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(Delayed Draw) 12024-09-300001737924Helios Buyer, Inc. 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(Delayed Draw)2024-09-300001737924Coding Solutions Acquisition Inc. 22024-09-300001737924EyeSouth2024-09-300001737924EyeSouth (Delayed Draw)2024-09-300001737924Forefront Dermatology2024-09-300001737924Genesee Scientific LLC2024-09-300001737924Genesee Scientific LLC (Delayed Draw)2024-09-300001737924GHR Healthcare 12024-09-300001737924GHR Healthcare (Delayed Draw) 12024-09-300001737924GHR Healthcare (Delayed Draw) 22024-09-300001737924GHR Healthcare (Delayed Draw) 32024-09-300001737924GHR Healthcare 22024-09-300001737924GHR Healthcare 32024-09-300001737924GHR Healthcare 42024-09-300001737924Health Management Associates 12024-09-300001737924Health Management Associates (Delayed Draw)2024-09-300001737924Heartland Veterinary Partners (Delayed Draw) 12024-09-300001737924Heartland Veterinary Partners (Delayed Draw) 22024-09-300001737924Heartland Veterinary Partners2024-09-300001737924HemaSource 12024-09-300001737924Infucare2024-09-300001737924Midwest Eye Services, LLC2024-09-300001737924Mosaic Dental 12024-09-300001737924Mosaic Dental (Delayed Draw)2024-09-300001737924Prime Time Healthcare 12024-09-300001737924Prime Time Healthcare 22024-09-300001737924Prompt Care (Delayed Draw) 12024-09-300001737924Prompt Care2024-09-300001737924Prompt Care (Delayed Draw) 22024-09-300001737924QHR Holdco, Inc. 12024-09-300001737924QHR Holdco, Inc. 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(Delayed Draw) 32024-09-300001737924Diligent Corporation (Delayed Draw)2024-09-300001737924Diligent Corporation 12024-09-300001737924Diligent Corporation 22024-09-300001737924Eliassen Group, LLC2024-09-300001737924Eliassen Group, LLC (Delayed Draw)2024-09-300001737924Evergreen Services Group II2024-09-300001737924Evergreen Services Group II (Delayed Draw)2024-09-300001737924Exterro, Inc.2024-09-300001737924FineLine2024-09-300001737924Go Engineer 12024-09-300001737924Go Engineer (Delayed Draw)2024-09-300001737924Go Engineer 22024-09-300001737924Infobase2024-09-300001737924ITSavvy 12024-09-300001737924North Haven CS Acquisition Inc 12024-09-300001737924North Haven CS Acquisition Inc 22024-09-300001737924Options IT 12024-09-300001737924Options IT (Delayed Draw)2024-09-300001737924Options IT 22024-09-300001737924Prosci, Inc.2024-09-300001737924Quickbase2024-09-300001737924SmartWave2024-09-300001737924Solve Industrial 12024-09-300001737924Solve Industrial 22024-09-300001737924Solve Industrial (Delayed Draw)2024-09-300001737924Velosio2024-09-300001737924Velosio (Delayed Draw)2024-09-300001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-09-300001737924Tinuiti2024-09-300001737924Tinuiti (Delayed Draw)2024-09-300001737924Tinuiti (Delayed Draw) (Incremental)2024-09-300001737924Wpromote2024-09-300001737924Wpromote (Delayed Draw)2024-09-300001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2024-09-300001737924BroadcastMed 12024-09-300001737924CVI Parent, Inc. 12024-09-300001737924CVI Parent, Inc. 22024-09-300001737924Spectrio2024-09-300001737924Spectrio (Delayed Draw) 12024-09-300001737924Spectrio (Delayed Draw) 22024-09-300001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2024-09-300001737924Syndigo2024-09-300001737924us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001737924ALKU2024-09-300001737924ARMstrong2024-09-300001737924ARMstrong (Delayed Draw)2024-09-300001737924Bounteous 12024-09-300001737924Bounteous 22024-09-300001737924Bounteous (Delayed Draw) 12024-09-300001737924Bounteous (Delayed Draw) 22024-09-300001737924Bullhorn2024-09-300001737924BusinesSolver2024-09-300001737924BusinesSolver (Delayed Draw)2024-09-300001737924Caldwell & Gregory2024-09-300001737924Career Now 12024-09-300001737924Cornerstone Advisors of Arizona, LLC 12024-09-300001737924Cornerstone Advisors of Arizona, LLC 22024-09-300001737924Cornerstone Advisors of Arizona, LLC (Delayed Draw)2024-09-300001737924Cornerstone Advisors of Arizona, LLC 32024-09-300001737924CrossCountry Consulting2024-09-300001737924CrossCountry Consulting (Delayed Draw)2024-09-300001737924D&H United Fueling Solutions 12024-09-300001737924D&H United Fueling Solutions (Delayed Draw) 12024-09-300001737924D&H United Fueling Solutions (Delayed Draw) 22024-09-300001737924D&H United Fueling Solutions 22024-09-300001737924D&H United Fueling Solutions (Delayed Draw) 32024-09-300001737924E78 12024-09-300001737924E78 22024-09-300001737924E78 (Delayed Draw) 12024-09-300001737924E78 (Delayed Draw) 22024-09-300001737924E78 (Delayed Draw) 32024-09-300001737924Engage2024-09-300001737924Engage (Delayed Draw) 12024-09-300001737924Engage (Delayed Draw) 22024-09-300001737924Esquire Deposition Services 12024-09-300001737924Evergreen Services Group2024-09-300001737924Evergreen Services Group (Delayed Draw)2024-09-300001737924Gabriel Partners, LLC 12024-09-300001737924Gabriel Partners, LLC (Delayed Draw)2024-09-300001737924Gabriel Partners, LLC 22024-09-300001737924Image First2024-09-300001737924Integrated Power Services (Delayed Draw)2024-09-300001737924Integrated Power Services2024-09-300001737924Lion Merger Sub, Inc. 12024-09-300001737924Lion Merger Sub, Inc. 22024-09-300001737924LSCS Holdings, Inc. (Dohmen)2024-09-300001737924LYNX FRANCHISING, LLC 12024-09-300001737924LYNX FRANCHISING, LLC 22024-09-300001737924Output Services Group, Inc. 12024-09-300001737924Output Services Group, Inc. 22024-09-300001737924Phaidon2024-09-300001737924PLZ Aeroscience2024-09-300001737924Press Ganey2024-09-300001737924Propark Mobility2024-09-300001737924Propark Mobility (Delayed Draw) 12024-09-300001737924Propark Mobility (Delayed Draw) 22024-09-300001737924Province2024-09-300001737924Riveron 12024-09-300001737924Riveron (Delayed Draw)2024-09-300001737924Safety Infrastructure Services2024-09-300001737924Scaled Agile2024-09-300001737924Scaled Agile (Delayed Draw)2024-09-300001737924System One2024-09-300001737924Technical Safety Services 12024-09-300001737924Technical Safety Services (Delayed Draw)2024-09-300001737924Technical Safety Services 22024-09-300001737924Trilon Group2024-09-300001737924Trilon Group (Delayed Draw)2024-09-300001737924Vistage2024-09-300001737924Vital Records Control 12024-09-300001737924Vital Records Control 22024-09-300001737924ncdlc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2024-09-300001737924360 Training2024-09-300001737924360 Training (Delayed Draw)2024-09-300001737924All My Sons2024-09-300001737924Apex Services (Delayed Draw) 12024-09-300001737924Apex Services (Delayed Draw) 22024-09-300001737924Apex Services 12024-09-300001737924Apex Services 22024-09-300001737924Excel Fitness2024-09-300001737924Excel Fitness (Delayed Draw)2024-09-300001737924Fairway Lawns2024-09-300001737924Fairway Lawns (Delayed Draw) 12024-09-300001737924Fairway Lawns (Delayed Draw) 22024-09-300001737924Legacy Service Partners 12024-09-300001737924Legacy Service Partners (Delayed Draw)2024-09-300001737924Liberty Group2024-09-300001737924Liberty Group (Delayed Draw)2024-09-300001737924NearU 12024-09-300001737924NearU (Delayed Draw) 12024-09-300001737924NearU (Delayed Draw) 22024-09-300001737924NearU (Delayed Draw) 32024-09-300001737924NJEye, LLC 12024-09-300001737924NJEye, LLC (Delayed Draw) 12024-09-300001737924NJEye, LLC (Delayed Draw) 22024-09-300001737924NJEye, LLC 22024-09-300001737924North Haven Spartan US Holdco LLC2024-09-300001737924North Haven Spartan US Holdco LLC (Delayed Draw) 12024-09-300001737924North Haven Spartan US Holdco LLC (Delayed Draw) 22024-09-300001737924One World Fitness PFF, LLC2024-09-300001737924Palmetto Exterminators 12024-09-300001737924Palmetto Exterminators (Delayed Draw)2024-09-300001737924Perennial Services Group 12024-09-300001737924Perennial Services Group (Delayed Draw)2024-09-300001737924Repipe Specialists 12024-09-300001737924Repipe Specialists (Delayed Draw)2024-09-300001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-09-300001737924LMI 12024-09-300001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2024-09-300001737924BCM One2024-09-300001737924BCM One (Delayed Draw)2024-09-300001737924MBS Holdings, Inc. 12024-09-300001737924MBS Holdings, Inc. 22024-09-300001737924MBS Holdings, Inc. 32024-09-300001737924Mobile Communications America Inc2024-09-300001737924Mobile Communications America Inc (Delayed Draw)2024-09-300001737924Sapphire Telecom Inc2024-09-300001737924Tyto Athene2024-09-300001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2024-09-300001737924Armstrong Transport Group 12024-09-300001737924Armstrong Transport Group 22024-09-300001737924Kamps Pallets2024-09-300001737924Kenco2024-09-300001737924Kenco (Delayed Draw) 12024-09-300001737924Kenco (Delayed Draw) 22024-09-300001737924Quantix SCS, LLC 12024-09-300001737924Quantix SCS, LLC 22024-09-300001737924Quantix SCS, LLC 32024-09-300001737924Quantix SCS, LLC 42024-09-300001737924Quantix SCS, LLC 52024-09-300001737924RoadOne 12024-09-300001737924Seko Global Logistics LLC 12024-09-300001737924Seko Global Logistics LLC 22024-09-300001737924Seko Global Logistics LLC 32024-09-300001737924Seko Global Logistics LLC (Delayed Draw) 12024-09-300001737924Seko Global Logistics LLC (Delayed Draw) 22024-09-300001737924Seko Global Logistics LLC 42024-09-300001737924TI Acquisition NC, LLC2024-09-300001737924ncdlc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2024-09-300001737924Alternative Logistics Technologies Buyer, LLC2024-09-300001737924Alternative Logistics Technologies Buyer, LLC (Delayed Draw)2024-09-300001737924American Student Transportation Partners 12024-09-300001737924ncdlc:TransportationConsumerMemberus-gaap:DebtSecuritiesMember2024-09-300001737924CRCI Holdings Inc 12024-09-300001737924CRCI Holdings Inc (Delayed Draw)2024-09-300001737924CRCI Holdings Inc 22024-09-300001737924DMC Power2024-09-300001737924DMC Power (Delayed Draw)2024-09-300001737924Pinnacle Supply Partners, LLC 12024-09-300001737924Pinnacle Supply Partners, LLC (Delayed Draw)2024-09-300001737924ncdlc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2024-09-300001737924USA Water 12024-09-300001737924USA Water (Delayed Draw)2024-09-300001737924ncdlc:UtilitiesWaterMemberus-gaap:DebtSecuritiesMember2024-09-300001737924Ergotech (INS)2024-09-300001737924Ergotech (INS) (Delayed Draw)2024-09-300001737924Industrial Service Group2024-09-300001737924Industrial Service Group (Delayed Draw)2024-09-300001737924Micronics2024-09-300001737924TPC Wire & Cable Corp2024-09-300001737924TPC Wire & Cable Corp (Delayed Draw) 12024-09-300001737924TPC Wire & Cable Corp (Delayed Draw) 22024-09-300001737924ncdlc:WholesaleMemberus-gaap:DebtSecuritiesMember2024-09-300001737924us-gaap:DebtSecuritiesMember2024-09-300001737924Turbine Engine Specialists 22024-09-300001737924ncdlc:AerospaceAndDefenseMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Covercraft2024-09-300001737924High Bar Brands2024-09-300001737924S&S Truck Parts 42024-09-300001737924S&S Truck Parts 52024-09-300001737924S&S Truck Parts 62024-09-300001737924S&S Truck Parts 72024-09-300001737924us-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Bardstown Bourbon Company2024-09-300001737924Fresh Edge 42024-09-300001737924Fresh Edge 52024-09-300001737924Tech242024-09-300001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Crete2024-09-300001737924EFC International 12024-09-300001737924EFC International 22024-09-300001737924E-Technologies / Superior2024-09-300001737924Precision Surfacing Solutions2024-09-300001737924ncdlc:CapitalEquipmentMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Erie Construction2024-09-300001737924Gannett Fleming 32024-09-300001737924Gannett Fleming 42024-09-300001737924ncdlc:ConstructionBuildingMemberus-gaap:EquitySecuritiesMember2024-09-300001737924FoodScience LLC 12024-09-300001737924FoodScience LLC 22024-09-300001737924Ultima2024-09-300001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Oliver Inc2024-09-300001737924Specialized Packaging Group (SPG)2024-09-300001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Anne Arundel2024-09-300001737924Health Management Associates2024-09-300001737924HemaSource2024-09-300001737924Mosaic Dental2024-09-300001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:EquitySecuritiesMember2024-09-300001737924ITSavvy 22024-09-300001737924Solve Industrial2024-09-300001737924ncdlc:HighTechIndustriesMemberus-gaap:EquitySecuritiesMember2024-09-300001737924BroadcastMed2024-09-300001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Apex Companies2024-09-300001737924Career Now 22024-09-300001737924Career Now 32024-09-300001737924E782024-09-300001737924Esquire Deposition Services2024-09-300001737924Output Services Group, Inc.2024-09-300001737924Riveron2024-09-300001737924ncdlc:ServicesBusinessMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Legacy Service Partners2024-09-300001737924NearU2024-09-300001737924Palmetto Exterminators2024-09-300001737924Perennial Services Group2024-09-300001737924Repipe Specialists2024-09-300001737924us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-09-300001737924LMI 22024-09-300001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:EquitySecuritiesMember2024-09-300001737924RoadOne2024-09-300001737924Seko Global Logistics LLC2024-09-300001737924ncdlc:TransportationCargoMemberus-gaap:EquitySecuritiesMember2024-09-300001737924American Student Transportation Partners2024-09-300001737924ncdlc:TransportationConsumerMemberus-gaap:EquitySecuritiesMember2024-09-300001737924Pinnacle Supply Partners, LLC2024-09-300001737924ncdlc:UtilitiesElectricMemberus-gaap:EquitySecuritiesMember2024-09-300001737924USA Water2024-09-300001737924ncdlc:UtilitiesWaterMemberus-gaap:EquitySecuritiesMember2024-09-300001737924us-gaap:EquitySecuritiesMember2024-09-300001737924BlackRock Liquidity Funds T-Fund - Institutional Class2024-09-300001737924First American Government Obligations Fund - Class Z2024-09-300001737924us-gaap:CashEquivalentsMember2024-09-300001737924ncdlc:OneMonthSOFRMember2024-09-300001737924ncdlc:ThreeMonthSOFRMember2024-09-300001737924ncdlc:SixMonthSOFRMember2024-09-300001737924ncdlc:TwelveMonthSOFRMember2024-09-300001737924ncdlc:RestrictedSecurityMember2024-09-300001737924ncdlc:QualifyingAssetsMember2024-09-300001737924ncdlc:NonQualifyingAssetsMember2024-09-300001737924AEgis 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 Right 12023-12-310001737924Collision Right 22023-12-310001737924Collision 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 Parts 12023-12-310001737924S&S Truck Parts 22023-12-310001737924S&S Truck Parts (Delayed Draw) 12023-12-310001737924S&S Truck Parts (Delayed Draw) 22023-12-310001737924us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Coding Solutions Acquisitions2023-12-310001737924Coding Solutions Acquisitions (Delayed Draw)2023-12-310001737924Long Term Care Group2023-12-310001737924Patriot Growth Insurance Service (Delayed Draw) (Incremental)2023-12-310001737924Risk Strategies (Delayed Draw)2023-12-310001737924Vensure Employer Services2023-12-310001737924World Insurance Associates (Delayed Draw)2023-12-310001737924ncdlc:BankingFinanceInsuranceRealEstateMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Bakeovations 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) 12023-12-310001737924Fresh Edge (Incremental) 22023-12-310001737924Handgards2023-12-310001737924Harvest Hill Beverage Company2023-12-310001737924KSLB Holdings LLC2023-12-310001737924Palmetto Acquisitionco, Inc.2023-12-310001737924Palmetto Acquisitionco, Inc. (Delayed Draw)2023-12-310001737924Rise Baking2023-12-310001737924Rise Baking (Delayed Draw)2023-12-310001737924Summit Hill Foods2023-12-310001737924Sunny Sky Products (Delayed Draw)2023-12-310001737924Sunny Sky Products2023-12-310001737924Watermill Express, LLC2023-12-310001737924Watermill Express, LLC (Delayed Draw)2023-12-310001737924ncdlc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Crete Mechanical Group2023-12-310001737924Crete Mechanical Group (Delayed Draw) 12023-12-310001737924Crete Mechanical Group (Delayed Draw) 22023-12-310001737924EFC Holdings, LLC2023-12-310001737924Heartland Home Services2023-12-310001737924Heartland Home Services (Delayed Draw) 12023-12-310001737924Heartland Home Services (Delayed Draw) 22023-12-310001737924Ovation 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)2023-12-310001737924Spartech2023-12-310001737924ncdlc:ChemicalsPlasticsRubberMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Allstar Holdings2023-12-310001737924Allstar Holdings (Delayed Draw) 12023-12-310001737924Allstar Holdings (Delayed Draw) 22023-12-310001737924Erie Construction2023-12-310001737924Gannett Fleming2023-12-310001737924MEI Rigging & Crating2023-12-310001737924MEI Rigging & Crating (Delayed Draw)2023-12-310001737924Royal Holdco Corporation (Delayed Draw A)2023-12-310001737924Royal Holdco Corporation (Delayed Draw B)2023-12-310001737924Royal Holdco Corporation (Incremental)2023-12-310001737924Sciens Building Solutions, LLC2023-12-310001737924Sciens Building Solutions, LLC (Delayed Draw)2023-12-310001737924WSB Engineering Holdings Inc.2023-12-310001737924WSB Engineering Holdings Inc. (Delayed Draw)2023-12-310001737924ncdlc:ConstructionBuildingMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Halo Buyer Inc2023-12-310001737924Petmate2023-12-310001737924Xpressmyself.com LLC (a/k/a SmartSign) 12023-12-310001737924Xpressmyself.com LLC (a/k/a SmartSign) 22023-12-310001737924ncdlc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Arcadia Consumer Health2023-12-310001737924Arcadia Consumer Health (Incremental)2023-12-310001737924Badger Sportswear Acquisition Inc2023-12-310001737924FoodScience 12023-12-310001737924FoodScience 22023-12-310001737924Protective Industrial Products (“PIP”)2023-12-310001737924Elevation Labs2023-12-310001737924Elevation Labs (Delayed Draw)2023-12-310001737924Market Performance Group 12023-12-310001737924Market Performance Group 22023-12-310001737924Ultima Health Holdings, LLC2023-12-310001737924ncdlc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2023-12-310001737924B2B Packaging2023-12-310001737924B2B Packaging (Delayed Draw)2023-12-310001737924Five Star Packing2023-12-310001737924Good2Grow 12023-12-310001737924Good2Grow 22023-12-310001737924Oliver Packaging2023-12-310001737924Online Labels Group2023-12-310001737924Online Labels Group (Delayed Draw) 12023-12-310001737924Online Labels Group (Delayed Draw) 22023-12-310001737924Specialized Packaging Group 12023-12-310001737924Specialized Packaging Group 22023-12-310001737924Specialized Packaging Group (Incremental) 12023-12-310001737924Specialized Packaging Group (Incremental) 22023-12-310001737924ncdlc:ContainersPackagingAndGlassMemberus-gaap:DebtSecuritiesMember2023-12-310001737924MGM Transformer Company (Delayed Draw)2023-12-310001737924MGM Transformer Company2023-12-310001737924National Power2023-12-310001737924National Power (Delayed Draw)2023-12-310001737924ncdlc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Impact Environmental Group2023-12-310001737924Impact Environmental Group (Delayed Draw)2023-12-310001737924Impact Environmental Group (Incremental)2023-12-310001737924Impact Environmental Group (Delayed Draw) (Incremental)2023-12-310001737924Nutrition 101 Buyer LLC (a/k/a 101, Inc.)2023-12-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)2023-12-310001737924Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)2023-12-310001737924The Facilities Group 12023-12-310001737924The Facilities Group (Delayed Draw) 12023-12-310001737924The Facilities Group 22023-12-310001737924The Facilities Group (Delayed Draw) 22023-12-310001737924ncdlc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Affinity Hospice2023-12-310001737924Anne Arundel 12023-12-310001737924Anne Arundel 22023-12-310001737924Anne Arundel (Delayed Draw)2023-12-310001737924Forefront Dermatology2023-12-310001737924Genesee Scientific2023-12-310001737924Genesee Scientific (Delayed Draw)2023-12-310001737924GHR Healthcare2023-12-310001737924GHR Healthcare (Delayed Draw)2023-12-310001737924GHR Healthcare (Incremental)2023-12-310001737924Health Management Associates2023-12-310001737924Health Management Associates (Delayed Draw)2023-12-310001737924Heartland Veterinary Partners LLC (Incremental)2023-12-310001737924Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)2023-12-310001737924HemaSource Inc.2023-12-310001737924InfuCare RX2023-12-310001737924MDC Intermediate Holdings II, LLC2023-12-310001737924MDC Intermediate Holdings II, LLC (Delayed Draw)2023-12-310001737924Midwest Eye Consultants2023-12-310001737924PromptCare2023-12-310001737924PromptCare (Delayed Draw)2023-12-310001737924Quorum Health Resources, LLC2023-12-310001737924Quorum Health Resources, LLC (Delayed Draw) (Incremental)2023-12-310001737924Quorum Health Resources, LLC (Incremental)2023-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare)2023-12-310001737924Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)2023-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)2023-12-310001737924SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)2023-12-310001737924SM Wellness Holdings, Inc2023-12-310001737924Thorne HealthTech2023-12-310001737924TIDI Products2023-12-310001737924TIDI Products (Delayed Draw)2023-12-310001737924US Fertility2023-12-310001737924Wellspring Pharmaceutical2023-12-310001737924Wellspring Pharmaceutical (Delayed Draw)2023-12-310001737924Wellspring Pharmaceutical (Delayed Draw) (Incremental)2023-12-310001737924Wellspring Pharmaceutical (Incremental)2023-12-310001737924Young Innovations (Delayed Draw)2023-12-310001737924Young Innovations2023-12-310001737924ncdlc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ)2023-12-310001737924Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)2023-12-310001737924Argano, LLC2023-12-310001737924Argano, LLC (Delayed Draw)2023-12-310001737924Argano, LLC (Delayed Draw) (Incremental)2023-12-310001737924Diligent Corporation 12023-12-310001737924Diligent Corporation 22023-12-310001737924Diligent Corporation 32023-12-310001737924Diligent Corporation (Delayed Draw) 12023-12-310001737924Diligent Corporation (Delayed Draw) 22023-12-310001737924Eliassen 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) 12023-12-310001737924Revalize (Delayed Draw) 22023-12-310001737924Revalize (Delayed Draw) 32023-12-310001737924SmartWave2023-12-310001737924Solve Industrial Motion Group 12023-12-310001737924Solve Industrial Motion Group 22023-12-310001737924Solve Industrial Motion Group (Delayed Draw)2023-12-310001737924ncdlc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Tinuiti2023-12-310001737924Tinuiti (Delayed Draw)2023-12-310001737924Tinuiti (Delayed Draw) (Incremental)2023-12-310001737924Wpromote2023-12-310001737924Wpromote (Delayed Draw)2023-12-310001737924ncdlc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Corporate Visions 12023-12-310001737924Corporate Visions 22023-12-310001737924Spectrio II2023-12-310001737924Spectrio II (Delayed Draw) 12023-12-310001737924Spectrio II (Delayed Draw) 22023-12-310001737924ncdlc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2023-12-310001737924Syndigo2023-12-310001737924us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001737924ALKU 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 Rental 12023-12-310001737924Big Truck Rental 22023-12-310001737924Bounteous 12023-12-310001737924Bounteous 22023-12-310001737924Bounteous (Delayed Draw) 12023-12-310001737924Bounteous (Delayed Draw) 22023-12-310001737924BroadcastMed Holdco, LLC2023-12-310001737924Bullhorn Inc2023-12-310001737924BusinesSolver2023-12-310001737924BusinesSolver (Delayed Draw)2023-12-310001737924Career Now2023-12-310001737924Cornerstone Advisors of Arizona LLC 12023-12-310001737924Cornerstone Advisors of Arizona LLC 22023-12-310001737924Cornerstone 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)2023-12-310001737924E78 12023-12-310001737924E78 22023-12-310001737924E78 (Delayed Draw) 12023-12-310001737924E78 (Delayed Draw) 22023-12-310001737924Evergreen 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. 12023-12-310001737924Output Services Group, Inc. 22023-12-310001737924Phaidon 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, LLC 12023-12-310001737924Trilon Group, LLC 22023-12-310001737924Trilon Group, LLC 32023-12-310001737924Trilon Group, LLC (Delayed Draw) 12023-12-310001737924Trilon Group, LLC (Delayed Draw) 22023-12-310001737924Trilon Group, LLC (Delayed Draw) 32023-12-310001737924Vital Records Control 12023-12-310001737924Vital Records Control 22023-12-310001737924Vital Records Control (Delayed Draw)2023-12-310001737924ncdlc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU)2023-12-310001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 12023-12-310001737924ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 22023-12-310001737924All 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) 12023-12-310001737924NJEye LLC (Delayed Draw) 22023-12-310001737924NJEye LLC (Delayed Draw) 32023-12-310001737924North Haven Spartan US Holdco LLC2023-12-310001737924North Haven Spartan US Holdco LLC (Delayed Draw)2023-12-310001737924One World Fitness PFF LLC2023-12-310001737924Perennial Services, Group, LLC2023-12-310001737924Perennial Services, Group, LLC (Delayed Draw)2023-12-310001737924us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2023-12-310001737924LMI Consulting, LLC (LMI)2023-12-310001737924LMI Consulting, LLC (LMI) (Incremental)2023-12-310001737924ncdlc:SovereignAndPublicFinanceMemberus-gaap:DebtSecuritiesMember2023-12-310001737924BCM One2023-12-310001737924BCM One (Delayed Draw)2023-12-310001737924MBS Holdings, Inc.2023-12-310001737924Mobile Communications America Inc2023-12-310001737924Mobile Communications America Inc (Delayed Draw)2023-12-310001737924Momentum Telecom II2023-12-310001737924Momentum Telecom II (Incremental)2023-12-310001737924Sapphire Telecom Inc2023-12-310001737924Tyto Athene, LLC2023-12-310001737924ncdlc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2023-12-310001737924FSK Pallet Holding Corp. 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Services - First Lien Term Loan2023-12-310001737924Apex Services - Revolving Loan2024-09-300001737924Apex Services - Revolving Loan2023-12-310001737924ARMstrong - Delayed Draw Loan2024-09-300001737924ARMstrong - Delayed Draw Loan2023-12-310001737924Ascend - Delayed Draw Loan2024-09-300001737924Ascend - Delayed Draw Loan2023-12-310001737924ASTP Holdings Co-Investment - Units2024-09-300001737924ASTP Holdings Co-Investment - Units2023-12-310001737924Bounteous - Delayed Draw Loan2024-09-300001737924Bounteous - Delayed Draw Loan2023-12-310001737924BTX Precision - Delayed Draw Loan2024-09-300001737924BTX Precision - Delayed Draw Loan2023-12-310001737924BusinesSolver - Delayed Draw Loan2024-09-300001737924BusinesSolver - Delayed Draw Loan2023-12-310001737924Chroma Color - Delayed Draw Loan2024-09-300001737924Chroma Color - Delayed Draw Loan2023-12-310001737924ClaimLogiq - Delayed Draw Loan2024-09-300001737924ClaimLogiq - Delayed Draw Loan2023-12-310001737924Classic Collision - Delayed Draw Loan2024-09-300001737924Classic Collision - Delayed Draw Loan2023-12-310001737924CMP Ren Partners I-A LP2024-09-300001737924CMP Ren Partners I-A LP2023-12-310001737924Coding Solutions Acquisition Inc. - Delayed Draw Loan2024-09-300001737924Coding Solutions Acquisition Inc. - Delayed Draw Loan2023-12-310001737924Coding Solutions Acquisition Inc. - Revolving Loan2024-09-300001737924Coding Solutions Acquisition Inc. - Revolving Loan2023-12-310001737924Contract Land Staff - Delayed Draw Loan2024-09-300001737924Contract Land Staff - Delayed Draw Loan2023-12-310001737924Covercraft - Delayed Draw Loan2024-09-300001737924Covercraft - Delayed Draw Loan2023-12-310001737924CRCI Holdings Inc - Revolving Loan2024-09-300001737924CRCI Holdings Inc - Revolving Loan2023-12-310001737924CRCI Holdings Inc - Delayed Draw Loan2024-09-300001737924CRCI Holdings Inc - Delayed Draw Loan2023-12-310001737924Crete - Delayed Draw Loan2024-09-300001737924Crete - Delayed Draw Loan2023-12-310001737924CrossCountry Consulting - Delayed Draw Loan2024-09-300001737924CrossCountry Consulting - Delayed Draw Loan2023-12-310001737924D&H United Fueling Solutions - Delayed Draw Loan2024-09-300001737924D&H United Fueling Solutions - Delayed Draw Loan2023-12-310001737924Diligent Corporation - Delayed Draw Loan2024-09-300001737924Diligent Corporation - Delayed Draw Loan2023-12-310001737924DMC Power - Delayed Draw Loan2024-09-300001737924DMC Power - Delayed Draw Loan2023-12-310001737924E78 - Delayed Draw Loan2024-09-300001737924E78 - Delayed Draw Loan2023-12-310001737924Elevation Labs - Delayed Draw Loan2024-09-300001737924Elevation Labs - Delayed Draw Loan2023-12-310001737924Eliassen Group, LLC - Delayed Draw Loan2024-09-300001737924Eliassen Group, LLC - Delayed Draw Loan2023-12-310001737924Engage - Delayed Draw Loan2024-09-300001737924Engage - Delayed Draw Loan2023-12-310001737924Ergotech (INS) - Delayed Draw Loan2024-09-300001737924Ergotech (INS) - Delayed Draw Loan2023-12-310001737924Evergreen Services Group II - Delayed Draw Loan2024-09-300001737924Evergreen Services Group II - Delayed Draw Loan2023-12-310001737924Excel Fitness - Delayed Draw Loan2024-09-300001737924Excel Fitness - Delayed Draw Loan2023-12-310001737924EyeSouth - Delayed Draw Loan2024-09-300001737924EyeSouth - Delayed Draw Loan2023-12-310001737924Fairway Lawns - Delayed Draw Loan2024-09-300001737924Fairway Lawns - Delayed Draw Loan2023-12-310001737924Firstcall Mechanical Group - Delayed Draw2024-09-300001737924Firstcall Mechanical Group - Delayed Draw2023-12-310001737924Gannett Fleming - Revolving Loan2024-09-300001737924Gannett Fleming - Revolving Loan2023-12-310001737924GHR Healthcare - Delayed Draw2024-09-300001737924GHR Healthcare - Delayed Draw2023-12-310001737924Health Management Associates - Delayed Draw2024-09-300001737924Health Management Associates - Delayed Draw2023-12-310001737924Heartland Paving Partners - Delayed Draw2024-09-300001737924Heartland Paving Partners - Delayed Draw2023-12-310001737924Heartland Veterinary Partners - Delayed Draw2024-09-300001737924Heartland Veterinary Partners - Delayed Draw2023-12-310001737924High Bar Brands - Delayed Draw2024-09-300001737924High Bar Brands - Delayed Draw2023-12-310001737924Impact Environmental Group - Delayed Draw2024-09-300001737924Impact Environmental Group - Delayed Draw2023-12-310001737924Infobase - Delayed Draw2024-09-300001737924Infobase - Delayed Draw2023-12-310001737924Insulation Technology Group - Delayed Draw2024-09-300001737924Insulation Technology Group - Delayed Draw2023-12-310001737924Integrated Power Services - Delayed Draw2024-09-300001737924Integrated Power Services - Delayed Draw2023-12-310001737924ITSavvy - Delayed Draw2024-09-300001737924ITSavvy - Delayed Draw2023-12-310001737924Kenco - Delayed Draw2024-09-300001737924Kenco - Delayed Draw2023-12-310001737924Legacy Service Partners - Delayed Draw2024-09-300001737924Legacy Service Partners - Delayed Draw2023-12-310001737924Leo Facilities - Delayed Draw2024-09-300001737924Leo Facilities - Delayed Draw2023-12-310001737924Liberty Group - Delayed Draw2024-09-300001737924Liberty Group - Delayed Draw2023-12-310001737924Market Performance Group - Delayed Draw2024-09-300001737924Market Performance Group - Delayed Draw2023-12-310001737924MEI Buyer LLC - Delayed Draw2024-09-300001737924MEI Buyer LLC - Delayed Draw2023-12-310001737924MGM Transformer Company - Delayed Draw2024-09-300001737924MGM Transformer Company - Delayed Draw2023-12-310001737924Mobile Communications America Inc - Delayed Draw2024-09-300001737924Mobile Communications America Inc - Delayed Draw2023-12-310001737924Mosaic Dental - Delayed Draw2024-09-300001737924Mosaic Dental - Delayed Draw2023-12-310001737924National Power - Delayed Draw2024-09-300001737924National Power - Delayed Draw2023-12-310001737924NearU - Delayed Draw2024-09-300001737924NearU - Delayed Draw2023-12-310001737924NJEye, LLC - Delayed Draw2024-09-300001737924NJEye, LLC - Delayed Draw2023-12-310001737924North Haven Spartan US Holdco LLC - Delayed Draw2024-09-300001737924North Haven Spartan US Holdco LLC - Delayed Draw2023-12-310001737924Online Labels Group - Delayed Draw2024-09-300001737924Online Labels Group - Delayed Draw2023-12-310001737924Options IT - Delayed Draw2024-09-300001737924Options IT - Delayed Draw2023-12-310001737924Options IT - Revolving Loan2024-09-300001737924Options IT - Revolving Loan2023-12-310001737924Ovation Holdings - Delayed Draw2024-09-300001737924Ovation Holdings - Delayed Draw2023-12-310001737924Palmetto Exterminators - Delayed Draw2024-09-300001737924Palmetto Exterminators - Delayed Draw2023-12-310001737924Pinnacle Supply Partners, LLC - Delayed Draw2024-09-300001737924Pinnacle Supply Partners, LLC - Delayed Draw2023-12-310001737924Precision Aviation Group - Delayed Draw2024-09-300001737924Precision Aviation Group - Delayed Draw2023-12-310001737924Prompt Care - Delayed Draw2024-09-300001737924Prompt Care - Delayed Draw2023-12-310001737924Propark Mobility - Delayed Draw2024-09-300001737924Propark Mobility - Delayed Draw2023-12-310001737924PT Intermediate Holdings III, LLC - Delayed Draw2024-09-300001737924PT Intermediate Holdings III, LLC - Delayed Draw2023-12-310001737924Randy's Worldwide Automotive - Delayed Draw2024-09-300001737924Randy's Worldwide Automotive - Delayed Draw2023-12-310001737924Repipe Specialists - Delayed Draw2024-09-300001737924Repipe Specialists - Delayed Draw2023-12-310001737924Rhino Tool House - Delayed Draw2024-09-300001737924Rhino Tool House - Delayed Draw2023-12-310001737924Riveron - Delayed Draw2024-09-300001737924Riveron - Delayed Draw2023-12-310001737924RMA Companies - Delayed Draw2024-09-300001737924RMA Companies - Delayed Draw2023-12-310001737924RoadOne - Delayed Draw2024-09-300001737924RoadOne - Delayed Draw2023-12-310001737924RoadOne- Common2024-09-300001737924RoadOne- Common2023-12-310001737924S&S Truck Parts - Delayed Draw2024-09-300001737924S&S Truck Parts - Delayed Draw2023-12-310001737924Sciens Building Solutions, LLC - Delayed Draw2024-09-300001737924Sciens Building Solutions, LLC - Delayed Draw2023-12-310001737924SI Solutions - Delayed Draw2024-09-300001737924SI Solutions - Delayed Draw2023-12-310001737924Sunny Sky Products - Delayed Draw2024-09-300001737924Sunny Sky Products - Delayed Draw2023-12-310001737924Tech24 - Delayed Draw2024-09-300001737924Tech24 - Delayed Draw2023-12-310001737924Technical Safety Services - Delayed Draw2024-09-300001737924Technical Safety Services - Delayed Draw2023-12-310001737924The Facilities Group - Delayed Draw2024-09-300001737924The Facilities Group - Delayed Draw2023-12-310001737924TIDI Products - Delayed Draw2024-09-300001737924TIDI Products - Delayed Draw2023-12-310001737924Trilon Group - Delayed Draw2024-09-300001737924Trilon Group - Delayed Draw2023-12-310001737924USA Water - Delayed Draw2024-09-300001737924USA Water - Delayed Draw2023-12-310001737924Velosio - Delayed 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-56133
NUVEEN CHURCHILL DIRECT LENDING CORP.
(Exact name of registrant as specified in its charter)
Maryland 84-3613224
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY
 10152
(Address of principal executive offices) (Zip Code)
(212478-9200
(Registrant’s telephone number, including area code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý No ¨ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
ý
Smaller reporting company
¨
Emerging growth company
ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨ No ý

As of November 5, 2024, the registrant had 54,485,518 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 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 conflict between Ukraine and Russia and in the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;
our contractual arrangements and relationships with third parties;
the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;
the ability of our portfolio companies to achieve their objectives;
the use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the timing of cash flows, if any, from the operations of our portfolio companies;
the ability of the Advisers; to locate suitable investments for us and to monitor and administer our investments;
the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;
our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) and operate as a business development company ("BDC"); and
the impact of future legislation and regulation on our business and our portfolio companies.

1


Although we believe that the assumptions on which these forward-looking statements are based 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.

2


PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollars in thousands, except share and per share data)
September 30, 2024December 31, 2023
Assets
(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $2,075,365 and $1,666,169, respectively)
$2,046,887 $1,641,686 
Cash and cash equivalents69,304 67,395 
Restricted cash50 50 
Interest receivable18,127 17,674 
Receivable for investments sold5,657 3,919 
Prepaid expenses85 13 
Other assets 127 
Total assets$2,140,110 $1,730,864 
Liabilities
Secured borrowings (net of $7,503 and $7,941 deferred financing costs, respectively) (See Note 6)
$1,094,461 $943,936 
Payable for investments purchased2,545  
Interest payable15,462 9,837 
Due to adviser for expense support (See Note 5)
 632 
Management fees payable3,873 3,006 
Distributions payable30,037 22,683 
Directors’ fees payable128 96 
Accounts payable and accrued expenses2,995 2,789 
Total liabilities$1,149,501 $982,979 
Commitments and contingencies (See Note 7)
Net Assets: (See Note 8)
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 54,571,650 and 41,242,105 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
$546 $412 
Paid-in-capital in excess of par value1,017,248 776,719 
Total distributable earnings (loss)(27,185)(29,246)
Total net assets$990,609 $747,885 
Total liabilities and net assets$2,140,110 $1,730,864 
Net asset value per share (See Note 10)
$18.15 $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 September 30,
Nine Months Ended September 30,
2024202320242023
Investment income:
Non-controlled/non-affiliated company investments:
Interest income$57,317 $40,370 $159,413 $110,049 
Payment-in-kind interest income2,503 951 6,024 1,823 
Dividend income16 16 357 56 
Other income444 409 1,170 879 
Total investment income60,280 41,746 166,964 112,807 
Expenses:
Interest and debt financing expenses23,198 16,048 58,860 43,089 
Management fees (See Note 5)
3,873 2,722 10,727 7,503 
Incentive fees on net investment income
5,496  13,030  
Professional fees
912 730 2,315 2,284 
Directors' fees128 96 383 287 
Administration fees (See Note 5)
535 370 1,561 1,029 
Other general and administrative expenses145 125 888 653 
Total expenses before expense support and incentive fees waived
34,287 20,091 87,764 54,845 
Expense support (See Note 5)
   (158)
Incentive fees waived (See Note 5)
(5,496) (13,030) 
Net Expenses after expense support
28,791 20,091 74,734 54,687 
          Net investment income31,489 21,655 92,230 58,120 
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments1,086 (13,107)(1,522)(6,408)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments
4,050 11,574 (3,995)(3,805)
Income tax (provision) benefit18 27 159 (735)
Total net change in unrealized gain (loss)
4,068 11,601 (3,836)(4,540)
Total net realized and unrealized gain (loss) on investments5,154 (1,506)(5,358)(10,948)
Net increase (decrease) in net assets resulting from operations$36,643 $20,149 $86,872 $47,172 
Per share data:
Net investment income per share - basic and diluted $0.58 $0.62 $1.71 $1.85 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted$0.67 $0.58 $1.61 $1.50 
Weighted average common shares outstanding - basic and diluted 54,688,860 34,812,720 54,080,979 31,409,296 
    
See Notes to Consolidated Financial Statements
4


NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(dollars in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Increase (decrease) in net assets resulting from operations:
Net investment income$31,489 $21,655 $92,230 $58,120 
Net realized gain (loss) on investments1,086 (13,107)(1,522)(6,408)
Net change in unrealized appreciation (depreciation) on investments4,068 11,601 (3,836)(4,540)
Net increase (decrease) in net assets resulting from operations36,643 20,149 86,872 47,172 
Shareholder distributions:
Distributions declared from net investment income(30,036)(19,572)(84,811)(58,523)
Net increase (decrease) in net assets resulting from shareholder distributions(30,036)(19,572)(84,811)(58,523)
Capital share transactions:
Issuance of common shares, net 78,565 241,657 118,542 
Reinvestment of shareholder distributions
3,560 2,320 10,085 6,811 
Repurchases of common stock
(5,930) (11,079) 
Net increase (decrease) in net assets resulting from capital share transactions(2,370)80,885 240,663 125,353 
Total increase (decrease) in net assets4,237 81,462 242,724 114,002 
Net assets, beginning of period
986,372 557,497 747,885 524,957 
Net assets, end of period
$990,609 $638,959 $990,609 $638,959 

See Notes to Consolidated Financial Statements
5


NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands, except share and per share data)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$86,872 $47,172 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments(712,464)(352,883)
Proceeds from principal repayments and sales of investments310,489 65,851 
Payment-in-kind interest(6,024)(1,823)
Amortization of (premium)/accretion of discount, net
(2,719)(1,994)
Net realized (gain) loss on investments1,522 6,408 
Net change in unrealized (appreciation) depreciation on investments3,995 3,805 
Amortization of deferred financing costs2,638 1,424 
Amortization of offering costs (23)
Changes in operating assets and liabilities:
Due from adviser for expense support
 515 
Interest receivable(453)(3,888)
Receivable for investments sold(1,738)(4,399)
Prepaid expenses(72)(16)
Other assets127  
Payable for investments purchased2,545 (56)
Interest payable5,625 3,808 
Due to adviser for expense support
(632)(282)
Management fees payable867 511 
Directors’ fees payable32  
Accounts payable and accrued expenses206 1,053 
Net cash provided by (used in) operating activities(309,184)(234,817)
Cash flows from financing activities:
Proceeds from issuance of common shares241,657 118,988 
Shareholder distributions(67,372)(46,464)
Repurchases of common shares(11,079) 
Proceeds from secured borrowings717,750 340,600 
Repayments of secured borrowings(567,663)(179,500)
Payments of deferred financing costs(2,200)(2,106)
Net cash provided by (used in) financing activities311,093 231,518 
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash 1,909 (3,299)
Cash and Cash Equivalents and Restricted Cash, beginning of period67,445 39,320 
Cash and Cash Equivalents and Restricted Cash, end of period$69,354 $36,021 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$50,597 $37,857 
Cash paid during the period for excise taxes
$6 $ 
Supplemental disclosure of non-cash flow financing activity:
Reinvestment of shareholder distributions$10,085 $6,811 
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 to comparable amounts on the consolidated statements of cash flows (dollars in thousands):
September 30, 2024September 30, 2023
Cash
$6,824 $1,771 
Cash equivalents
62,480 34,200 
Restricted cash50 50 
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows$69,354 $36,021 


See Notes to Consolidated Financial Statements
7

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
AEgis Technologies(6) (12) (13)First Lien Term Loan
S + 6.00%
10.70 %10/31/2025$14,548 $14,510 $14,352 1.45 %
AEgis Technologies(6) (12) (13)First Lien Term Loan
S + 6.00%
10.70 %10/31/20253,022 2,998 2,982 0.30 %
Arotech Corporation(6) (13)First Lien Term Loan
S + 6.25%
11.20 %10/22/202615,004 14,437 15,004 1.51 %
Arotech Corporation (Delayed Draw)(6) (12)First Lien Term Loan
S + 6.25%
11.29 %10/22/2026730 704 730 0.07 %
BTX Precision(12)First Lien Term Loan
S + 5.00%
9.85 %7/25/20301,571 1,551 1,552 0.16 %
BTX Precision (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.85 %7/25/2030539 (3)(6) %
BTX Precision (Delayed Draw)(11) (12)First Lien Term Loan
 S + 5.00%
9.85 %7/25/2030359  (4) %
Precision Aviation Group(6) (12) (13)First Lien Term Loan
S + 5.25%
9.85 %12/21/202914,927 14,654 14,775 1.50 %
Precision Aviation Group (Delayed Draw)(12)First Lien Term Loan
S + 5.25%
9.97 %12/21/20294,948 4,905 4,898 0.49 %
Prime Buyer, L.L.C.(6)First Lien Term Loan
S + 5.25%
10.20 %12/22/20266,501 6,458 6,501 0.66 %
Turbine Engine Specialists(12)Subordinated Debt
S + 9.50%
14.25 %3/1/20292,537 2,482 2,533 0.26 %
Valkyrie / Hill Technical Solutions(12)Subordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,858 2,821 2,813 0.28 %
Total Aerospace & Defense65,517 66,130 6.68 %
Automotive
Covercraft(12)Subordinated Debt
N/A
10.00% (Cash) 0.75% (PIK)
2/20/20287,520 7,432 6,886 0.70 %
High Bar Brands(12)Subordinated Debt
N/A
13.00%
6/19/20302,088 2,041 2,060 0.21 %
High Bar Brands (Delayed Draw)(11) (12)Subordinated DebtN/A13.00 %6/19/2030596 (7)(8) %
JEGS Automotive(6) (16)First Lien Term Loan
S + 6.00%
11.43 %12/22/20273,988 3,965 2,556 0.26 %
PGW Auto Glass(6) (13)First Lien Term Loan
S + 5.00%
10.43 %4/18/202812,563 12,482 12,493 1.26 %
PGW Auto Glass(12)First Lien Term Loan
S + 5.00%
10.25 %4/18/20282,431 2,408 2,418 0.24 %
Randy's Worldwide Automotive(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
11.54 %11/1/202811,053 10,886 10,928 1.10 %
Randy's Worldwide Automotive (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.25%
11.51 %11/1/20283,747 1,111 1,069 0.11 %
S&S Truck Parts(6)First Lien Term Loan
S + 5.00%
10.39 %3/1/20296,806 6,757 6,737 0.68 %
S&S Truck Parts(6)First Lien Term Loan
S + 5.00%
10.39 %3/1/20291,150 1,142 1,139 0.11 %
S&S Truck Parts (Delayed Draw)(6)First Lien Term Loan
S + 5.00%
9.95 %3/1/202998 98 97 0.01 %
S&S Truck Parts (Delayed Draw)(6)First Lien Term Loan
S + 5.00%
10.35 %3/1/20291,712 1,712 1,694 0.17 %
S&S Truck Parts(6) (12) (13)First Lien Term Loan
S + 5.00%
9.95 %3/1/202920,084 19,894 19,882 2.01 %
Total Automotive69,921 67,951 6.86 %
See Notes to Consolidated Financial Statements
8

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Banking, Finance, Insurance, Real Estate
Ascend(12) (13)First Lien Term Loan
S + 4.50%
9.35 %8/11/20317,358 7,285 7,288 0.74 %
Ascend (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.50%
9.35 %8/11/203112,642 (62)(120)(0.01 %)
Long Term Care Group(6) (9) (12)First Lien Term Loan
S + 1.00%
6.54% (Cash) 6.00% (PIK)
9/8/20277,162 7,140 6,465 0.65 %
Patriot Growth (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.00%
9.75 %10/16/20287,118 7,068 7,040 0.71 %
RSC Acquisition Inc (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 4.75%
9.69 %11/1/20299,769 9,769 9,720 0.98 %
Vensure(9) (12)First Lien Term Loan
S + 5.00%
9.64 %9/27/20312,570 2,545 2,546 0.26 %
Vensure (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.64 %9/27/2031730 (4)(7) %
World Insurance Associates, LLC(6) (9) (12)First Lien Term Loan
S + 6.00%
10.60 %4/3/202814,769 14,759 14,755 1.48 %
Total Banking, Finance, Insurance, Real Estate48,500 47,687 4.81 %
Beverage, Food & Tobacco
AmerCareRoyal(6)First Lien Term Loan
S + 5.00%
9.85 %9/10/2030720 713 713 0.07 %
AmerCareRoyal (Delayed Draw)(11) (12)First Lien Term Loan
 S + 5.00%
9.85 %9/10/2030165  (2) %
AmerCareRoyal (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.85 %9/10/2030115 (1)(1) %
Bardstown Bourbon Company(12)Subordinated Debt
S + 7.75%
12.96 %8/30/20279,300 9,178 9,214 0.93 %
Commercial Bakeries(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.10 %9/25/202917,152 16,858 16,936 1.71 %
Commercial Bakeries(6) (7) (10)First Lien Term Loan
S + 5.50%
10.60 %9/25/20292,029 2,013 2,004 0.20 %
Death Wish Coffee(6) (9) (13)First Lien Term Loan
S + 4.75%
9.45 %9/28/20279,725 9,673 9,725 0.98 %
Dessert Holdings(6) (9) (12)Subordinated Debt
S + 7.25%
12.21 %6/8/20299,000 8,888 8,014 0.81 %
Dessert Holdings(10) (13) (14)First Lien Term Loan
S + 4.00%
8.96 %6/9/20285,545 5,408 5,263 0.53 %
Fresh Edge(12)Subordinated Debt
S + 4.50%
9.92% (Cash) 5.13% (PIK)
4/3/20294,006 3,934 3,924 0.40 %
Fresh Edge(12)Subordinated Debt
S + 4.50%
9.92% (Cash) 5.13% (PIK)
4/3/2029800 784 783 0.08 %
Fresh Edge(12)Subordinated Debt
S + 4.50%
9.92% (Cash) 5.13% (PIK)
4/3/2029947 926 927 0.09 %
Handgards, LLC(6) (12) (13)First Lien Term Loan
S + 5.50%
9.86%
4/10/203129,925 29,636 30,218 3.05 %
KSLB Holdings LLC(13)First Lien Term Loan
S + 4.50%
9.90 %7/30/20252,828 2,820 2,743 0.28 %
Rise Baking(6) (9) (13)First Lien Term Loan
S + 6.25%
11.41 %8/13/202714,588 14,465 14,588 1.47 %
Rise Baking (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.66 %8/13/20274,421 4,403 4,421 0.45 %
Rise Baking(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.66 %8/13/202710,819 10,767 10,819 1.09 %
Summit Hill Foods(6)First Lien Term Loan
S + 5.75%
10.81 %11/29/20298,944 8,822 8,910 0.90 %
Sunny Sky Products(6) (12) (13)First Lien Term Loan
S + 4.75%
9.35 %12/23/20287,040 6,979 6,976 0.70 %
See Notes to Consolidated Financial Statements
9

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Sunny Sky Products (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
9.35 %12/23/20281,773  (16) %
Tech24(6) (12) (13)First Lien Term Loan
S + 5.75%
10.35 %9/18/202913,214 13,011 13,008 1.31 %
Tech24 (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
10.64 %9/18/20294,828 2,194 2,135 0.22 %
Watermill Express (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
10.50 %7/5/20292,376 574 580 0.06 %
Watermill Express (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
10.60 %7/5/20293,170 3,170 3,170 0.32 %
Watermill Express(6) (9) (13)First Lien Term Loan
S + 5.75%
10.50 %7/5/20296,327 6,270 6,327 0.64 %
Watermill Express(6) (9)First Lien Term Loan
S + 5.75%
10.50 %7/5/20293,229 3,213 3,229 0.33 %
Watermill Express (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.75%
10.50 %7/5/2029312 312 312 0.03 %
Total Beverage, Food & Tobacco165,010 164,920 16.65 %
Capital Equipment
Clean Solutions Buyer(6)First Lien Term Loan
S + 4.50%
9.35 %9/9/20301,000 990 990 0.10 %
Crete(6)First Lien Term Loan
S + 4.75%
9.35 %5/19/20284,786 4,755 4,805 0.49 %
Crete (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
9.87 %5/19/20282,823 2,791 2,834 0.29 %
Crete (Delayed Draw)(12)First Lien Term Loan
S + 4.75%
9.36%
5/19/20287,097 7,097 7,125 0.72 %
EFC International(12)Subordinated Debt
N/A
11.00% (Cash) 2.50% (PIK)
5/1/20283,248 3,175 3,245 0.33 %
E-Technologies / Superior(6) (13)First Lien Term Loan
S + 5.50%
10.35 %4/9/20307,295 7,226 7,149 0.72 %
Firstcall Mechanical Group(12) (13)First Lien Term Loan
S + 4.75%
9.35 %6/27/20309,975 9,878 9,876 1.00 %
Firstcall Mechanical Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
9.61 %6/27/203020,000 (24)(198)(0.02 %)
Helios Buyer, Inc.(6) (9) (13)First Lien Term Loan
S + 6.00%
10.70 %12/15/20266,417 6,387 6,080 0.61 %
Helios Buyer, Inc. (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
10.70 %12/15/20265,565 5,550 5,272 0.53 %
Helios Buyer, Inc. (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.00%
10.70 %12/15/20262,552 2,552 2,417 0.24 %
Hyperion(12) (13) (14)First Lien Term Loan
S + 4.50%
9.46 %8/30/20282,634 2,630 2,458 0.25 %
Ovation Holdings(6) (13)First Lien Term Loan
S + 5.00%
10.40 %2/5/20297,974 7,838 7,967 0.80 %
Ovation Holdings (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.40 %2/5/20291,887 1,526 1,543 0.16 %
Precision Surfacing Solutions(12)First Lien Term Loan
N/A
15.00 %11/30/2024713 713 713 0.07 %
PT Intermediate Holdings III, LLC(6) (9) (12) (13)First Lien Term Loan
S + 3.25%
5.33% (Cash) 3.25% (PIK)
4/9/203012,222 12,183 12,240 1.24 %
PT Intermediate Holdings III, LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 3.25%
5.33% (Cash) 3.25% (PIK)
4/9/20301,106 (1)2  %
Rhino Tool House(6) (12) (13)First Lien Term Loan
S + 5.25%
10.43 %4/4/20298,737 8,604 8,670 0.88 %
Rhino Tool House (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %4/4/20291,871 1,829 1,821 0.18 %
Service Logic(6) (9)First Lien Term Loan
S + 3.50%
8.31 %10/29/20277,939 7,956 7,939 0.80 %
See Notes to Consolidated Financial Statements
10

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Vessco(6) (9) (12) (13)First Lien Term Loan
S + 5.25%
10.22 %7/24/203113,706 13,570 13,577 1.37 %
Vessco (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
9.54 %7/24/20314,569 648 627 0.06 %
Vessco(9) (11) (12)Revolving Loan
S + 5.25%
10.39 %7/24/20311,726 (17)(16) %
Total Capital Equipment107,856 107,136 10.82 %
Chemicals, Plastics, & Rubber
Ascensus(6) (9) (13)First Lien Term Loan
S + 4.25%
9.20 %6/30/20289,656 9,535 8,234 0.83 %
Boulder Scientific Company LLC(6)First Lien Term Loan
S + 5.00%
10.38 %12/28/20252,046 2,055 1,973 0.20 %
Chroma Color(6)First Lien Term Loan
S + 6.00%
11.28 %4/23/20296,266 6,165 6,220 0.63 %
Chroma Color (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.28 %4/23/20291,379 (11)(10) %
Spartech(6) (9) (12) (13) (14)First Lien Term Loan
S + 4.75%
10.05 %5/6/202814,655 14,598 11,458 1.15 %
Total Chemicals, Plastics, & Rubber32,342 27,875 2.81 %
Construction & Building
Allstar Holdings(12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20302,162 2,109 2,107 0.21 %
Allstar Holdings (Delayed Draw)(12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20304,115 4,065 4,010 0.40 %
Allstar Holdings (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 3.00% (PIK)
4/26/20306,212 5,142 5,062 0.51 %
Erie Construction(6) (13)First Lien Term Loan
S + 4.75%
10.09 %7/30/20279,741 9,688 9,741 0.98 %
Gannett Fleming(9) (12) (13)First Lien Term Loan
S + 4.50%
9.67 %8/5/203017,869 17,605 17,606 1.78 %
Gannett Fleming(9) (11) (12)Revolving Loan
S + 4.50%
9.67 %8/5/20302,131 (31)(31) %
Heartland Paving Partners (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.60 %8/9/20305,714 (14)(54)(0.01 %)
Heartland Paving Partners (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.60 %8/9/20305,714 (14)(54)(0.01 %)
Heartland Paving Partners(6)First Lien Term Loan
S + 5.00%
9.60 %8/9/20308,571 8,486 8,490 0.87 %
ICE USA Infrastructure LLC(6) (13)First Lien Term Loan
S + 5.25%
9.85 %3/15/20306,588 6,526 6,524 0.66 %
MEI Buyer LLC(6) (12) (13)First Lien Term Loan
S + 5.00%
9.85 %6/29/202911,345 11,151 11,347 1.15 %
MEI Buyer LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.85 %6/29/20291,814 (7)  %
RMA Companies (Delayed Draw)(6) (10) (12)First Lien Term Loan
S + 5.75%
10.70 %12/30/20274,593 4,586 4,568 0.46 %
RMA Companies (Delayed Draw)(10) (11) (12)First Lien Term Loan
S + 5.75%
10.70 %12/30/20273,133 1,184 1,173 0.12 %
RMA Companies(6) (10)First Lien Term Loan
S + 5.75%
10.70 %12/30/20273,095 3,057 3,078 0.31 %
Sciens Building Solutions, LLC(6) (9)First Lien Term Loan
S + 5.75%
10.79 %12/15/20279,243 9,132 9,243 0.94 %
Sciens Building Solutions, LLC (Delayed Draw)(6) (9) (12) (13)First Lien Term Loan
S + 5.75%
11.04 %12/15/20274,882 4,855 4,882 0.49 %
See Notes to Consolidated Financial Statements
11

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
WSB / EST(6) (12)First Lien Term Loan
S + 6.00%
11.06 %8/31/20296,470 6,387 6,384 0.64 %
WSB / EST (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.25 %8/31/20294,334 3,000 2,969 0.30 %
Total Construction & Building96,907 97,045 9.80 %
Consumer Goods: Durable
Halo Buyer, Inc.(6) (14)First Lien Term Loan
S + 4.50%
9.45 %6/30/20255,622 5,608 5,171 0.52 %
SmartSign(6) (13)First Lien Term Loan
S + 5.50%
10.55 %9/7/20289,800 9,732 9,800 0.99 %
SmartSign(6)First Lien Term Loan
S + 5.75%
10.78 %9/7/20284,987 4,907 4,987 0.50 %
Total Consumer Goods: Durable20,247 19,958 2.01 %
Consumer Goods: Non-durable
ACP Tara Holdings, Inc.(6) (9) (13)First Lien Term Loan
S + 4.50%
9.20 %9/10/202712,507 12,440 12,507 1.26 %
ACP Tara Holdings, Inc.(6) (9)First Lien Term Loan
S + 5.75%
10.45 %9/10/20271,816 1,790 1,834 0.19 %
Elevation Labs(6) (13)First Lien Term Loan
S + 5.25%
10.60 %6/30/20286,738 6,692 6,724 0.68 %
Elevation Labs (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.45 %6/30/20283,120 913 927 0.09 %
FoodScience LLC(6) (12)First Lien Term Loan
S + 5.25%
10.20 %3/1/202714,512 14,411 14,512 1.46 %
Market Performance Group(6) (13)First Lien Term Loan
S + 5.25%
9.85 %1/8/203012,556 12,442 12,682 1.28 %
Market Performance Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.51 %1/8/20303,083 1,231 1,262 0.13 %
PIP(6) (13)First Lien Term Loan
S + 4.00%
8.96 %12/29/20279,075 9,059 9,054 0.91 %
Ultima(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
3/12/20291,754 1,728 1,754 0.18 %
Total Consumer Goods: Non-durable 60,706 61,256 6.18 %
Containers, Packaging & Glass
B2B/AMW Acquisition Company, Inc.(6) (13)First Lien Term Loan
S + 6.75%
12.31 %10/7/202614,584 14,562 13,809 1.39 %
B2B/AMW Acquisition Company, Inc.(6)First Lien Term Loan
S + 6.75%
12.33 %10/7/2026115 114 109 0.01 %
Five Star Packaging(6) (13) (14)First Lien Term Loan
S + 4.25%
9.19 %5/5/20297,519 7,436 7,365 0.74 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.50%
9.71 %12/1/20278,699 8,648 8,624 0.87 %
Good2Grow(6) (12) (13)First Lien Term Loan
S + 5.50%
10.71 %12/1/20276,314 6,238 6,314 0.64 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.75%
9.96 %12/1/202714,302 14,173 14,277 1.44 %
Oliver Inc(12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
1/6/20292,510 2,477 2,359 0.24 %
Oliver Inc(12)Subordinated DebtN/A12.50 %1/6/2029465 456 460 0.05 %
Online Labels Group(13)First Lien Term Loan
S + 5.25%
9.85 %12/19/20293,304 3,274 3,304 0.33 %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
9.85 %12/19/2029403    %
See Notes to Consolidated Financial Statements
12

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
9.85 %12/19/2029403    %
Specialized Packaging Group (SPG)(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.80 %12/17/20252,960 2,950 2,924 0.30 %
Specialized Packaging Group (SPG)(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.80 %12/17/20257,219 7,190 7,131 0.72 %
Specialized Packaging Group (SPG)(7) (10) (13)First Lien Term Loan
S + 6.25%
11.55 %12/17/20254,376 4,340 4,360 0.44 %
Specialized Packaging Group (SPG)(6) (7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.55 %12/17/20256,843 6,780 6,818 0.69 %
Specialized Packaging Group (SPG)(7) (10) (12)First Lien Term Loan
S + 5.75%
10.70 %12/17/20253,299 3,273 3,263 0.33 %
Total Containers, Packaging & Glass81,911 81,117 8.19 %
Energy: Electricity
Insulation Technology Group(6) (7) (10) (12) (13)First Lien Term Loan
S + 5.50%
10.35 %6/25/203022,410 22,192 22,196 2.24 %
Insulation Technology Group (Delayed Draw)(7) (10) (11) (12)First Lien Term Loan
S + 5.50%
10.35 %6/25/20305,912  (57)(0.01 %)
MGM Transformer Company(6) (12) (13)First Lien Term Loan
S + 5.50%
10.82 %10/31/202923,435 23,276 23,237 2.34 %
MGM Transformer Company (Delayed Draw)(12)First Lien Term Loan
S + 5.50%
10.10 %10/31/20296,372 6,358 6,318 0.64 %
National Power(6) (12)First Lien Term Loan
S + 5.75%
10.60 %10/22/20295,632 5,557 5,609 0.57 %
National Power (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
10.60 %10/22/20293,051 (6)(12) %
Total Energy: Electricity57,377 57,291 5.78 %
Environmental Industries
101 Inc(6)First Lien Term Loan
S + 5.25%
10.60 %8/31/20286,598 6,554 6,038 0.61 %
Contract Land Staff(6) (13)First Lien Term Loan
S + 4.75%
9.35 %3/27/20307,526 7,453 7,454 0.75 %
Contract Land Staff (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
9.86 %3/27/20303,025 3,018 2,996 0.30 %
Contract Land Staff (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
10.28 %3/27/20304,999 (12)(48) %
Impact Environmental Group(6) (12)First Lien Term Loan
S + 5.00%
9.70 %3/23/20296,725 6,612 6,724 0.68 %
Impact Environmental Group (Delayed Draw)(6)First Lien Term Loan
S + 5.00%
9.70 %3/23/20293,142 3,128 3,142 0.32 %
Impact Environmental Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.71 %3/23/20296,800 3,117 3,145 0.32 %
Impact Environmental Group(6)First Lien Term Loan
S + 5.00%
9.70 %3/23/20291,723 1,694 1,723 0.17 %
Leo Facilities(6) (12)First Lien Term Loan
S + 5.50%
10.76 %7/3/20298,486 8,374 8,375 0.85 %
Leo Facilities (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.48 %7/3/20296,417 4,732 4,661 0.47 %
Leo Facilities(6)First Lien Term Loan
S + 5.50%
9.75 %7/3/20291,593 1,577 1,572 0.16 %
Leo Facilities (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.76 %7/3/202913,446  (176)(0.02 %)
SI Solutions(6)First Lien Term Loan
S + 4.75%
9.60 %8/15/203011,902 11,785 11,788 1.19 %
See Notes to Consolidated Financial Statements
13

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
SI Solutions (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.75%
9.60 %8/15/20305,601 (14)(54)(0.01 %)
The Facilities Group(6) (9)First Lien Term Loan
S + 5.75%
11.10 %11/30/20274,835 4,809 4,793 0.48 %
The Facilities Group(6) (9) (13)First Lien Term Loan
S + 5.75%
10.96 %11/30/20278,975 8,903 8,899 0.91 %
The Facilities Group (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.75%
10.64 %11/30/20274,914 4,914 4,873 0.49 %
The Facilities Group (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
10.59 %11/30/20275,027 166 124 0.01 %
Total Environmental Industries76,810 76,029 7.68 %
Healthcare & Pharmaceuticals
Action Behavior Centers(12) (13)First Lien Term Loan
S + 5.25%
10.57 %7/2/203115,673 15,518 15,529 1.58 %
Action Behavior Centers (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.57 %7/2/20312,850 (7)(26) %
Affinity Hospice(6) (12)First Lien Term Loan
S + 4.75%
9.45 %12/17/20277,812 7,764 6,881 0.69 %
Anne Arundel(12) (16)Subordinated Debt
N/A
12.75% (PIK)
10/16/20263,282 3,261 540 0.05 %
Anne Arundel(12) (16)Subordinated DebtN/A
13.25% (PIK)
4/16/20261,972 1,963 746 0.08 %
Anne Arundel(12)First Lien Term LoanN/A
4.71% (PIK)
1/15/2026516 516 516 0.05 %
Anne Arundel (Delayed Draw)(11) (12) (16)Subordinated DebtN/A
13.25% (PIK)
4/16/20262,396 2,025 539 0.05 %
Coding Solutions Acquisition Inc.(9) (12) (13)First Lien Term Loan
S + 5.00%
9.25 %8/7/203111,995 11,913 11,881 1.20 %
Coding Solutions Acquisition Inc. (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
10.01 %8/7/20312,165 (5)(21) %
Coding Solutions Acquisition Inc.(9) (11) (12)Revolving Loan
S + 5.00%
10.01 %8/7/20311,246 299 300 0.03 %
EyeSouth(6) (13)First Lien Term Loan
S + 5.50%
10.45 %10/5/20297,417 7,358 7,275 0.73 %
EyeSouth (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.46 %10/5/20292,431 1,546 1,500 0.15 %
Forefront Dermatology(6) (9) (14)First Lien Term Loan
S + 4.25%
9.10 %3/30/20293,289 3,249 3,143 0.32 %
Genesee Scientific LLC(6) (9)First Lien Term Loan
S + 5.75%
10.10 %9/30/20275,913 5,882 5,329 0.54 %
Genesee Scientific LLC (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
10.10 %9/30/20271,548 1,548 1,395 0.14 %
GHR Healthcare(6) (9)First Lien Term Loan
S + 5.00%
9.95 %12/9/20276,352 6,315 6,205 0.63 %
GHR Healthcare (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.00%
9.95 %12/9/20271,987 1,987 1,941 0.20 %
GHR Healthcare (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
10.20 %12/9/20271,946  (45) %
GHR Healthcare (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
10.20 %12/9/2027648  (15) %
GHR Healthcare(6) (9) (13)First Lien Term Loan
S + 5.00%
9.95 %12/9/20274,945 4,878 4,830 0.49 %
GHR Healthcare(9) (12) (13)First Lien Term Loan
S + 5.00%
9.95 %12/9/20278,068 7,993 7,881 0.80 %
GHR Healthcare(6) (9) (13)First Lien Term Loan
S + 5.25%
10.20 %12/9/20273,751 3,716 3,664 0.37 %
Health Management Associates(6) (12) (13)First Lien Term Loan
S + 6.25%
11.37 %3/30/20298,264 8,128 8,242 0.83 %
Health Management Associates (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.22 %3/30/20291,497 715 738 0.07 %
Heartland Veterinary Partners (Delayed Draw)(11) (12)Subordinated Debt
N/A
14.50 %12/10/20273,600 1,400 1,371 0.14 %
See Notes to Consolidated Financial Statements
14

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Heartland Veterinary Partners (Delayed Draw)(12)Subordinated DebtN/A
7.50% (Cash) 7.00% (PIK)
12/10/20279,841 9,841 9,760 0.99 %
Heartland Veterinary Partners(12)Subordinated DebtN/A
7.50% (Cash) 7.00% (PIK)
12/10/20271,968 1,946 1,952 0.20 %
HemaSource(12)Subordinated Debt
N/A
8.50% (Cash) 5.00% (PIK)
2/28/20305,292 5,165 5,276 0.53 %
Infucare(6) (13)First Lien Term Loan
S + 4.25%
8.95 %1/4/20286,942 6,900 6,942 0.70 %
Midwest Eye Services, LLC(6) (13)First Lien Term Loan
S + 4.50%
9.45 %8/20/20278,952 8,906 8,946 0.90 %
Mosaic Dental(12)Subordinated Debt
N/A
 10.00% (Cash) 2.25% (PIK)
2/7/20301,779 1,745 1,725 0.17 %
Mosaic Dental (Delayed Draw)(11) (12)Subordinated Debt
N/A
10.00% (Cash) 2.25% (PIK)
2/7/2030728 468 452 0.05 %
Prime Time Healthcare(6) (12) (13)First Lien Term Loan
S + 6.00%
11.36 %9/19/20287,833 7,657 7,803 0.79 %
Prime Time Healthcare(12) (13)First Lien Term Loan
S + 6.00%
11.21 %9/19/20289,738 9,571 9,700 0.98 %
Prompt Care (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
10.95 %9/1/20272,871 1,434 1,425 0.14 %
Prompt Care(6) (9)First Lien Term Loan
S + 6.00%
11.02 %9/1/20278,141 8,087 8,117 0.82 %
Prompt Care (Delayed Draw)(6) (9)First Lien Term Loan
S + 6.00%
11.02 %9/1/20271,268 1,264 1,264 0.13 %
QHR Holdco, Inc.(6) (10) (13)First Lien Term Loan
S + 5.25%
10.20 %5/28/20277,621 7,577 7,678 0.78 %
QHR Holdco, Inc. (Delayed Draw)(6)First Lien Term Loan
S + 5.25%
10.20 %5/28/20273,223 3,217 3,247 0.33 %
QHR Holdco, Inc.(6) (13)First Lien Term Loan
S + 5.25%
10.20 %5/28/20273,223 3,185 3,247 0.33 %
Smile Brands(12)Subordinated Debt
S + 9.62%
14.69% (PIK)
4/12/202811,139 11,087 9,428 0.95 %
Solis Mammography(6) (12) (13)First Lien Term Loan
S + 4.50%
10.01 %4/17/202813,056 12,989 12,925 1.30 %
Southern Veterinary Partners(9) (13) (14)First Lien Term Loan
S + 3.75%
8.00 %10/5/20274,760 4,755 4,775 0.48 %
Team Services Group(6) (14)First Lien Term Loan
S + 5.00%
10.51 %12/20/20276,616 6,585 6,554 0.66 %
Thorne HealthTech(6) (13)First Lien Term Loan
S + 5.50%
10.35%
10/16/203010,572 10,477 10,592 1.07 %
TIDI Products(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.35 %12/19/202915,406 15,268 15,450 1.56 %
TIDI Products (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.35 %12/19/20294,085  12  %
US Fertility(12)Subordinated Debt
N/A
4.00% (Cash) 9.75% (PIK)
6/21/202813,475 13,211 13,411 1.35 %
VMG Health(6) (13)First Lien Term Loan
S + 5.00%
9.60 %4/16/203015,932 15,779 15,777 1.59 %
Wellspring(6) (12) (13)First Lien Term Loan
S + 5.00%
9.70%
8/22/20287,330 7,283 7,259 0.73 %
Wellspring(6)First Lien Term Loan
S + 5.00%
10.36 %8/22/20283,353 3,305 3,320 0.34 %
Wellspring (Delayed Draw)(12)First Lien Term Loan
S + 5.00%
9.70 %8/22/20281,559 1,551 1,544 0.16 %
Wellspring (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.70 %8/22/20283,756 2,553 2,530 0.26 %
Wellspring(6) (12) (13)First Lien Term Loan
S + 5.00%
9.70 %8/22/20281,236 1,217 1,224 0.12 %
Young Innovations(6) (9) (13)First Lien Term Loan
S + 5.75%
10.87 %12/3/202916,428 16,283 16,276 1.64 %
Young Innovations (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
10.87 %12/3/20293,448  (32) %
Total Healthcare & Pharmaceuticals297,268 288,918 29.19 %
See Notes to Consolidated Financial Statements
15

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
AQ Holdco Inc. (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.15 %4/15/20274,210 4,203 3,962 0.40 %
AQ Holdco Inc. (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.15 %4/15/20271,081 1,076 1,018 0.10 %
AQ Holdco Inc. (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.15 %4/15/2027244 243 230 0.02 %
Diligent Corporation (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
10.09 %8/2/20303,830 (18)  %
Diligent Corporation(6) (9) (12) (13)First Lien Term Loan
S + 5.00%
10.09 %8/2/20303,830 3,811 3,830 0.39 %
Diligent Corporation(6) (9) (12) (13)First Lien Term Loan
S + 5.00%
10.09 %8/2/203022,340 22,230 22,342 2.25 %
Eliassen Group, LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
10.35 %4/14/202811,978 11,898 11,978 1.21 %
Eliassen Group, LLC (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.75%
10.88 %4/14/2028862 861 862 0.09 %
Evergreen Services Group II(6) (9) (12) (13)First Lien Term Loan
S + 5.75%
10.35 %10/4/203016,034 15,815 16,243 1.64 %
Evergreen Services Group II (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
10.35 %10/4/203012,963 12,936 13,132 1.33 %
Exterro, Inc.(6) (13)First Lien Term Loan
S + 5.50%
10.67 %6/1/20279,474 9,474 9,593 0.97 %
FineLine(12)Subordinated Debt
S + 8.75%
13.62 %8/19/20282,453 2,430 2,453 0.25 %
Go Engineer(6) (9) (13)First Lien Term Loan
S + 5.00%
9.60 %12/21/202711,484 11,453 11,355 1.15 %
Go Engineer (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.00%
9.60 %12/21/20273,128 3,109 3,092 0.31 %
Go Engineer(9) (13)First Lien Term Loan
S + 5.00%
9.60 %12/21/20275,351 5,300 5,291 0.53 %
Infobase(6)First Lien Term Loan
S + 5.50%
11.01 %6/14/20284,298 4,268 4,298 0.43 %
ITSavvy(6)First Lien Term Loan
S + 5.25%
10.20 %8/8/20287,735 7,682 7,735 0.78 %
North Haven CS Acquisition Inc(6)First Lien Term Loan
S + 5.50%
10.93 %1/23/20255,734 5,734 5,792 0.58 %
North Haven CS Acquisition Inc(6) (12) (13)First Lien Term Loan
S + 5.50%
10.93 %1/22/202722,243 22,062 22,465 2.26 %
Options IT(9) (12)First Lien Term Loan
S + 4.75%
9.35 %9/30/2031685 678 678 0.07 %
Options IT (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 4.75%
9.35 %9/30/2031236 (1)(2) %
Options IT(9) (11) (12)Revolving Loan
S + 4.75%
9.35 %3/31/203179 11 11  %
Prosci, Inc.(6)First Lien Term Loan
S + 4.50%
9.45 %10/21/20264,733 4,711 4,733 0.48 %
Quickbase(12) (13)First Lien Term Loan
S + 4.00%
8.85 %10/2/20286,320 6,295 6,291 0.64 %
SmartWave(6) (12)First Lien Term Loan
S + 6.00%
11.40 %11/5/20268,869 8,817 7,486 0.76 %
Solve Industrial(12)Subordinated DebtN/A
10.00% (Cash) 2.00% (PIK)
6/30/20281,878 1,855 1,772 0.18 %
Solve Industrial(12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
6/30/2028806 794 772 0.08 %
See Notes to Consolidated Financial Statements
16

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Solve Industrial (Delayed Draw)(12)Subordinated DebtN/A
10.00% (Cash) 2.00% (PIK)
6/30/20282,151 2,151 2,029 0.20 %
Velosio(6) (9) (13)First Lien Term Loan
S + 5.25%
10.56 %3/1/20306,216 6,160 6,223 0.63 %
Velosio (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
10.56 %3/1/20301,284  1  %
Total High Tech Industries176,038 175,665 17.73 %
Media: Advertising, Printing & Publishing
Tinuiti Inc.(6) (9) (12)First Lien Term Loan
S + 5.25%
9.95 %12/10/20262,925 2,909 2,872 0.29 %
Tinuiti Inc. (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.25%
9.95 %12/10/20261,912 1,911 1,877 0.19 %
Tinuiti Inc. (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.25%
9.95 %12/10/20269,788 9,788 9,609 0.97 %
Wpromote(6) (13)First Lien Term Loan
S + 5.75%
11.05 %10/23/20284,346 4,280 4,351 0.44 %
Wpromote (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.05 %10/23/2028588 (3)1  %
Total Media: Advertising, Printing & Publishing18,885 18,710 1.89 %
Media: Diversified & Production
BroadcastMed(12)Subordinated Debt
N/A
10.00% (Cash) 3.75% (PIK)
11/12/20273,615 3,565 3,466 0.35 %
CVI Parent, Inc.(6)First Lien Term Loan
S + 4.50%
9.20 %8/12/20272,525 2,502 2,188 0.22 %
CVI Parent, Inc.(6)First Lien Term Loan
S + 4.50%
9.20 %8/12/20272,872 2,856 2,489 0.25 %
Spectrio(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.06 %12/9/20268,184 8,152 7,427 0.75 %
Spectrio (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 6.00%
11.06 %12/9/20262,907 2,891 2,638 0.27 %
Spectrio (Delayed Draw)(9) (13)First Lien Term Loan
S + 6.00%
11.06 %12/9/2026443 442 400 0.04 %
Total Media: Diversified & Production20,408 18,608 1.88 %
Retail
Syndigo(6)First Lien Term Loan
S + 4.50%
9.46 %12/15/20275,790 5,801 5,776 0.58 %
Total Retail5,801 5,776 0.58 %
Services: Business
ALKU(12) (13)First Lien Term Loan
S + 6.25%
10.50 %5/23/20294,485 4,410 4,526 0.46 %
ARMstrong(6) (13)First Lien Term Loan
 S + 5.75%
10.45 %10/8/202911,361 11,209 11,316 1.13 %
ARMstrong (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.13 %10/8/20293,846 281 290 0.03 %
Bounteous(12) (13)First Lien Term Loan
S + 4.75%
9.91 %8/2/20275,306 5,277 5,306 0.54 %
Bounteous(12)First Lien Term Loan
S + 4.75%
9.91 %8/2/20272,172 2,160 2,172 0.22 %
Bounteous (Delayed Draw)(12)First Lien Term Loan
S + 4.75%
9.91 %8/2/20272,746 2,733 2,746 0.28 %
See Notes to Consolidated Financial Statements
17

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Bounteous (Delayed Draw)(12)First Lien Term Loan
S + 4.75%
9.91 %8/2/20273,550 3,550 3,550 0.36 %
Bullhorn(6) (9) (12) (13)First Lien Term Loan
S + 5.00%
9.85 %10/1/202913,671 13,600 13,632 1.37 %
BusinesSolver(6) (9)First Lien Term Loan
S + 5.50%
10.20 %12/1/20277,682 7,636 7,682 0.78 %
BusinesSolver (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.20 %12/1/20271,147 271 274 0.03 %
Caldwell & Gregory(12)Subordinated Debt
S + 9.25%
13.85% (PIK)
3/29/20301,000 980 980 0.10 %
Career Now(12)Subordinated Debt
N/A
13.00% (PIK)
3/30/20273,621 3,588 2,560 0.26 %
Cornerstone Advisors of Arizona, LLC(6)First Lien Term Loan
S + 5.50%
9.85 %9/24/2026306 304 306 0.03 %
Cornerstone Advisors of Arizona, LLC(6)First Lien Term Loan
S + 5.50%
9.85 %9/24/20262,277 2,268 2,277 0.23 %
Cornerstone Advisors of Arizona, LLC (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
9.85 %9/24/2026209 208 209 0.02 %
Cornerstone Advisors of Arizona, LLC(6)First Lien Term Loan
S + 5.50%
9.85 %9/24/20263,432 3,404 3,432 0.35 %
CrossCountry Consulting(6) (9)First Lien Term Loan
S + 4.75%
9.85 %6/1/20298,112 7,991 8,151 0.82 %
CrossCountry Consulting (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 4.75%
9.85 %6/1/20293,320 (22)16  %
D&H United Fueling Solutions(6) (13)First Lien Term Loan
S + 5.50%
10.51 %9/15/20287,434 7,327 7,322 0.74 %
D&H United Fueling Solutions (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
10.67 %9/15/20282,366 2,350 2,330 0.24 %
D&H United Fueling Solutions (Delayed Draw)(6)First Lien Term Loan
S + 6.00%
11.42 %9/15/20281,559 1,553 1,561 0.16 %
D&H United Fueling Solutions(6) (13)First Lien Term Loan
S + 6.00%
10.75 %9/15/20283,439 3,382 3,443 0.35 %
D&H United Fueling Solutions (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.90 %9/15/20285,153 1,617 1,563 0.16 %
E78(12)First Lien Term Loan
S + 5.50%
10.45 %12/1/20275,557 5,524 5,531 0.56 %
E78(13)First Lien Term Loan
S + 5.50%
10.45 %12/1/20271,427 1,418 1,420 0.14 %
E78 (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.51 %12/1/202715,233  (71)(0.01 %)
E78 (Delayed Draw)(12) (13)First Lien Term Loan
S + 5.50%
10.45 %12/1/20274,178 4,154 4,159 0.42 %
E78 (Delayed Draw)(11) (12)First Lien Term Loan
 S + 5.50%
10.51 %12/1/20273,531 3,126 3,109 0.31 %
Engage(6) (9) (13)First Lien Term Loan
S + 5.00%
9.85 %8/1/20299,594 9,467 9,502 0.96 %
Engage (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.85 %8/1/20299,295 4,136 4,066 0.41 %
Engage (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.85 %8/1/20291,074 (3)(10) %
Esquire Deposition Services(12)Subordinated Debt
N/A
14.00% (PIK)
6/30/20291,738 1,698 1,696 0.17 %
Evergreen Services Group(6) (9) (12) (13)First Lien Term Loan
S + 6.25%
10.96 %6/15/202911,875 11,694 11,875 1.20 %
Evergreen Services Group (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
10.96 %6/15/20292,841 2,820 2,841 0.29 %
Gabriel Partners, LLC(6) (9) (13)First Lien Term Loan
S + 6.25%
11.46 %9/21/20269,120 9,085 9,120 0.92 %
Gabriel Partners, LLC (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 6.25%
11.46 %9/21/20261,519 1,519 1,519 0.15 %
Gabriel Partners, LLC(6) (9) (13)First Lien Term Loan
S + 6.25%
11.46 %9/21/20263,765 3,749 3,765 0.38 %
See Notes to Consolidated Financial Statements
18

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Image First(6) (12) (13)First Lien Term Loan
S + 4.25%
8.85 %4/27/20287,771 7,756 7,771 0.78 %
Integrated Power Services (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.50%
9.46 %11/22/20285,112 (13)  %
Integrated Power Services(12)First Lien Term Loan
S + 4.50%
9.46 %11/22/20282,045 2,042 2,045 0.21 %
Lion Merger Sub, Inc.(9) (13)First Lien Term Loan
S + 6.50%
11.20 %12/17/20257,265 7,242 7,124 0.72 %
Lion Merger Sub, Inc.(9) (12) (13)First Lien Term Loan
S + 6.50%
11.20 %12/17/20257,241 7,198 7,101 0.72 %
LSCS Holdings, Inc. (Dohmen)(6) (12) (13)First Lien Term Loan
S + 4.50%
9.46 %12/16/20289,936 9,897 9,891 1.00 %
LYNX FRANCHISING, LLC(6) (9)First Lien Term Loan
S + 6.25%
11.46 %12/23/20269,725 9,656 9,713 0.98 %
LYNX FRANCHISING, LLC(9) (12) (13)First Lien Term Loan
S + 6.25%
11.46 %12/23/20266,740 6,616 6,798 0.69 %
Output Services Group, Inc.(10) (12)First Lien Term Loan
S + 8.00%
13.75 %5/30/2028155 155 155 0.02 %
Output Services Group, Inc.(12)First Lien Term Loan
S + 6.25%
12.00 %11/30/2028837 837 837 0.08 %
Phaidon(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
10.45 %8/22/202913,448 13,348 13,194 1.33 %
PLZ Aeroscience(12)Subordinated Debt
S + 7.50%
12.46 %7/7/202813,500 13,242 12,399 1.25 %
Press Ganey(9) (12) (13) (14)First Lien Term Loan
S + 3.50%
8.35 %4/30/20315,855 5,798 5,849 0.59 %
Propark Mobility(6)First Lien Term Loan
S + 5.00%
9.85 %1/31/20296,772 6,670 6,766 0.68 %
Propark Mobility (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.80 %1/31/20293,114 2,647 2,690 0.27 %
Propark Mobility (Delayed Draw)(12)First Lien Term Loan
S + 6.25%
10.31 %1/31/202910,198 10,173 10,190 1.03 %
Province(12) (13)First Lien Term Loan
S + 5.25%
10.10 %7/1/20305,194 5,143 5,146 0.52 %
Riveron(6) (12) (13)First Lien Term Loan
S + 6.25%
11.10 %7/6/202910,683 10,425 10,576 1.07 %
Riveron (Delayed Draw)(12)First Lien Term Loan
S + 6.25%
11.04 %7/6/20291,603 1,586 1,586 0.16 %
Safety Infrastructure Services(12) (13)First Lien Term Loan
S + 4.75%
9.35 %7/21/20287,103 7,034 7,035 0.71 %
Scaled Agile(6) (9)First Lien Term Loan
S + 5.50%
10.20 %12/15/20287,875 7,820 7,048 0.71 %
Scaled Agile (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.89 %12/15/2028387 387 347 0.04 %
System One(6) (12)First Lien Term Loan
S + 3.75%
8.50 %3/2/20283,212 3,212 3,212 0.32 %
Technical Safety Services(6)First Lien Term Loan
S + 5.50%
10.45 %6/22/20296,720 6,669 6,720 0.68 %
Technical Safety Services (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.45 %6/22/20296,371 4,677 4,740 0.48 %
Technical Safety Services(6) (12)First Lien Term Loan
S + 5.50%
10.45 %6/22/20291,876 1,851 1,876 0.19 %
Trilon Group(6) (12) (13)First Lien Term Loan
S + 5.50%
10.95 %5/27/202927,826 27,663 27,561 2.77 %
Trilon Group (Delayed Draw)(12)First Lien Term Loan
S + 5.50%
10.90 %5/29/20291,875 1,866 1,857 0.19 %
Vistage(6) (9)First Lien Term Loan
S + 4.75%
9.35 %7/13/20294,952 4,929 4,959 0.50 %
Vital Records Control(6) (9)First Lien Term Loan
S + 5.50%
11.01 %6/29/20274,547 4,517 4,547 0.46 %
Vital Records Control(6) (9)First Lien Term Loan
S + 5.75%
10.88 %6/29/2027331 328 331 0.03 %
Total Services: Business335,835 334,230 33.74 %
Services: Consumer
360 Training(13)First Lien Term Loan
S + 5.00%
9.85 %8/2/20283,447 3,416 3,447 0.35 %
See Notes to Consolidated Financial Statements
19

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
360 Training (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.00%
9.85 %8/2/20283,093    %
All My Sons(6)First Lien Term Loan
S + 4.75%
9.71 %10/25/20285,219 5,185 5,186 0.52 %
Apex Services (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.86 %10/24/2030154 16 16  %
Apex Services (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.86 %10/24/2030156 (1)(2) %
Apex Services(9) (11) (12)Revolving Loan
 S + 5.00%
9.86 %10/24/202955 (1)(1) %
Apex Services(9) (11) (12)First Lien Term Loan
S + 5.00%
9.86 %10/24/2030635 (6)(6) %
Excel Fitness(6) (13)First Lien Term Loan
S + 5.25%
9.85 %4/27/20299,850 9,763 9,761 0.99 %
Excel Fitness (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.10 %4/27/20292,371 (16)  %
Fairway Lawns(12)Subordinated Debt
N/A
8.00% (Cash) 5.00% (PIK)
5/17/20292,871 2,813 2,804 0.28 %
Fairway Lawns (Delayed Draw)(12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20296,597 6,597 6,443 0.65 %
Fairway Lawns (Delayed Draw)(11) (12)Subordinated DebtN/A
8.00% (Cash) 5.00% (PIK)
5/17/20296,234 2,874 2,729 0.28 %
Legacy Service Partners(6) (12) (13)First Lien Term Loan
S + 5.25%
10.00 %1/9/202910,085 9,927 10,037 1.02 %
Legacy Service Partners (Delayed Draw)(6)First Lien Term Loan
  S + 5.25%
10.14 %1/9/20294,700 4,683 4,678 0.47 %
Liberty Group(6) (9) (13)First Lien Term Loan
S + 5.75%
11.12 %6/15/20283,899 3,872 3,899 0.39 %
Liberty Group (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
10.93 %6/15/2028742 293 293 0.03 %
NearU(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.03 %8/16/20288,673 8,633 8,270 0.83 %
NearU (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.54 %8/16/20281,220  (57)(0.01 %)
NearU (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.54 %8/16/20281,427  (66)(0.01 %)
NearU (Delayed Draw)(9) (11) (12)First Lien Term Loan
 S + 6.00%
11.54 %8/16/2028145  (7) %
NJEye, LLC(6)First Lien Term Loan
S + 4.75%
10.25 %3/14/20255,298 5,291 5,298 0.53 %
NJEye, LLC (Delayed Draw)(6)First Lien Term Loan
S + 4.75%
10.23 %3/14/2025694 694 694 0.07 %
NJEye, LLC (Delayed Draw)(12)First Lien Term Loan
S + 4.75%
10.03 %3/14/2025884 883 884 0.09 %
NJEye, LLC(6)First Lien Term Loan
S + 4.75%
10.31 %3/14/2025883 883 883 0.09 %
North Haven Spartan US Holdco LLC(6)First Lien Term Loan
S + 5.75%
10.69 %6/8/20262,483 2,482 2,483 0.25 %
North Haven Spartan US Holdco LLC (Delayed Draw)(6)First Lien Term Loan
S + 5.75%
10.85 %6/8/2026215 215 215 0.02 %
North Haven Spartan US Holdco LLC (Delayed Draw)(11) (13)First Lien Term Loan
S + 5.75%
11.00 %6/8/20263,260 (8)  %
One World Fitness PFF, LLC(6)First Lien Term Loan
S + 5.25%
9.95% (Cash) 1.00% (PIK)
 
11/26/20253,879 3,880 3,670 0.37 %
Palmetto Exterminators(12)Subordinated Debt
N/A
9.00% (Cash) 4.00% (PIK)
1/28/2030864 844 843 0.09 %
Palmetto Exterminators (Delayed Draw)(12)Subordinated Debt
N/A
9.00% (Cash) 4.00% (PIK)
1/28/2030660 652 644 0.07 %
Perennial Services Group(6)First Lien Term Loan
S + 5.50%
10.66 %9/7/20296,682 6,598 6,749 0.68 %
Perennial Services Group (Delayed Draw)(6) (12)First Lien Term Loan
S + 5.50%
10.66 %9/7/20295,980 5,971 6,040 0.61 %
See Notes to Consolidated Financial Statements
20

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Repipe Specialists(12)Subordinated DebtN/A
3.33% (Cash) 9.17% (PIK)
3/18/20292,552 2,516 2,005 0.20 %
Repipe Specialists (Delayed Draw)(12)Subordinated DebtN/A
3.33% (Cash) 9.17% (PIK)
3/18/2029221 221 173 0.02 %
Total Services: Consumer89,170 88,005 8.88 %
Sovereign & Public Finance
LMI(6) (12) (13)First Lien Term Loan
S + 5.50%
10.36 %7/18/202812,163 12,058 12,216 1.23 %
Total Sovereign & Public Finance12,058 12,216 1.23 %
Telecommunications
BCM One(6)First Lien Term Loan
S + 4.50%
9.08 %11/17/20275,729 5,729 5,729 0.58 %
BCM One (Delayed Draw)(6)First Lien Term Loan
S + 4.50%
9.45 %11/17/20271,813 1,813 1,813 0.18 %
MBS Holdings, Inc.(6) (9)First Lien Term Loan
S + 6.25%
11.09 %4/16/20271,814 1,790 1,832 0.18 %
MBS Holdings, Inc.(6) (9) (13)First Lien Term Loan
S + 5.75%
10.59 %4/16/20279,976 9,930 9,976 1.01 %
MBS Holdings, Inc.(6) (9)First Lien Term Loan
S + 6.50%
11.34 %4/16/20271,305 1,285 1,318 0.13 %
Mobile Communications America Inc(6) (12) (13)First Lien Term Loan
S + 5.25%
10.26 %10/16/202918,367 18,148 18,530 1.87 %
Mobile Communications America Inc (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.44 %10/16/20295,968 763 854 0.09 %
Sapphire Telecom Inc(6) (12) (13)First Lien Term Loan
S + 5.00%
9.60 %6/27/202919,091 18,905 19,051 1.92 %
Tyto Athene(6) (12)First Lien Term Loan
S + 4.75%
10.23 %4/3/20287,157 7,112 6,863 0.69 %
Total Telecommunications65,475 65,966 6.65 %
Transportation: Cargo
Armstrong Transport Group(12)Subordinated DebtN/A
17.00% (PIK)
6/30/20271,062 1,043 1,043 0.11 %
Armstrong Transport Group(12)Subordinated DebtN/A
7.00% (Cash) 7.00% (PIK)
6/30/20277,484 7,349 7,350 0.74 %
Kamps Pallets(6) (13)First Lien Term Loan
S + 6.00%
11.41 %12/23/20269,800 9,686 9,503 0.95 %
Kenco(6) (12) (13)First Lien Term Loan
S + 4.25%
8.99 %11/15/202921,939 21,773 22,140 2.24 %
Kenco (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.25%
8.99 %11/15/20293,839 (27)35  %
Kenco (Delayed Draw)(11) (12)First Lien Term Loan
S + 4.25%
8.99 %11/15/20294,111 (39)38  %
Quantix SCS, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.22 %8/3/2026256 255 242 0.02 %
Quantix SCS, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.22 %8/3/2026888 886 840 0.08 %
Quantix SCS, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.22 %8/3/2026180 179 170 0.02 %
Quantix SCS, LLC(6) (9)First Lien Term Loan
S + 6.75%
12.22 %8/3/20264,333 4,324 4,102 0.41 %
Quantix SCS, LLC(9) (13)First Lien Term Loan
S + 6.75%
12.22 %8/3/20261,348 1,341 1,277 0.13 %
RoadOne(12)Subordinated Debt
N/A
8.75% (Cash) 5.00% (PIK)
6/30/20294,882 4,772 4,749 0.48 %
See Notes to Consolidated Financial Statements
21

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Seko Global Logistics LLC(12) (16)Subordinated Debt
S + 9.62%
10.48% (Cash) 5.50% (PIK)
6/30/20275,905 5,844 973 0.10 %
Seko Global Logistics LLC(12) (16)Subordinated Debt
S + 9.62%
10.48% (Cash) 5.50% (PIK)
6/30/20274,098 4,051 675 0.07 %
Seko Global Logistics LLC(6) (16)First Lien Term Loan
S + 8.00%
13.43 %12/30/20261,122 1,117 788 0.08 %
Seko Global Logistics LLC (Delayed Draw)(12) (16)Subordinated Debt
S + 8.00%
7.93% (Cash) 5.50% (PIK)
6/30/2027923 923 152 0.02 %
Seko Global Logistics LLC (Delayed Draw)(6) (12) (16)First Lien Term Loan
S + 8.00%
13.43 %12/30/20264,473 4,473 3,143 0.32 %
Seko Global Logistics LLC(6) (16)First Lien Term Loan
S + 8.00%
13.43 %12/30/20261,513 1,505 1,063 0.11 %
TI Acquisition NC, LLC(6)First Lien Term Loan
S + 4.75%
9.35 %3/19/20272,759 2,708 2,729 0.28 %
Total Transportation: Cargo72,163 61,012 6.16 %
Transportation: Consumer
Alternative Logistics Technologies Buyer, LLC(6) (9) (12) (13)First Lien Term Loan
S + 5.25%
10.10 %2/14/203110,586 10,490 10,484 1.05 %
Alternative Logistics Technologies Buyer, LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.25%
10.10 %2/14/20313,040  (29) %
American Student Transportation Partners(12)Subordinated DebtN/A
6.00% (Cash) 8.50% (PIK)
9/11/20292,216 2,168 2,161 0.22 %
Total Transportation: Consumer12,658 12,616 1.27 %
Utilities: Electric
CRCI Holdings Inc(9) (12) (13)First Lien Term Loan
S + 5.00%
9.85 %8/27/203110,460 10,356 10,359 1.05 %
CRCI Holdings Inc (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.00%
9.85 %8/27/20312,615 (13)(25) %
CRCI Holdings Inc(9) (11) (12)Revolving Loan
S + 5.00%
9.85 %8/27/20311,925 944 944 0.10 %
DMC Power(6)First Lien Term Loan
S + 5.75%
11.05 %7/13/20294,962 4,899 4,992 0.50 %
DMC Power (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.05 %7/13/20291,671 (3)10  %
Pinnacle Supply Partners, LLC(6)First Lien Term Loan
S + 6.25%
11.37 %4/3/20306,284 6,178 6,243 0.63 %
Pinnacle Supply Partners, LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.68 %4/3/20303,629 1,364 1,363 0.14 %
Total Utilities: Electric23,725 23,886 2.42 %
Utilities: Water
USA Water(6) (12)First Lien Term Loan
S + 4.75%
9.60 %2/21/20317,857 7,786 7,849 0.79 %
USA Water (Delayed Draw)(11) (12)First Lien Term Loan
 S + 4.75%
10.01 %2/21/20313,037 334 331 0.04 %
Total Utilities: Water8,120 8,180 0.83 %
Wholesale
Ergotech (INS)(6) (13)First Lien Term Loan
S + 6.50%
11.91 %1/19/20297,885 7,766 7,895 0.80 %
See Notes to Consolidated Financial Statements
22

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar Amount Amortized Cost
Fair Value (4)
% of Net Assets (5)
Ergotech (INS) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.91 %1/19/20291,979 (29)3  %
Industrial Service Group(6)First Lien Term Loan
S + 5.75%
11.00 %12/7/20286,476 6,376 6,405 0.65 %
Industrial Service Group (Delayed Draw)(6)First Lien Term Loan
S + 5.75%
11.00 %12/7/20283,372 3,359 3,335 0.34 %
Micronics(12)Subordinated Debt
S + 5.25%
10.12 %2/17/20272,450 2,412 2,409 0.24 %
TPC Wire & Cable Corp(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/20282,261 2,244 2,225 0.22 %
TPC Wire & Cable Corp (Delayed Draw)(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/2028925 924 911 0.09 %
TPC Wire & Cable Corp (Delayed Draw)(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
2/16/20281,723 1,723 1,696 0.17 %
Total Wholesale24,775 24,879 2.51 %
Total Debt Investments2,045,483 2,013,062 203.23 %
Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Equity Investments
Aerospace & Defense
Turbine Engine Specialists(8) (12) (15)Class A-1 Units9/1/20231,530,000 1,530 1,728 0.17 %
Total Aerospace & Defense1,530 1,728 0.17 %
Automotive
Covercraft(8) (12)LP Interests8/20/2021768 768 299 0.03 %
High Bar Brands(8) (10) (12)Class A Units12/19/2023303,000 303 396 0.04 %
S&S Truck Parts(8) (12)Partnership Units3/1/20224 378 343 0.03 %
S&S Truck Parts(8) (12)Common Units8/1/202278,543 290 71 0.01 %
S&S Truck Parts(8) (10) (12)Partnership Interests6/3/20241,000 1,000 977 0.10 %
S&S Truck Parts(8) (12)Warrants6/3/20241,000 1   %
Total Automotive2,740 2,086 0.21 %
Beverage, Food & Tobacco
Bardstown Bourbon Company(8) (10) (12)Common Units7/13/202214,777 1,860 2,016 0.20 %
Fresh Edge(8) (12)Class B Common Units10/3/2022698 5 71 0.01 %
Fresh Edge(8) (12)Class A Preferred Units10/3/2022698 698 801 0.08 %
Tech24(8) (12)Company Unit10/5/2023954 954 1,005 0.10 %
Total Beverage, Food & Tobacco3,517 3,893 0.39 %
See Notes to Consolidated Financial Statements
23

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Capital Equipment
Crete(8) (12)Equity Co-Investment5/7/202224 249 843 0.09 %
EFC International(8) (10) (12)Class A Common Units2/28/2023148 60 146 0.01 %
EFC International(8) (10) (12)Series A Preferred Units2/28/2023148 148 168 0.02 %
E-Technologies / Superior(8) (12)Partnership Interests5/22/20241,000,000 1,000 806 0.08 %
Precision Surfacing Solutions(8) (10) (12)Common Units10/3/20223,750,000 3,750 6,000 0.61 %
Total Capital Equipment5,207 7,963 0.81 %
Construction & Building
Erie Construction(8) (12)Common Units7/27/2021166 166 528 0.05 %
Gannett Fleming(8) (12)Series F Units5/26/20231,272,139 1,272 1,622 0.17 %
Gannett Fleming(8) (12) (15)Limited Partnership Interests12/20/2022894,607 895 1,141 0.12 %
Total Construction & Building2,333 3,291 0.34 %
Consumer Goods: Non-durable
FoodScience LLC(8) (12)Class B Units3/1/20215,168 5 112 0.01 %
FoodScience LLC(8) (12)Class A Units3/1/202198 98 137 0.01 %
Ultima(8) (12)Preferred Units9/12/202215 170 226 0.02 %
Total Consumer Goods: Non-durable273 475 0.04 %
Containers, Packaging & Glass
Oliver Inc(8) (12)Class A Common Units7/6/202211,916 1,131 742 0.07 %
Specialized Packaging Group (SPG)(7) (8) (10) (12)Class A Units12/17/2020147,708 148 168 0.02 %
Total Containers, Packaging & Glass1,279 910 0.09 %
Healthcare & Pharmaceuticals
Anne Arundel(8) (12)AA Equity Co-Invest9/14/202312,175 880   %
Health Management Associates(8) (12)Class A Common Units3/31/2023399,904 400 485 0.05 %
HemaSource(8) (12)LP Interests8/31/2023577,000 577 726 0.07 %
Mosaic Dental(8) (10) (12)Class A2 Units2/7/2023245 245 212 0.02 %
Total Healthcare & Pharmaceuticals2,102 1,423 0.14 %
See Notes to Consolidated Financial Statements
24

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
High Tech Industries
ITSavvy(8) (12)Class A Common Units8/8/2022522 522 1,791 0.18 %
Solve Industrial(8) (12)LP Interests6/30/2021313 313 140 0.01 %
Total High Tech Industries835 1,931 0.19 %
Media: Diversified & Production
BroadcastMed(8) (12)Series A-3 Preferred Units10/4/202256,899 853 741 0.07 %
Total Media: Diversified & Production853 741 0.07 %
Services: Business
Apex Companies(8) (10) (12)Class A Membership Interests1/31/20231,173 117 139 0.01 %
Career Now(8) (12)Common Equity9/30/2021624 624   %
Career Now(8) (12)Series B Limited Partnership Units10/14/2023222 22   %
E78(8) (12)Class A Common Units12/1/2021816 860 900 0.09 %
Esquire Deposition Services(8) (12)Class A Limited Partnership Units7/1/20242,424 320 242 0.02 %
Output Services Group, Inc.(8) (10) (12)Class A Units11/30/202347,021 833 907 0.10 %
Riveron(8) (12)Class A Units7/17/2023790 790 776 0.08 %
Total Services: Business3,566 2,964 0.30 %
Services: Consumer
Legacy Service Partners(8) (12)Class B Units1/9/20234,907 491 606 0.06 %
NearU(8) (9) (12)Limited Partnership Interests8/8/20222,432 243 186 0.02 %
Palmetto Exterminators(8) (12)Class A Units7/31/2023997,000 1,117 1,202 0.13 %
Perennial Services Group(8) (10) (12)Class A Units9/8/20237,784 778 1,125 0.11 %
Repipe Specialists(8) (10) (12)Purchased Units3/18/2022253 253 12  %
Total Services: Consumer2,882 3,131 0.32 %
Sovereign & Public Finance
LMI(8) (12)Limited Partnership Interests7/18/2022633,980 634 1,295 0.13 %
Total Sovereign & Public Finance634 1,295 0.13 %
See Notes to Consolidated Financial Statements
25

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

Portfolio Company (1) (2)
FootnotesInvestmentAcquisition DateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Transportation: Cargo
RoadOne(8) (12)Partnership Units12/29/20221,173,220 939 1,093 0.11 %
Seko Global Logistics LLC(8) (12)Equity Co-Invest12/30/2020671,203 332   %
Total Transportation: Cargo1,271 1,093 0.11 %
Transportation: Consumer
American Student Transportation Partners(8) (12)Limited Partnership Interest9/11/2023102,475 102 94 0.01 %
Total Transportation: Consumer102 94 0.01 %
Utilities: Electric
Pinnacle Supply Partners, LLC(8) (12)Subject Partnership Units4/3/2023279,687 280 251 0.03 %
Total Utilities: Electric280 251 0.03 %
Utilities: Water
USA Water(8) (10) (12)Common Units2/21/20244,781 478 556 0.06 %
Total Utilities: Water478 556 0.06 %
Total Equity Investments29,882 33,825 3.41 %
Portfolio Company (1) (2)
Interest RateShares/UnitsAmortized Cost
Fair Value (4)
% of Net Assets (5)
Cash Equivalents
BlackRock Liquidity Funds T-Fund - Institutional Class4.76%62,452 62,452 62,452 6.30 %
First American Government Obligations Fund - Class Z4.75%28 28 28  %
Total Cash Equivalents$62,480 $62,480 6.30 %
Total Investments and Cash Equivalents$2,137,845 $2,109,367 212.94 %
_______________
(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.
(2)Unless otherwise indicated, issuers of debt and equity held by the Company are domiciled in the United States.
(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2024. As of September 30, 2024, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.85%, 4.59%, 4.25%, and 3.78% 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 $990,609 as of September 30, 2024.
See Notes to Consolidated Financial Statements
26

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
September 30, 2024
(dollar amounts in thousands)

(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 Commercial Bakeries is Canada. The principal place of business for Phaidon International is the United Kingdom. The principal place of business for Insulation Technology Group is Germany.
(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of September 30, 2024, the Company held forty-nine restricted securities with an aggregate fair value of $33,825, or 3.41% 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 September 30, 2024, total non-qualifying assets at fair value represented 5.30% 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 September 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)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
AEgis Technologies(6) (12) (13)First Lien Term Loan
S + 6.50%
12.04 %10/31/2025$14,657 $14,592 $14,311 1.91 %
Arotech(6) (12)First Lien Term Loan
S + 6.25%
11.70 %10/22/20269,202 9,127 8,945 1.20 %
Arotech (Delayed Draw)(6) (12) (13)First Lien Term Loan
S + 6.25%
11.70 %10/22/2026448 446 435 0.06 %
Loc Performance Products(6) (12)First Lien Term Loan
S + 5.25%
10.71 %12/22/20266,557 6,502 6,270 0.84 %
Precision Aviation Group(6) (12) (13)First Lien Term Loan
S + 5.75%
11.12 %12/21/202915,039 14,740 14,740 1.97 %
Precision Aviation Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.12 %12/21/20294,961 (49)(99)(0.01 %)
Turbine Engine Specialist, Inc(12)Subordinated Debt
S + 9.50%
14.96 %3/1/20292,556 2,494 2,509 0.33 %
Valkyrie(12)Subordinated DebtN/A
10.50% (Cash) 1.00% (PIK)
11/17/20272,836 2,792 2,740 0.37 %
Total Aerospace & Defense50,644 49,851 6.67 %
Automotive
American Auto Auction Group(6) (12)First Lien Term Loan
S + 5.00%
10.50 %12/30/202710,520 10,443 10,266 1.37 %
Classic Collision (Delayed Draw) (Incremental Tranche A-4)(11) (12)First Lien Term Loan
S + 5.75%
11.29 %1/14/202625,225 3,304 3,016 0.40 %
Classic Collision (Delayed Draw) (Incremental)(6) (12) (13)First Lien Term Loan
S + 5.75%
11.29 %1/14/20266,941 6,941 6,847 0.92 %
Classic Collision (Incremental)(6) (12)First Lien Term Loan
S + 5.75%
11.29 %1/14/20267,751 7,707 7,646 1.02 %
Collision Right(6) (12) (13)First Lien Term Loan
S + 5.25%
10.50 %4/14/20285,294 5,269 5,282 0.71 %
Collision Right(12)Subordinated DebtN/A
9.00% (Cash) 3.75% (PIK)
10/14/20281,411 1,380 1,371 0.18 %
Collision Right (Delayed Draw)(12)Subordinated DebtN/A
9.00% (Cash) 3.75% (PIK)
10/14/2028996 985 968 0.13 %
Covercraft(12)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/20/20287,478 7,373 6,892 0.92 %
Covercraft (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 0.75% (PIK)
2/20/20284,386  (344)(0.04 %)
High Bar Brands(12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/20302,088 2,035 2,036 0.27 %
High Bar Brands (Delayed Draw)(11) (12)Subordinated DebtN/A
9.00% (Cash) 4.00% (PIK)
6/19/2030596 (7)(15) %
JEGS Automotive(6)First Lien Term Loan
S + 6.00%
11.46 %12/22/20273,999 3,970 3,381 0.45 %
See Notes to Consolidated Financial Statements
28

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

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

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

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Royal Holdco Corporation (Incremental)(10) (12) (13)First Lien Term Loan
S + 5.75%
11.21 %12/30/20273,118 3,074 3,073 0.41 %
Sciens Building Solutions, LLC(6) (9) (13)First Lien Term Loan
S + 5.75%
11.23 %12/15/20279,315 9,183 9,128 1.22 %
Sciens Building Solutions, LLC (Delayed Draw)(6) (9) (11) (12) (13)First Lien Term Loan
S + 5.75%
11.23 %12/15/20274,915 3,259 3,193 0.43 %
WSB Engineering Holdings Inc.(12) (13)First Lien Term Loan
S + 6.00%
11.39 %8/31/20296,519 6,426 6,424 0.86 %
WSB Engineering Holdings Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.39 %8/31/20294,357 (31)(64)(0.01 %)
Total Construction & Building61,992 61,958 8.28 %
Consumer Goods: Durable
Halo Buyer Inc(6) (15)First Lien Term Loan
S + 4.50%
9.96 %6/28/20255,668 5,641 4,284 0.57 %
Petmate(6) (9) (12)First Lien Term Loan
S + 5.50%
11.23 %9/15/20289,825 9,753 5,846 0.78 %
Xpressmyself.com LLC (a/k/a SmartSign)(6) (13)First Lien Term Loan
S + 5.50%
10.98 %9/7/20289,875 9,796 9,701 1.30 %
Xpressmyself.com LLC (a/k/a SmartSign)(6)First Lien Term Loan
S + 5.75%
11.22 %9/7/20285,025 4,932 4,983 0.67 %
Total Consumer Goods: Durable30,122 24,814 3.32 %
Consumer Goods: Non-durable
Arcadia Consumer Health(6) (9) (13)First Lien Term Loan
S + 4.50%
9.98 %9/10/202712,604 12,522 12,192 1.63 %
Arcadia Consumer Health (Incremental)(9) (12) (13)First Lien Term Loan
S + 5.75%
11.23 %9/10/20272,256 2,216 2,251 0.30 %
Badger Sportswear Acquisition Inc(6)First Lien Term Loan
S + 4.50%
10.03 %1/7/20243,800 3,800 3,800 0.51 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
11.73 %3/1/20277,744 7,696 7,081 0.95 %
FoodScience(6) (12)First Lien Term Loan
S + 6.00%
12.23 %3/1/20276,880 6,831 6,291 0.84 %
Protective Industrial Products (“PIP”)(6) (9) (12) (13)First Lien Term Loan
S + 5.00%
10.47 %12/29/20274,860 4,684 4,909 0.66 %
Elevation Labs(6) (13)First Lien Term Loan
S + 5.75%
11.23 %6/30/20286,789 6,733 6,335 0.85 %
Elevation Labs (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.23 %6/30/20283,125 (24)(209)(0.03 %)
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
11.03 %12/29/20262,505 2,489 2,505 0.33 %
Market Performance Group(6) (13)First Lien Term Loan
S + 5.50%
11.03 %12/29/20267,275 7,256 7,275 0.97 %
Ultima Health Holdings, LLC(12)Subordinated DebtN/A
11.00% (Cash) 1.50% (PIK)
3/12/20291,734 1,706 1,704 0.23 %
Total Consumer Goods: Non-durable55,909 54,134 7.24 %
See Notes to Consolidated Financial Statements
32

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Containers, Packaging & Glass
B2B Packaging(6) (13)First Lien Term Loan
S + 6.75%
12.28 %10/7/202614,696 14,663 14,398 1.93 %
B2B Packaging (Delayed Draw)(6)First Lien Term Loan
S + 6.75%
12.29 %10/7/2026116 114 114 0.02 %
Five Star Packing(6) (13) (15)First Lien Term Loan
S + 4.25%
9.63 %5/6/20297,576 7,482 7,482 1.00 %
Good2Grow(12) (13)First Lien Term Loan
S + 5.50%
11.04 %12/1/20276,362 6,270 6,362 0.85 %
Good2Grow(6) (13)First Lien Term Loan
S + 4.50%
10.04 %12/1/20279,265 9,201 9,137 1.22 %
Oliver Packaging(12)Subordinated DebtN/A
10.00% (Cash) 1.00% (PIK)
1/6/20292,510 2,471 2,377 0.32 %
Online Labels Group(13)First Lien Term Loan
S + 5.25%
10.61 %12/19/20293,328 3,295 3,296 0.44 %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (4) %
Online Labels Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.61 %12/19/2029403  (4) %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
 S + 5.50%
11.23 %12/17/20252,983 2,968 2,921 0.39 %
Specialized Packaging Group(6) (7) (10) (13)First Lien Term Loan
S + 5.50%
11.23 %12/17/20257,275 7,236 7,123 0.95 %
Specialized Packaging Group (Incremental)(7) (10) (13)First Lien Term Loan
S + 6.25%
11.98 %12/17/20254,409 4,354 4,375 0.58 %
Specialized Packaging Group (Incremental)(7) (10) (12) (13)First Lien Term Loan
S + 6.25%
11.78 %12/17/20256,894 6,798 6,751 0.90 %
Total Containers, Packaging & Glass64,852 64,328 8.60 %
Energy: Electricity
MGM Transformer Company (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.38 %10/31/20296,388 (16)(92)(0.01 %)
MGM Transformer Company(6) (12) (13)First Lien Term Loan
S + 6.00%
11.38 %10/31/202923,612 23,259 23,271 3.11 %
National Power(12) (13)First Lien Term Loan
S + 6.00%
11.36 %10/20/20295,674 5,589 5,593 0.75 %
National Power (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.36 %10/20/20293,051 (7)(44)(0.01 %)
Total Energy: Electricity28,825 28,728 3.84 %
Environmental Industries
Impact Environmental Group(12) (13)First Lien Term Loan
S + 6.00%
11.28 %3/23/20296,776 6,650 6,721 0.90 %
Impact Environmental Group (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20293,166 2,770 2,759 0.37 %
Impact Environmental Group (Incremental)(12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20291,736 1,703 1,722 0.23 %
See Notes to Consolidated Financial Statements
33

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Impact Environmental Group (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.28 %3/23/20296,822 (32)(55)(0.01 %)
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)(6) (13)First Lien Term Loan
S + 5.25%
10.73 %8/31/20286,648 6,596 6,518 0.87 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)(6) (12) (13)First Lien Term Loan
S + 6.25%
11.65 %7/1/20298,550 8,426 8,429 1.13 %
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.65 %7/1/20296,429 (15)(91)(0.01 %)
The Facilities Group(6) (9)First Lien Term Loan
S + 5.75%
11.23 %11/30/20274,872 4,840 4,847 0.64 %
The Facilities Group (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.22 %11/30/20275,028  (25) %
The Facilities Group(9) (13)First Lien Term Loan
S + 5.75%
11.22 %11/30/20279,051 8,963 9,006 1.20 %
The Facilities Group (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.22 %11/30/20274,952 4,952 4,927 0.66 %
Total Environmental Industries44,853 44,758 5.98 %
Healthcare & Pharmaceuticals
Affinity Hospice(6) (12)First Lien Term Loan
S + 4.75%
10.20 %12/17/20277,872 7,817 7,048 0.94 %
Anne Arundel(12)Subordinated Debt
N/A
12.75% (PIK)
10/16/20263,282 3,247 2,656 0.36 %
Anne Arundel(12)Subordinated DebtN/A
11.00% (PIK)
4/16/20261,972 1,957 1,776 0.24 %
Anne Arundel (Delayed Draw)(11) (12)Subordinated DebtN/A
11.00% (PIK)
4/16/20262,396 2,022 1,790 0.24 %
Forefront Dermatology(6) (9) (12) (15)First Lien Term Loan
S + 4.25%
9.63 %4/1/20293,315 3,268 3,215 0.43 %
Genesee Scientific(6) (9)First Lien Term Loan
S + 5.50%
10.95 %9/30/20275,959 5,922 5,839 0.78 %
Genesee Scientific (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.50%
10.95 %9/30/20271,560 1,560 1,528 0.20 %
GHR Healthcare(6) (9)First Lien Term Loan
S + 5.00%
10.50 %12/8/20276,401 6,359 6,255 0.84 %
GHR Healthcare (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.00%
10.50 %12/9/20272,002 2,002 1,957 0.26 %
GHR Healthcare (Incremental)(13)First Lien Term Loan
S + 5.00%
10.50 %12/9/20274,983 4,904 4,869 0.65 %
Health Management Associates(12) (13)First Lien Term Loan
S + 6.50%
11.73 %3/31/20298,307 8,154 8,233 1.10 %
Health Management Associates (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.50%
11.73 %3/31/20291,499 444 460 0.06 %
Heartland Veterinary Partners LLC (Incremental)(12)Subordinated Debt
S + 7.50%
12.96 %12/10/20271,900 1,872 1,875 0.25 %
Heartland Veterinary Partners LLC (Incremental) (Delayed Draw)(12)Subordinated Debt
S +7.50%
12.96 %12/10/20279,500 9,500 9,377 1.25 %
See Notes to Consolidated Financial Statements
34

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
HemaSource Inc.(12)Subordinated DebtN/A
8.50% (Cash) 5.00% (PIK)
2/28/20305,292 5,153 5,147 0.69 %
InfuCare RX(6) (12) (13)First Lien Term Loan
S + 4.50%
9.95 %1/4/20289,248 9,182 9,045 1.21 %
MDC Intermediate Holdings II, LLC(12)Subordinated DebtN/A
 10.00% (Cash) 2.25% (PIK)
2/7/20301,749 1,711 1,690 0.23 %
MDC Intermediate Holdings II, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.25% (PIK)
2/7/2030721 160 143 0.02 %
Midwest Eye Consultants(6) (13)First Lien Term Loan
S + 4.50%
10.04 %8/20/20279,021 8,962 8,790 1.18 %
PromptCare(6) (9) (13)First Lien Term Loan
S + 6.00%
11.46 %9/1/20278,204 8,121 8,079 1.08 %
PromptCare (Delayed Draw)(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.46 %9/1/20271,278 1,271 1,258 0.17 %
Quorum Health Resources, LLC(6) (13)First Lien Term Loan
S + 5.75%
11.50 %5/28/20277,680 7,627 7,552 1.01 %
Quorum Health Resources, LLC (Delayed Draw) (Incremental)(6) (10) (12)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,248 3,240 3,240 0.43 %
Quorum Health Resources, LLC (Incremental)(10) (12) (13)First Lien Term Loan
S + 6.25%
11.68 %5/28/20273,248 3,201 3,240 0.43 %
Sandlot Buyer, LLC (Prime Time Healthcare)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.28 %9/19/20288,958 8,729 8,854 1.18 %
Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental)(12) (13)First Lien Term Loan
S + 6.00%
11.52 %9/19/202810,122 9,924 10,004 1.34 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)(6) (13)First Lien Term Loan
S + 5.75%
11.21 %10/7/20297,474 7,408 7,382 0.99 %
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.21 %10/7/20292,443 1,558 1,528 0.21 %
SM Wellness Holdings, Inc(6) (12) (13)First Lien Term Loan
S + 4.75%
10.14 %4/15/202814,665 14,573 14,187 1.90 %
Thorne HealthTech(6) (12) (13)First Lien Term Loan
S + 5.75%
11.10 %10/16/203010,652 10,549 10,553 1.41 %
TIDI Products(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.86 %12/19/202915,523 15,368 15,369 2.05 %
TIDI Products (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.86 %12/19/20294,085  (40)(0.01 %)
US Fertility(12)Subordinated Debt
N/A
13.75% (PIK)
6/21/202812,391 12,084 12,066 1.61 %
Wellspring Pharmaceutical(13)First Lien Term Loan
S + 5.75%
11.03 %8/22/20283,378 3,323 3,298 0.44 %
Wellspring Pharmaceutical (Delayed Draw)(12)First Lien Term Loan
S + 5.75%
11.03 %8/22/20281,571 1,561 1,534 0.21 %
Wellspring Pharmaceutical (Delayed Draw) (Incremental)(11) (12)First Lien Term Loan
S + 6.00%
11.18 %8/22/20283,756 (16)(55)(0.01 %)
Wellspring Pharmaceutical (Incremental)(12) (13)First Lien Term Loan
S + 6.00%
11.18 %8/22/20281,246 1,223 1,228 0.16 %
Young Innovations (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.75%
11.09 %12/1/20293,448  (34) %
See Notes to Consolidated Financial Statements
35

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Young Innovations(6) (9) (13)First Lien Term Loan
S + 5.75%
11.09 %12/1/202916,552 16,386 16,391 2.19 %
Total Healthcare & Pharmaceuticals210,326 207,327 27.72 %
High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)(6) (12) (13)First Lien Term Loan
S + 6.00%
11.35 %6/13/20298,021 7,870 7,951 1.06 %
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.00%
11.35 %6/13/20293,225 (15)(28) %
Argano, LLC(6)First Lien Term Loan
S + 5.50%
11.69 %6/10/20265,634 5,602 5,510 0.74 %
Argano, LLC (Delayed Draw)(6) (13)First Lien Term Loan
S + 5.50%
11.69 %6/10/20262,494 2,494 2,440 0.33 %
Argano, LLC (Delayed Draw) (Incremental)(6)First Lien Term Loan
S + 5.50%
11.69 %6/10/20261,705 1,676 1,667 0.22 %
Diligent Corporation(6) (9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/202512,469 12,451 12,366 1.65 %
Diligent Corporation(9) (12) (13)First Lien Term Loan
S + 5.75%
11.28 %7/31/20253,387 3,372 3,334 0.45 %
Diligent Corporation(9) (12)First Lien Term Loan
S + 5.75%
11.28 %8/4/20251,476 1,469 1,453 0.19 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/2025168 168 166 0.02 %
Diligent Corporation (Delayed Draw)(9) (12)First Lien Term Loan
S + 6.25%
11.78 %7/31/2025106 106 105 0.01 %
Eliassen Group LLC(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
10.85 %4/14/202812,069 11,976 12,083 1.62 %
Eliassen Group LLC (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.85 %4/14/20282,771 864 872 0.11 %
Evergreen Services Group II (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 6.00%
11.35 %10/4/203013,014 8,495 8,342 1.11 %
Evergreen Services Group II(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
11.35 %10/4/203016,156 15,917 15,926 2.13 %
Exterro(6) (9) (12) (13)First Lien Term Loan
S + 5.50%
11.03 %6/1/20279,474 9,462 9,503 1.27 %
Fineline Merger(12)Subordinated Debt
S + 9.26%
14.61 %8/22/20282,453 2,427 2,453 0.33 %
Go Engineer(6) (9) (13)First Lien Term Loan
S + 5.38%
10.87 %12/21/202711,572 11,490 11,409 1.53 %
Go Engineer (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.38%
10.87 %12/21/20273,152 3,130 3,107 0.42 %
Infinite Electronics (Incremental)(6) (9) (13)First Lien Term Loan
S + 6.25%
11.88 %3/2/20286,313 6,152 6,100 0.82 %
Infobase Acquisition, Inc.(6) (13)First Lien Term Loan
S + 5.50%
10.93 %6/14/20284,331 4,297 4,297 0.57 %
Infobase Acquisition, Inc. (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.50%
10.93 %6/14/2028721  (6) %
ITSavvy LLC(6) (13)First Lien Term Loan
 S + 5.25%
10.89 %8/8/20287,794 7,730 7,794 1.04 %
ITSavvy LLC (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.89 %8/8/20281,049 883 891 0.12 %
See Notes to Consolidated Financial Statements
36

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
North Haven CS Acquisition Inc(6)First Lien Term Loan
S + 5.25%
10.78 %1/23/20255,787 5,787 5,787 0.77 %
Prosci, Inc.(6)First Lien Term Loan
S + 4.50%
9.99 %10/21/20264,733 4,704 4,708 0.63 %
Revalize (Delayed Draw)(6) (9) (13)First Lien Term Loan
S + 5.75%
11.21 %4/15/20274,243 4,232 4,064 0.54 %
Revalize (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 5.75%
11.21 %4/15/20271,090 1,083 1,044 0.14 %
Revalize (Delayed Draw)(9) (12)First Lien Term Loan
S + 5.75%
11.25 %4/15/2027244 243 234 0.03 %
SmartWave(6) (12)First Lien Term Loan
S + 6.00%
11.53 %11/5/20269,214 9,145 7,744 1.04 %
Solve Industrial Motion Group(12)Subordinated Debt
N/A
5.00% (Cash) 8.00% (PIK)
6/30/20281,786 1,760 1,700 0.23 %
Solve Industrial Motion Group(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/28/2028763 749 739 0.10 %
Solve Industrial Motion Group (Delayed Draw)(12)Subordinated DebtN/A
5.00% (Cash) 8.00% (PIK)
6/30/20282,046 2,046 1,947 0.26 %
Total High Tech Industries147,765 145,702 19.48 %
Media: Advertising, Printing & Publishing
Tinuiti(6) (9)First Lien Term Loan
S + 5.25%
10.70 %12/10/20262,948 2,928 2,823 0.38 %
Tinuiti (Delayed Draw)(6) (9)First Lien Term Loan
S + 5.25%
10.70 %12/10/20261,926 1,926 1,845 0.25 %
Tinuiti (Delayed Draw) (Incremental)(6) (12)First Lien Term Loan
S + 5.25%
10.70 %12/10/20269,863 9,863 9,445 1.26 %
Wpromote(13)First Lien Term Loan
S + 5.75%
11.19 %10/21/20284,379 4,304 4,344 0.58 %
Wpromote (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.75%
11.19 %10/21/2028588 (4)(5) %
Total Media: Advertising, Printing & Publishing19,017 18,452 2.47 %
Media: Diversified & Production
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.96 %8/12/20272,887 2,867 2,752 0.37 %
Corporate Visions(6)First Lien Term Loan
S + 4.50%
9.96 %8/12/20272,538 2,509 2,419 0.32 %
Spectrio II(6) (9) (12) (13)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/20268,143 8,100 7,556 1.01 %
Spectrio II (Delayed Draw)(6) (9) (12)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/20262,893 2,875 2,684 0.36 %
Spectrio II (Delayed Draw)(9) (13)First Lien Term Loan
S + 6.00%
6.50% (Cash) 5.00% (PIK)
12/9/2026441 440 407 0.06 %
Total Media: Diversified & Production16,791 15,818 2.12 %
Retail
Syndigo(6)First Lien Term Loan
S + 4.50%
9.97 %12/14/20275,835 5,850 5,747 0.77 %
Total Retail5,850 5,747 0.77 %
See Notes to Consolidated Financial Statements
37

NUVEEN CHURCHILL DIRECT LENDING CORP.
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2023
(dollar amounts in thousands, including share data)
Portfolio Company (1) (2)
FootnotesInvestment
Spread Above Reference Rate (3)
Interest Rate (3)
Maturity DatePar AmountAmortized Cost
Fair Value (4)
% of Net Assets (5)
Services: Business
ALKU Intermediate Holdings, LLC(12) (13)First Lien Term Loan
S + 6.25%
11.61 %5/23/20294,519 4,434 4,480 0.60 %
Apex Companies Holdings, LLC(12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20293,964 3,879 3,953 0.53 %
Apex Companies Holdings, LLC (Delayed Draw)(11) (12)Subordinated DebtN/A
10.00% (Cash) 2.50% (PIK)
1/31/20291,197 69 79 0.01 %
ARMstrong (Delayed Draw)(11) (12)First Lien Term Loan
S + 6.25%
11.70 %10/6/20293,847 (28)(55)(0.01 %)
ARMstrong(6) (12) (13)First Lien Term Loan
S + 6.25%
11.70 %10/6/202911,447 11,279 11,284 1.51 %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.47 %9/30/202710,000 9,858 10,000 1.34 %
Big Truck Rental(12)Subordinated Debt
S + 8.00%
13.47 %9/30/20272,500 2,500 2,500 0.33 %
Bounteous(6) (12) (13)First Lien Term Loan
S + 5.25%
10.74 %8/2/20275,347 5,310 5,083 0.68 %
Bounteous(6) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20272,189 2,173 2,080 0.28 %
Bounteous (Delayed Draw)(6) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20272,768 2,750 2,631 0.35 %
Bounteous (Delayed Draw)(11) (12)First Lien Term Loan
S + 5.25%
10.74 %8/2/20274,467  (221)(0.03 %)
BroadcastMed Holdco, LLC(12)Subordinated DebtN/A
10.00% (Cash) 3.75% (PIK)
11/12/20273,483 3,424 3,369 0.45 %
Bullhorn Inc(6) (9) (12) (13)First Lien Term Loan
S + 5.75%
10.96 %9/30/202613,706 13,609 13,706 1.83 %
BusinesSolver(6) (9) (12)First Lien Term Loan
S + 5.50%
10.96 %12/1/20277,741 7,686 7,738 1.03 %
BusinesSolver (Delayed Draw)(9) (11) (12)First Lien Term Loan
S + 5.50%
10.96 %12/1/20271,149 176 179 0.02 %
Career Now(12)Subordinated DebtN/A
13.00% (PIK)
3/27/20273,277 3,237 2,425 0.32 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/2026308 306 308 0.04 %
Cornerstone Advisors of Arizona LLC(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/20262,295 2,283 2,295 0.31 %
Cornerstone Advisors of Arizona LLC (Delayed Draw)(6)First Lien Term Loan
S + 5.50%
11.07 %9/24/2026210