien Term Loan | | S + 5.00% | | 10.49 | % | | 12/28/2025 | | 2,052 | | | 2,061 | | | 1,968 | | | 0.20 | % | | | | | | |
Chroma Color Corporation (dba Chroma Color) | | (6) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 4/23/2029 | | 6,282 | | | 6,176 | | | 6,234 | | | 0.63 | % | | | | | | |
Chroma Color Corporation (dba Chroma Color) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 4/23/2029 | | 1,379 | | | (11) | | | (10) | | | — | % | | | | | | |
Spartech | | (6) (9) (12) (13) (14) | | First Lien Term Loan | | S + 4.75% | | 10.06 | % | | 5/6/2028 | | 14,693 | | | 14,633 | | | 11,433 | | | 1.16 | % | | | | | | |
Total Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | 32,413 | | | 27,871 | | | 2.83 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | | | | | |
Allstar Holdings | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 2,146 | | | 2,091 | | | 2,089 | | | 0.21 | % | | | | | | |
Allstar Holdings (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 4,087 | | | 2,850 | | | 2,794 | | | 0.28 | % | | | | | | |
Allstar Holdings (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 6,188 | | | (82) | | | (165) | | | (0.02 | %) | | | | | | |
Erie Construction | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.31 | % | | 7/30/2027 | | 9,878 | | | 9,820 | | | 9,816 | | | 1.00 | % | | | | | | |
Gannett Fleming | | (6) (13) | | First Lien Term Loan | | S + 6.25% | | 11.65 | % | | 12/20/2028 | | 9,850 | | | 9,692 | | | 9,905 | | | 1.00 | % | | | | | | |
ICE USA Infrastructure | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 3/15/2030 | | 6,605 | | | 6,541 | | | 6,541 | | | 0.66 | % | | | | | | |
MEI Rigging & Crating | | (6) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 6/29/2029 | | 11,374 | | | 11,173 | | | 11,376 | | | 1.16 | % | | | | | | |
MEI Rigging & Crating (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 6/29/2029 | | 1,814 | | | (8) | | | — | | | — | % | | | | | | |
RMA Companies (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 12/30/2027 | | 4,605 | | | 4,597 | | | 4,578 | | | 0.46 | % | | | | | | |
RMA Companies (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 12/30/2027 | | 3,134 | | | 338 | | | 327 | | | 0.03 | % | | | | | | |
Royal Holdco Corporation (Incremental) | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 12/30/2027 | | 3,102 | | | 3,063 | | | 3,084 | | | 0.31 | % | | | | | | |
Sciens Building Solutions, LLC | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 12/15/2027 | | 9,267 | | | 9,149 | | | 9,238 | | | 0.95 | % | | | | | | |
Sciens Building Solutions, LLC (Delayed Draw) | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.15 | % | | 12/15/2027 | | 4,894 | | | 4,865 | | | 4,879 | | | 0.49 | % | | | | | | |
Tencate | | (6) (9) (12) (13) (14) | | First Lien Term Loan | | S + 4.00% | | 9.33 | % | | 2/21/2031 | | 7,034 | | | 7,002 | | | 7,075 | | | 0.72 | % | | | | | | |
Tencate (Delayed Draw) | | (9) (11) (12) (14) | | First Lien Term Loan | | S + 4.00% | | 9.33 | % | | 2/21/2031 | | 1,540 | | | — | | | 9 | | | — | % | | | | | | |
WSB Engineering Holdings Inc. | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.10 | % | | 8/31/2029 | | 6,487 | | | 6,400 | | | 6,399 | | | 0.65 | % | | | | | | |
WSB Engineering Holdings Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.08 | % | | 8/31/2029 | | 4,342 | | | 3,007 | | | 2,976 | | | 0.30 | % | | | | | | |
Total Construction & Building | | | | | | | | | | | | | | 80,498 | | | 80,921 | | | 8.20 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
11
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | | | | | | | |
Halo Buyer Inc | | (6) (14) | | First Lien Term Loan | | S + 4.50% | | 9.94 | % | | 6/30/2025 | | 5,637 | | | 5,619 | | | 5,043 | | | 0.51 | % | | | | | | |
SmartSign | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 9/7/2028 | | 9,825 | | | 9,753 | | | 9,825 | | | 0.99 | % | | | | | | |
SmartSign | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 9/7/2028 | | 5,000 | | | 4,915 | | | 5,000 | | | 0.51 | % | | | | | | |
Total Consumer Goods: Durable | | | | | | | | | | | | | | 20,287 | | | 19,868 | | | 2.01 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | | | | | | | |
Arcadia Consumer Health | | (6) (9) (13) | | First Lien Term Loan | | S + 4.50% | | 9.93 | % | | 9/10/2027 | | 12,540 | | | 12,468 | | | 12,490 | | | 1.27 | % | | | | | | |
Arcadia Consumer Health (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 9/10/2027 | | 1,926 | | | 1,896 | | | 1,945 | | | 0.20 | % | | | | | | |
Elevation Labs | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.00 | % | | 6/30/2028 | | 6,755 | | | 6,707 | | | 6,725 | | | 0.68 | % | | | | | | |
Elevation Labs (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 6/30/2028 | | 3,123 | | | 914 | | | 922 | | | 0.09 | % | | | | | | |
FoodScience | | (6) (12) | | First Lien Term Loan | | S + 5.50% | | 11.08 | % | | 3/1/2027 | | 14,549 | | | 14,439 | | | 14,018 | | | 1.42 | % | | | | | | |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.58 | % | | 1/8/2030 | | 12,588 | | | 12,471 | | | 12,714 | | | 1.29 | % | | | | | | |
Market Performance Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.58 | % | | 1/8/2030 | | 3,086 | | | — | | | 31 | | | — | % | | | | | | |
Protective Industrial Products (“PIP”) | | (6) (13) | | First Lien Term Loan | | S + 4.00% | | 9.46 | % | | 12/29/2027 | | 9,099 | | | 9,081 | | | 9,076 | | | 0.92 | % | | | | | | |
Ultima Health Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 11.00 | % | | 3/12/2029 | | 1,747 | | | 1,721 | | | 1,751 | | | 0.18 | % | | | | | | |
Total Consumer Goods: Non-durable | | | | | | | | | | | | | | 59,697 | | | 59,672 | | | 6.05 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | | | | | | | |
B2B Packaging | | (6) (13) | | First Lien Term Loan | | S + 6.75% | | 12.31 | % | | 10/7/2026 | | 14,621 | | | 14,597 | | | 14,058 | | | 1.43 | % | | | | | | |
B2B Packaging (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.75% | | 12.33 | % | | 10/7/2026 | | 116 | | | 114 | | | 111 | | | 0.01 | % | | | | | | |
Five Star Packing | | (6) (13) (14) | | First Lien Term Loan | | S + 4.25% | | 9.58 | % | | 5/5/2029 | | 7,538 | | | 7,452 | | | 6,996 | | | 0.71 | % | | | | | | |
Good2Grow | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 10.00 | % | | 12/1/2027 | | 9,265 | | | 9,207 | | | 9,134 | | | 0.93 | % | | | | | | |
Good2Grow | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 11.00 | % | | 12/1/2027 | | 6,330 | | | 6,249 | | | 6,393 | | | 0.65 | % | | | | | | |
Good2Grow (Incremental) | | (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.25 | % | | 12/1/2027 | | 14,338 | | | 14,200 | | | 14,240 | | | 1.44 | % | | | | | | |
Oliver Packaging | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 1/6/2029 | | 2,510 | | | 2,475 | | | 2,349 | | | 0.24 | % | | | | | | |
Online Labels Group | | (13) | | First Lien Term Loan | | S + 5.25% | | 10.58 | % | | 12/19/2029 | | 3,312 | | | 3,281 | | | 3,312 | | | 0.34 | % | | | | | | |
Online Labels Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.58 | % | | 12/19/2029 | | 403 | | | — | | | — | | | — | % | | | | | | |
Online Labels Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.58 | % | | 12/19/2029 | | 403 | | | — | | | — | | | — | % | | | | | | |
Proampac | | (9) (12) (13) (14) | | First Lien Term Loan | | S + 4.00% | | 9.32% | | 9/15/2028 | | 4,503 | | | 4,503 | | | 4,519 | | | 0.46 | % | | | | | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | S + 5.50% | | 11.04 | % | | 12/17/2025 | | 2,968 | | | 2,956 | | | 2,931 | | | 0.30 | % | | | | | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | S + 5.50% | | 11.04 | % | | 12/17/2025 | | 7,238 | | | 7,206 | | | 7,148 | | | 0.72 | % | | | | | | |
See Notes to Consolidated Financial Statements
12
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Specialized Packaging Group (Incremental) | | (7) (10) (13) | | First Lien Term Loan | | S + 6.25% | | 11.79 | % | | 12/17/2025 | | 4,387 | | | 4,345 | | | 4,377 | | | 0.44 | % | | | | | | |
Specialized Packaging Group (Incremental) | | (6) (7) (10) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.79 | % | | 12/17/2025 | | 6,860 | | | 6,786 | | | 6,844 | | | 0.69 | % | | | | | | |
Specialized Packaging Group (Incremental) | | (7) (12) | | First Lien Term Loan | | S + 5.75% | | 11.17 | % | | 12/17/2025 | | 3,307 | | | 3,276 | | | 3,271 | | | 0.33 | % | | | | | | |
Total Containers, Packaging & Glass | | | | | | | | | | | | | | 86,647 | | | 85,683 | | | 8.69 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Energy: Electricity | | | | | | | | | | | | | | | | | | | | | | | | |
Insulation Technology Group | | (6) (7) (10) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 6/25/2030 | | 22,466 | | | 22,242 | | | 22,246 | | | 2.26 | % | | | | | | |
Insulation Technology Group (Delayed Draw) | | (7) (10) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 6/25/2030 | | 5,912 | | | — | | | (58) | | | (0.01 | %) | | | | | | |
MGM Transformer Company | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 10.80 | % | | 10/31/2029 | | 23,494 | | | 23,332 | | | 23,275 | | | 2.36 | % | | | | | | |
MGM Transformer Company (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.50% | | 10.85 | % | | 10/31/2029 | | 6,388 | | | 6,374 | | | 6,328 | | | 0.64 | % | | | | | | |
National Power | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.10 | % | | 10/22/2029 | | 5,646 | | | 5,568 | | | 5,624 | | | 0.57 | % | | | | | | |
National Power (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.10 | % | | 10/22/2029 | | 3,051 | | | (7) | | | (12) | | | — | % | | | | | | |
Total Energy: Electricity | | | | | | | | | | | | | | 57,509 | | | 57,403 | | | 5.82 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | | | | | |
Contract Land Staff | | (6) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.33 | % | | 3/27/2030 | | 7,545 | | | 7,471 | | | 7,472 | | | 0.76 | % | | | | | | |
Contract Land Staff (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.33 | % | | 3/27/2030 | | 3,025 | | | (7) | | | (29) | | | — | % | | | | | | |
Impact Environmental Group | | (6) (12) | | First Lien Term Loan | | S + 5.00% | | 10.43 | % | | 3/23/2029 | | 6,742 | | | 6,625 | | | 6,741 | | | 0.68 | % | | | | | | |
Impact Environmental Group (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.00% | | 10.43 | % | | 3/23/2029 | | 3,150 | | | 3,135 | | | 3,149 | | | 0.32 | % | | | | | | |
Impact Environmental Group (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.43 | % | | 3/23/2029 | | 6,808 | | | 2,851 | | | 2,880 | | | 0.29 | % | | | | | | |
Impact Environmental Group (Incremental) | | (12) | | First Lien Term Loan | | S + 5.00% | | 10.43 | % | | 3/23/2029 | | 1,727 | | | 1,697 | | | 1,727 | | | 0.18 | % | | | | | | |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.68 | % | | 8/31/2028 | | 6,614 | | | 6,568 | | | 6,343 | | | 0.64 | % | | | | | | |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | | (6) (12) | | First Lien Term Loan | | S + 6.25% | | 11.51 | % | | 7/3/2029 | | 8,507 | | | 8,392 | | | 8,396 | | | 0.85 | % | | | | | | |
See Notes to Consolidated Financial Statements
13
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.58 | % | | 7/3/2029 | | 6,429 | | | 4,744 | | | 4,673 | | | 0.47 | % | | | | | | |
The Facilities Group | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 11/30/2027 | | 4,847 | | | 4,819 | | | 4,787 | | | 0.49 | % | | | | | | |
The Facilities Group | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.17 | % | | 11/30/2027 | | 9,001 | | | 8,924 | | | 8,889 | | | 0.90 | % | | | | | | |
The Facilities Group (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 11/30/2027 | | 4,927 | | | 4,927 | | | 4,866 | | | 0.49 | % | | | | | | |
The Facilities Group (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 11/30/2027 | | 5,028 | | | 167 | | | 105 | | | 0.01 | % | | | | | | |
Total Environmental Industries | | | | | | | | | | | | | | 60,313 | | | 59,999 | | | 6.08 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | | |
Affinity Hospice | | (6) (12) | | First Lien Term Loan | | S + 4.75% | | 10.18 | % | | 12/17/2027 | | 7,832 | | | 7,782 | | | 6,907 | | | 0.70 | % | | | | | | |
Anne Arundel | | (12) (16) | | Subordinated Debt | | N/A | | 12.75% (PIK) | | 10/16/2026 | | 3,282 | | | 3,257 | | | 245 | | | 0.02 | % | | | | | | |
Anne Arundel | | (12) (16) | | Subordinated Debt | | N/A | | 11.00% (PIK) | | 4/16/2026 | | 1,972 | | | 1,961 | | | 660 | | | 0.07 | % | | | | | | |
Anne Arundel | | (12) | | First Lien Term Loan | | S + 2.75% | | 8.08% (Cash) 4.25% (PIK) | | 1/15/2026 | | 516 | | | 516 | | | 516 | | | 0.05 | % | | | | | | |
Anne Arundel (Delayed Draw) | | (11) (12) (16) | | Subordinated Debt | | N/A | | 11.00% (PIK) | | 4/16/2026 | | 2,396 | | | 2,024 | | | 435 | | | 0.04 | % | | | | | | |
Forefront Dermatology | | (6) (9) (14) | | First Lien Term Loan | | S + 4.25% | | 9.58 | % | | 3/30/2029 | | 3,298 | | | 3,256 | | | 3,204 | | | 0.32 | % | | | | | | |
Genesee Scientific | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 9/30/2027 | | 5,928 | | | 5,896 | | | 5,526 | | | 0.56 | % | | | | | | |
Genesee Scientific (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.09 | % | | 9/30/2027 | | 1,552 | | | 1,552 | | | 1,447 | | | 0.15 | % | | | | | | |
GHR Healthcare | | (6) (9) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 6,369 | | | 6,330 | | | 6,096 | | | 0.62 | % | | | | | | |
GHR Healthcare (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 1,992 | | | 1,992 | | | 1,907 | | | 0.19 | % | | | | | | |
GHR Healthcare (Delayed Draw) (Incremental) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 1,946 | | | — | | | (83) | | | (0.01 | %) | | | | | | |
GHR Healthcare (Delayed Draw) (Incremental) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 648 | | | — | | | (28) | | | — | % | | | | | | |
GHR Healthcare (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.48 | % | | 12/9/2027 | | 4,958 | | | 4,887 | | | 4,745 | | | 0.48 | % | | | | | | |
GHR Healthcare (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 8,088 | | | 8,010 | | | 7,741 | | | 0.78 | % | | | | | | |
GHR Healthcare (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.44 | % | | 12/9/2027 | | 3,761 | | | 3,724 | | | 3,599 | | | 0.36 | % | | | | | | |
Health Management Associates | | (6) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 3/30/2029 | | 8,264 | | | 8,123 | | | 8,242 | | | 0.84 | % | | | | | | |
Health Management Associates (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 3/30/2029 | | 1,497 | | | 714 | | | 738 | | | 0.07 | % | | | | | | |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | | (11) (12) | | Subordinated Debt | | N/A | | 7.50% (Cash) 7.00% (PIK) | | 12/10/2027 | | 3,600 | | | — | | | (58) | | | (0.01 | %) | | | | | | |
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental) | | (12) | | Subordinated Debt | | N/A | | 7.50% (Cash) 7.00% (PIK) | | 12/10/2027 | | 9,667 | | | 9,667 | | | 9,511 | | | 0.96 | % | | | | | | |
Heartland Veterinary Partners LLC (Incremental) | | (12) | | Subordinated Debt | | N/A | | 7.50% (Cash) 7.00% (PIK) | | 12/10/2027 | | 1,933 | | | 1,910 | | | 1,902 | | | 0.19 | % | | | | | | |
HemaSource Inc. | | (12) | | Subordinated Debt | | N/A | | 8.50% (Cash) 5.00% (PIK) | | 2/28/2030 | | 5,292 | | | 5,162 | | | 5,217 | | | 0.53 | % | | | | | | |
InfuCare RX | | (6) (12) (13) | | First Lien Term Loan | | S + 4.50% | | 9.93 | % | | 1/4/2028 | | 9,248 | | | 9,190 | | | 9,248 | | | 0.94 | % | | | | | | |
See Notes to Consolidated Financial Statements
14
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
MDC Intermediate Holdings II, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.25% (PIK) | | 2/7/2030 | | 1,769 | | | 1,734 | | | 1,713 | | | 0.17 | % | | | | | | |
MDC Intermediate Holdings II, LLC (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.25% (PIK) | | 2/7/2030 | | 726 | | | 465 | | | 448 | | | 0.05 | % | | | | | | |
Midwest Eye Consultants | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 9.94 | % | | 8/20/2027 | | 8,975 | | | 8,926 | | | 8,965 | | | 0.91 | % | | | | | | |
Prompt Care (Delayed Draw) (Incremental) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.44 | % | | 9/1/2027 | | 2,875 | | | 1,437 | | | 1,425 | | | 0.14 | % | | | | | | |
PromptCare | | (6) (9) | | First Lien Term Loan | | S + 6.00% | | 11.44 | % | | 9/1/2027 | | 8,162 | | | 8,099 | | | 8,127 | | | 0.82 | % | | | | | | |
PromptCare (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 6.00% | | 11.40 | % | | 9/1/2027 | | 1,271 | | | 1,267 | | | 1,266 | | | 0.13 | % | | | | | | |
Quorum Health Resources, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 10.79 | % | | 5/28/2027 | | 7,640 | | | 7,595 | | | 7,429 | | | 0.75 | % | | | | | | |
Quorum Health Resources, LLC (Delayed Draw) (Incremental) | | (6) (10) | | First Lien Term Loan | | S + 6.25% | | 10.68 | % | | 5/28/2027 | | 3,231 | | | 3,225 | | | 3,142 | | | 0.32 | % | | | | | | |
Quorum Health Resources, LLC (Incremental) | | (6) (10) (13) | | First Lien Term Loan | | S + 5.25% | | 10.69 | % | | 5/28/2027 | | 3,231 | | | 3,190 | | | 3,142 | | | 0.32 | % | | | | | | |
Sandlot Buyer, LLC (Prime Time Healthcare) | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 9/19/2028 | | 7,833 | | | 7,650 | | | 7,794 | | | 0.79 | % | | | | | | |
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.27 | % | | 9/19/2028 | | 9,866 | | | 9,689 | | | 9,816 | | | 1.00 | % | | | | | | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 10.94 | % | | 10/5/2029 | | 7,436 | | | 7,375 | | | 7,292 | | | 0.74 | % | | | | | | |
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 10.93 | % | | 10/5/2029 | | 2,435 | | | 1,550 | | | 1,503 | | | 0.15 | % | | | | | | |
SM Wellness Holdings, Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 4.50% | | 10.09 | % | | 4/17/2028 | | 14,590 | | | 14,511 | | | 14,328 | | | 1.45 | % | | | | | | |
Smile Brands | | (12) | | Subordinated Debt | | S + 9.50% | | 14.91% (PIK) | | 4/12/2028 | | 10,721 | | | 10,661 | | | 9,143 | | | 0.93 | % | | | | | | |
Southern Veterinary Partners | | (9) (13) (14) | | First Lien Term Loan | | S + 3.75% | | 9.09 | % | | 10/5/2027 | | 4,772 | | | 4,766 | | | 4,788 | | | 0.49 | % | | | | | | |
Team Services Group | | (6) | | First Lien Term Loan | | S + 5.00% | | 10.58% | | 12/20/2027 | | 6,633 | | | 6,602 | | | 6,603 | | | 0.67 | % | | | | | | |
Thorne HealthTech | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 10/16/2030 | | 10,599 | | | 10,501 | | | 10,619 | | | 1.08 | % | | | | | | |
TIDI Products | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 12/19/2029 | | 15,445 | | | 15,303 | | | 15,548 | | | 1.58 | % | | | | | | |
TIDI Products (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 12/19/2029 | | 4,085 | | | — | | | 27 | | | — | % | | | | | | |
US Fertility | | (12) | | Subordinated Debt | | N/A | | 13.75% (PIK) | | 6/21/2028 | | 12,831 | | | 12,554 | | | 12,661 | | | 1.28 | % | | | | | | |
VMG Health | | (6) (13) | | First Lien Term Loan | | S + 5.00% | | 10.33% | | 4/16/2030 | | 15,932 | | | 15,776 | | | 15,783 | | | 1.61 | % | | | | | | |
Wellspring Pharmaceutical | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.11 | % | | 8/22/2028 | | 3,361 | | | 3,311 | | | 3,344 | | | 0.34 | % | | | | | | |
Wellspring Pharmaceutical (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.75% | | 11.11 | % | | 8/22/2028 | | 1,563 | | | 1,554 | | | 1,555 | | | 0.16 | % | | | | | | |
Wellspring Pharmaceutical (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 8/22/2028 | | 3,756 | | | (14) | | | 12 | | | — | % | | | | | | |
Wellspring Pharmaceutical (Incremental) | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 8/22/2028 | | 1,240 | | | 1,219 | | | 1,244 | | | 0.13 | % | | | | | | |
Young Innovations | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 12/3/2029 | | 16,469 | | | 16,320 | | | 16,316 | | | 1.66 | % | | | | | | |
Young Innovations (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 12/3/2029 | | 3,448 | | | — | | | (32) | | | — | % | | | | | | |
Total Healthcare & Pharmaceuticals | | | | | | | | | | | | | | 261,219 | | | 251,718 | | | 25.52 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
15
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | | | | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 6/13/2029 | | 7,981 | | | 7,840 | | | 7,954 | | | 0.81 | % | | | | | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 6/13/2029 | | 3,225 | | | (13) | | | (11) | | | — | % | | | | | | |
Ahead Data Blue LLC | | (6) (14) | | First Lien Term Loan | | S + 4.25% | | 9.58 | % | | 2/1/2031 | | 5,118 | | | 5,071 | | | 5,141 | | | 0.52 | % | | | | | | |
Ahead Data Blue LLC | | (13) (14) | | First Lien Term Loan | | S + 3.75% | | 9.08 | % | | 2/1/2031 | | 4,870 | | | 4,858 | | | 4,892 | | | 0.50 | % | | | | | | |
Argano, LLC | | (6) | | First Lien Term Loan | | S + 6.25% | | 12.23 | % | | 6/10/2026 | | 5,605 | | | 5,579 | | | 5,605 | | | 0.57 | % | | | | | | |
Argano, LLC (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 6.25% | | 12.23 | % | | 6/10/2026 | | 2,482 | | | 2,482 | | | 2,482 | | | 0.25 | % | | | | | | |
Argano, LLC (Delayed Draw) (Incremental) | | (6) | | First Lien Term Loan | | S + 6.25% | | 12.23 | % | | 6/10/2026 | | 1,696 | | | 1,673 | | | 1,696 | | | 0.17 | % | | | | | | |
Diligent Corporation | | (9) (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 8/2/2030 | | 3,830 | | | (19) | | | (17) | | | — | % | | | | | | |
Diligent Corporation | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 8/2/2030 | | 3,830 | | | 3,811 | | | 3,813 | | | 0.39 | % | | | | | | |
Diligent Corporation | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 8/2/2030 | | 22,340 | | | 22,229 | | | 22,241 | | | 2.25 | % | | | | | | |
Eliassen Group LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 4/14/2028 | | 12,008 | | | 11,925 | | | 12,008 | | | 1.22 | % | | | | | | |
Eliassen Group LLC (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 4/14/2028 | | 864 | | | 863 | | | 864 | | | 0.09 | % | | | | | | |
Evergreen Services Group II | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 10/4/2030 | | 16,075 | | | 15,850 | | | 16,282 | | | 1.64 | % | | | | | | |
Evergreen Services Group II (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 6.00% | | 11.08 | % | | 10/4/2030 | | 12,993 | | | 12,965 | | | 13,160 | | | 1.33 | % | | | | | | |
Exterro | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.00 | % | | 6/1/2027 | | 9,474 | | | 9,474 | | | 9,531 | | | 0.97 | % | | | | | | |
Fineline Merger | | (12) | | Subordinated Debt | | S + 8.75% | | 14.35 | % | | 8/19/2028 | | 2,453 | | | 2,430 | | | 2,453 | | | 0.25 | % | | | | | | |
Go Engineer | | (6) (9) (13) | | First Lien Term Loan | | S + 5.38% | | 10.86 | % | | 12/21/2027 | | 11,513 | | | 11,439 | | | 11,513 | | | 1.17 | % | | | | | | |
Go Engineer (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.38% | | 10.86 | % | | 12/21/2027 | | 3,136 | | | 3,116 | | | 3,136 | | | 0.32 | % | | | | | | |
Infobase Acquisition, Inc. | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.01 | % | | 6/14/2028 | | 4,309 | | | 4,278 | | | 4,309 | | | 0.44 | % | | | | | | |
ITSavvy LLC | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.75 | % | | 8/8/2028 | | 7,754 | | | 7,699 | | | 7,754 | | | 0.79 | % | | | | | | |
ITSavvy LLC (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 8/8/2028 | | 417 | | | 256 | | | 259 | | | 0.03 | % | | | | | | |
North Haven CS Acquisition Inc | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.97 | % | | 1/23/2025 | | 5,752 | | | 5,752 | | | 5,774 | | | 0.59 | % | | | | | | |
North Haven CS Acquisition Inc (Incremental) | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.97 | % | | 1/22/2027 | | 22,299 | | | 22,100 | | | 22,384 | | | 2.27 | % | | | | | | |
Prosci, Inc. | | (6) | | First Lien Term Loan | | S + 4.25% | | 9.69 | % | | 10/21/2026 | | 4,733 | | | 4,709 | | | 4,733 | | | 0.48 | % | | | | | | |
Quickbase | | (12) (13) | | First Lien Term Loan | | S + 4.00% | | 9.33 | % | | 10/2/2028 | | 6,337 | | | 6,309 | | | 6,306 | | | 0.64 | % | | | | | | |
Revalize (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 4/15/2027 | | 4,221 | | | 4,213 | | | 3,956 | | | 0.40 | % | | | | | | |
Revalize (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 4/15/2027 | | 1,084 | | | 1,078 | | | 1,016 | | | 0.10 | % | | | | | | |
Revalize (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 4/15/2027 | | 244 | | | 243 | | | 229 | | | 0.02 | % | | | | | | |
SmartWave | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.48 | % | | 11/5/2026 | | 8,917 | | | 8,861 | | | 6,720 | | | 0.68 | % | | | | | | |
Solve Industrial Motion Group | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/30/2028 | | 1,868 | | | 1,844 | | | 1,744 | | | 0.18 | % | | | | | | |
Solve Industrial Motion Group | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/30/2028 | | 801 | | | 789 | | | 760 | | | 0.08 | % | | | | | | |
See Notes to Consolidated Financial Statements
16
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Solve Industrial Motion Group (Delayed Draw) | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/30/2028 | | 2,140 | | | 2,140 | | | 1,998 | | | 0.20 | % | | | | | | |
Velosio | | (6) (9) (13) | | First Lien Term Loan | | S + 5.25% | | 10.56 | % | | 3/1/2030 | | 6,232 | | | 6,173 | | | 6,172 | | | 0.63 | % | | | | | | |
Velosio (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.56 | % | | 3/1/2030 | | 1,284 | | | — | | | (12) | | | — | % | | | | | | |
Total High Tech Industries | | | | | | | | | | | | | | 198,017 | | | 196,845 | | | 19.98 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | | | | | |
Tinuiti | | (6) (9) | | First Lien Term Loan | | S + 5.25% | | 10.68 | % | | 12/10/2026 | | 2,933 | | | 2,916 | | | 2,844 | | | 0.29 | % | | | | | | |
Tinuiti (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.25% | | 10.68 | % | | 12/10/2026 | | 1,917 | | | 1,916 | | | 1,859 | | | 0.19 | % | | | | | | |
Tinuiti (Delayed Draw) (Incremental) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.25% | | 10.68 | % | | 12/10/2026 | | 9,813 | | | 9,813 | | | 9,517 | | | 0.96 | % | | | | | | |
Wpromote | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 10/23/2028 | | 4,357 | | | 4,289 | | | 4,362 | | | 0.44 | % | | | | | | |
Wpromote (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.18 | % | | 10/23/2028 | | 588 | | | (3) | | | 1 | | | — | % | | | | | | |
Total Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | 18,931 | | | 18,583 | | | 1.88 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | | | | | | | | | |
BroadcastMed Holdco, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.75% (PIK) | | 11/12/2027 | | 3,615 | | | 3,563 | | | 3,456 | | | 0.35 | % | | | | | | |
Corporate Visions | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.93 | % | | 8/12/2027 | | 2,525 | | | 2,500 | | | 2,308 | | | 0.23 | % | | | | | | |
Corporate Visions | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.93 | % | | 8/12/2027 | | 2,872 | | | 2,856 | | | 2,625 | | | 0.27 | % | | | | | | |
Spectrio II | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 12/9/2026 | | 8,204 | | | 8,169 | | | 7,539 | | | 0.75 | % | | | | | | |
Spectrio II (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 12/9/2026 | | 2,915 | | | 2,897 | | | 2,678 | | | 0.27 | % | | | | | | |
Spectrio II (Delayed Draw) | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 12/9/2026 | | 444 | | | 443 | | | 406 | | | 0.04 | % | | | | | | |
Total Media: Diversified & Production | | | | | | | | | | | | | | 20,428 | | | 19,012 | | | 1.91 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Retail | | | | | | | | | | | | | | | | | | | | | | | | |
Syndigo | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 12/15/2027 | | 5,805 | | | 5,818 | | | 5,772 | | | 0.59 | % | | | | | | |
Total Retail | | | | | | | | | | | | | | 5,818 | | | 5,772 | | | 0.59 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | | | | | |
ALKU Intermediate Holdings, LLC | | (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.59 | % | | 5/23/2029 | | 4,496 | | | 4,418 | | | 4,538 | | | 0.46 | % | | | | | | |
Apex Companies Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 4,014 | | | 3,936 | | | 4,004 | | | 0.41 | % | | | | | | |
Apex Companies Holdings, LLC (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 1,085 | | | 72 | | | 80 | | | 0.01 | % | | | | | | |
Aramsco | | (6) (9) (14) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 10/10/2030 | | 1,699 | | | 1,699 | | | 1,705 | | | 0.17 | % | | | | | | |
See Notes to Consolidated Financial Statements
17
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Aramsco (Delayed Draw) | | (9) (11) (12) (14) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 10/10/2030 | | 297 | | | — | | | 1 | | | — | % | | | | | | |
ARMstrong | | (6) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.68 | % | | 10/8/2029 | | 11,390 | | | 11,233 | | | 11,343 | | | 1.15 | % | | | | | | |
ARMstrong (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.65 | % | | 10/8/2029 | | 3,847 | | | 234 | | | 244 | | | 0.02 | % | | | | | | |
Bounteous | | (6) (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.20 | % | | 8/2/2027 | | 5,320 | | | 5,289 | | | 5,320 | | | 0.54 | % | | | | | | |
Bounteous | | (6) (12) | | First Lien Term Loan | | S + 4.75% | | 10.20 | % | | 8/2/2027 | | 2,177 | | | 2,165 | | | 2,177 | | | 0.22 | % | | | | | | |
Bounteous (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 4.75% | | 10.20 | % | | 8/2/2027 | | 2,753 | | | 2,739 | | | 2,753 | | | 0.28 | % | | | | | | |
Bounteous (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.00% | | 10.20 | % | | 8/2/2027 | | 3,558 | | | 3,558 | | | 3,558 | | | 0.36 | % | | | | | | |
Bullhorn Inc | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.34 | % | | 10/1/2029 | | 13,671 | | | 13,593 | | | 13,721 | | | 1.39 | % | | | | | | |
BusinesSolver | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 12/1/2027 | | 7,702 | | | 7,653 | | | 7,702 | | | 0.78 | % | | | | | | |
BusinesSolver (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 12/1/2027 | | 1,148 | | | 272 | | | 275 | | | 0.03 | % | | | | | | |
Career Now | | (12) | | Subordinated Debt | | N/A | | 13.00% (PIK) | | 3/30/2027 | | 3,505 | | | 3,469 | | | 2,445 | | | 0.25 | % | | | | | | |
Cornerstone Advisors of Arizona LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 9/24/2026 | | 307 | | | 305 | | | 307 | | | 0.03 | % | | | | | | |
Cornerstone Advisors of Arizona LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.83 | % | | 9/24/2026 | | 2,283 | | | 2,273 | | | 2,283 | | | 0.23 | % | | | | | | |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.86 | % | | 9/24/2026 | | 209 | | | 209 | | | 209 | | | 0.02 | % | | | | | | |
Cornerstone Advisors of Arizona, LLC (Incremental) | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 9/24/2026 | | 3,440 | | | 3,410 | | | 3,440 | | | 0.35 | % | | | | | | |
CrossCountry Consulting | | (6) (9) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 6/1/2029 | | 8,133 | | | 8,007 | | | 8,093 | | | 0.82 | % | | | | | | |
CrossCountry Consulting (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 6/1/2029 | | 3,320 | | | (23) | | | (16) | | | — | % | | | | | | |
D&H United Fueling Solutions | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.74 | % | | 9/15/2028 | | 7,453 | | | 7,340 | | | 7,273 | | | 0.74 | % | | | | | | |
D&H United Fueling Solutions (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.75 | % | | 9/15/2028 | | 2,372 | | | 2,355 | | | 2,315 | | | 0.23 | % | | | | | | |
D&H United Fueling Solutions (Delayed Draw) (Incremental) | | (12) | | First Lien Term Loan | | S + 5.75% | | 11.25 | % | | 9/15/2028 | | 1,563 | | | 1,557 | | | 1,551 | | | 0.16 | % | | | | | | |
D&H United Fueling Solutions (Incremental) | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 9/15/2028 | | 3,448 | | | 3,389 | | | 3,423 | | | 0.35 | % | | | | | | |
E78 | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 12/1/2027 | | 5,571 | | | 5,537 | | | 5,530 | | | 0.56 | % | | | | | | |
E78 | | (13) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 12/1/2027 | | 1,430 | | | 1,421 | | | 1,420 | | | 0.14 | % | | | | | | |
E78 | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.92 | % | | 12/1/2027 | | 15,233 | | | — | | | (113) | | | (0.01 | %) | | | | | | |
E78 (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 12/1/2027 | | 4,189 | | | 4,163 | | | 4,158 | | | 0.42 | % | | | | | | |
E78 (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.92 | % | | 12/1/2027 | | 3,539 | | | 3,133 | | | 3,107 | | | 0.31 | % | | | | | | |
Evergreen Services Group | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.68 | % | | 6/15/2029 | | 11,905 | | | 11,718 | | | 11,890 | | | 1.21 | % | | | | | | |
Evergreen Services Group (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 6.25% | | 11.66 | % | | 6/15/2029 | | 2,849 | | | 2,826 | | | 2,845 | | | 0.29 | % | | | | | | |
Gabriel Partners LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.75 | % | | 9/21/2026 | | 9,144 | | | 9,105 | | | 9,144 | | | 0.93 | % | | | | | | |
Gabriel Partners LLC (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.75 | % | | 9/21/2026 | | 1,523 | | | 1,523 | | | 1,523 | | | 0.15 | % | | | | | | |
See Notes to Consolidated Financial Statements
18
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gabriel Partners LLC (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.69 | % | | 9/21/2026 | | 3,774 | | | 3,757 | | | 3,774 | | | 0.38 | % | | | | | | |
HireRight | | (12) (13) (14) | | First Lien Term Loan | | S + 4.00% | | 9.34 | % | | 9/27/2030 | | 6,771 | | | 6,703 | | | 6,757 | | | 0.69 | % | | | | | | |
Image First | | (6) (12) (13) | | First Lien Term Loan | | S + 4.25% | | 9.58 | % | | 4/27/2028 | | 7,648 | | | 7,633 | | | 7,668 | | | 0.78 | % | | | | | | |
Image First (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 4.25% | | 9.59 | % | | 4/27/2028 | | 142 | | | 142 | | | 143 | | | 0.01 | % | | | | | | |
Integrated Power Services (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 11/22/2028 | | 5,765 | | | 263 | | | 279 | | | 0.03 | % | | | | | | |
Integrated Power Services (Incremental) | | (12) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 11/22/2028 | | 1,397 | | | 1,394 | | | 1,397 | | | 0.14 | % | | | | | | |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 8/1/2029 | | 9,618 | | | 9,488 | | | 9,582 | | | 0.97 | % | | | | | | |
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.33 | % | | 8/1/2029 | | 9,306 | | | 1,852 | | | 1,837 | | | 0.19 | % | | | | | | |
KRIV Acquisition, Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 6.50% | | 11.83 | % | | 7/6/2029 | | 10,710 | | | 10,443 | | | 10,424 | | | 1.06 | % | | | | | | |
KRIV Acquisition, Inc (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.83 | % | | 7/6/2029 | | 1,607 | | | (17) | | | (43) | | | — | % | | | | | | |
Lion Merger Sub Inc | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.43 | % | | 12/17/2025 | | 7,304 | | | 7,277 | | | 7,165 | | | 0.73 | % | | | | | | |
Lion Merger Sub Inc (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.43 | % | | 12/17/2025 | | 7,279 | | | 7,229 | | | 7,141 | | | 0.72 | % | | | | | | |
LSCS Holdings Inc. | | (6) (12) (13) (14) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 12/16/2028 | | 14,962 | | | 14,878 | | | 14,821 | | | 1.50 | % | | | | | | |
Lynx Franchising, LLC | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.23 | % | | 12/23/2026 | | 9,750 | | | 9,678 | | | 9,697 | | | 0.98 | % | | | | | | |
Lynx Franchising, LLC (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 6.75% | | 12.09 | % | | 12/23/2026 | | 6,757 | | | 6,622 | | | 6,856 | | | 0.70 | % | | | | | | |
Output Services Group, Inc. | | (10) (12) | | First Lien Term Loan | | S + 8.00% | | 13.75 | % | | 5/30/2028 | | 155 | | | 155 | | | 155 | | | 0.02 | % | | | | | | |
Output Services Group, Inc. | | (12) | | First Lien Term Loan | | S + 6.25% | | 12.00 | % | | 11/30/2028 | | 837 | | | 837 | | | 837 | | | 0.08 | % | | | | | | |
Phaidon International | | (6) (7) (10) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 8/22/2029 | | 13,635 | | | 13,532 | | | 13,468 | | | 1.37 | % | | | | | | |
Plaze | | (12) | | Subordinated Debt | | S + 7.50% | | 12.94 | % | | 7/7/2028 | | 13,500 | | | 13,231 | | | 12,642 | | | 1.28 | % | | | | | | |
Press Ganey | | (9) (12) (13) | | First Lien Term Loan | | S + 3.50% | | 8.84 | % | | 4/30/2031 | | 5,855 | | | 5,797 | | | 5,801 | | | 0.59 | % | | | | | | |
Propark Mobility | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.56 | % | | 1/31/2029 | | 6,789 | | | 6,683 | | | 6,722 | | | 0.68 | % | | | | | | |
Propark Mobility (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.58 | % | | 1/31/2029 | | 3,118 | | | 1,274 | | | 1,291 | | | 0.13 | % | | | | | | |
Propark Mobility (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.56 | % | | 1/31/2029 | | 10,198 | | | (25) | | | (101) | | | (0.01 | %) | | | | | | |
Scaled Agile | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 12/15/2028 | | 7,895 | | | 7,839 | | | 7,191 | | | 0.73 | % | | | | | | |
Scaled Agile (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 12/15/2028 | | 388 | | | 388 | | | 354 | | | 0.04 | % | | | | | | |
Soliant Health | | (6) (12) | | First Lien Term Loan | | S + 4.00% | | 9.46 | % | | 3/31/2028 | | 3,678 | | | 3,683 | | | 3,678 | | | 0.37 | % | | | | | | |
Soliant Holdings LLC | | (6) (12) (13) | | First Lien Term Loan | | S + 3.75% | | 9.08 | % | | 6/20/2031 | | 11,198 | | | 11,086 | | | 11,086 | | | 1.12 | % | | | | | | |
System One | | (6) (12) | | First Lien Term Loan | | S + 3.75% | | 9.23 | % | | 3/2/2028 | | 3,220 | | | 3,220 | | | 3,224 | | | 0.33 | % | | | | | | |
Technical Safety Services | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 6/22/2029 | | 6,738 | | | 6,685 | | | 6,738 | | | 0.68 | % | | | | | | |
Technical Safety Services (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 6/22/2029 | | 6,383 | | | 4,686 | | | 4,752 | | | 0.48 | % | | | | | | |
See Notes to Consolidated Financial Statements
19
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Technical Safety Services (Incremental) | | (6) (12) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 6/22/2029 | | 1,880 | | | 1,855 | | | 1,880 | | | 0.19 | % | | | | | | |
TouchTunes Interactive | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.09 | % | | 4/2/2029 | | 9,850 | | | 9,787 | | | 9,872 | | | 1.00 | % | | | | | | |
Trilon Group, LLC | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 5/29/2029 | | 27,896 | | | 27,728 | | | 27,623 | | | 2.80 | % | | | | | | |
Trilon Group, LLC (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 5/29/2029 | | 1,875 | | | (9) | | | (18) | | | — | % | | | | | | |
Vistage | | (6) (9) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 7/13/2029 | | 6,965 | | | 6,932 | | | 7,017 | | | 0.71 | % | | | | | | |
Vital Records Control | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 11.09 | % | | 6/29/2027 | | 4,559 | | | 4,526 | | | 4,558 | | | 0.46 | % | | | | | | |
Vital Records Control | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 6/29/2027 | | 332 | | | 329 | | | 332 | | | 0.03 | % | | | | | | |
Total Services: Business | | | | | | | | | | | | | | 346,139 | | | 344,848 | | | 34.96 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | | | | | |
360 Training | | (13) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 8/2/2028 | | 3,456 | | | 3,424 | | | 3,441 | | | 0.35 | % | | | | | | |
360 Training (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 8/2/2028 | | 3,093 | | | — | | | (13) | | | — | % | | | | | | |
All My Sons | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.21 | % | | 10/25/2028 | | 5,233 | | | 5,198 | | | 5,207 | | | 0.53 | % | | | | | | |
COP Exterminators Acquisition, Inc. | | (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 1/28/2030 | | 855 | | | 834 | | | 838 | | | 0.08 | % | | | | | | |
COP Exterminators Acquisition, Inc. (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 1/28/2030 | | 654 | | | 538 | | | 533 | | | 0.05 | % | | | | | | |
Excel Fitness | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 4/27/2029 | | 9,850 | | | 9,761 | | | 9,762 | | | 0.99 | % | | | | | | |
Excel Fitness (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 4/27/2029 | | 2,371 | | | (17) | | | — | | | — | % | | | | | | |
Fairway Lawns | | (12) | | Subordinated Debt | | N/A | | 8.00% (Cash) 5.00% (PIK) | | 5/17/2029 | | 2,800 | | | 2,739 | | | 2,732 | | | 0.28 | % | | | | | | |
Fairway Lawns (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 8.00% (Cash) 5.00% (PIK) | | 5/17/2029 | | 6,437 | | | 6,311 | | | 6,154 | | | 0.62 | % | | | | | | |
Fairway Lawns (Delayed Draw) (Incremental) | | (11) (12) | | Subordinated Debt | | N/A | | 8.00% (Cash) 5.00% (PIK) | | 5/17/2029 | | 6,201 | | | — | | | (151) | | | (0.02 | %) | | | | | | |
Legacy Service Partners, LLC (“LSP”) | | (6) (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 1/9/2029 | | 10,110 | | | 9,947 | | | 10,062 | | | 1.02 | % | | | | | | |
Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.25% | | 10.74 | % | | 1/9/2029 | | 4,712 | | | 4,695 | | | 4,690 | | | 0.48 | % | | | | | | |
Liberty Buyer | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.12 | % | | 6/15/2028 | | 3,909 | | | 3,881 | | | 3,909 | | | 0.40 | % | | | | | | |
Liberty Buyer (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.00 | % | | 6/15/2028 | | 743 | | | 294 | | | 294 | | | 0.03 | % | | | | | | |
NearU | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.51 | % | | 8/16/2028 | | 8,473 | | | 8,431 | | | 7,958 | | | 0.81 | % | | | | | | |
NearU (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.51 | % | | 8/16/2028 | | 1,313 | | | — | | | (80) | | | (0.01 | %) | | | | | | |
NearU (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.51 | % | | 8/16/2028 | | 1,427 | | | — | | | (87) | | | (0.01 | %) | | | | | | |
NearU (Delayed Draw) (Incremental) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.51 | % | | 8/16/2028 | | 294 | | | — | | | (18) | | | — | % | | | | | | |
NJEye LLC | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.17 | % | | 3/14/2025 | | 5,312 | | | 5,310 | | | 5,308 | | | 0.54 | % | | | | | | |
NJEye LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.17 | % | | 3/14/2025 | | 696 | | | 696 | | | 696 | | | 0.07 | % | | | | | | |
NJEye LLC (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 4.75% | | 9.45 | % | | 3/14/2025 | | 1,373 | | | 884 | | | 883 | | | 0.09 | % | | | | | | |
NJEye LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.31 | % | | 3/14/2025 | | 886 | | | 886 | | | 885 | | | 0.09 | % | | | | | | |
See Notes to Consolidated Financial Statements
20
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
North Haven Spartan US Holdco LLC | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.58 | % | | 6/8/2026 | | 2,490 | | | 2,489 | | | 2,490 | | | 0.25 | % | | | | | | |
North Haven Spartan US Holdco LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.58 | % | | 6/8/2026 | | 216 | | | 216 | | | 216 | | | 0.02 | % | | | | | | |
North Haven Spartan US Holdco LLC (Delayed Draw) (Incremental) | | (11) (13) | | First Lien Term Loan | | S + 6.25% | | 11.58 | % | | 6/8/2026 | | 3,260 | | | (8) | | | — | | | — | % | | | | | | |
One World Fitness PFF LLC | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.66% (Cash) 1.00% (PIK) | | 11/26/2025 | | 3,876 | | | 3,877 | | | 3,719 | | | 0.38 | % | | | | | | |
Perennial Services, Group, LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 9/7/2029 | | 6,699 | | | 6,611 | | | 6,672 | | | 0.68 | % | | | | | | |
Perennial Services, Group, LLC (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 5.50% | | 10.94 | % | | 9/7/2029 | | 5,995 | | | 5,986 | | | 5,971 | | | 0.61 | % | | | | | | |
Repipe Specialists | | (12) | | Subordinated Debt | | N/A | | 3.33% (Cash) 9.17% (PIK) | | 3/18/2029 | | 2,494 | | | 2,457 | | | 1,895 | | | 0.19 | % | | | | | | |
Repipe Specialists (Delayed Draw) | | (12) | | Subordinated Debt | | N/A | | 3.33% (Cash) 9.17% (PIK) | | 3/18/2029 | | 216 | | | 216 | | | 164 | | | 0.02 | % | | | | | | |
Wrench Group | | (9) (13) | | First Lien Term Loan | | S + 4.00% | | 9.60 | % | | 10/30/2028 | | 4,489 | | | 4,480 | | | 4,499 | | | 0.46 | % | | | | | | |
Total Services: Consumer | | | | | | | | | | | | | | 90,136 | | | 88,629 | | | 9.00 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sovereign & Public Finance | | | | | | | | | | | | | | | | | | | | | | | | |
LMI Renaissance | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 7/18/2028 | | 12,193 | | | 12,083 | | | 12,208 | | | 1.24 | % | | | | | | |
Total Sovereign & Public Finance | | | | | | | | | | | | | | 12,083 | | | 12,208 | | | 1.24 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Telecommunications | | | | | | | | | | | | | | | | | | | | | | | | |
BCM One | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.94 | % | | 11/17/2027 | | 5,861 | | | 5,861 | | | 5,861 | | | 0.59 | % | | | | | | |
BCM One (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.94 | % | | 11/17/2027 | | 1,817 | | | 1,817 | | | 1,817 | | | 0.18 | % | | | | | | |
MBS Holdings, Inc. | | (6) (9) | | First Lien Term Loan | | S + 6.25% | | 11.69 | % | | 4/16/2027 | | 1,819 | | | 1,792 | | | 1,838 | | | 0.19 | % | | | | | | |
Mobile Communications America Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 10/16/2029 | | 18,413 | | | 18,190 | | | 18,271 | | | 1.85 | % | | | | | | |
Mobile Communications America Inc (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 10.83 | % | | 10/16/2029 | | 5,970 | | | 259 | | | 253 | | | 0.03 | % | | | | | | |
Momentum Telecom II | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 4/16/2027 | | 10,002 | | | 9,951 | | | 9,985 | | | 1.01 | % | | | | | | |
Momentum Telecom II (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.50% | | 11.94 | % | | 4/16/2027 | | 1,308 | | | 1,287 | | | 1,321 | | | 0.13 | % | | | | | | |
Sapphire Telecom Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.34 | % | | 6/27/2029 | | 19,139 | | | 18,948 | | | 18,948 | | | 1.92 | % | | | | | | |
Tyto Athene, LLC | | (6) (12) | | First Lien Term Loan | | S + 5.50% | | 10.95 | % | | 4/3/2028 | | 7,157 | | | 7,112 | | | 6,568 | | | 0.67 | % | | | | | | |
Total Telecommunications | | | | | | | | | | | | | | 65,217 | | | 64,862 | | | 6.57 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | | | | | | | | | |
Armstrong Transport Group | | (12) | | Subordinated Debt | | N/A | | 17.00% (PIK) | | 6/30/2027 | | 1,017 | | | 997 | | | 997 | | | 0.10 | % | | | | | | |
Armstrong Transport Group | | (12) | | Subordinated Debt | | N/A | | 7.00% (Cash) 7.00% (PIK) | | 6/30/2027 | | 7,350 | | | 7,208 | | | 7,205 | | | 0.73 | % | | | | | | |
See Notes to Consolidated Financial Statements
21
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
AIT Logistics | | (6) (14) | | First Lien Term Loan | | S + 4.75% | | 10.18 | % | | 4/6/2028 | | 625 | | | 624 | | | 626 | | | 0.06 | % | | | | | | |
FSK Pallet Holding Corp. (DBA Kamps Pallets) | | (6) (13) | | First Lien Term Loan | | S + 6.00% | | 11.48 | % | | 12/23/2026 | | 9,825 | | | 9,699 | | | 9,503 | | | 0.96 | % | | | | | | |
Kenco Group, Inc. | | (6) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.29 | % | | 11/15/2029 | | 21,994 | | | 21,824 | | | 22,199 | | | 2.25 | % | | | | | | |
Kenco Group, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.29 | % | | 11/15/2029 | | 3,839 | | | (28) | | | 36 | | | — | % | | | | | | |
Kenco Group, Inc. (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.29 | % | | 11/15/2029 | | 4,111 | | | (41) | | | 38 | | | — | % | | | | | | |
Quantix (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.20 | % | | 8/3/2026 | | 256 | | | 256 | | | 247 | | | 0.03 | % | | | | | | |
Quantix (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.20 | % | | 8/3/2026 | | 890 | | | 888 | | | 858 | | | 0.09 | % | | | | | | |
Quantix (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.20 | % | | 8/3/2026 | | 180 | | | 179 | | | 173 | | | 0.02 | % | | | | | | |
Quantix (Incremental) | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.20 | % | | 8/3/2026 | | 4,345 | | | 4,333 | | | 4,187 | | | 0.42 | % | | | | | | |
Quantix (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 6.75% | | 11.90 | % | | 8/3/2026 | | 1,352 | | | 1,342 | | | 1,303 | | | 0.13 | % | | | | | | |
RoadOne | | (12) | | Subordinated Debt | | N/A | | 8.75% (Cash) 5.00% (PIK) | | 6/30/2029 | | 4,819 | | | 4,706 | | | 4,682 | | | 0.47 | % | | | | | | |
RoadOne (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 8.75% (Cash) 5.00% (PIK) | | 6/30/2029 | | 1,397 | | | (16) | | | (40) | | | — | % | | | | | | |
SEKO Global Logistics | | (12) (16) | | Subordinated Debt | | S + 5.00% | | 15.98% (PIK) | | 6/30/2027 | | 5,905 | | | 5,839 | | | 381 | | | 0.04 | % | | | | | | |
SEKO Global Logistics | | (12) (16) | | Subordinated Debt | | S + 5.00% | | 15.98% (PIK) | | 6/30/2027 | | 4,098 | | | 4,049 | | | 264 | | | 0.03 | % | | | | | | |
SEKO Global Logistics | | (6) (16) | | First Lien Term Loan | | S + 5.00% | | 10.48 | % | | 12/30/2026 | | 1,122 | | | 1,116 | | | 806 | | | 0.08 | % | | | | | | |
SEKO Global Logistics (Delayed Draw) | | (12) (16) | | Subordinated Debt | | S + 5.00% | | 15.98% (PIK) | | 6/30/2027 | | 923 | | | 923 | | | 60 | | | 0.01 | % | | | | | | |
SEKO Global Logistics (Delayed Draw) (Incremental) | | (6) (12) (16) | | First Lien Term Loan | | S + 5.00% | | 10.47 | % | | 12/30/2026 | | 4,473 | | | 4,473 | | | 3,212 | | | 0.33 | % | | | | | | |
SEKO Global Logistics (Incremental) | | (6) (16) | | First Lien Term Loan | | S + 5.00% | | 10.48 | % | | 12/30/2026 | | 1,513 | | | 1,504 | | | 1,087 | | | 0.11 | % | | | | | | |
TI ACQUISITION NC LLC | | (6) | | First Lien Term Loan | | S + 4.75% | | 10.04 | % | | 3/19/2027 | | 2,766 | | | 2,711 | | | 2,702 | | | 0.27 | % | | | | | | |
Total Transportation: Cargo | | | | | | | | | | | | | | 72,586 | | | 60,526 | | | 6.13 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Consumer | | | | | | | | | | | | | | | | | | | | | | | | |
Alternative Logistics Technologies Buyer, LLC | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 2/14/2031 | | 10,613 | | | 10,515 | | | 10,511 | | | 1.07 | % | | | | | | |
Alternative Logistics Technologies Buyer, LLC (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.84 | % | | 2/14/2031 | | 3,040 | | | — | | | (29) | | | — | % | | | | | | |
American Student Transportaton Partners, Inc | | (12) | | Subordinated Debt | | N/A | | 6.00% (Cash) 8.50% (PIK) | | 9/11/2029 | | 2,170 | | | 2,120 | | | 2,098 | | | 0.21 | % | | | | | | |
Total Transportation: Consumer | | | | | | | | | | | | | | 12,635 | | | 12,580 | | | 1.28 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Utilities: Electric | | | | | | | | | | | | | | | | | | | | | | | | |
DMC HoldCo LLC (DMC Power) | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 7/13/2029 | | 4,975 | | | 4,909 | | | 5,005 | | | 0.51 | % | | | | | | |
DMC HoldCo LLC (DMC Power) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.08 | % | | 7/13/2029 | | 1,671 | | | (4) | | | 10 | | | — | % | | | | | | |
See Notes to Consolidated Financial Statements
22
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle Supply Partners, LLC | | (6) | | First Lien Term Loan | | S + 6.25% | | 11.69 | % | | 4/3/2030 | | 6,300 | | | 6,191 | | | 6,258 | | | 0.63 | % | | | | | | |
Pinnacle Supply Partners, LLC (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.65 | % | | 4/3/2030 | | 3,633 | | | 1,365 | | | 1,366 | | | 0.14 | % | | | | | | |
Total Utilities: Electric | | | | | | | | | | | | | | 12,461 | | | 12,639 | | | 1.28 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Utilities: Water | | | | | | | | | | | | | | | | | | | | | | | | |
USA Water | | (6) (12) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 2/21/2031 | | 7,877 | | | 7,805 | | | 7,819 | | | 0.79 | % | | | | | | |
USA Water (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 4.75% | | 10.08 | % | | 2/21/2031 | | 3,037 | | | — | | | (22) | | | — | % | | | | | | |
Total Utilities: Water | | | | | | | | | | | | | | 7,805 | | | 7,797 | | | 0.79 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | | | | | |
Industrial Service Group | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.09 | % | | 12/7/2028 | | 6,492 | | | 6,387 | | | 6,427 | | | 0.65 | % | | | | | | |
Industrial Service Group (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 5.75% | | 11.09 | % | | 12/7/2028 | | 3,380 | | | 3,367 | | | 3,346 | | | 0.34 | % | | | | | | |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | | (6) (13) | | First Lien Term Loan | | S + 6.50% | | 11.98 | % | | 1/19/2029 | | 7,885 | | | 7,761 | | | 7,895 | | | 0.81 | % | | | | | | |
INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.98 | % | | 1/19/2029 | | 1,979 | | | (30) | | | 3 | | | — | % | | | | | | |
Micronics | | (12) | | Subordinated Debt | | S + 5.25% | | 10.81 | % | | 2/17/2027 | | 2,450 | | | 2,409 | | | 2,406 | | | 0.24 | % | | | | | | |
TPC Wire & Cable | | (12) | | Subordinated Debt | | N/A | | 11.00 | % | | 2/16/2028 | | 2,252 | | | 2,234 | | | 2,214 | | | 0.22 | % | | | | | | |
TPC Wire & Cable (Delayed Draw) | | (12) | | Subordinated Debt | | N/A | | 11.00 | % | | 2/16/2028 | | 922 | | | 921 | | | 906 | | | 0.09 | % | | | | | | |
TPC Wire & Cable Corp (Delayed Draw) (Incremental) | | (11) (12) | | Subordinated Debt | | N/A | | 11.00 | % | | 2/16/2028 | | 1,717 | | | 860 | | | 831 | | | 0.08 | % | | | | | | |
Total Wholesale | | | | | | | | | | | | | | 23,909 | | | 24,028 | | | 2.43 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Debt Investments | | | | | | | | | | | | | | 1,994,874 | | | 1,958,680 | | | 198.57 | % | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Acquisition Date | | Shares/Units | | Amortized 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 Units | | 9/1/2023 | | 1,530,000 | | | 1,530 | | | 1,975 | | | 0.20 | % | | |
Total Aerospace & Defense | | | | | | | | | | 1,530 | | | 1,975 | | | 0.20 | % | | |
| | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | |
Covercraft | | (8) (12) | | LP Interests | | 8/20/2021 | | 768 | | | 768 | | | 181 | | | 0.02 | % | | |
High Bar Brands | | (8) (10) (12) | | Class A Units | | 12/19/2023 | | 303,000 | | | 303 | | | 331 | | | 0.03 | % | | |
See Notes to Consolidated Financial Statements
23
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
S&S Truck Parts | | (8) (12) | | Partnership Units | | 3/1/2022 | | 4 | | | 378 | | | 369 | | | 0.04 | % | | |
S&S Truck Parts | | (8) (12) | | Common Units | | 8/1/2022 | | 78,543 | | | 290 | | | 75 | | | 0.01 | % | | |
S&S Truck Parts | | (8) (10) (12) | | Partnership Interests | | 6/3/2024 | | 1,000 | | | 1,000 | | | 1,000 | | | 0.10 | % | | |
S&S Truck Parts | | (8) (10) (12) | | Warrants | | 6/3/2024 | | 1,000 | | | 1 | | | 1 | | | — | % | | |
Total Automotive | | | | | | | | | | 2,740 | | | 1,957 | | | 0.20 | % | | |
| | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | |
Bardstown PPC Holdings LLC | | (8) (10) (12) | | Common Units | | 7/13/2022 | | 14,777 | | | 1,860 | | | 1,933 | | | 0.21 | % | | |
Fresh Edge - Common | | (8) (12) | | Class B Common Units | | 10/3/2022 | | 682 | | | 3 | | | 39 | | | — | % | | |
Fresh Edge - Preferred | | (8) (12) | | Class A Preferred Units | | 10/3/2022 | | 682 | | | 682 | | | 694 | | | 0.07 | % | | |
Tech24 | | (8) (12) | | Company Unit | | 10/5/2023 | | 954 | | | 954 | | | 1,030 | | | 0.10 | % | | |
Total Beverage, Food & Tobacco | | | | | | | | | | 3,499 | | | 3,696 | | | 0.38 | % | | |
| | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | |
Crete Mechanical Group | | (8) (12) | | Equity Co-Investment | | 5/7/2022 | | 24 | | | 249 | | | 715 | | | 0.07 | % | | |
EFC Holdings, LLC | | (8) (10) (12) | | Class A Common Units | | 2/28/2023 | | 148 | | | 60 | | | 153 | | | 0.02 | % | | |
EFC Holdings, LLC | | (8) (10) (12) | | Series A Preferred Units | | 2/28/2023 | | 148 | | | 148 | | | 164 | | | 0.02 | % | | |
E-Technologies | | (8) (12) | | Partnership Interests | | 5/22/2024 | | 1,000,000 | | | 1,000 | | | 1,000 | | | 0.10 | % | | |
Precision Surfacing - Common | | (8) (10) (12) | | Common Units | | 10/3/2022 | | 3,750,000 | | | 3,750 | | | 6,450 | | | 0.64 | % | | |
Total Capital Equipment | | | | | | | | | | 5,207 | | | 8,482 | | | 0.85 | % | | |
| | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | |
Erie Construction | | (8) (12) | | Common Units | | 7/27/2021 | | 166 | | | 166 | | | 447 | | | 0.05 | % | | |
Gannett Fleming | | (8) (12) | | Series F Units | | 5/26/2023 | | 711,481 | | | 711 | | | 1,229 | | | 0.13 | % | | |
Gannett Fleming | | (8) (12) (15) | | Limited Partnership Interests | | 12/20/2022 | | 530,629 | | | 531 | | | 916 | | | 0.09 | % | | |
Total Construction & Building | | | | | | | | | | 1,408 | | | 2,592 | | | 0.27 | % | | |
| | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | |
FoodScience | | (8) (12) | | Class B Units | | 3/1/2021 | | 5,168 | | | 5 | | | — | | | — | % | | |
FoodScience | | (8) (12) | | Class A Units | | 3/1/2021 | | 98 | | | 98 | | | 109 | | | 0.01 | % | | |
Ultima Health Holdings, LLC | | (8) (12) | | Preferred Units | | 9/12/2022 | | 15 | | | 170 | | | 240 | | | 0.02 | % | | |
Total Consumer Goods: Non-durable | | | | | | | | | | 273 | | | 349 | | | 0.03 | % | | |
| | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
24
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | |
Oliver Packaging | | (8) (12) | | Class A Common Units | | 7/6/2022 | | 10,230 | | | 1,023 | | | 438 | | | 0.04 | % | | |
Specialized Packaging Group | | (7) (8) (10) (12) | | Class A Units | | 12/17/2020 | | 147,708 | | | 148 | | | 172 | | | 0.02 | % | | |
Total Containers, Packaging & Glass | | | | | | | | | | 1,171 | | | 610 | | | 0.06 | % | | |
| | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | |
AG MDC Holdings, Inc | | (8) (10) (12) | | Class A2 Units | | 2/7/2023 | | 245 | | | 245 | | | 196 | | | 0.02 | % | | |
Anne Arundel | | (8) (12) | | AA Equity Co-Invest | | 9/14/2023 | | 12,175 | | | 880 | | | — | | | — | % | | |
Health Management Associates | | (8) (12) | | Class A Common Units | | 3/31/2023 | | 399,904 | | | 400 | | | 495 | | | 0.05 | % | | |
REP HS Topco Holdings (HemaSource Inc.) | | (8) (12) | | LP Interests | | 8/31/2023 | | 577,000 | | | 577 | | | 691 | | | 0.07 | % | | |
Total Healthcare & Pharmaceuticals | | | | | | | | | | 2,102 | | | 1,382 | | | 0.14 | % | | |
| | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | |
ITSavvy LLC | | (8) (12) | | Class A Common Units | | 8/8/2022 | | 522 | | | 522 | | | 1,477 | | | 0.15 | % | | |
Solve Industrial Motion Group | | (8) (12) | | LP Interests | | 6/30/2021 | | 313 | | | 313 | | | 116 | | | 0.01 | % | | |
Total High Tech Industries | | | | | | | | | | 835 | | | 1,593 | | | 0.16 | % | | |
| | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | |
BroadcastMed Holdco, LLC | | (8) (12) | | Series A-3 Preferred Units | | 10/4/2022 | | 56,899 | | | 853 | | | 687 | | | 0.07 | % | | |
Total Media: Diversified & Production | | | | | | | | | | 853 | | | 687 | | | 0.07 | % | | |
| | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | |
Apex Companies Holdings, LLC | | (8) (10) (12) | | Class A Membership Interests | | 1/31/2023 | | 1,173 | | | 117 | | | 134 | | | 0.01 | % | | |
Career Now | | (8) (12) | | Common Equity | | 9/30/2021 | | 624 | | | 624 | | | — | | | — | % | | |
Career Now | | (8) (12) | | Series B Limited Partnership Units | | 10/14/2023 | | 222 | | | 22 | | | — | | | — | % | | |
E78 | | (8) (12) | | Class A Common Units | | 12/1/2021 | | 816 | | | 860 | | | 845 | | | 0.10 | % | | |
KRIV Acquisition, Inc | | (8) (12) | | Class A Units | | 7/17/2023 | | 790 | | | 790 | | | 698 | | | 0.07 | % | | |
Output Services Group, Inc. | | (8) (10) (12) | | Class A Units | | 11/30/2023 | | 47,021 | | | 833 | | | 900 | | | 0.09 | % | | |
Total Services: Business | | | | | | | | | | 3,246 | | | 2,577 | | | 0.27 | % | | |
| | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
25
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Footnotes | | Investment | | Acquisition Date | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
Services: Consumer | | | | | | | | | | | | | | | | |
COP Exterminators Investment, LLC | | (8) (12) | | Class A Units | | 7/31/2023 | | 997,000 | | | 1,117 | | | 1,215 | | | 0.11 | % | | |
Legacy Service Partners, LLC (“LSP”) | | (8) (12) | | Class B Units | | 1/9/2023 | | 4,907 | | | 491 | | | 569 | | | 0.06 | % | | |
NearU | | (8) (9) (12) | | Limited Partnership Interests | | 8/8/2022 | | 2,432 | | | 243 | | | 152 | | | 0.02 | % | | |
Perennial Services Investors LLC | | (8) (10) (12) | | Class A Units | | 9/8/2023 | | 7,784 | | | 778 | | | 1,078 | | | 0.11 | % | | |
Repipe Specialists | | (8) (12) | | Purchased Units | | 3/18/2022 | | 253 | | | 253 | | | — | | | — | % | | |
Total Services: Consumer | | | | | | | | | | 2,882 | | | 3,014 | | | 0.30 | % | | |
| | | | | | | | | | | | | | | | |
Sovereign & Public Finance | | | | | | | | | | | | | | | | |
LMI Renaissance | | (8) (12) | | Limited Partnership Interests | | 7/18/2022 | | 633,980 | | | 634 | | | 1,220 | | | 0.12 | % | | |
Total Sovereign & Public Finance | | | | | | | | | | 634 | | | 1,220 | | | 0.12 | % | | |
| | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | |
RoadOne - Common | | (8) (12) | | Partnership Units | | 12/29/2022 | | 1,173,220 | | | 939 | | | 1,139 | | | 0.12 | % | | |
SEKO Global Logistics | | (8) (12) | | Equity Co-Invest | | 12/30/2020 | | 671,203 | | | 332 | | | — | | | — | % | | |
Total Transportation: Cargo | | | | | | | | | | 1,271 | | | 1,139 | | | 0.12 | % | | |
| | | | | | | | | | | | | | | | |
Transportation: Consumer | | | | | | | | | | | | | | | | |
ASTP Holdings Co-Investment LP | | (8) (12) | | Limited Partnership Interest | | 9/11/2023 | | 101,041 | | | 101 | | | 88 | | | 0.01 | % | | |
Total Transportation: Consumer | | | | | | | | | | 101 | | | 88 | | | 0.01 | % | | |
| | | | | | | | | | | | | | | | |
Utilities: Electric | | | | | | | | | | | | | | | | |
Pinnacle Supply Partners, LLC | | (8) (12) | | Subject Partnership Units | | 4/3/2023 | | 279,687 | | | 280 | | | 302 | | | 0.03 | % | | |
Total Utilities: Electric | | | | | | | | | | 280 | | | 302 | | | 0.03 | % | | |
| | | | | | | | | | | | | | | | |
Utilities: Water | | | | | | | | | | | | | | | | |
USA Water | | (8) (10) (12) | | Common Units | | 2/21/2024 | | 4,781 | | | 478 | | | 513 | | | 0.05 | % | | |
Total Utilities: Water | | | | | | | | | | 478 | | | 513 | | | 0.05 | % | | |
| | | | | | | | | | | | | | | | |
Total Equity Investments | | | | | | | | | | 28,510 | | | 32,176 | | | 3.26 | % | | |
See Notes to Consolidated Financial Statements
26
NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 2024
(dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (2) | | Interest Rate | | Shares/Units | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
Cash Equivalents | | | | | | | | | | | | |
BlackRock Liquidity Funds T-Fund - Institutional Class | | 5.19% | | 67,654 | | | 67,654 | | | 67,654 | | | 6.87 | % | | |
First American Government Obligations Fund - Class Z | | 5.19% | | 31 | | | 31 | | | 31 | | | — | % | | |
Total Cash Equivalents | | | | | | $ | 67,685 | | | $ | 67,685 | | | 6.87 | % | | |
Total Investments and Cash Equivalents | | | | | | $ | 2,091,069 | | | $ | 2,058,541 | | | 208.70 | % | | |
_______________
(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 June 30, 2024. As of June 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.34%, 5.32%, 5.25%, and 5.04% 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 $986,372 as of June 30, 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 June 30, 2024, the Company held forty-eight restricted securities with an aggregate fair value of $32,176, or 3.26% of the Company’s net assets.
(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 June 30, 2024, total non-qualifying assets at fair value represented 4.58% 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 June 30, 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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | |
Debt Investments | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | | | |
AEgis Technologies | | (6) (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 | % | | 10/22/2026 | | 9,202 | | | 9,127 | | | 8,945 | | | 1.20 | % | | |
Arotech (Delayed Draw) | | (6) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 10/22/2026 | | 448 | | | 446 | | | 435 | | | 0.06 | % | | |
Loc Performance Products | | (6) (12) | | First Lien Term Loan | | S + 5.25% | | 10.71 | % | | 12/22/2026 | | 6,557 | | | 6,502 | | | 6,270 | | | 0.84 | % | | |
Precision Aviation Group | | (6) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.12 | % | | 12/21/2029 | | 15,039 | | | 14,740 | | | 14,740 | | | 1.97 | % | | |
Precision Aviation Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.12 | % | | 12/21/2029 | | 4,961 | | | (49) | | | (99) | | | (0.01 | %) | | |
Turbine Engine Specialist, Inc | | (12) | | Subordinated Debt | | S + 9.50% | | 14.96 | % | | 3/1/2029 | | 2,556 | | | 2,494 | | | 2,509 | | | 0.33 | % | | |
Valkyrie | | (12) | | Subordinated Debt | | N/A | | 10.50% (Cash) 1.00% (PIK) | | 11/17/2027 | | 2,836 | | | 2,792 | | | 2,740 | | | 0.37 | % | | |
Total Aerospace & Defense | | | | | | | | | | | | | | 50,644 | | | 49,851 | | | 6.67 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | |
American Auto Auction Group | | (6) (12) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 12/30/2027 | | 10,520 | | | 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 | % | | 1/14/2026 | | 25,225 | | | 3,304 | | | 3,016 | | | 0.40 | % | | |
Classic Collision (Delayed Draw) (Incremental) | | (6) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.29 | % | | 1/14/2026 | | 6,941 | | | 6,941 | | | 6,847 | | | 0.92 | % | | |
Classic Collision (Incremental) | | (6) (12) | | First Lien Term Loan | | S + 5.75% | | 11.29 | % | | 1/14/2026 | | 7,751 | | | 7,707 | | | 7,646 | | | 1.02 | % | | |
Collision Right | | (6) (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.50 | % | | 4/14/2028 | | 5,294 | | | 5,269 | | | 5,282 | | | 0.71 | % | | |
Collision Right | | (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 3.75% (PIK) | | 10/14/2028 | | 1,411 | | | 1,380 | | | 1,371 | | | 0.18 | % | | |
Collision Right (Delayed Draw) | | (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 3.75% (PIK) | | 10/14/2028 | | 996 | | | 985 | | | 968 | | | 0.13 | % | | |
Covercraft | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/20/2028 | | 7,478 | | | 7,373 | | | 6,892 | | | 0.92 | % | | |
Covercraft (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 0.75% (PIK) | | 2/20/2028 | | 4,386 | | | — | | | (344) | | | (0.04 | %) | | |
High Bar Brands | | (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 6/19/2030 | | 2,088 | | | 2,035 | | | 2,036 | | | 0.27 | % | | |
High Bar Brands (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 9.00% (Cash) 4.00% (PIK) | | 6/19/2030 | | 596 | | | (7) | | | (15) | | | — | % | | |
JEGS Automotive | | (6) | | First Lien Term Loan | | S + 6.00% | | 11.46 | % | | 12/22/2027 | | 3,999 | | | 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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
OEP Glass Purchaser | | (6) (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.55 | % | | 4/18/2028 | | 12,563 | | | 12,467 | | | 12,508 | | | 1.67 | % | | |
Randys Holdings, Inc | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.50% | | 11.88 | % | | 11/1/2028 | | 11,138 | | | 10,943 | | | 10,997 | | | 1.47 | % | | |
Randys Holdings, Inc (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.88 | % | | 11/1/2028 | | 3,750 | | | — | | | (47) | | | (0.01 | %) | | |
S&S Truck Parts | | (6) | | First Lien Term Loan | | S + 5.00% | | 10.19 | % | | 3/1/2029 | | 6,858 | | | 6,803 | | | 6,779 | | | 0.91 | % | | |
S&S Truck Parts | | (13) | | First Lien Term Loan | | S + 5.00% | | 10.19 | % | | 3/1/2029 | | 1,159 | | | 1,150 | | | 1,146 | | | 0.15 | % | | |
S&S Truck Parts (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.19 | % | | 3/1/2029 | | 98 | | | — | | | (1) | | | — | % | | |
S&S Truck Parts (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.00% | | 10.19 | % | | 3/1/2029 | | 1,724 | | | 1,576 | | | 1,556 | | | 0.21 | % | | |
Total Automotive | | | | | | | | | | | | | | 82,339 | | | 80,284 | | | 10.73 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | | | | | | | |
Coding Solutions Acquisitions | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.11 | % | | 5/11/2028 | | 6,432 | | | 6,380 | | | 6,304 | | | 0.84 | % | | |
Coding Solutions Acquisitions (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.11 | % | | 5/11/2028 | | 1,966 | | | 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) | | 9/8/2027 | | 6,858 | | | 6,812 | | | 5,916 | | | 0.79 | % | | |
Patriot Growth Insurance Service (Delayed Draw) (Incremental) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.25 | % | | 10/14/2028 | | 7,166 | | | 7,109 | | | 7,003 | | | 0.94 | % | | |
Risk Strategies (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.50% | | 11.00 | % | | 11/2/2026 | | 14,869 | | | 14,869 | | | 14,606 | | | 1.95 | % | | |
Vensure Employer Services | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.12 | % | | 3/26/2027 | | 14,656 | | | 14,628 | | | 14,326 | | | 1.92 | % | | |
World Insurance Associates (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 4/3/2028 | | 14,881 | | | 14,869 | | | 14,841 | | | 1.98 | % | | |
Total Banking, Finance, Insurance, Real Estate | | | | | | | | | | | | | | 66,633 | | | 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 | % | | 9/25/2029 | | 17,282 | | | 16,958 | | | 16,940 | | | 2.27 | % | | |
Bardstown PPC Holdings LLC | | (12) | | Subordinated Debt | | S + 7.75% | | 13.18 | % | | 8/28/2027 | | 9,300 | | | 9,154 | | | 9,154 | | | 1.22 | % | | |
Death Wish Coffee | | (6) (9) (13) | | First Lien Term Loan | | S + 4.75% | | 10.20 | % | | 9/28/2027 | | 9,800 | | | 9,739 | | | 9,800 | | | 1.31 | % | | |
Dessert Holdings | | | | Subordinated Debt | | S + 7.25% | | 12.72 | % | | 6/10/2029 | | 9,000 | | | 8,874 | | | 7,628 | | | 1.02 | % | | |
Fresh Edge | | (12) | | Subordinated Debt | | S + 4.50% | | 10.07% (Cash) 5.13% (PIK) | | 4/3/2029 | | 3,853 | | | 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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Fresh Edge (Incremental) | | (12) | | Subordinated Debt | | S + 4.50% | | 9.98% (Cash) 5.13% (PIK) | | 4/3/2029 | | 914 | | | 891 | | | 893 | | | 0.12 | % | | |
Fresh Edge (Incremental) | | (12) | | Subordinated Debt | | S + 4.50% | | 9.76% (Cash) 5.13% (PIK) | | 4/3/2029 | | 769 | | | 752 | | | 752 | | | 0.10 | % | | |
Handgards | | (6) (13) | | First Lien Term Loan | | S + 7.00% | | 12.54 | % | | 10/14/2026 | | 14,513 | | | 14,364 | | | 14,513 | | | 1.94 | % | | |
Harvest Hill Beverage Company | | (12) | | Subordinated Debt | | S + 9.00% | | 14.46 | % | | 2/28/2029 | | 3,640 | | | 3,540 | | | 3,573 | | | 0.48 | % | | |
KSLB Holdings LLC | | (13) | | First Lien Term Loan | | S + 4.50% | | 10.03 | % | | 7/30/2025 | | 2,858 | | | 2,844 | | | 2,712 | | | 0.36 | % | | |
Palmetto Acquisitionco, Inc. | | (6) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.10 | % | | 9/18/2029 | | 13,314 | | | 13,091 | | | 13,085 | | | 1.74 | % | | |
Palmetto Acquisitionco, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.10 | % | | 9/18/2029 | | 4,842 | | | 1,169 | | | 1,103 | | | 0.15 | % | | |
Rise Baking | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.71 | % | | 8/13/2027 | | 14,700 | | | 14,554 | | | 14,852 | | | 1.99 | % | | |
Rise Baking (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S +5.50% | | 10.96 | % | | 8/13/2027 | | 4,454 | | | 4,432 | | | 4,400 | | | 0.59 | % | | |
Summit Hill Foods | | (6) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 11/29/2029 | | 9,835 | | | 9,689 | | | 9,690 | | | 1.30 | % | | |
Sunny Sky Products (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.60 | % | | 12/23/2028 | | 1,773 | | | — | | | (17) | | | — | % | | |
Sunny Sky Products | | (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.60 | % | | 12/23/2028 | | 7,093 | | | 7,025 | | | 7,026 | | | 0.94 | % | | |
Watermill Express, LLC | | (6) (9) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 4/20/2027 | | 3,256 | | | 3,236 | | | 3,241 | | | 0.43 | % | | |
Watermill Express, LLC (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 4/20/2027 | | 314 | | | 315 | | | 313 | | | 0.04 | % | | |
Total Beverage, Food & Tobacco | | | | | | | | | | | | | | 124,399 | | | 123,423 | | | 16.50 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | | | |
Crete Mechanical Group | | (6) | | First Lien Term Loan | | S +5.00% | | 10.37 | % | | 5/19/2028 | | 4,823 | | | 4,785 | | | 4,708 | | | 0.63 | % | | |
Crete Mechanical Group (Delayed Draw) | | (6) | | First Lien Term Loan | | S +5.00% | | 10.37 | % | | 5/19/2028 | | 2,846 | | | 2,807 | | | 2,778 | | | 0.37 | % | | |
Crete Mechanical Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S +5.00% | | 10.37 | % | | 5/19/2028 | | 7,153 | | | 5,710 | | | 5,539 | | | 0.74 | % | | |
EFC Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 11.00% (Cash) 2.50% (PIK) | | 5/1/2028 | | 3,167 | | | 3,083 | | | 3,137 | | | 0.42 | % | | |
Heartland Home Services | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 12/15/2026 | | 6,467 | | | 6,428 | | | 6,382 | | | 0.85 | % | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 12/15/2026 | | 5,608 | | | 5,589 | | | 5,533 | | | 0.74 | % | | |
Heartland Home Services (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 12/15/2026 | | 2,571 | | | 2,571 | | | 2,537 | | | 0.34 | % | | |
Ovation Holdings, Inc. | | (6) (13) | | First Lien Term Loan | | S +6.25% | | 11.78 | % | | 2/3/2029 | | 8,035 | | | 7,876 | | | 7,949 | | | 1.06 | % | | |
Ovation Holdings, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.78 | % | | 2/3/2029 | | 1,899 | | | 1,535 | | | 1,536 | | | 0.21 | % | | |
Precision Surfacing | | (12) | | First Lien Term Loan | | N/A | | 15.00 | % | | 6/30/2024 | | 713 | | | 713 | | | 713 | | | 0.09 | % | | |
PT Intermediate Holdings III, LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.98% | | 11.52 | % | | 11/1/2028 | | 8,735 | | | 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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized 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 | % | | 11/1/2028 | | 1,068 | | | 1,059 | | | 1,059 | | | 0.14 | % | | |
Repipe Specialists | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 2,433 | | | 2,393 | | | 2,207 | | | 0.30 | % | | |
Repipe Specialists (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 3/18/2029 | | 901 | | | 210 | | | 126 | | | 0.01 | % | | |
RTH Buyer LLC (dba Rhino Tool House) | | (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.97 | % | | 4/4/2029 | | 8,052 | | | 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 | % | | 4/4/2029 | | 1,885 | | | 956 | | | 949 | | | 0.13 | % | | |
Total Capital Equipment | | | | | | | | | | | | | | 62,328 | | | 61,803 | | | 8.26 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | | | | | |
Ascensus | | (12) (15) | | Subordinated Debt | | S + 6.50% | | 12.18 | % | | 8/2/2029 | | 9,000 | | | 8,935 | | | 8,691 | | | 1.16 | % | | |
Ascensus Specialties | | (6) (9) (13) | | First Lien Term Loan | | S + 4.25% | | 9.71 | % | | 6/30/2028 | | 9,731 | | | 9,589 | | | 8,776 | | | 1.17 | % | | |
Boulder Scientific Company LLC | | (6) | | First Lien Term Loan | | S + 4.50% | | 10.04 | % | | 12/28/2025 | | 2,064 | | | 2,073 | | | 1,996 | | | 0.27 | % | | |
Chroma Color Corporation (dba Chroma Color) | | (6) (13) | | First Lien Term Loan | | S + 6.00% | | 11.41 | % | | 4/21/2029 | | 6,314 | | | 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 | % | | 4/21/2029 | | 1,379 | | | (12) | | | (25) | | | — | % | | |
Spartech | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.16 | % | | 5/6/2028 | | 14,768 | | | 14,699 | | | 11,898 | | | 1.59 | % | | |
Total Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | 41,481 | | | 37,535 | | | 5.02 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | |
Allstar Holdings | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 2,114 | | | 2,053 | | | 2,054 | | | 0.27 | % | | |
Allstar Holdings (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 4,043 | | | 2,803 | | | 2,745 | | | 0.37 | % | | |
Allstar Holdings (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.00% (PIK) | | 4/26/2030 | | 6,188 | | | (88) | | | (175) | | | (0.02 | %) | | |
Erie Construction | | (6) (13) | | First Lien Term Loan | | S + 4.75% | | 10.21 | % | | 7/30/2027 | | 10,153 | | | 10,083 | | | 10,153 | | | 1.36 | % | | |
Gannett Fleming | | (6) (13) | | First Lien Term Loan | | S + 6.60% | | 11.95 | % | | 12/20/2028 | | 9,900 | | | 9,730 | | | 9,913 | | | 1.32 | % | | |
MEI Rigging & Crating | | (6) (12) (13) | | First Lien Term Loan | | S + 6.50% | | 11.86 | % | | 6/30/2029 | | 11,431 | | | 11,212 | | | 11,329 | | | 1.51 | % | | |
MEI Rigging & Crating (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.86 | % | | 6/30/2029 | | 1,814 | | | (8) | | | (16) | | | — | % | | |
Royal Holdco Corporation (Delayed Draw A) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/30/2027 | | 4,690 | | | 4,303 | | | 4,246 | | | 0.57 | % | | |
Royal Holdco Corporation (Delayed Draw B) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/30/2027 | | 3,134 | | | (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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Royal Holdco Corporation (Incremental) | | (10) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/30/2027 | | 3,118 | | | 3,074 | | | 3,073 | | | 0.41 | % | | |
Sciens Building Solutions, LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 12/15/2027 | | 9,315 | | | 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 | % | | 12/15/2027 | | 4,915 | | | 3,259 | | | 3,193 | | | 0.43 | % | | |
WSB Engineering Holdings Inc. | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 8/31/2029 | | 6,519 | | | 6,426 | | | 6,424 | | | 0.86 | % | | |
WSB Engineering Holdings Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.39 | % | | 8/31/2029 | | 4,357 | | | (31) | | | (64) | | | (0.01 | %) | | |
Total Construction & Building | | | | | | | | | | | | | | 61,992 | | | 61,958 | | | 8.28 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | | | |
Halo Buyer Inc | | (6) (15) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 6/28/2025 | | 5,668 | | | 5,641 | | | 4,284 | | | 0.57 | % | | |
Petmate | | (6) (9) (12) | | First Lien Term Loan | | S + 5.50% | | 11.23 | % | | 9/15/2028 | | 9,825 | | | 9,753 | | | 5,846 | | | 0.78 | % | | |
Xpressmyself.com LLC (a/k/a SmartSign) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.98 | % | | 9/7/2028 | | 9,875 | | | 9,796 | | | 9,701 | | | 1.30 | % | | |
Xpressmyself.com LLC (a/k/a SmartSign) | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.22 | % | | 9/7/2028 | | 5,025 | | | 4,932 | | | 4,983 | | | 0.67 | % | | |
Total Consumer Goods: Durable | | | | | | | | | | | | | | 30,122 | | | 24,814 | | | 3.32 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | | | |
Arcadia Consumer Health | | (6) (9) (13) | | First Lien Term Loan | | S + 4.50% | | 9.98 | % | | 9/10/2027 | | 12,604 | | | 12,522 | | | 12,192 | | | 1.63 | % | | |
Arcadia Consumer Health (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 9/10/2027 | | 2,256 | | | 2,216 | | | 2,251 | | | 0.30 | % | | |
Badger Sportswear Acquisition Inc | | (6) | | First Lien Term Loan | | S + 4.50% | | 10.03 | % | | 1/7/2024 | | 3,800 | | | 3,800 | | | 3,800 | | | 0.51 | % | | |
FoodScience | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.73 | % | | 3/1/2027 | | 7,744 | | | 7,696 | | | 7,081 | | | 0.95 | % | | |
FoodScience | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 12.23 | % | | 3/1/2027 | | 6,880 | | | 6,831 | | | 6,291 | | | 0.84 | % | | |
Protective Industrial Products (“PIP”) | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.00% | | 10.47 | % | | 12/29/2027 | | 4,860 | | | 4,684 | | | 4,909 | | | 0.66 | % | | |
Elevation Labs | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 6/30/2028 | | 6,789 | | | 6,733 | | | 6,335 | | | 0.85 | % | | |
Elevation Labs (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 6/30/2028 | | 3,125 | | | (24) | | | (209) | | | (0.03 | %) | | |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.03 | % | | 12/29/2026 | | 2,505 | | | 2,489 | | | 2,505 | | | 0.33 | % | | |
Market Performance Group | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.03 | % | | 12/29/2026 | | 7,275 | | | 7,256 | | | 7,275 | | | 0.97 | % | | |
Ultima Health Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 11.00% (Cash) 1.50% (PIK) | | 3/12/2029 | | 1,734 | | | 1,706 | | | 1,704 | | | 0.23 | % | | |
Total Consumer Goods: Non-durable | | | | | | | | | | | | | | 55,909 | | | 54,134 | | | 7.24 | % | | |
| | | | | | | | | | | | | | | | | | | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | | | |
B2B Packaging | | (6) (13) | | First Lien Term Loan | | S + 6.75% | | 12.28 | % | | 10/7/2026 | | 14,696 | | | 14,663 | | | 14,398 | | | 1.93 | % | | |
B2B Packaging (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 6.75% | | 12.29 | % | | 10/7/2026 | | 116 | | | 114 | | | 114 | | | 0.02 | % | | |
Five Star Packing | | (6) (13) (15) | | First Lien Term Loan | | S + 4.25% | | 9.63 | % | | 5/6/2029 | | 7,576 | | | 7,482 | | | 7,482 | | | 1.00 | % | | |
Good2Grow | | (12) (13) | | First Lien Term Loan | | S + 5.50% | | 11.04 | % | | 12/1/2027 | | 6,362 | | | 6,270 | | | 6,362 | | | 0.85 | % | | |
Good2Grow | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 10.04 | % | | 12/1/2027 | | 9,265 | | | 9,201 | | | 9,137 | | | 1.22 | % | | |
Oliver Packaging | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 1.00% (PIK) | | 1/6/2029 | | 2,510 | | | 2,471 | | | 2,377 | | | 0.32 | % | | |
Online Labels Group | | (13) | | First Lien Term Loan | | S + 5.25% | | 10.61 | % | | 12/19/2029 | | 3,328 | | | 3,295 | | | 3,296 | | | 0.44 | % | | |
Online Labels Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.61 | % | | 12/19/2029 | | 403 | | | — | | | (4) | | | — | % | | |
Online Labels Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.61 | % | | 12/19/2029 | | 403 | | | — | | | (4) | | | — | % | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | S + 5.50% | | 11.23 | % | | 12/17/2025 | | 2,983 | | | 2,968 | | | 2,921 | | | 0.39 | % | | |
Specialized Packaging Group | | (6) (7) (10) (13) | | First Lien Term Loan | | S + 5.50% | | 11.23 | % | | 12/17/2025 | | 7,275 | | | 7,236 | | | 7,123 | | | 0.95 | % | | |
Specialized Packaging Group (Incremental) | | (7) (10) (13) | | First Lien Term Loan | | S + 6.25% | | 11.98 | % | | 12/17/2025 | | 4,409 | | | 4,354 | | | 4,375 | | | 0.58 | % | | |
Specialized Packaging Group (Incremental) | | (7) (10) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.78 | % | | 12/17/2025 | | 6,894 | | | 6,798 | | | 6,751 | | | 0.90 | % | | |
Total Containers, Packaging & Glass | | | | | | | | | | | | | | 64,852 | | | 64,328 | | | 8.60 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Energy: Electricity | | | | | | | | | | | | | | | | | | | | |
MGM Transformer Company (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.38 | % | | 10/31/2029 | | 6,388 | | | (16) | | | (92) | | | (0.01 | %) | | |
MGM Transformer Company | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.38 | % | | 10/31/2029 | | 23,612 | | | 23,259 | | | 23,271 | | | 3.11 | % | | |
National Power | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 10/20/2029 | | 5,674 | | | 5,589 | | | 5,593 | | | 0.75 | % | | |
National Power (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.36 | % | | 10/20/2029 | | 3,051 | | | (7) | | | (44) | | | (0.01 | %) | | |
Total Energy: Electricity | | | | | | | | | | | | | | 28,825 | | | 28,728 | | | 3.84 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | |
Impact Environmental Group | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.28 | % | | 3/23/2029 | | 6,776 | | | 6,650 | | | 6,721 | | | 0.90 | % | | |
Impact Environmental Group (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.28 | % | | 3/23/2029 | | 3,166 | | | 2,770 | | | 2,759 | | | 0.37 | % | | |
Impact Environmental Group (Incremental) | | (12) | | First Lien Term Loan | | S + 6.00% | | 11.28 | % | | 3/23/2029 | | 1,736 | | | 1,703 | | | 1,722 | | | 0.23 | % | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Impact Environmental Group (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.28 | % | | 3/23/2029 | | 6,822 | | | (32) | | | (55) | | | (0.01 | %) | | |
Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.73 | % | | 8/31/2028 | | 6,648 | | | 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 | % | | 7/1/2029 | | 8,550 | | | 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 | % | | 7/1/2029 | | 6,429 | | | (15) | | | (91) | | | (0.01 | %) | | |
The Facilities Group | | (6) (9) | | First Lien Term Loan | | S + 5.75% | | 11.23 | % | | 11/30/2027 | | 4,872 | | | 4,840 | | | 4,847 | | | 0.64 | % | | |
The Facilities Group (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.22 | % | | 11/30/2027 | | 5,028 | | | — | | | (25) | | | — | % | | |
The Facilities Group | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.22 | % | | 11/30/2027 | | 9,051 | | | 8,963 | | | 9,006 | | | 1.20 | % | | |
The Facilities Group (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.22 | % | | 11/30/2027 | | 4,952 | | | 4,952 | | | 4,927 | | | 0.66 | % | | |
Total Environmental Industries | | | | | | | | | | | | | | 44,853 | | | 44,758 | | | 5.98 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | |
Affinity Hospice | | (6) (12) | | First Lien Term Loan | | S + 4.75% | | 10.20 | % | | 12/17/2027 | | 7,872 | | | 7,817 | | | 7,048 | | | 0.94 | % | | |
Anne Arundel | | (12) | | Subordinated Debt | | N/A | | 12.75% (PIK) | | 10/16/2026 | | 3,282 | | | 3,247 | | | 2,656 | | | 0.36 | % | | |
Anne Arundel | | (12) | | Subordinated Debt | | N/A | | 11.00% (PIK) | | 4/16/2026 | | 1,972 | | | 1,957 | | | 1,776 | | | 0.24 | % | | |
Anne Arundel (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 11.00% (PIK) | | 4/16/2026 | | 2,396 | | | 2,022 | | | 1,790 | | | 0.24 | % | | |
Forefront Dermatology | | (6) (9) (12) (15) | | First Lien Term Loan | | S + 4.25% | | 9.63 | % | | 4/1/2029 | | 3,315 | | | 3,268 | | | 3,215 | | | 0.43 | % | | |
Genesee Scientific | | (6) (9) | | First Lien Term Loan | | S + 5.50% | | 10.95 | % | | 9/30/2027 | | 5,959 | | | 5,922 | | | 5,839 | | | 0.78 | % | | |
Genesee Scientific (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.95 | % | | 9/30/2027 | | 1,560 | | | 1,560 | | | 1,528 | | | 0.20 | % | | |
GHR Healthcare | | (6) (9) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 12/8/2027 | | 6,401 | | | 6,359 | | | 6,255 | | | 0.84 | % | | |
GHR Healthcare (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 12/9/2027 | | 2,002 | | | 2,002 | | | 1,957 | | | 0.26 | % | | |
GHR Healthcare (Incremental) | | (13) | | First Lien Term Loan | | S + 5.00% | | 10.50 | % | | 12/9/2027 | | 4,983 | | | 4,904 | | | 4,869 | | | 0.65 | % | | |
Health Management Associates | | (12) (13) | | First Lien Term Loan | | S + 6.50% | | 11.73 | % | | 3/31/2029 | | 8,307 | | | 8,154 | | | 8,233 | | | 1.10 | % | | |
Health Management Associates (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.73 | % | | 3/31/2029 | | 1,499 | | | 444 | | | 460 | | | 0.06 | % | | |
Heartland Veterinary Partners LLC (Incremental) | | (12) | | Subordinated Debt | | S + 7.50% | | 12.96 | % | | 12/10/2027 | | 1,900 | | | 1,872 | | | 1,875 | | | 0.25 | % | | |
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw) | | (12) | | Subordinated Debt | | S +7.50% | | 12.96 | % | | 12/10/2027 | | 9,500 | | | 9,500 | | | 9,377 | | | 1.25 | % | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
HemaSource Inc. | | (12) | | Subordinated Debt | | N/A | | 8.50% (Cash) 5.00% (PIK) | | 2/28/2030 | | 5,292 | | | 5,153 | | | 5,147 | | | 0.69 | % | | |
InfuCare RX | | (6) (12) (13) | | First Lien Term Loan | | S + 4.50% | | 9.95 | % | | 1/4/2028 | | 9,248 | | | 9,182 | | | 9,045 | | | 1.21 | % | | |
MDC Intermediate Holdings II, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.25% (PIK) | | 2/7/2030 | | 1,749 | | | 1,711 | | | 1,690 | | | 0.23 | % | | |
MDC Intermediate Holdings II, LLC (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.25% (PIK) | | 2/7/2030 | | 721 | | | 160 | | | 143 | | | 0.02 | % | | |
Midwest Eye Consultants | | (6) (13) | | First Lien Term Loan | | S + 4.50% | | 10.04 | % | | 8/20/2027 | | 9,021 | | | 8,962 | | | 8,790 | | | 1.18 | % | | |
PromptCare | | (6) (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.46 | % | | 9/1/2027 | | 8,204 | | | 8,121 | | | 8,079 | | | 1.08 | % | | |
PromptCare (Delayed Draw) | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.46 | % | | 9/1/2027 | | 1,278 | | | 1,271 | | | 1,258 | | | 0.17 | % | | |
Quorum Health Resources, LLC | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.50 | % | | 5/28/2027 | | 7,680 | | | 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 | % | | 5/28/2027 | | 3,248 | | | 3,240 | | | 3,240 | | | 0.43 | % | | |
Quorum Health Resources, LLC (Incremental) | | (10) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.68 | % | | 5/28/2027 | | 3,248 | | | 3,201 | | | 3,240 | | | 0.43 | % | | |
Sandlot Buyer, LLC (Prime Time Healthcare) | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.28 | % | | 9/19/2028 | | 8,958 | | | 8,729 | | | 8,854 | | | 1.18 | % | | |
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.52 | % | | 9/19/2028 | | 10,122 | | | 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 | % | | 10/7/2029 | | 7,474 | | | 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 | % | | 10/7/2029 | | 2,443 | | | 1,558 | | | 1,528 | | | 0.21 | % | | |
SM Wellness Holdings, Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 4.75% | | 10.14 | % | | 4/15/2028 | | 14,665 | | | 14,573 | | | 14,187 | | | 1.90 | % | | |
Thorne HealthTech | | (6) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.10 | % | | 10/16/2030 | | 10,652 | | | 10,549 | | | 10,553 | | | 1.41 | % | | |
TIDI Products | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.86 | % | | 12/19/2029 | | 15,523 | | | 15,368 | | | 15,369 | | | 2.05 | % | | |
TIDI Products (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.86 | % | | 12/19/2029 | | 4,085 | | | — | | | (40) | | | (0.01 | %) | | |
US Fertility | | (12) | | Subordinated Debt | | N/A | | 13.75% (PIK) | | 6/21/2028 | | 12,391 | | | 12,084 | | | 12,066 | | | 1.61 | % | | |
Wellspring Pharmaceutical | | (13) | | First Lien Term Loan | | S + 5.75% | | 11.03 | % | | 8/22/2028 | | 3,378 | | | 3,323 | | | 3,298 | | | 0.44 | % | | |
Wellspring Pharmaceutical (Delayed Draw) | | (12) | | First Lien Term Loan | | S + 5.75% | | 11.03 | % | | 8/22/2028 | | 1,571 | | | 1,561 | | | 1,534 | | | 0.21 | % | | |
Wellspring Pharmaceutical (Delayed Draw) (Incremental) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.18 | % | | 8/22/2028 | | 3,756 | | | (16) | | | (55) | | | (0.01 | %) | | |
Wellspring Pharmaceutical (Incremental) | | (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.18 | % | | 8/22/2028 | | 1,246 | | | 1,223 | | | 1,228 | | | 0.16 | % | | |
Young Innovations (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.09 | % | | 12/1/2029 | | 3,448 | | | — | | | (34) | | | — | % | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
Young Innovations | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.09 | % | | 12/1/2029 | | 16,552 | | | 16,386 | | | 16,391 | | | 2.19 | % | | |
Total Healthcare & Pharmaceuticals | | | | | | | | | | | | | | 210,326 | | | 207,327 | | | 27.72 | % | | |
| | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) | | (6) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 6/13/2029 | | 8,021 | | | 7,870 | | | 7,951 | | | 1.06 | % | | |
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 6/13/2029 | | 3,225 | | | (15) | | | (28) | | | — | % | | |
Argano, LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.69 | % | | 6/10/2026 | | 5,634 | | | 5,602 | | | 5,510 | | | 0.74 | % | | |
Argano, LLC (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.69 | % | | 6/10/2026 | | 2,494 | | | 2,494 | | | 2,440 | | | 0.33 | % | | |
Argano, LLC (Delayed Draw) (Incremental) | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.69 | % | | 6/10/2026 | | 1,705 | | | 1,676 | | | 1,667 | | | 0.22 | % | | |
Diligent Corporation | | (6) (9) (12) | | First Lien Term Loan | | S + 6.25% | | 11.78 | % | | 7/31/2025 | | 12,469 | | | 12,451 | | | 12,366 | | | 1.65 | % | | |
Diligent Corporation | | (9) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 11.28 | % | | 7/31/2025 | | 3,387 | | | 3,372 | | | 3,334 | | | 0.45 | % | | |
Diligent Corporation | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.28 | % | | 8/4/2025 | | 1,476 | | | 1,469 | | | 1,453 | | | 0.19 | % | | |
Diligent Corporation (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 6.25% | | 11.78 | % | | 7/31/2025 | | 168 | | | 168 | | | 166 | | | 0.02 | % | | |
Diligent Corporation (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 6.25% | | 11.78 | % | | 7/31/2025 | | 106 | | | 106 | | | 105 | | | 0.01 | % | | |
Eliassen Group LLC | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.85 | % | | 4/14/2028 | | 12,069 | | | 11,976 | | | 12,083 | | | 1.62 | % | | |
Eliassen Group LLC (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.85 | % | | 4/14/2028 | | 2,771 | | | 864 | | | 872 | | | 0.11 | % | | |
Evergreen Services Group II (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 10/4/2030 | | 13,014 | | | 8,495 | | | 8,342 | | | 1.11 | % | | |
Evergreen Services Group II | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.35 | % | | 10/4/2030 | | 16,156 | | | 15,917 | | | 15,926 | | | 2.13 | % | | |
Exterro | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 11.03 | % | | 6/1/2027 | | 9,474 | | | 9,462 | | | 9,503 | | | 1.27 | % | | |
Fineline Merger | | (12) | | Subordinated Debt | | S + 9.26% | | 14.61 | % | | 8/22/2028 | | 2,453 | | | 2,427 | | | 2,453 | | | 0.33 | % | | |
Go Engineer | | (6) (9) (13) | | First Lien Term Loan | | S + 5.38% | | 10.87 | % | | 12/21/2027 | | 11,572 | | | 11,490 | | | 11,409 | | | 1.53 | % | | |
Go Engineer (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.38% | | 10.87 | % | | 12/21/2027 | | 3,152 | | | 3,130 | | | 3,107 | | | 0.42 | % | | |
Infinite Electronics (Incremental) | | (6) (9) (13) | | First Lien Term Loan | | S + 6.25% | | 11.88 | % | | 3/2/2028 | | 6,313 | | | 6,152 | | | 6,100 | | | 0.82 | % | | |
Infobase Acquisition, Inc. | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 6/14/2028 | | 4,331 | | | 4,297 | | | 4,297 | | | 0.57 | % | | |
Infobase Acquisition, Inc. (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.93 | % | | 6/14/2028 | | 721 | | | — | | | (6) | | | — | % | | |
ITSavvy LLC | | (6) (13) | | First Lien Term Loan | | S + 5.25% | | 10.89 | % | | 8/8/2028 | | 7,794 | | | 7,730 | | | 7,794 | | | 1.04 | % | | |
ITSavvy LLC (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.89 | % | | 8/8/2028 | | 1,049 | | | 883 | | | 891 | | | 0.12 | % | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
| | | | | | | | | | | | | | | | | | | | |
North Haven CS Acquisition Inc | | (6) | | First Lien Term Loan | | S + 5.25% | | 10.78 | % | | 1/23/2025 | | 5,787 | | | 5,787 | | | 5,787 | | | 0.77 | % | | |
Prosci, Inc. | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.99 | % | | 10/21/2026 | | 4,733 | | | 4,704 | | | 4,708 | | | 0.63 | % | | |
Revalize (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 4/15/2027 | | 4,243 | | | 4,232 | | | 4,064 | | | 0.54 | % | | |
Revalize (Delayed Draw) | | (6) (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 4/15/2027 | | 1,090 | | | 1,083 | | | 1,044 | | | 0.14 | % | | |
Revalize (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.75% | | 11.25 | % | | 4/15/2027 | | 244 | | | 243 | | | 234 | | | 0.03 | % | | |
SmartWave | | (6) (12) | | First Lien Term Loan | | S + 6.00% | | 11.53 | % | | 11/5/2026 | | 9,214 | | | 9,145 | | | 7,744 | | | 1.04 | % | | |
Solve Industrial Motion Group | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/30/2028 | | 1,786 | | | 1,760 | | | 1,700 | | | 0.23 | % | | |
Solve Industrial Motion Group | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/28/2028 | | 763 | | | 749 | | | 739 | | | 0.10 | % | | |
Solve Industrial Motion Group (Delayed Draw) | | (12) | | Subordinated Debt | | N/A | | 5.00% (Cash) 8.00% (PIK) | | 6/30/2028 | | 2,046 | | | 2,046 | | | 1,947 | | | 0.26 | % | | |
Total High Tech Industries | | | | | | | | | | | | | | 147,765 | | | 145,702 | | | 19.48 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | |
Tinuiti | | (6) (9) | | First Lien Term Loan | | S + 5.25% | | 10.70 | % | | 12/10/2026 | | 2,948 | | | 2,928 | | | 2,823 | | | 0.38 | % | | |
Tinuiti (Delayed Draw) | | (6) (9) | | First Lien Term Loan | | S + 5.25% | | 10.70 | % | | 12/10/2026 | | 1,926 | | | 1,926 | | | 1,845 | | | 0.25 | % | | |
Tinuiti (Delayed Draw) (Incremental) | | (6) (12) | | First Lien Term Loan | | S + 5.25% | | 10.70 | % | | 12/10/2026 | | 9,863 | | | 9,863 | | | 9,445 | | | 1.26 | % | | |
Wpromote | | (13) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 10/21/2028 | | 4,379 | | | 4,304 | | | 4,344 | | | 0.58 | % | | |
Wpromote (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.19 | % | | 10/21/2028 | | 588 | | | (4) | | | (5) | | | — | % | | |
Total Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | 19,017 | | | 18,452 | | | 2.47 | % | | |
| | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | | | | | |
Corporate Visions | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 8/12/2027 | | 2,887 | | | 2,867 | | | 2,752 | | | 0.37 | % | | |
Corporate Visions | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.96 | % | | 8/12/2027 | | 2,538 | | | 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) | | 12/9/2026 | | 8,143 | | | 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) | | 12/9/2026 | | 2,893 | | | 2,875 | | | 2,684 | | | 0.36 | % | | |
Spectrio II (Delayed Draw) | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 6.50% (Cash) 5.00% (PIK) | | 12/9/2026 | | 441 | | | 440 | | | 407 | | | 0.06 | % | | |
Total Media: Diversified & Production | | | | | | | | | | | | | | 16,791 | | | 15,818 | | | 2.12 | % | | |
Retail | | | | | | | | | | | | | | | | | | | | |
Syndigo | | (6) | | First Lien Term Loan | | S + 4.50% | | 9.97 | % | | 12/14/2027 | | 5,835 | | | 5,850 | | | 5,747 | | | 0.77 | % | | |
Total Retail | | | | | | | | | | | | | | 5,850 | | | 5,747 | | | 0.77 | % | | |
| | | | | | | | | | | | | | | | | | | | |
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) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
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Services: Business | | | | | | | | | | | | | | | | | | | | |
ALKU Intermediate Holdings, LLC | | (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.61 | % | | 5/23/2029 | | 4,519 | | | 4,434 | | | 4,480 | | | 0.60 | % | | |
Apex Companies Holdings, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 3,964 | | | 3,879 | | | 3,953 | | | 0.53 | % | | |
Apex Companies Holdings, LLC (Delayed Draw) | | (11) (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 2.50% (PIK) | | 1/31/2029 | | 1,197 | | | 69 | | | 79 | | | 0.01 | % | | |
ARMstrong (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 10/6/2029 | | 3,847 | | | (28) | | | (55) | | | (0.01 | %) | | |
ARMstrong | | (6) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 10/6/2029 | | 11,447 | | | 11,279 | | | 11,284 | | | 1.51 | % | | |
Big Truck Rental | | (12) | | Subordinated Debt | | S + 8.00% | | 13.47 | % | | 9/30/2027 | | 10,000 | | | 9,858 | | | 10,000 | | | 1.34 | % | | |
Big Truck Rental | | (12) | | Subordinated Debt | | S + 8.00% | | 13.47 | % | | 9/30/2027 | | 2,500 | | | 2,500 | | | 2,500 | | | 0.33 | % | | |
Bounteous | | (6) (12) (13) | | First Lien Term Loan | | S + 5.25% | | 10.74 | % | | 8/2/2027 | | 5,347 | | | 5,310 | | | 5,083 | | | 0.68 | % | | |
Bounteous | | (6) (12) | | First Lien Term Loan | | S + 5.25% | | 10.74 | % | | 8/2/2027 | | 2,189 | | | 2,173 | | | 2,080 | | | 0.28 | % | | |
Bounteous (Delayed Draw) | | (6) (12) | | First Lien Term Loan | | S + 5.25% | | 10.74 | % | | 8/2/2027 | | 2,768 | | | 2,750 | | | 2,631 | | | 0.35 | % | | |
Bounteous (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.25% | | 10.74 | % | | 8/2/2027 | | 4,467 | | | — | | | (221) | | | (0.03 | %) | | |
BroadcastMed Holdco, LLC | | (12) | | Subordinated Debt | | N/A | | 10.00% (Cash) 3.75% (PIK) | | 11/12/2027 | | 3,483 | | | 3,424 | | | 3,369 | | | 0.45 | % | | |
Bullhorn Inc | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 5.75% | | 10.96 | % | | 9/30/2026 | | 13,706 | | | 13,609 | | | 13,706 | | | 1.83 | % | | |
BusinesSolver | | (6) (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.96 | % | | 12/1/2027 | | 7,741 | | | 7,686 | | | 7,738 | | | 1.03 | % | | |
BusinesSolver (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.50% | | 10.96 | % | | 12/1/2027 | | 1,149 | | | 176 | | | 179 | | | 0.02 | % | | |
Career Now | | (12) | | Subordinated Debt | | N/A | | 13.00% (PIK) | | 3/27/2027 | | 3,277 | | | 3,237 | | | 2,425 | | | 0.32 | % | | |
Cornerstone Advisors of Arizona LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.07 | % | | 9/24/2026 | | 308 | | | 306 | | | 308 | | | 0.04 | % | | |
Cornerstone Advisors of Arizona LLC | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.07 | % | | 9/24/2026 | | 2,295 | | | 2,283 | | | 2,295 | | | 0.31 | % | | |
Cornerstone Advisors of Arizona LLC (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.07 | % | | 9/24/2026 | | 210 | | | 210 | | | 210 | | | 0.03 | % | | |
CrossCountry Consulting | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 6/1/2029 | | 8,174 | | | 8,037 | | | 8,217 | | | 1.10 | % | | |
CrossCountry Consulting (Delayed Draw) | | (9) (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 6/1/2029 | | 3,320 | | | (26) | | | 17 | | | — | % | | |
D&H United Fueling Solutions | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.03 | % | | 9/16/2028 | | 7,491 | | | 7,368 | | | 7,290 | | | 0.97 | % | | |
D&H United Fueling Solutions (Delayed Draw) | | (6) | | First Lien Term Loan | | S + 5.50% | | 11.03 | % | | 9/16/2028 | | 2,384 | | | 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 | % | | 9/16/2028 | | 1,567 | | | (7) | | | (13) | | | — | % | | |
D&H United Fueling Solutions (Incremental) | | (6) (13) | | First Lien Term Loan | | S + 6.00% | | 11.50 | % | | 9/16/2028 | | 3,465 | | | 3,401 | | | 3,436 | | | 0.46 | % | | |
E78 | | (6) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/1/2027 | | 5,600 | | | 5,560 | | | 5,489 | | | 0.74 | % | | |
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)
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Portfolio Company (1) (2) | | Footnotes | | Investment | | Spread Above Reference Rate (3) | | Interest Rate (3) | | Maturity Date | | Par Amount | | Amortized Cost | | Fair Value (4) | | % of Net Assets (5) | | |
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E78 | | (13) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/1/2027 | | 1,438 | | | 1,426 | | | 1,409 | | | 0.19 | % | | |
E78 (Delayed Draw) | | (6) (13) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/1/2027 | | 4,210 | | | 4,180 | | | 4,127 | | | 0.55 | % | | |
E78 (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.75% | | 11.21 | % | | 12/1/2027 | | 3,550 | | | 979 | | | 909 | | | 0.12 | % | | |
Evergreen Services Group | | (6) (9) (12) (13) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 6/15/2029 | | 11,966 | | | 11,766 | | | 11,733 | | | 1.57 | % | | |
Evergreen Services Group (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 6.25% | | 11.70 | % | | 6/15/2029 | | 2,863 | | | 2,839 | | | 2,807 | | | 0.38 | % | | |
Gabriel Partners LLC | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.53 | % | | 9/21/2026 | | 9,192 | | | 9,144 | | | 9,192 | | | 1.23 | % | | |
Gabriel Partners LLC (Delayed Draw) | | (6) (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.53 | % | | 9/21/2026 | | 1,531 | | | 1,531 | | | 1,531 | | | 0.20 | % | | |
Gabriel Partners LLC (Incremental) | | (9) (13) | | First Lien Term Loan | | S + 5.75% | | 11.53 | % | | 9/21/2026 | | 3,794 | | | 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 | % | | 8/1/2029 | | 9,667 | | | 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 | % | | 8/1/2029 | | 9,314 | | | 1,179 | | | 1,067 | | | 0.14 | % | | |
KRIV Acquisition, Inc | | (6) (12) (13) | | First Lien Term Loan | | S + 6.50% | | 11.85 | % | | 7/6/2029 | | 10,764 | | | 10,476 | | | 10,453 | | | 1.40 | % | | |
KRIV Acquisition, Inc (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 6.50% | | 11.85 | % | | 7/6/2029 | | 1,607 | | | (19) | | | (46) | | | (0.01 | %) | | |
Lion Merger Sub Inc | | (9) (13) | | First Lien Term Loan | | S + 6.00% | | 11.45 | % | | 12/17/2025 | | 7,342 | | | 7,308 | | | 7,259 | | | 0.97 | % | | |
Lion Merger Sub Inc (Incremental) | | (9) (12) (13) | | First Lien Term Loan | | S + 6.00% | | 11.45 | % | | 12/17/2025 | | 7,317 | | | 7,252 | | | 7,234 | | | 0.97 | % | | |
LSCS Holdings Inc. | | (6) (13) (15) | | First Lien Term Loan | | S + 4.50% | | 9.86 | % | | 12/16/2028 | | 9,800 | | | 9,762 | | | 9,675 | | | 1.30 | % | | |
LYNX FRANCHISING, LLC | | (6) (9) | | First Lien Term Loan | | S + 6.75% | | 12.47 | % | | 12/23/2026 | | 9,800 | | | 9,725 | | | 9,699 | | | 1.30 | % | | |
Micronics | | (12) | | Subordinated Debt | | S + 5.25% | | 10.00 | % | | 2/17/2027 | | 2,450 | | | 2,401 | | | 2,401 | | | 0.32 | % | | |
Output Services Group, Inc. | | (10) (12) | | First Lien Term Loan | | S + 8.00% | | 13.39 | % | | 5/30/2028 | | 155 | | | 155 | | | 155 | | | 0.02 | % | | |
Output Services Group, Inc. | | (12) | | First Lien Term Loan | | S + 6.25% | | 7.32% (Cash) 4.75% (PIK) | | 5/30/2028 | | 837 | | | 837 | | | 837 | | | 0.11 | % | | |
Phaidon International | | (6) (7) (10) (12) (13) | | First Lien Term Loan | | S + 5.50% | | 10.96 | % | | 8/22/2029 | | 14,010 | | | 13,892 | | | 14,010 | | | 1.88 | % | | |
Plaze | | (12) | | Subordinated Debt | | S + 7.50% | | 12.97 | % | | 7/7/2028 | | 13,500 | | | 13,201 | | | 12,465 | | | 1.67 | % | | |
Scaled Agile | | (6) (9) | | First Lien Term Loan | | S +5.50% | | 10.95 | % | | 12/16/2028 | | 7,936 | | | 7,875 | | | 7,623 | | | 1.02 | % | | |
Scaled Agile (Delayed Draw) | | (9) (12) | | First Lien Term Loan | | S + 5.50% | | 10.95 | % | | 12/16/2028 | | 390 | | | 390 | | | 375 | | | 0.05 | % | | |
Smile Brands | | (12) | | Subordinated Debt | | S + 8.50% | | 14.99% (PIK) | | 4/12/2028 | | 9,947 | | | 9,866 | | | 8,665 | | | 1.16 | % | | |
Soliant Health | | (6) | | First Lien Term Loan | | S + 4.00% | | 9.47 | % | | 4/1/2028 | | 2,628 | | | 2,615 | | | 2,628 | | | 0.35 | % | | |
Technical Safety Services | | (6) (13) | | First Lien Term Loan | | S + 5.50% | | 11.00 | % | | 6/22/2029 | | 6,772 | | | 6,716 | | | 6,712 | | | 0.90 | % | | |
Technical Safety Services (Delayed Draw) | | (11) (12) | | First Lien Term Loan | | S + 5.50% | | 11.00 | % | | 6/22/2029 | | 6,404 | | | |