ncdlc-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission file number: 000-56133

NUVEEN CHURCHILL DIRECT LENDING CORP.

(Exact name of registrant as specified in its charter)


Maryland						84-3613224
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY						10152
(Address of principal executive offices)						(Zip Code)

(212) 478-9200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.01

NCDL

New York Stock Exchange

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

As of May 6, 2026, the registrant had 49,387,065 shares of common stock, $0.01 par value, outstanding.

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025

Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025

Notes to Consolidated Financial Statements (Unaudited)

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

112

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

116

Item 3.

Defaults Upon Senior Securities

116

Item 4.

Mine Safety Disclosures

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;

•changes in the markets in which we invest and changes in financial and lending markets generally;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•an economic downturn or recession 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, our financial condition 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 uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•the impact of geopolitical conditions, including the conflict between Ukraine and Russia and the turmoil in Europe and 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”) for U.S. federal income tax purposes and operate as a business development company ("BDC"); and

•the impact of future legislation and regulation on our business and our portfolio companies.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands, except share and per share data)


	March 31, 2026		December 31, 2025

Assets	(Unaudited)
Investments
Non-controlled/non-affiliated company investments, at fair value (cost of $2,022,433 and $2,001,207, respectively)	$	1,975,862	$	1,962,449
Cash	15,269		8,554
Cash equivalents	35,131		53,927



Interest receivable	14,253		13,729
Derivative asset, at fair value (Note 4)	7,500		14,965
Receivable for investments sold	352		518


Other assets	331		327
Total assets	$	2,048,698	$	2,054,469

Liabilities
Debt (net of $8,568 and $8,511 deferred financing and issuance costs, respectively, and net of unamortized discount of $443 and $471, respectively) (See Note 7)	$	1,137,789	$	1,115,052

Interest payable	8,391		15,350
Incentive fees payable	1,535		2,809


Management fees payable	4,940		5,048
Collateral due to broker	7,000		14,750
Distributions payable	19,755		22,224
Directors’ fees payable	142		156
Accounts payable and accrued expenses	5,034		3,900
Total liabilities	1,184,586		1,179,289

Commitments and contingencies (See Note 8)

Net Assets: (See Note 9)

Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 49,387,065 and 49,387,065 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	494		494
Paid-in-capital in excess of par value	930,393		930,393
Total distributable earnings (loss)	(66,775)		(55,707)
Total net assets	864,112		875,180

Total liabilities and net assets	$	2,048,698	$	2,054,469

Net asset value per share (See Note 11)	$	17.50	$	17.72

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	42,862	$	50,846
Payment-in-kind interest income	3,122		2,365

Other income	274		375
Total investment income	46,258		53,586

Expenses:
Interest and debt financing expenses	17,749		20,643
Management fees (See Note 6)	4,940		3,914
Incentive fees on net investment income (See Note 6)	1,535		2,253

Professional fees	763		493
Directors' fees	162		156
Administration fees (See Note 6)	680		586
Other general and administrative expenses	385		342
Total expenses before incentive fees waived	26,214		28,387

Incentive fees waived (See Note 6)	—		(2,253)
Net expenses after incentive fees waived	26,214		26,134


Net investment income	20,044		27,452

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	(3,289)		1,103
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	(7,813)		(13,573)
Income tax (provision) benefit	(255)		39
Total net change in unrealized appreciation (depreciation)	(8,068)		(13,534)
Total net realized and unrealized gain (loss) on investments	(11,357)		(12,431)

Net increase (decrease) in net assets resulting from operations	$	8,687	$	15,021

Per share data:

Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.18	$	0.29
Weighted average common shares outstanding - basic and diluted	49,387,065		52,211,340

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Increase (decrease) in net assets resulting from operations:
Net investment income	$	20,044	$	27,452
Net realized gain (loss) on investments	(3,289)		1,103
Total net change in unrealized appreciation (depreciation)	(8,068)		(13,534)
Net increase (decrease) in net assets resulting from operations	8,687		15,021
Shareholder distributions:
Distributions declared from distributable earnings	(19,755)		(28,265)
Net increase (decrease) in net assets resulting from shareholder distributions	(19,755)		(28,265)
Capital share transactions:


Repurchases of common shares	—		(37,056)
Net increase (decrease) in net assets resulting from capital share transactions	—		(37,056)
Total increase (decrease) in net assets	(11,068)		(50,300)
Net assets, beginning of period	875,180		970,320
Net assets, end of period	$	864,112	$	920,020

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	8,687	$	15,021

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchases of investments	(85,359)		(153,019)
Proceeds from principal repayments and sales of investments	65,015		148,350
Payment-in-kind interest	(3,122)		(2,365)
Amortization of (premium)/accretion of discount, net	(1,049)		(1,627)
Net realized (gain) loss on investments	3,289		(1,103)
Net change in unrealized (appreciation) depreciation on investments	7,813		13,573
Net adjustment for hedging transaction	4,925		(36)

Amortization of deferred financing costs and original issue discount	1,396		1,956

Changes in operating assets and liabilities:

Interest receivable	(524)		(2,730)
Receivable for investments sold	166		(15,539)


Other assets	(4)		(341)
Payable for investments purchased	—		(8,323)
Interest payable	(6,959)		(2,551)

Incentive fee payable	(1,274)		—

Management fees payable	(108)		(42)
Collateral due to broker	(7,750)		—
Directors’ fees payable	(14)		28

Accounts payable and accrued expenses	1,134		(60)
Net cash provided by (used in) operating activities	(13,738)		(8,808)

Cash flows from financing activities:



Shareholder distributions	(22,224)		(29,467)
Repurchases of common shares	—		(37,056)
Proceeds from debt	272,500		796,845
Repayments on debt	(247,194)		(710,037)
Payments of deferred financing costs	(1,425)		(5,603)
Net cash provided by (used in) financing activities	1,657		14,682

Net increase (decrease) in cash and cash equivalents and restricted cash	(12,081)		5,874
Cash and cash equivalents and restricted cash, beginning of period	62,481		43,304
Cash and cash equivalents and restricted cash, end of period	$	50,400	$	49,178
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	23,312	$	21,238

See Notes to Consolidated Financial Statements


	Three Months Ended March 31,
	2026		2025
Supplemental disclosure of non-cash flow financing activity:
Distributions payable	$	19,755	$	28,266

The following tables provide a reconciliation of cash and cash equivalents reported on the consolidated statements of assets and liabilities to comparable amounts on the consolidated statements of cash flows (dollars in thousands):


	March 31, 2026		March 31, 2025
Cash	$	15,269	$	1,931
Cash equivalents	35,131		47,247

Total cash and cash equivalents shown on the consolidated statements of cash flows	$	50,400	$	49,178

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt	S + 5.00%	8.67	%	7/25/2030	$	1,547	$	1,532	$	1,554	0.18	%
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	7/25/2030	887		885		890		0.10	%
PAG Holding Corp. (Precision Aviation Group)	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	12/21/2029	14,701		14,502		14,701		1.70	%
PAG Holding Corp. (Precision Aviation Group)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	12/21/2029	4,874		4,843		4,874		0.56	%
STS Holding, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	11/12/2030	3,491		3,463		3,343		0.39	%
Turbine Engine Specialists, Inc.	(12)	Subordinated Debt	S + 9.50%	13.27	%	3/1/2029	811		793		812		0.09	%
Turbine Engine Specialists, Inc.	(12)	Subordinated Debt	S + 9.50%	13.27	%	3/1/2029	2,498		2,459		2,500		0.29	%
Valkyrie Intermediate, LLC	(12)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,902		2,881		2,873		0.33	%
Total Aerospace & Defense									31,358		31,547		3.64	%

Automotive
Covercraft Parent III, Inc.	(12) (16)	Subordinated Debt	N/A	14.50% (PIK)		2/20/2028	7,562		7,491		680		0.08	%
High Bar Brands Operating, LLC	(12)	Subordinated Debt	N/A	13.00	%	6/19/2030	2,088		2,054		2,000		0.23	%
JEGS Automotive	(12)	Revolving Loan	S + 7.00%	10.67% (PIK)		12/31/2029	227		227		227		0.03	%
JEGS Automotive	(12)	First Lien Debt	S + 7.00%	10.67% (PIK)		12/31/2029	1,363		1,363		1,363		0.16	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 4.75%	8.53	%	3/1/2029	1,133		1,127		1,123		0.13	%
RA Parent Holdings LP (S&S Truck Parts)	(6) (12)	First Lien Debt	S + 4.75%	8.53	%	3/1/2029	19,781		19,648		19,606		2.27	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.53	%	3/1/2029	1,685		1,685		1,671		0.19	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 4.75%	8.53	%	3/1/2029	96		96		95		0.01	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 4.75%	8.53	%	3/1/2029	6,701		6,670		6,642		0.77	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	11/1/2029	3,715		3,585		3,533		0.41	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (9) (12)	First Lien Debt	S + 5.00%	8.67	%	11/1/2029	10,884		10,803		10,730		1.24	%
Total Automotive									54,749		47,670		5.52	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Banking, Finance, Insurance, Real Estate
Aprio Advisory Group, LLC	(11) (12)	Revolving Loan	S + 4.75%	8.42	%	8/1/2031	8	3	3	—	%
Aprio Advisory Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/1/2031	92	—	(1)	—	%
Ascend Partner Services LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.13	%	8/11/2031	12,587	12,539	12,211	1.41	%
Ascend Partner Services LLC	(6)	First Lien Debt	S + 4.50%	8.13	%	8/11/2031	7,266	7,209	7,049	0.82	%
Big Apple Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	11/18/2031	4,302	1,134	1,114	0.13	%
Big Apple Advisory, LLC	(11) (12)	Revolving Loan	S + 4.50%	8.17	%	11/18/2031	1,740	(14)	(15)	—	%
Big Apple Advisory, LLC	(12)	First Lien Debt	S + 4.50%	8.17	%	11/18/2031	8,866	8,792	8,788	1.02	%
Cohen Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	12/31/2031	4,823	195	215	0.02	%
Cohen Advisory, LLC	(6)	First Lien Debt	S + 4.50%	8.20	%	12/31/2031	8,577	8,506	8,577	0.99	%
Compex Legal Services, Inc.	(12)	First Lien Debt	S + 5.75%	9.51	%	3/31/2028	100	99	99	0.01	%
Illumifin Corporation (Long Term Care Group)	(9) (12)	First Lien Debt	S + 6.00%	9.93	%	9/8/2027	7,258	7,259	6,983	0.81	%
Knight AcquireCo, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.16	%	11/8/2032	1,250	—	(4)	—	%
Knight AcquireCo, LLC	(6) (9)	First Lien Debt	S + 4.50%	8.16	%	11/8/2032	3,750	3,742	3,738	0.43	%
Patriot Growth Insurance Services, LLC	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	10/16/2028	7,010	6,979	6,925	0.80	%
Smith & Howard Advisory LLC	(6) (12)	First Lien Debt	S + 5.00%	8.66	%	11/26/2030	5,112	5,089	4,998	0.58	%
Vensure Employer Services, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.67	%	9/27/2031	3,262	3,242	3,234	0.37	%
World Insurance Associates, LLC	(6) (9) (12)	First Lien Debt	S + 5.00%	8.70	%	4/3/2030	14,584	14,580	14,401	1.67	%
Total Banking, Finance, Insurance, Real Estate								79,354	78,315	9.06	%

Beverage, Food & Tobacco
AmerCareRoyal, LLC	(6)	First Lien Debt	S + 5.00%	8.67	%	9/10/2030	711	705	702	0.08	%
AmerCareRoyal, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	9/10/2030	165	—	(2)	—	%
AmerCareRoyal, LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	9/10/2030	113	113	112	0.01	%
Bardstown PPC Buyer LLC (Bardstown Bourbon Company)	(12)	Subordinated Debt	S + 7.75%	11.43	%	8/30/2027	9,300	9,238	8,841	1.02	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (9) (14)	Subordinated Debt	S + 7.25%	11.03	%	6/8/2029	6,245	6,187	6,184	0.72	%
Boardwalk Buyer LLC (Death Wish Coffee)	(6) (9)	First Lien Debt	S + 4.75%	8.55	%	9/28/2028	9,575	9,551	9,575	1.11	%
Commercial Bakeries Corp.	(6) (10) (12)	First Lien Debt	S + 5.25%	8.95	%	9/25/2029	16,892	16,684	16,806	1.94	%
Commercial Bakeries Corp.	(6) (10)	First Lien Debt	S + 5.25%	8.90	%	9/25/2029	1,999	1,988	1,989	0.23	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
FoodScience, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.36	%	11/14/2031	6,301	2,061	2,066	0.24	%
FoodScience, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.49	%	11/14/2031	5,852	5,805	5,845	0.68	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.26% (Cash) 5.13% (PIK)		4/3/2029	4,349	4,300	4,216	0.49	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.26% (Cash) 5.13% (PIK)		4/3/2029	869	857	842	0.10	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.26% (Cash) 5.13% (PIK)		4/3/2029	1,028	1,013	996	0.12	%
Naturpak PPC Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	12/22/2032	1,111	—	(3)	—	%
Naturpak PPC Buyer LLC	(6)	First Lien Debt	S + 4.50%	8.20	%	12/22/2032	4,889	4,867	4,874	0.56	%
Nellson Nutraceutical, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.45	%	4/17/2031	72	—	—	—	%
Nellson Nutraceutical, LLC	(9) (12)	First Lien Debt	S + 5.75%	9.45	%	4/17/2031	923	915	924	0.11	%
Palmetto Acquisitionco, Inc. (Tech24)	(6) (12)	First Lien Debt	S + 5.75%	9.45	%	9/18/2029	13,015	12,870	12,493	1.45	%
Palmetto Acquisitionco, Inc. (Tech24)	(12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.45	%	9/18/2029	3,666	3,659	3,519	0.41	%
Razor Light, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	2/6/2032	1,435	(7)	(6)	—	%
Razor Light, Inc.	(11) (12)	Revolving Loan	S + 4.75%	8.45	%	2/6/2032	1,103	(5)	(5)	—	%
Razor Light, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	2/6/2032	7,462	7,427	7,428	0.86	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (12)	First Lien Debt	S + 4.75%	8.35	%	12/23/2028	6,934	6,895	6,808	0.79	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.35	%	12/23/2028	1,756	1,756	1,724	0.20	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(12)	First Lien Debt	S + 5.00%	8.82	%	7/30/2027	10,358	10,302	10,102	1.17	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(12)	First Lien Debt	S + 5.00%	8.82	%	7/30/2027	9,410	9,343	9,177	1.06	%
Watermill Express, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	4/30/2031	2,373	2,369	2,387	0.28	%
Watermill Express, LLC	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	4/30/2031	3,154	3,154	3,174	0.37	%
Watermill Express, LLC	(6) (9) (12)	First Lien Debt	S + 4.50%	8.20	%	4/30/2031	6,295	6,255	6,334	0.73	%
Watermill Express, LLC	(6) (9)	First Lien Debt	S + 4.50%	8.20	%	4/30/2031	3,211	3,204	3,231	0.37	%
Watermill Express, LLC	(6) (9)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	4/30/2031	310	310	312	0.04	%
Watermill Express, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	4/30/2031	1,880	(6)	11	—	%
Watermill Express, LLC	(9) (12)	First Lien Debt	S + 4.50%	8.20	%	4/30/2031	2,741	2,716	2,758	0.32	%
WCHG Buyer, Inc. (Handgards, LLC)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	4/10/2031	20,181	20,026	20,176	2.33	%
Total Beverage, Food & Tobacco								154,552	153,590	17.79	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Capital Equipment
Clean Solutions Buyer, Inc.	(12)	First Lien Debt	S + 4.50%	8.17	%	9/9/2030	967	959	951	0.11	%
Engineered Fastener Company, LLC (EFC International)	(12)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	3,373	3,328	3,317	0.38	%
FirstCall Mechanical Group, LLC	(6)	First Lien Debt	S + 4.75%	8.45	%	6/27/2031	9,825	9,753	9,763	1.13	%
FirstCall Mechanical Group, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	6/27/2031	19,794	19,783	19,669	2.28	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(9) (12)	First Lien Debt	S + 6.00%	9.80	%	12/15/2026	6,317	6,312	6,226	0.72	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.80	%	12/15/2026	5,479	5,476	5,399	0.62	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.80	%	12/15/2026	2,512	2,512	2,476	0.29	%
Hyperion Materials & Technologies, Inc.	(12) (14)	First Lien Debt	S + 4.50%	8.43	%	8/30/2028	2,593	2,593	2,214	0.26	%
Jetson Buyer, Inc. (E-Technologies Group, Inc.)	(6) (12)	First Lien Debt	S + 5.50%	9.20	%	4/9/2030	7,186	7,133	6,928	0.80	%
Ovation Holdings, Inc	(12)	First Lien Debt (Delayed Draw)	S +4.75%	8.45	%	2/4/2030	7,819	7,759	7,780	0.90	%
Ovation Holdings, Inc	(6)	First Lien Debt	S +4.75%	8.45	%	2/4/2030	936	929	932	0.11	%
Ovation Holdings, Inc	(6)	First Lien Debt	S +4.75%	8.45	%	2/4/2030	7,853	7,763	7,814	0.90	%
Ovation Holdings, Inc	(6)	First Lien Debt (Delayed Draw)	S +4.75%	8.45	%	2/4/2030	1,858	1,845	1,849	0.21	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt	S +5.25%	9.15	%	4/4/2029	9,403	9,306	9,231	1.07	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.16	%	4/4/2029	1,808	1,804	1,775	0.21	%
SkyMark Refuelers, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/16/2032	914	616	612	0.07	%
SkyMark Refuelers, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/16/2032	1,364	—	(7)	—	%
SkyMark Refuelers, LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	12/16/2032	2,722	2,709	2,709	0.31	%
Specialty Manufacturing Holdings, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	3/31/2033	17	—	—	—	%
Specialty Manufacturing Holdings, LLC	(9) (12)	First Lien Debt	S + 4.50%	8.20	%	3/31/2033	83	83	83	0.01	%
USA Industries Holdings LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.91	%	12/10/2032	36	—	—	—	%
USA Industries Holdings LLC	(12)	First Lien Debt	S + 4.25%	7.91	%	12/10/2032	63	63	63	0.01	%
Vessco Midco Holdings, LLC	(6) (9) (12)	First Lien Debt	S + 4.50%	8.17	%	7/24/2031	13,706	13,593	13,447	1.56	%
Vessco Midco Holdings, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	7/24/2031	4,569	4,201	4,132	0.48	%
Vessco Midco Holdings, LLC	(9) (11) (12)	Revolving Loan	S + 4.50%	8.24	%	7/24/2031	1,726	(13)	(33)	—	%
Total Capital Equipment								108,507	107,330	12.43	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Chemicals, Plastics, & Rubber
Boulder Scientific Company, LLC	(6)	First Lien Debt	S + 4.50%	8.16	%	12/31/2027	1,984	1,992	1,970	0.23	%
Chroma Color Corporation	(6)	First Lien Debt	S + 4.25%	7.95	%	4/23/2029	6,171	6,101	6,096	0.71	%
Chroma Color Corporation	(6)	First Lien Debt (Delayed Draw)	S + 4.25%	7.95	%	4/23/2029	1,362	1,355	1,346	0.16	%
New Spartech Holdings LLC	(12)	First Lien Debt	S + 7.00%	10.67	%	3/31/2030	1,434	1,410	1,434	0.17	%
New Spartech Holdings LLC	(9) (12)	First Lien Debt	S + 1.00%	4.67% (Cash) 4.25% (PIK)		9/30/2030	2,439	2,439	2,081	0.24	%
Olympic Buyer, Inc. (Ascensus)	(9) (12)	First Lien Debt	S + 4.35%	8.02	%	6/30/2028	9,506	9,430	8,130	0.94	%
WCI-Momentum Bidco, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	12/31/2032	17	—	—	—	%
WCI-Momentum Bidco, LLC	(12)	First Lien Debt	S + 4.75%	8.45	%	12/31/2032	83	83	83	0.01	%
Total Chemicals, Plastics, & Rubber								22,810	21,140	2.46	%

Construction & Building
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	2,574	2,532	2,203	0.25	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	4,900	4,860	4,194	0.49	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	1.00% (Cash) 13.00% (PIK)		4/26/2030	6,217	6,166	5,321	0.62	%
Athlete Buyer, LLC (Allstar Holdings)	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	13.00% (PIK)		4/26/2030	2,510	(24)	(362)	(0.04	%)
Cobalt Service Partners, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	10/13/2031	3,157	2,293	2,279	0.26	%
Cobalt Service Partners, LLC	(6) (9)	First Lien Debt	S + 4.75%	8.45	%	10/13/2031	1,817	1,802	1,802	0.21	%
Gannett Fleming, Inc.	(6) (9) (12)	First Lien Debt	S + 4.25%	7.90	%	8/5/2030	17,602	17,400	17,489	2.02	%
Gannett Fleming, Inc.	(9) (11) (12)	Revolving Loan	S + 4.50%	8.19	%	8/5/2030	2,131	829	839	0.10	%
Heartland Paving Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/9/2030	5,676	5,045	4,912	0.57	%
Heartland Paving Partners, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/9/2030	5,666	5,656	5,522	0.64	%
Heartland Paving Partners, LLC	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	8/9/2030	8,443	8,378	8,229	0.95	%
ICE USA Infrastructure, Inc.	(6) (12)	First Lien Debt	S + 5.75%	9.42	%	3/15/2030	6,489	6,442	6,448	0.75	%
Java Buyer, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.45	%	12/15/2030	13,948	13,870	13,920	1.61	%
MEI Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	6/29/2029	2,095	521	521	0.06	%
MEI Buyer LLC	(6) (12)	First Lien Debt	S + 4.25%	7.92	%	6/29/2029	11,173	11,035	11,174	1.29	%
MEI Buyer LLC	(12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	6/29/2029	1,787	1,782	1,787	0.21	%
Rose Paving, LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	5/7/2030	191	190	184	0.02	%
Rose Paving, LLC	(12)	Subordinated Debt	N/A	12.00	%	5/7/2030	2,937	2,910	2,832	0.33	%
Royal Holdco Corporation (RMA Companies)	(11) (12)	First Lien Debt (Delayed Draw)	S +4.50%	8.17	%	12/30/2030	3,431	1,235	1,201	0.14	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Royal Holdco Corporation (RMA Companies)	(6) (12)	First Lien Debt	S + 4.50%	8.17	%	12/30/2030	16,358	16,281	16,061	1.86	%
SCIC Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	3/28/2031	3,105	470	539	0.06	%
SCIC Buyer, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	3/28/2031	14,665	14,537	14,958	1.73	%
WSB Engineering Holdings Inc.	(6)	First Lien Debt	S + 4.50%	8.17	%	8/31/2029	6,372	6,315	6,319	0.73	%
WSB Engineering Holdings Inc.	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	8/31/2029	4,186	4,172	4,151	0.48	%
Total Construction & Building								134,697	132,523	15.34	%

Consumer Goods: Durable
DRS Holdings III, Inc.	(6) (9)	First Lien Debt	S + 5.25%	8.92	%	11/1/2028	2,828	2,828	2,817	0.33	%
Momentum Textiles, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		9/25/2029	5,155	5,084	5,081	0.59	%
XpressMyself.com LLC (SmartSign)	(6) (12)	First Lien Debt	S + 5.50%	9.27	%	9/7/2028	9,650	9,612	9,649	1.12	%
XpressMyself.com LLC (SmartSign)	(6)	First Lien Debt	S + 5.75%	9.51	%	9/7/2028	4,911	4,862	4,910	0.57	%
Total Consumer Goods: Durable								22,386	22,457	2.61	%

Consumer Goods: Non-durable
Bradford Soap International, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/28/2031	1,000	—	(3)	—	%
Bradford Soap International, Inc.	(6)	First Lien Debt	S + 4.75%	8.42	%	8/28/2031	2,993	2,979	2,984	0.35	%
FoodServices Brand Group, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		2/8/2030	3,133	3,064	3,039	0.35	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6)	First Lien Debt	S + 4.75%	8.52	%	6/30/2030	6,634	6,609	6,601	0.76	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.52	%	6/30/2030	2,457	2,448	2,445	0.28	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (12)	First Lien Debt	S + 5.00%	8.66	%	1/8/2030	12,367	12,283	12,416	1.44	%
MPG Parent Holdings, LLC (Market Performance Group)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.66	%	1/8/2030	3,036	3,036	3,048	0.35	%
Total Consumer Goods: Non-durable								30,419	30,530	3.53	%

Containers, Packaging & Glass
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(12)	First Lien Debt	S + 6.75%	10.60	%	10/7/2026	14,098	14,096	13,781	1.59	%
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(12)	First Lien Debt	S + 6.75%	10.60	%	10/7/2026	112	111	109	0.01	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.50%	8.32	%	12/1/2027	8,699	8,672	8,648	1.00	%
good2grow LLC	(6) (12)	First Lien Debt	S + 5.50%	9.32	%	12/1/2027	4,029	4,003	4,029	0.47	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.75%	8.57	%	12/1/2027	14,086	14,022	14,058	1.63	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.31	%	12/17/2027	10,026	10,010	9,960	1.15	%
Ivex Holdco Inc. (Specialized Packaging Group)	(10) (12)	First Lien Debt	S + 5.50%	9.31	%	12/17/2027	4,310	4,310	4,282	0.50	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.31	%	12/17/2027	6,740	6,740	6,695	0.77	%
Ivex Holdco Inc. (Specialized Packaging Group)	(10) (12)	First Lien Debt	S + 5.50%	9.31	%	12/17/2027	3,250	3,250	3,228	0.37	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	11.50% (PIK)		1/6/2029	2,871	2,849	2,513	0.29	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2029	541	535	492	0.06	%
Online Labels Group, LLC	(12)	First Lien Debt	S + 4.75%	8.45	%	12/19/2029	3,254	3,232	3,254	0.38	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	12/19/2029	401	200	200	0.02	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	12/19/2029	403	—	—	—	%
Performance Packaging Buyer, LLC	(6)	First Lien Debt	S + 4.50%	8.13	%	4/15/2031	6,960	6,899	6,908	0.80	%
Total Containers, Packaging & Glass								78,929	78,157	9.04	%

Energy: Electricity
Environ Energy, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	10/1/2031	1,481	227	226	0.03	%
Environ Energy, LLC	(6)	First Lien Debt	S + 5.25%	8.92	%	10/1/2031	2,512	2,495	2,493	0.29	%
Matador US Buyer, LLC (Insulation Technology Group)	(6) (10) (12)	First Lien Debt	S + 5.00%	8.67	%	6/25/2030	22,073	21,906	22,133	2.56	%
Matador US Buyer, LLC (Insulation Technology Group)	(10) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	6/25/2030	5,841	5,841	5,856	0.68	%
Total Energy: Electricity								30,469	30,708	3.56	%

Environmental Industries
CLS Management Services, LLC (Contract Land Staff)	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	3/27/2030	7,412	7,359	7,376	0.85	%
CLS Management Services, LLC (Contract Land Staff)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.65	%	3/27/2030	2,980	2,976	2,965	0.34	%
CLS Management Services, LLC (Contract Land Staff)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	3/27/2030	4,984	4,476	4,460	0.52	%
Impact Parent Corporation (Impact Environmental Group)	(6) (12)	First Lien Debt	S + 5.25%	9.05	%	3/23/2029	6,623	6,545	6,554	0.76	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.05	%	3/23/2029	3,094	3,085	3,062	0.35	%
Impact Parent Corporation (Impact Environmental Group)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.05	%	3/23/2029	6,707	6,689	6,637	0.77	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt	S + 5.25%	9.05	%	3/23/2029	1,697	1,677	1,679	0.19	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt	S + 5.75%	9.52	%	11/30/2028	4,760	4,748	4,663	0.54	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
NFM & J, L.P. (The Facilities Group)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.52	%	11/30/2028	8,823	8,789	8,644	1.00	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.75%	9.52	%	11/30/2028	4,839	4,839	4,741	0.55	%
NFM & J, L.P. (The Facilities Group)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.52	%	11/30/2028	553	553	542	0.06	%
Nutrition 101 Buyer, LLC (101 Inc)	(6)	First Lien Debt	S + 5.25%	9.05	%	8/31/2028	6,497	6,473	6,384	0.74	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 4.75%	8.45	%	7/3/2029	8,357	8,278	8,304	0.96	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	7/3/2029	6,345	6,338	6,305	0.73	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 4.75%	8.45	%	7/3/2029	1,569	1,557	1,559	0.18	%
Orion Group FM Holdings, LLC (Leo Facilities)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	7/3/2029	13,446	5,832	5,748	0.67	%
SI Solutions, LLC	(6)	First Lien Debt	S + 4.75%	8.42	%	8/15/2030	11,724	11,636	11,684	1.35	%
SI Solutions, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/15/2030	5,593	1,102	1,093	0.13	%
Total Environmental Industries								92,952	92,400	10.69	%

Healthcare & Pharmaceuticals
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (12)	First Lien Debt	S + 5.25%	8.92	%	7/2/2031	1,463	1,457	1,445	0.17	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (12)	First Lien Debt	S + 5.25%	8.92	%	7/2/2031	15,477	15,352	15,287	1.77	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	7/2/2031	2,836	1,393	1,363	0.16	%
ACP Maverick Holdings, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	3/18/2031	3,622	2,924	2,922	0.34	%
ACP Maverick Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.45	%	3/18/2031	16,200	16,061	16,126	1.87	%
Affinity Hospice Intermediate Holdings, LLC	(12)	First Lien Debt	S + 4.75%	8.55	%	12/17/2029	6,562	6,541	4,802	0.56	%
Anne Arundel Dermatology Management, LLC	(12)	First Lien Debt	N/A	4.71% (PIK)		1/15/2029	649	649	649	0.08	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	12.75% (PIK)		10/15/2028	3,282	3,283	1,283	0.15	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	13.25% (PIK)		4/15/2028	1,972	1,972	2,023	0.23	%
Anne Arundel Dermatology Management, LLC	(12)	First Lien Debt	N/A	4.71% (PIK)		4/15/2028	566	566	566	0.07	%
Anne Arundel Dermatology Management, LLC	(11) (12) (16)	Subordinated Debt (Delayed Draw)	N/A	13.25% (PIK)		4/15/2028	2,396	2,029	2,091	0.24	%
ARC Health OPCO, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	1,222	(17)	(34)	—	%
ARC Health OPCO, LLC	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	2,503	2,435	2,433	0.28	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Bluebird PM Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	2/3/2032	1,153	(2)	—	—	%
Bluebird PM Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.45	%	2/3/2032	8,371	8,302	8,371	0.97	%
Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.87	%	12/22/2031	4,822	(21)	(68)	(0.01	%)
Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.87	%	12/22/2031	2,738	2,175	2,147	0.25	%
Bridges Consumer Healthcare Intermediate LLC	(6)	First Lien Debt	S + 5.25%	8.87	%	12/22/2031	5,741	5,694	5,659	0.65	%
Coding Solutions Acquisition, Inc.	(6) (9) (12)	First Lien Debt	S + 5.00%	8.67	%	8/7/2031	13,475	13,411	13,279	1.53	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/7/2031	521	(1)	(8)	—	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	Revolving Loan	S + 5.00%	8.67	%	8/7/2031	1,246	(10)	(18)	—	%
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology)	(6) (9) (12) (14)	First Lien Debt	S + 4.25%	7.92	%	3/30/2029	3,239	3,212	3,067	0.35	%
Eyesouth Eye Care Holdco LLC	(6) (12)	First Lien Debt	S + 5.50%	9.27	%	10/5/2029	7,304	7,260	7,199	0.83	%
Eyesouth Eye Care Holdco LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.27	%	10/5/2029	2,395	2,395	2,360	0.27	%
FH DMI Buyer, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	10/11/2030	1,098	1,097	1,098	0.13	%
FH DMI Buyer, Inc.	(6)	First Lien Debt	S + 5.00%	8.70	%	10/11/2030	1,968	1,952	1,968	0.23	%
Genesee Scientific LLC	(6) (9) (12)	First Lien Debt	S + 5.75%	9.55	%	9/30/2027	5,822	5,808	5,209	0.60	%
Genesee Scientific LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.55	%	9/30/2027	1,524	1,524	1,364	0.16	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.07	%	12/9/2027	6,254	6,237	5,864	0.68	%
GHR Healthcare, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.07	%	12/9/2027	1,956	1,956	1,834	0.21	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.07	%	12/9/2027	4,869	4,834	4,566	0.53	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.07	%	12/9/2027	7,947	7,909	7,451	0.86	%
GHR Healthcare, LLC	(9) (12)	First Lien Debt	S + 5.25%	9.07	%	12/9/2027	3,695	3,677	3,464	0.40	%
Health Management Associates, Inc.	(6)	First Lien Debt	S + 6.25%	10.01	%	3/30/2029	8,258	8,164	8,217	0.95	%
Health Management Associates, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 6.25%	10.01	%	3/30/2029	1,067	1,048	1,062	0.12	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	10/16/2030	10,412	10,340	10,370	1.20	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	3,964	3,964	3,925	0.45	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	10,919	10,919	10,813	1.25	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	2,184	2,177	2,163	0.25	%
HemaSource, Inc.	(12)	Subordinated Debt	N/A	9.75	%	2/28/2030	3,664	3,595	3,644	0.42	%
HLSG Intermediate, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/2/2033	25	—	—	—	%
HLSG Intermediate, LLC	(9) (12)	First Lien Debt	S + 4.75%	8.42	%	2/2/2033	75	75	75	0.01	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
HMN Acquirer Corp.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	11/5/2031	2,426	(5)	(21)	—	%
HMN Acquirer Corp.	(6)	First Lien Debt	S + 4.50%	8.20	%	11/5/2031	6,515	6,462	6,459	0.75	%
Impact Advisors, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	3/19/2032	7,143	12	(43)	—	%
Impact Advisors, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.20	%	3/19/2032	12,729	12,616	12,576	1.46	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.13	%	2/13/2032	2,087	2,077	2,052	0.24	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(6)	First Lien Debt	S + 4.50%	8.13	%	2/13/2032	6,028	5,981	5,928	0.69	%
Lavie Group, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.63	%	10/12/2029	4,617	4,594	4,579	0.53	%
Lavie Group, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.63	%	10/10/2029	734	456	452	0.05	%
Lavie Group, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.63	%	10/12/2029	2,734	2,712	2,712	0.31	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt	N/A	12.25% (PIK)		2/7/2030	146	146	132	0.02	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt	N/A	12.25% (PIK)		2/7/2030	2,125	2,102	1,709	0.20	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt (Delayed Draw)	N/A	12.25% (PIK)		2/7/2030	566	564	455	0.05	%
Midwest Eye Services, LLC	(6)	First Lien Debt	S + 4.50%	8.35	%	8/20/2027	8,814	8,792	8,788	1.02	%
Promptcare Infusion Buyer, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.95	%	9/1/2027	1,412	1,412	1,412	0.16	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt	S + 6.00%	9.95	%	9/1/2027	8,015	8,012	8,015	0.93	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt (Delayed Draw)	S + 6.00%	9.95	%	9/1/2027	1,249	1,249	1,249	0.14	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.02	%	5/28/2027	7,503	7,479	7,473	0.86	%
QHR Health, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	5/28/2027	3,174	3,174	3,162	0.37	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.02	%	5/28/2027	3,174	3,157	3,162	0.37	%
Real Chemistry Intermediate III, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	4/12/2032	3,288	2,196	2,183	0.25	%
Real Chemistry Intermediate III, Inc.	(11) (12)	Revolving Loan	S + 4.50%	8.20	%	4/12/2032	1,780	(8)	(11)	—	%
Real Chemistry Intermediate III, Inc.	(6)	First Lien Debt	S + 4.50%	8.20	%	4/12/2032	7,397	7,365	7,352	0.85	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.02	%	9/19/2028	7,713	7,599	7,463	0.86	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.02	%	9/19/2028	9,058	8,960	8,765	1.01	%
Smile Brands Inc.	(12)	Subordinated Debt	S + 8.50%	12.28% (PIK)		4/12/2028	13,041	13,041	8,103	0.94	%
Swoop Intermediate III, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	4/12/2032	4,928	(11)	49	0.01	%
Swoop Intermediate III, Inc.	(11) (12)	Revolving Loan	S + 4.50%	8.17	%	4/12/2032	1,776	(8)	18	—	%
Swoop Intermediate III, Inc.	(12)	First Lien Debt	S + 4.50%	8.17	%	4/12/2032	6,981	6,950	7,051	0.82	%
TBRS, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	11/24/2031	1,074	(4)	(21)	—	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
TBRS, Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	8.42	%	11/22/2030	1,406	(11)	(27)	—	%
TBRS, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.42	%	11/24/2031	9,127	9,060	8,949	1.04	%
Tidi Legacy Products, Inc.	(6) (9) (12)	First Lien Debt	S + 4.50%	8.17	%	12/19/2029	15,173	15,073	15,173	1.76	%
Tidi Legacy Products, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/19/2029	4,064	4,064	4,064	0.47	%
VMG Holdings LLC (VMG Health)	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	4/16/2030	1,127	1,118	1,119	0.13	%
VMG Holdings LLC (VMG Health)	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	4/16/2030	15,693	15,578	15,574	1.80	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	7,220	7,191	7,162	0.83	%
Wellspring Pharmaceutical Corporation	(6)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	3,091	3,062	3,066	0.35	%
Wellspring Pharmaceutical Corporation	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/22/2028	1,536	1,530	1,523	0.18	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/22/2028	2,528	2,523	2,508	0.29	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	1,218	1,205	1,208	0.14	%
YI, LLC (Young Innovations)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.43	%	12/3/2029	16,179	16,077	15,882	1.84	%
Total Healthcare & Pharmaceuticals								365,878	353,435	40.93	%

High Tech Industries
Alta Buyer, LLC	(11) (12)	Revolving Loan	S + 4.50%	8.20	%	2/18/2033	2,209	(8)	(21)	—	%
Alta Buyer, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.20	%	2/18/2033	17,500	17,437	17,330	2.00	%
Arctiq, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/3/2032	1,315	—	(6)	—	%
Arctiq, Inc.	(6)	First Lien Debt	S + 4.75%	8.42	%	2/3/2032	8,685	8,647	8,645	1.00	%
Eliassen Group, LLC	(6) (9) (12)	First Lien Debt	S + 5.75%	9.45	%	4/14/2028	11,794	11,748	11,547	1.33	%
Eliassen Group, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.45	%	4/14/2028	849	849	831	0.10	%
Emburse, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.95	%	5/28/2032	13	—	—	—	%
Emburse, Inc.	(9) (11) (12)	Revolving Loan	S + 4.25%	7.95	%	5/28/2032	14	—	—	—	%
Emburse, Inc.	(9) (12)	First Lien Debt	S + 4.25%	7.95	%	5/28/2032	73	73	73	0.01	%
Exterro, Inc.	(6)	First Lien Debt	S + 5.25%	8.92	%	6/1/2027	9,435	9,416	9,311	1.08	%
GNX HBS PARENT, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	10/1/2031	1,481	—	(23)	—	%
GNX HBS PARENT, LLC	(6)	First Lien Debt	S + 4.75%	8.45	%	10/1/2031	2,512	2,501	2,474	0.29	%
Infobase Acquisition, Inc.	(6)	First Lien Debt	S + 5.50%	9.35	%	6/14/2028	3,973	3,957	3,973	0.46	%
Prosci, Inc.	(6)	First Lien Debt	S + 4.50%	8.27	%	11/18/2030	4,733	4,728	4,714	0.54	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60% (Cash) 1.75% (PIK)		4/16/2029	4,227	4,223	3,805	0.44	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60% (Cash) 1.75% (PIK)		4/16/2029	1,086	1,084	977	0.11	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Revalize Inc. (f/k/a AQ Holdco Inc.)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60% (Cash) 1.75% (PIK)		4/16/2029	241	241	217	0.03	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (12)	First Lien Debt	S + 4.50%	8.20	%	9/30/2031	676	671	664	0.08	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	9/30/2031	236	8	4	—	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (11) (12)	Revolving Loan	S + 4.50%	8.20	%	3/31/2031	79	21	20	—	%
Smart Wave Technologies, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.40	%	12/30/2031	1,662	1,009	1,009	0.12	%
Smart Wave Technologies, Inc.	(12)	First Lien Debt	S + 4.75%	4.40% (Cash) 4.00% (PIK)		12/30/2031	3,116	3,116	3,116	0.36	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	14.50% (PIK)		6/30/2028	2,434	2,434	2,409	0.28	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt	N/A	14.50% (PIK)		6/30/2028	2,125	2,111	2,103	0.24	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt	N/A	14.50% (PIK)		6/30/2028	915	908	906	0.10	%
VALIDITY INC	(12)	First Lien Debt	S + 5.25%	8.90	%	4/12/2032	99	98	98	0.01	%
Venture Buyer, LLC (Velosio)	(6) (9)	First Lien Debt	S + 5.25%	8.91	%	3/1/2030	6,123	6,080	6,123	0.71	%
Venture Buyer, LLC (Velosio)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.91	%	3/1/2030	222	222	222	0.03	%
Total High Tech Industries								81,574	80,521	9.32	%

Hotel, Game & Leisure
Davidson Hotel Company LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	10/31/2031	1,052	93	105	0.01	%
Davidson Hotel Company LLC	(6)	First Lien Debt	S + 5.00%	8.67	%	10/31/2031	3,156	3,130	3,188	0.37	%
Total Hotel, Game & Leisure								3,223	3,293	0.38	%

Media: Advertising, Printing & Publishing
Calienger Acquisition, L.L.C. (Wpromote, LLC)	(6) (12)	First Lien Debt	S + 5.75%	9.45	%	10/23/2028	4,279	4,237	4,211	0.49	%
Tinuiti Inc.	(9) (12)	First Lien Debt	S + 2.63%	6.42% (Cash) 3.13% (PIK)		12/11/2028	2,955	2,952	2,806	0.32	%
Tinuiti Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 2.63%	6.42% (Cash) 3.13% (PIK)		12/11/2028	1,932	1,932	1,834	0.21	%
Tinuiti Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 2.63%	6.42% (Cash) 3.13% (PIK)		12/11/2028	9,890	9,890	9,390	1.09	%
Total Media: Advertising, Printing & Publishing								19,011	18,241	2.11	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Media: Diversified & Production
BroadcastMed Holdco, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	3,895	3,863	3,780	0.44	%
Corporate Visions, Inc.	(12)	First Lien Debt	S + 6.00%	9.67% (PIK)		2/28/2029	3,926	3,046	3,023	0.35	%
Corporate Visions, Inc.	(12)	First Lien Debt	N/A	15.00% (PIK)		2/28/2029	208	208	160	0.02	%
Corporate Visions, Inc.	(12) (16)	First Lien Debt	S + 6.00%	9.67% (PIK)		2/28/2029	820	—	—	—	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt	S + 6.00%	9.67	%	12/9/2026	8,246	8,247	6,198	0.71	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.67	%	12/9/2026	2,937	2,937	2,208	0.26	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.67	%	12/9/2026	448	448	337	0.04	%
Total Media: Diversified & Production								18,749	15,706	1.82	%

Services: Business
ALKU Intermediate Holdings, LLC	(12)	First Lien Debt	S + 6.25%	9.95	%	5/23/2029	4,417	4,363	4,373	0.51	%
All4 Buyer, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	1/23/2032	2,383	871	860	0.10	%
All4 Buyer, LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	1/23/2032	2,833	2,809	2,808	0.32	%
Archer Acquisition, LLC (ARMstrong)	(6)	First Lien Debt	S + 4.75%	8.55	%	10/8/2029	6,764	6,698	6,712	0.78	%
Archer Acquisition, LLC (ARMstrong)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.55	%	10/8/2029	936	626	624	0.07	%
Astra Service Partners, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	11/26/2032	25	5	5	—	%
Astra Service Partners, LLC	(9) (12)	First Lien Debt	S + 4.50%	8.20	%	11/26/2032	75	75	75	0.01	%
Bounteous, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	8/2/2029	2,704	2,697	2,704	0.31	%
Bounteous, Inc.	(6) (12)	First Lien Debt	S + 4.50%	8.17	%	8/2/2029	5,224	5,210	5,224	0.60	%
Bounteous, Inc.	(12)	First Lien Debt	S + 4.50%	8.17	%	8/2/2029	2,138	2,132	2,138	0.25	%
Bounteous, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	8/2/2029	3,496	3,496	3,496	0.40	%
Bullhorn, Inc.	(6) (9) (12)	First Lien Debt	S + 5.00%	8.67	%	10/1/2029	13,671	13,653	13,457	1.56	%
Caldwell & Gregory LLC	(12)	Subordinated Debt	S + 6.25%	9.95% (Cash) 2.50% (PIK)		3/31/2031	1,160	1,144	1,159	0.13	%
CDL Marketing Group, LLC (Career Now)	(12) (16)	Subordinated Debt	N/A	13.00% (PIK)		3/30/2027	3,990	3,966	380	0.04	%
Certus NDT Group Buyer, LLC	(12)	Subordinated Debt	N/A	9.00% (Cash) 3.00% (PIK)		2/11/2033	2,008	1,970	1,979	0.23	%
Cornerstone Advisors of Arizona, LLC	(9) (12)	First Lien Debt	S + 4.75%	8.45	%	5/13/2032	100	99	98	0.01	%
CPL Consultants, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	2/17/2032	4,317	54	34	—	%
CPL Consultants, LLC	(6)	First Lien Debt	S + 4.25%	7.92	%	2/17/2032	1,349	1,343	1,343	0.16	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt	S + 5.00%	8.84	%	9/15/2028	7,320	7,254	7,182	0.83	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	9/15/2028	2,330	2,321	2,286	0.26	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	9/15/2028	1,535	1,532	1,506	0.17	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt	S + 5.00%	8.84	%	9/15/2028	3,387	3,351	3,323	0.38	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	9/15/2028	5,083	4,270	4,186	0.48	%
Element 78 Partners, LLC (E78)	(6) (12)	First Lien Debt	S + 5.50%	9.27	%	12/1/2027	3,953	3,940	3,953	0.46	%
Element 78 Partners, LLC (E78)	(6) (12)	First Lien Debt	S + 5.50%	9.27	%	12/1/2027	1,015	1,011	1,015	0.12	%
Element 78 Partners, LLC (E78)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.27	%	12/1/2027	15,233	—	—	—	%
Element 78 Partners, LLC (E78)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.27	%	12/1/2027	2,972	2,962	2,972	0.34	%
Element 78 Partners, LLC (E78)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.27	%	12/1/2027	2,595	2,310	2,310	0.27	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.60	%	12/23/2026	9,575	9,540	9,553	1.11	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(9) (12)	First Lien Debt	S + 5.75%	9.60	%	12/23/2026	6,638	6,598	6,623	0.77	%
Env Automation Acquisition, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/8/2031	33	5	5	—	%
Env Automation Acquisition, LLC	(9) (12)	First Lien Debt	S + 4.50%	8.17	%	12/8/2031	67	67	67	0.01	%
Esquire Deposition Solutions, LLC	(12)	Subordinated Debt	N/A	14.00% (PIK)		6/30/2029	2,136	2,107	2,108	0.24	%
Gabriel Partners, LLC	(12)	First Lien Debt	S + 6.25%	4.62% (Cash) 5.45% (PIK)		5/17/2027	690	690	682	0.08	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt	S + 6.25%	4.62% (Cash) 5.45% (PIK)		5/17/2027	9,462	9,462	9,344	1.08	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.25%	4.62% (Cash) 5.45% (PIK)		5/17/2027	1,576	1,576	1,557	0.18	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt	S + 6.25%	4.62% (Cash) 5.45% (PIK)		5/17/2027	3,906	3,903	3,858	0.45	%
KENG Acquisition, Inc. (Engage PEO)	(6) (9) (12)	First Lien Debt	S + 4.50%	8.17	%	8/1/2029	9,449	9,359	9,450	1.09	%
KENG Acquisition, Inc. (Engage PEO)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	8/1/2029	9,195	9,184	9,196	1.06	%
KENG Acquisition, Inc. (Engage PEO)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	8/1/2029	1,069	1,067	1,069	0.12	%
KRIV Acquisition Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	7/31/2031	4,884	—	(28)	—	%
KRIV Acquisition Inc.	(11) (12)	Revolving Loan	S + 4.75%	8.45	%	7/31/2031	444	187	185	0.02	%
KRIV Acquisition, Inc. (Riveron)	(6) (12)	First Lien Debt	S + 4.75%	8.45	%	7/31/2031	12,100	11,864	12,030	1.39	%
LRN Corporation (Lion Merger Sub, Inc.)	(9) (12)	First Lien Debt	S + 5.25%	8.93	%	12/17/2027	7,150	7,150	7,106	0.82	%
LRN Corporation (Lion Merger Sub, Inc.)	(9) (12)	First Lien Debt	S + 5.25%	8.93	%	12/17/2027	7,128	7,128	7,085	0.82	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
M&S Holdings Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.44	%	12/23/2032	769	—	(2)	—	%
M&S Holdings Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.44	%	12/23/2032	4,231	4,211	4,217	0.49	%
Olympus US Bidco LLC (Phaidon International)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.27	%	8/22/2029	13,031	12,962	12,486	1.44	%
Output Services Group, Inc.	(12)	First Lien Debt	S + 8.00%	12.16	%	5/30/2028	155	155	155	0.02	%
Output Services Group, Inc.	(12)	First Lien Debt	S + 6.25%	10.41	%	11/30/2028	837	837	837	0.10	%
PN Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	7/31/2031	1,111	—	(28)	—	%
PN Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.17	%	7/31/2031	3,879	3,862	3,781	0.44	%
RailPros Parent, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.91	%	5/24/2032	21	6	6	—	%
RailPros Parent, LLC	(9) (11) (12)	Revolving Loan	S + 4.25%	7.91	%	5/24/2032	11	—	—	—	%
RailPros Parent, LLC	(9) (12)	First Lien Debt	S + 4.25%	7.91	%	5/24/2032	68	67	68	0.01	%
Redwood Services Group, LLC (Evergreen Services Group)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	6/15/2029	2,953	2,401	2,411	0.28	%
Redwood Services Group, LLC (Evergreen Services Group)	(6) (9) (12)	First Lien Debt	S + 5.00%	8.70	%	6/15/2029	13,991	13,848	13,991	1.62	%
Redwood Services Group, LLC (Evergreen Services Group)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	6/15/2029	2,798	2,783	2,798	0.32	%
Safety Infrastructure Services Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	7/21/2028	2,826	1,155	1,091	0.13	%
Safety Infrastructure Services Intermediate LLC	(6)	First Lien Debt	S + 5.00%	8.70	%	7/21/2028	7,014	6,971	6,845	0.79	%
Sagebrush Buyer, LLC (Province)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	7/1/2030	4,838	4,810	4,800	0.56	%
Sagebrush Buyer, LLC (Province)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	7/1/2030	4,473	4,439	4,438	0.51	%
Sagebrush Buyer, LLC (Province)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	7/1/2030	3,024	3,006	3,000	0.35	%
Scaled Agile, Inc.	(9) (12)	First Lien Debt	S + 5.50%	5.55% (Cash) 3.75% (PIK)		12/15/2028	8,083	8,049	6,125	0.71	%
Scaled Agile, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	5.55% (Cash) 3.75% (PIK)		12/15/2028	396	396	300	0.03	%
Sentinel Technologies, Inc	(6)	First Lien Debt	S + 4.50%	8.16	%	11/3/2031	4,988	4,965	4,988	0.58	%
Syndigo LLC	(11) (12)	Revolving Loan	S + 5.00%	8.67	%	9/2/2032	592	139	121	0.01	%
Syndigo LLC	(6)	First Lien Debt	S + 5.00%	8.67	%	9/2/2032	4,397	4,376	4,237	0.49	%
Tau Buyer, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	5.70% (Cash) 2.50% (PIK)		2/2/2032	3,442	2,262	2,208	0.26	%
Tau Buyer, LLC	(9) (11) (12)	Revolving Loan	S + 4.50%	8.20	%	2/2/2032	1,720	536	516	0.06	%
Tau Buyer, LLC	(6) (9) (12)	First Lien Debt	S + 4.50%	5.70% (Cash) 2.50% (PIK)		2/2/2032	9,916	9,832	9,719	1.12	%
Thompson Safety LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	6/25/2032	91	14	13	—	%
Thompson Safety LLC	(11) (12)	Revolving Loan	P + 4.00%	10.75	%	6/25/2032	9	1	1	—	%
Transit Buyer, LLC (Propark Mobility)	(6)	First Lien Debt	S + 4.75%	8.43	%	1/31/2029	6,669	6,600	6,665	0.77	%
Transit Buyer, LLC (Propark Mobility)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.43	%	1/31/2029	3,069	3,039	3,068	0.36	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Transit Buyer, LLC (Propark Mobility)	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.43	%	1/31/2029	10,045	10,033	10,039	1.16	%
Trilon Group, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.17	%	5/25/2029	27,407	27,294	27,299	3.16	%
Trilon Group, LLC	(12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	5/25/2029	1,851	1,845	1,844	0.21	%
TSS Buyer, LLC (Technical Safety Services)	(6)	First Lien Debt	S + 5.00%	8.70	%	6/22/2029	6,617	6,583	6,585	0.76	%
TSS Buyer, LLC (Technical Safety Services)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	6/22/2029	6,291	6,246	6,260	0.72	%
TSS Buyer, LLC (Technical Safety Services)	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	6/22/2029	1,847	1,830	1,838	0.21	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(6) (9)	First Lien Debt	S + 4.75%	8.42	%	6/1/2029	7,988	7,900	7,950	0.92	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	6/1/2029	820	816	816	0.09	%
VRC Companies, LLC (Vital Records Control)	(6) (9)	First Lien Debt	S + 4.75%	8.42	%	6/29/2027	4,477	4,464	4,467	0.52	%
VRC Companies, LLC (Vital Records Control)	(6) (9)	First Lien Debt	S + 5.50%	9.19	%	6/29/2027	326	325	326	0.04	%
Total Services: Business								329,107	322,371	37.27	%

Services: Consumer
360 Holdco, Inc. (360 Training)	(6)	First Lien Debt	S + 4.75%	8.42	%	8/2/2028	3,393	3,374	3,353	0.39	%
360 Holdco, Inc. (360 Training)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/2/2028	3,093	377	341	0.04	%
ADPD Holdings LLC (NearU)	(9) (12)	First Lien Debt	S + 6.00%	5.03% (Cash) 5.00% (PIK)		8/16/2028	9,973	9,978	9,281	1.07	%
AMS Parent, LLC (All My Sons)	(6) (12)	First Lien Debt	S + 4.75%	8.71	%	10/25/2028	5,133	5,112	5,132	0.59	%
Apex Service Partners, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.68	%	10/24/2030	153	152	154	0.02	%
Apex Service Partners, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	10/24/2030	153	153	154	0.02	%
Apex Service Partners, LLC	(9) (11) (12)	Revolving Loan	S + 5.00%	8.69	%	10/24/2029	55	25	26	—	%
Apex Service Partners, LLC	(9) (12)	First Lien Debt	S + 5.00%	8.67	%	10/24/2030	625	621	630	0.07	%
Canopy Service Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	2/28/2033	1,375	96	88	0.01	%
Canopy Service Partners, LLC	(6)	First Lien Debt	S + 4.50%	8.20	%	2/28/2033	1,625	1,615	1,615	0.19	%
Columbia Home Services LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	11/27/2031	22	—	(1)	—	%
Columbia Home Services LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.00% (PIK)		11/27/2031	78	77	74	0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	917	902	894	0.10	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(12)	Subordinated Debt (Delayed Draw)	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	700	695	683	0.08	%
Excel Fitness Consolidator LLC	(6)	First Lien Debt	S + 4.75%	8.45	%	4/29/2030	10,194	10,133	10,064	1.16	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Excel Fitness Consolidator LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	4/29/2030	1,897	(10)	(24)	—	%
Legacy Service Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	11/10/2031	100	—	(1)	—	%
Legacy Service Partners, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	13.25% (PIK)		11/10/2032	47	37	37	—	%
Legacy Service Partners, LLC	(12)	Subordinated Debt	N/A	13.25% (PIK)		11/10/2032	56	55	55	0.01	%
Legacy Service Partners, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.20	%	11/10/2031	17,503	17,448	17,394	2.01	%
Liberty Buyer, Inc. (Liberty Group)	(9) (12)	First Lien Debt	S + 5.75%	9.49	%	6/15/2028	3,839	3,825	3,695	0.43	%
Liberty Buyer, Inc. (Liberty Group)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.49	%	6/15/2028	289	289	278	0.03	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 3.00% (PIK)		3/18/2029	644	644	550	0.06	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		3/18/2029	649	649	554	0.06	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	10.00% (Cash) 2.00% (PIK)		3/18/2029	738	730	630	0.07	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	2,696	2,672	2,301	0.27	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 1.00% (PIK)		3/18/2029	233	233	199	0.02	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 3.50% (PIK)		5/17/2029	5,068	4,286	4,218	0.49	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 3.50% (PIK)		5/17/2029	4,537	4,537	4,476	0.52	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 3.50% (PIK)		5/17/2029	6,546	6,546	6,457	0.75	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt	S + 5.75%	9.42	%	6/8/2026	2,444	2,444	2,444	0.28	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	6/8/2026	212	212	212	0.02	%
North Haven Spartan US Holdco LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	6/8/2026	3,240	3,237	3,240	0.37	%
Perennial Services Group, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	12/23/2032	5,288	2,350	2,255	0.26	%
Perennial Services Group, LLC	(6) (9)	First Lien Debt	S + 4.50%	8.20	%	12/23/2032	7,246	7,213	7,116	0.82	%
Yard-Nique, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	9/29/2028	161	—	(1)	—	%
Yard-Nique, Inc.	(6)	First Lien Debt	S + 4.75%	8.45	%	9/29/2028	839	834	834	0.10	%
Total Services: Consumer								91,541	89,407	10.32	%

Sovereign & Public Finance
Renaissance Buyer, LLC (LMI Consulting, LLC)	(6) (12)	First Lien Debt	S + 4.75%	8.44	%	7/18/2028	11,979	11,912	11,979	1.39	%
Total Sovereign & Public Finance								11,912	11,979	1.39	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
Telecommunications
BCM One, Inc.	(6)	First Lien Debt	S + 4.50%	8.27	%	11/17/2027	5,633	5,633	5,633	0.65	%
BCM One, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.27	%	11/17/2027	1,785	1,785	1,785	0.21	%
MBS Holdings, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.77	%	4/16/2027	1,035	1,029	1,035	0.12	%
MBS Holdings, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.77	%	4/16/2027	1,787	1,777	1,787	0.21	%
MBS Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 5.00%	8.77	%	4/16/2027	9,822	9,806	9,822	1.14	%
MBS Holdings, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.77	%	4/16/2027	1,285	1,277	1,285	0.15	%
Mobile Communications America, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.40	%	10/16/2029	1,653	209	199	0.02	%
Mobile Communications America, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.40	%	10/16/2029	18,089	17,932	17,982	2.08	%
Mobile Communications America, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.40	%	10/16/2029	4,259	4,240	4,234	0.49	%
Sapphire Telecom, Inc.	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	6/27/2029	18,799	18,693	18,794	2.17	%
Tyto Athene, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.56	%	4/3/2028	7,125	7,099	6,791	0.79	%
Total Telecommunications								69,480	69,347	8.03	%

Transportation: Cargo
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12) (16)	First Lien Debt	S + 2.50%	6.31% (Cash) 4.25% (PIK)		2/3/2028	264	262	183	0.02	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12) (16)	First Lien Debt	S + 2.50%	6.31% (Cash) 4.25% (PIK)		2/3/2028	918	909	636	0.07	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12) (16)	First Lien Debt	S + 2.50%	6.31% (Cash) 4.25% (PIK)		2/3/2028	186	184	129	0.01	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12) (16)	First Lien Debt	S + 2.50%	6.31% (Cash) 4.25% (PIK)		2/3/2028	4,481	4,439	3,105	0.36	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12) (16)	First Lien Debt	S + 2.50%	6.31% (Cash) 4.25%(PIK)		2/3/2028	1,395	1,368	966	0.11	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (11) (12)	Revolving Loan	S + 6.75%	13.50% (PIK)		6/29/2026	269	13	13	—	%
Armstrong Midco, LLC (Armstrong Transport Group)	(12)	Subordinated Debt	N/A	15.00% (PIK)		6/30/2027	1,361	1,352	1,341	0.16	%
Armstrong Transport Group, LLC	(12)	Subordinated Debt	N/A	7.00% (Cash) 7.00% (PIK)		6/30/2027	8,316	8,252	8,195	0.95	%
FSK Pallet Holding Corp. (Kamps Pallets)	(6) (12)	First Lien Debt	S + 6.25%	10.07	%	12/23/2026	9,077	9,046	8,963	1.04	%
Kenco PPC Buyer LLC	(6) (12)	First Lien Debt	S + 4.25%	7.92	%	11/15/2029	21,604	21,488	21,511	2.49	%
Kenco PPC Buyer LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	11/15/2029	3,572	3,554	3,557	0.41	%
Kenco PPC Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	8.03	%	11/15/2029	4,111	(28)	(18)	—	%
R1 Holdings, LLC (RoadOne)	(12)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	5,265	5,131	5,109	0.59	%
SEKO Global Logistics Network, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 10.50%	4.86% (Cash) 9.50% (PIK)		11/27/2029	73	—	—	—	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost	Fair Value (4)	% of Net Assets (5)
SEKO Global Logistics Network, LLC	(9) (12)	First Lien Debt	S + 10.50%	4.86% (Cash) 9.50% (PIK)		11/27/2029	134	134	134	0.02	%
SEKO Global Logistics Network, LLC	(12)	First Lien Debt	S + 7.00%	10.82% (PIK)		11/27/2029	483	477	483	0.06	%
SEKO Global Logistics Network, LLC	(12)	First Lien Debt	S + 7.00%	10.82% (PIK)		5/27/2030	1,794	1,794	1,337	0.15	%
TI Acquisition NC, LLC	(6)	First Lien Debt	S + 4.25%	7.99	%	3/19/2027	2,715	2,694	2,715	0.31	%
Total Transportation: Cargo								61,069	58,359	6.75	%

Transportation: Consumer
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(6)	First Lien Debt	S + 4.75%	8.42	%	2/14/2031	10,454	10,379	10,203	1.18	%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/14/2031	3,040	—	(73)	(0.01)	%
Total Transportation: Consumer								10,379	10,130	1.17	%

Utilities: Electric
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (12)	First Lien Debt	S + 4.75%	8.42	%	8/27/2031	10,329	10,247	10,353	1.20	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/27/2031	2,615	(10)	6	—	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (11) (12)	Revolving Loan	S + 4.75%	8.42	%	8/27/2031	1,925	(15)	4	—	%
Force Electrical Buyerco, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	10/21/2032	63	5	4	—	%
Force Electrical Buyerco, LLC	(12)	First Lien Debt	S + 4.50%	8.17	%	10/21/2032	37	37	37	—	%
Industrial Air Flow Dynamics, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/14/2030	21	—	—	—	%
Industrial Air Flow Dynamics, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.70	%	8/14/2030	79	78	77	0.01	%
Low Voltage Holdings Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.45	%	4/28/2032	416	—	—	—	%
Low Voltage Holdings Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	8.45	%	4/28/2032	352	(1)	—	—	%
Low Voltage Holdings Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.45	%	4/28/2032	2,683	2,675	2,683	0.31	%
Pinnacle Supply Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 6.25%	10.01	%	4/3/2030	1,636	—	(73)	(0.01	%)
Pinnacle Supply Partners, LLC	(6) (12)	First Lien Debt	S + 6.25%	10.01	%	4/3/2030	6,196	6,119	5,919	0.68	%
Pinnacle Supply Partners, LLC	(12)	First Lien Debt (Delayed Draw)	S +6.25%	10.01	%	4/3/2030	1,967	1,962	1,879	0.22	%
RMS Energy Borrower LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.20	%	9/30/2032	1,231	508	494	0.06	%
RMS Energy Borrower LLC	(6)	First Lien Debt	S + 4.50%	8.20	%	9/30/2032	6,735	6,705	6,643	0.77	%
Total Utilities: Electric								28,310	28,026	3.24	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Utilities: Water
USA Water Intermediate Holdings, LLC	(6)	First Lien Debt	S + 4.75%	8.42	%	2/21/2031	7,739	7,684		7,699		0.89	%
USA Water Intermediate Holdings, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/21/2031	3,020	2,449		2,434		0.28	%
Total Utilities: Water								10,133		10,133		1.17	%

Wholesale
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	1/19/2029	1,951	1,930		1,919		0.22	%
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(6)	First Lien Debt	S + 5.50%	9.32	%	1/19/2029	11,475	11,366		11,284		1.31	%
ISG Enterprises, LLC (Industrial Service Group)	(6) (12)	First Lien Debt	S + 5.75%	9.42	%	12/7/2028	6,377	6,313		6,162		0.71	%
ISG Enterprises, LLC (Industrial Service Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	12/7/2028	3,320	3,314		3,209		0.37	%
Total Wholesale								22,923		22,574		2.61	%

Total Debt Investments								$	1,964,471	$	1,919,889	222.18	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Equity Investments

Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialists)	(8) (10) (12) (15)	Class A-1 Units	9/1/2023	1,530,000	$	1,530	$	2,273	0.26	%
Total Aerospace & Defense					1,530		2,273		0.26	%

Automotive
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	A-2 Units	12/31/2024	998,311	402		—		—	%
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	Class B Unit	12/31/2024	1,836,884	404		—		—	%
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	C Units	12/31/2024	998,311	—		—		—	%
Covercraft Parent III, Inc.	(8) (12)	Covercraft Equity	8/20/2021	768	768		—		—	%
HBB Parent, LLC (High Bar Brands)	(8) (12)	Class A Units	12/19/2023	303,000	303		252		0.03	%
Pegasus Aggregator Holdings LP (S&S Truck Parts)	(8) (12)	Pegasus Units	12/31/2024	7	668		614		0.07	%
Phoenix Topco Holdings LP (S&S Truck Parts)	(8) (12)	Preferred units	6/3/2024	1,000	974		1,276		0.15	%
Phoenix Topco Holdings LP (S&S Truck Parts)	(8) (12)	Warrant	6/3/2024	1,000	1		—		—	%
Total Automotive					3,520		2,142		0.25	%

Beverage, Food & Tobacco
Bardstown PPC Buyer LLC (Bardstown Bourbon Company)	(8) (12)	Common	7/13/2022	15,373	2,008		1,689		0.19	%
Lonestar Polaris Topco, LP	(8) (12)	Class A Units	2/6/2026	323,130	323		323		0.04	%
VCP Tech24 Co-Invest Aggregator LP (Tech24)	(8) (12) (17)	Company Unit	10/5/2023	954	954		808		0.09	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(8) (12)	Class B Common Units	10/3/2022	698	5		—		—	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(8) (12)	Class A Preferred Units	10/3/2022	698	698		326		0.04	%
Total Beverage, Food & Tobacco					3,988		3,146		0.36	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Capital Equipment
ATL GSE Holdings, LP	(8) (12)	Class A Units	12/16/2025	63	$	63	$	70	0.01	%
CMG HoldCo, LLC (Crete)	(8) (12)	Equity Co-Investment	5/19/2022	24	249		492		0.06	%
EFC Holdings, LLC (EFC International)	(8) (12)	Class A Common Units	3/1/2023	148	60		10		—	%
EFC Holdings, LLC (EFC International)	(8) (12)	Class A Preferred Units	3/1/2023	148	148		189		0.02	%
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.)	(8) (12)	Partner Interests	5/22/2024	1,000,000	1,000		665		0.08	%
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions)	(8) (12)	Common Units	10/5/2022	3,750,000	3,750		7,575		0.87	%
Total Capital Equipment					5,270		9,001		1.04	%

Chemicals, Plastics & Rubber
New Spartech Holdings LLC	(8) (12)	Common Stock	6/6/2025	314,809	1,595		—		—	%
Total Chemicals, Plastics & Rubber					1,595		—		—	%

Construction & Building
GreyLion TGNL Holdings	(8) (11) (12) (17)	Limited Partnership Interests	5/2/2025	846,770	865		1,455		0.17	%
Oceansound Partners Co-Invest II, LP (Gannett Fleming)	(8) (12)	Series F interests	5/26/2023	1,272,139	1,272		1,949		0.22	%
OSP Gannett Aggregator, LP (Gannett Fleming)	(8) (10) (12) (15)	Class A Interests	12/20/2022	894,607	895		1,371		0.16	%
RPI Investments LP (Rose Paving)	(8) (12)	Class A Units	11/27/2024	690	100		72		0.01	%
Total Construction & Building					3,132		4,847		0.56	%

Consumer Goods: Durable
LH Equity Investors, L.P.	(8) (11) (12) (17)	Limited Partnership Interest	9/3/2025	1,443,750	1,444		2,043		0.24	%
Total Consumer Goods: Durable					1,444		2,043		0.24	%

Consumer Goods: Non-durable
FBG Holdings LLC	(8) (12)	Common Units	8/8/2025	66	512		309		0.04	%
Ultima Health Holdings, LLC	(8) (12)	Preferred Units	9/12/2022	15	170		354		0.04	%
Total Consumer Goods: Non-durable					682		663		0.08	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Containers, Packaging & Glass
Conversion Holdings, L.P. (Specialized Packaging Group)	(8) (10) (12)	Class A Units	12/17/2020	147,708	$	148	$	142	0.02	%
Oliver Investors, LP (Oliver Packaging)	(8) (12)	Class D Units	4/22/2025	555	28		31		—	%
Oliver Investors, LP (Oliver Packaging)	(8) (12)	Common Equity	7/6/2022	11,916	1,131		162		0.02	%
Total Containers, Packaging & Glass					1,307		335		0.04	%

Healthcare & Pharmaceuticals
HMA Equity, LP (Health Management Associates)	(8) (12)	Class A Common Units	3/30/2023	399,904	400		601		0.07	%
MDC Group Holdings, LP (Mosaic Dental)	(8) (12)	Class A2 Units (Common)	2/7/2023	245	245		3		—	%
NP/BF Holdings, L.P.	(8) (12)	Partnership Interests	4/30/2025	1,000	1,000		923		0.11	%
RCP Nats Co-Investment Fund LP	(8) (12) (17)	Limited Partnership Interests	3/17/2025	779,607	782		1,336		0.15	%
REP Coinvest III AAD, L.P. (Anne Arundel)	(8) (12)	AA Equity Co-Invest	10/16/2020	12,175	880		—		—	%
REP HS Holdings, LLC (HemaSource)	(8) (12)	LP Interests	8/31/2023	577,000	577		803		0.09	%
WE Select Fund 3, L.P.	(8) (12) (17)	Partnership Interest	9/10/2025	483,000	495		677		0.08	%
Total Healthcare & Pharmaceuticals					4,379		4,343		0.50	%

High Tech Industries
GNX HBS Holdings, LLC	(8) (12)	Class A Units	10/1/2025	60	60		58		0.01	%
Myriad Investment Holdings, L.P.	(8) (12)	Series B-2 Units	1/6/2026	178,105	158		163		0.02	%
Solve Group Holdings, L.P. (Solve Industrial)	(8) (12)	Solve Industrial Equity	10/4/2022	313	313		289		0.03	%
Three Rivers Co-Investment, L.P.	(8) (12) (17)	Partnership	11/7/2025	500,000	501		500		0.06	%
Total High Tech Industries					1,032		1,010		0.12	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(8) (12)	Series A-3 Preferred Units	10/4/2022	56,899	853		715		0.08	%
Corporate Visions, Inc.	(8) (12)	Common Class A Units	3/5/2026	15,113,838	—		—		—	%
Corporate Visions, Inc.	(8) (12)	Preferred Equity Units	3/5/2026	329	—		—		—	%
Total Media: Diversified & Production					853		715		0.08	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Services: Business
BayPine Monarch Co-Invest, LP	(8) (12) (17)	Limited Partnership Interests	6/3/2025	100,000	$	101	$	111	0.01	%
Certus NDT Group Holdings, LLC	(8) (12)	Class A Units	2/11/2026	245	245		245		0.03	%
Concord FG Holdings, LP (E78)	(8) (12)	Class A Common Units	12/1/2021	816	496		576		0.07	%
Crimson FLS TopCo, L.P.	(8) (12)	Class A Units	2/18/2026	30,000	3,000		3,000		0.35	%
Geds Equity Investors, LP (Esquire Deposition Services)	(8) (12)	Class A Limited Partnership Units	7/1/2024	2,424	320		263		0.03	%
Harvest Group Topco Holdings, LP	(8) (12)	Class A Common Unit	3/2/2026	3,000	—		—		—	%
Harvest Group Topco Holdings, LP	(8) (12)	Preferred units	3/2/2026	3,000	3,000		3,000		0.35	%
KKEMP Blocked Co-Invest, LP	(8) (12)	Class A Interests	7/15/2025	1,000	1,000		1,127		0.13	%
KRIV Co-Invest Holdings, L.P. (Riveron)	(8) (12) (17)	Class A Units	7/17/2023	790	790		1,104		0.13	%
M&S Group Holdings,LLC	(8) (12)	Common Units	12/23/2025	2,998	300		298		0.03	%
NMS VONA Case Management Acquisition, LP	(8) (12) (17)	Partnership	11/25/2025	2,793	1,500		2,066		0.24	%
NMSEF II Holdings I, L.P.	(8) (12) (17)	Limited Partner Interests	9/29/2025	483,000	485		501		0.06	%
North Haven Terrapin IntermediateCo, LLC (Apex Companies)	(8) (12)	Class A Membership Interests	1/31/2023	1,173	117		156		0.02	%
OSG Topco Holdings, LLC (Output Services Group, Inc.)	(8) (12)	Class A Units	11/30/2023	47,021	833		498		0.06	%
PN Topco L.P.	(8) (12)	Class A Units	7/31/2025	86,080	86		75		0.01	%
Rocket Ultimate LP	(8) (12)	Class A Units	2/19/2026	2,982,000	2,982		2,982		0.34	%
Schill Blocker Agg, LLC	(8) (12) (17)	Limited Partnership Interests	12/12/2025	3,000,000	3,000		3,000		0.34	%
Shoreline CNB Partners Investment, LP (Career Now)	(8) (12)	Common Equity	9/30/2021	624	624		—		—	%
Shoreline CNB Partners Investment, LP (Career Now)	(8) (12)	Series B Limited Partnership Units	10/23/2023	222	22		—		—	%
STech Investors, LP	(8) (12)	Class A Unit	11/3/2025	961	96		99		0.01	%
Uplift Investors Finch Co-Invest Fund, LP	(8) (12) (17)	Interests	3/31/2026	1,000,000	1,000		1,000		0.12	%
Total Services: Business					19,997		20,101		2.33	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Services: Consumer
CHS Investors, LLC	(8) (12)	Class A Units	5/27/2025	576	$	83	$	56	0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(8) (12)	Class A Units	7/31/2023	997,000	1,117		1,288		0.15	%
FS NU Investors, LP (NearU)	(8) (9) (12)	Class A	8/8/2022	2,432	243		105		0.01	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(8) (12)	Class B-2 Units	1/9/2023	121	14		16		—	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(8) (12)	Class B Units	1/9/2023	4,907	491		663		0.07	%
Repipe Aggregator, LLC (Repipe Specialists)	(8) (11) (12)	Purchased Units	3/31/2022	282	282		69		0.01	%
Total Services: Consumer					2,230		2,197		0.25	%

Sovereign & Public Finance
CMP Ren Partners I-A LP (LMI Consulting, LLC)	(8) (11) (12)	Equity Co-Invest	6/30/2022	633,980	634		1,565		0.18	%
Total Sovereign & Public Finance					634		1,565		0.18	%

Transportation: Cargo
Red Griffin TopCo, LLC (Seko Global Logistics LLC)	(8) (12)	Class A Units	11/27/2024	778	2,820		—		—	%
Red Griffin TopCo, LLC (Seko Global Logistics LLC)	(8) (12)	Class B Units	11/27/2024	409	1,481		—		—	%
REP RO Coinvest IV-A, LP (RoadOne)	(8) (11) (12)	Partnership Units	12/29/2022	938,576	939		486		0.06	%
Total Transportation: Cargo					5,240		486		0.06	%

Utilities: Electric
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC)	(8) (12)	Common Units	4/3/2023	279,687	280		80		0.01	%
Total Utilities: Electric					280		80		0.01	%

Utilities: Water
USAW Parent LLC (USA Water)	(8) (12)	Common Unit	2/21/2024	4,005	400		574		0.07	%
Total Utilities: Water					400		574		0.07	%

Wholesale
Lettermen's Parent Holding, LLC	(8) (12)	Common Units	12/5/2025	486	49		49		0.01	%
Lettermen's Parent Holding, LLC	(8) (12)	Class A Units	11/20/2025	4,000	400		403		0.04	%
Total Wholesale					449		452		0.05	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Acquisition Date	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Total Equity Investments					$	57,962	$	55,973	6.48	%

Total Investments					$	2,022,433	$	1,975,862	228.66	%


Portfolio Company (1) (2) (7)	Interest Rate	Shares/Units	Cost		Fair Value (4)		% of Net Assets (5)
Cash Equivalents
BlackRock Liquidity Funds T-Fund - Institutional Class	3.55%	32,389,811	$	32,390	$	32,390	3.74	%
First American Government Obligations Fund - Class Z	3.54%	2,741,415	2,741		2,741		0.32	%
Total Cash Equivalents			$	35,131	$	35,131	4.06	%

Total Investments and Cash Equivalents			$	2,057,564	$	2,010,993	232.72	%


Counterparty	Footnotes	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Unrealized Appreciation (Depreciation)		Upfront Payments/Receipts
Derivatives - Interest Rate Swaps
Wells Fargo Bank, N.A.	(13) (14)	2030 Notes	6.65%	S + 2.3015%	3/15/2030	$	300,000	$	7,500	$	7,500	—
Total Derivatives - Interest Rate Swaps								$	7,500	$	7,500	—

_______________

(1)Unless otherwise indicated, 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)Refer to Note 3 “Investments” for the geographic composition of investments at cost and fair value.

(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 generally reset periodically. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 5 "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $864,112 as of March 31, 2026.

(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 Company's debt securitizations. See Note 7 “Borrowings” for more information.

(7)As of March 31, 2026, there were no portfolio investments that represented greater than 5% of our total assets.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of March 31, 2026, the Company held eighty restricted securities with an aggregate fair value of $55,973, or 6.48% 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 March 31, 2026, total non-qualifying assets at fair value represented 4.26% of the Company's total assets calculated in accordance with the 1940 Act.

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

March 31, 2026

(dollars in thousands, except share amounts)

(11)Position or portion thereof is an unfunded loan or equity commitment. For unfunded loan commitments, no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Note 8 “Commitments and Contingencies”.

(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. See Note 7 “Borrowings” for more information.

(13)Instrument is used in a qualifying hedge accounting relationship. The associated change in fair value is recorded with the change in fair value of the hedged item within interest and debt financing expense on the consolidated statements of operations. Refer to Note 4 “Derivatives” for more information.

(14)Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 5 “Fair Value Measurements” for more information.

(15)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(16)Loan was on non-accrual status as of March 31, 2026.

(17)Investments measured at net asset value (“NAV”). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” for more information.

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Portfolio Company (1) (2) (7)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)		Maturity Date	Par Amount		Amortized Cost		Fair Value (4)		% of Net Assets (5)

Investments
Debt Investments
Aerospace & Defense
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt	S + 4.75%	8.47	%	7/25/2030	$	1,551	$	1,535	$	1,555	0.18	%
ERA Industries, LLC (BTX Precision)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	7/25/2030	889		887		891		0.10	%
PAG Holding Corp. (Precision Aviation Group)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	12/21/2029	14,739		14,524		14,721		1.68	%
PAG Holding Corp. (Precision Aviation Group)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/21/2029	4,886		4,852		4,880		0.56	%
STS Holding, Inc.	(6)	First Lien Debt	S + 4.75%	8.42	%	11/12/2030	3,500		3,471		3,343		0.38	%
Turbine Engine Specialists, Inc.	(12)	Subordinated Debt	S + 9.50%	13.38	%	3/1/2029	813		794		812		0.09	%
Turbine Engine Specialists, Inc.	(12)	Subordinated Debt	S + 9.50%	13.32	%	3/1/2029	2,505		2,462		2,502		0.29	%
Valkyrie Intermediate, LLC	(12)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)		11/17/2027	2,894		2,870		2,875		0.33	%
Total Aerospace & Defense									31,395		31,579		3.61	%

Automotive
Covercraft Parent III, Inc.	(12) (16)	Subordinated Debt	N/A	14.50% (PIK)		2/20/2028	7,562		7,491		871		0.10	%
High Bar Brands Operating, LLC	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		6/19/2030	2,088		2,052		2,013		0.23	%
JEGS Automotive	(12)	First Lien Debt	S + 7.00%	10.67	%	12/31/2029	1,367		1,367		1,367		0.16	%
JEGS Automotive	(12)	Revolving Loan	S + 7.00%	10.67	%	12/31/2029	227		227		227		0.03	%
OEP Glass Purchaser, LLC (PGW Auto Glass)	(6) (12)	First Lien Debt	S + 4.75%	8.63	%	4/18/2028	12,563		12,507		12,532		1.43	%
OEP Glass Purchaser, LLC (PGW Auto Glass)	(12)	First Lien Debt	S + 4.75%	8.63	%	4/18/2028	2,401		2,386		2,395		0.27	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 5.00%	8.85	%	3/1/2029	1,135		1,129		1,120		0.13	%
RA Parent Holdings LP (S&S Truck Parts)	(6) (12)	First Lien Debt	S + 5.00%	8.85	%	3/1/2029	19,832		19,685		19,565		2.23	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	3/1/2029	1,690		1,690		1,667		0.19	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	3/1/2029	96		96		95		0.01	%
RA Parent Holdings LP (S&S Truck Parts)	(6)	First Lien Debt	S + 5.00%	8.85	%	3/1/2029	6,718		6,683		6,628		0.76	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.73	%	11/1/2029	3,724		3,032		2,976		0.34	%
Randys Holdings, Inc. (Randy's Worldwide Automotive)	(6) (9) (12)	First Lien Debt	S + 5.00%	8.73	%	11/1/2029	10,913		10,821		10,749		1.23	%
Total Automotive									69,166		62,205		7.11	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Banking, Finance, Insurance, Real Estate
Aprio Advisory Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.62	%	8/1/2031	92	—	—	—	%
Aprio Advisory Group, LLC	(11) (12)	Revolving Loan	S + 4.75%	8.62	%	8/1/2031	8	—	—	—	%
Ascend Partner Services LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	8/11/2031	12,588	12,157	12,089	1.39	%
Ascend Partner Services LLC	(6)	First Lien Debt	S + 4.50%	8.54	%	8/11/2031	7,284	7,224	7,215	0.82	%
Big Apple Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	11/18/2031	4,305	964	994	0.11	%
Big Apple Advisory, LLC	(11) (12)	Revolving Loan	S + 4.50%	8.24	%	11/18/2031	1,740	(15)	5	—	%
Big Apple Advisory, LLC	(12)	First Lien Debt	S + 4.50%	8.24	%	11/18/2031	8,888	8,810	8,914	1.02	%
Cohen Advisory, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	12/31/2031	4,824	195	216	0.02	%
Cohen Advisory, LLC	(6)	First Lien Debt	S + 4.50%	8.17	%	12/31/2031	8,599	8,522	8,599	0.98	%
Compex Legal Services, Inc.	(12)	First Lien Debt	S + 5.75%	9.72	%	3/31/2028	100	100	100	0.01	%
Illumifin Corporation (Long Term Care Group)	(9) (12)	First Lien Debt	S + 6.00%	10.13	%	9/8/2027	7,275	7,276	7,024	0.80	%
Knight AcquireCo, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.37	%	11/8/2032	1,250	—	(3)	—	%
Knight AcquireCo, LLC	(6) (9)	First Lien Debt	S + 4.50%	8.37	%	11/8/2032	3,750	3,741	3,743	0.43	%
Patriot Growth Insurance Services, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.82	%	10/16/2028	7,028	6,992	6,939	0.79	%
Smith & Howard Advisory LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.59	%	11/26/2030	2,344	2,227	2,189	0.25	%
Smith & Howard Advisory LLC	(6)	First Lien Debt	S + 4.75%	8.59	%	11/26/2030	2,893	2,868	2,840	0.32	%
Vensure Employer Services, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.67	%	9/27/2031	3,219	3,198	3,219	0.37	%
Vensure Employer Services, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	9/27/2031	52	—	—	—	%
World Insurance Associates, LLC	(6) (9) (12)	First Lien Debt	S + 5.00%	8.67	%	4/3/2030	14,621	14,617	14,529	1.67	%
Total Banking, Finance, Insurance, Real Estate								78,876	78,612	8.98	%

Beverage, Food & Tobacco
AmerCareRoyal, LLC	(6)	First Lien Debt	S + 5.00%	8.72	%	9/10/2030	713	707	700	0.08	%
AmerCareRoyal, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	9/10/2030	165	—	(3)	—	%
AmerCareRoyal, LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	9/10/2030	114	113	112	0.01	%
Bardstown PPC Buyer LLC (Bardstown Bourbon Company)	(12)	Subordinated Debt	S + 7.75%	11.45	%	8/30/2027	9,300	9,226	9,144	1.04	%
BCPE North Star US Holdco 2, Inc. (Dessert Holdings)	(6) (9) (12) (14)	Subordinated Debt	S + 7.25%	11.08	%	6/8/2029	6,245	6,183	6,176	0.71	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Boardwalk Buyer LLC (Death Wish Coffee)	(6) (9)	First Lien Debt	S + 4.75%	8.52	%	9/28/2028	9,600	9,570	9,600	1.10	%
Commercial Bakeries Corp.	(6) (10) (12)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	16,936	16,709	16,844	1.92	%
Commercial Bakeries Corp.	(6) (10)	First Lien Debt	S + 5.25%	8.92	%	9/25/2029	2,004	1,992	1,993	0.23	%
FoodScience, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.62	%	11/14/2031	6,307	2,065	2,040	0.23	%
FoodScience, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.62	%	11/14/2031	5,867	5,816	5,831	0.67	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	8.50% (Cash) 5.13% (PIK)		4/3/2029	4,293	4,239	4,137	0.47	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	9.16% (Cash) 5.13% (PIK)		4/3/2029	857	845	826	0.09	%
IF&P Holding Company, LLC (Fresh Edge)	(12)	Subordinated Debt	S + 4.50%	9.16% (Cash) 5.13% (PIK)		4/3/2029	1,014	998	978	0.11	%
Naturpak PPC Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.19	%	12/22/2032	1,111	—	(5)	—	%
Naturpak PPC Buyer LLC	(6)	First Lien Debt	S + 4.50%	8.19	%	12/22/2032	4,889	4,865	4,865	0.56	%
Nellson Nutraceutical, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	4/17/2031	72	—	—	—	%
Nellson Nutraceutical, LLC	(9) (12)	First Lien Debt	S + 5.75%	9.42	%	4/17/2031	925	916	926	0.11	%
Palmetto Acquisitionco, Inc. (Tech24)	(6) (12)	First Lien Debt	S + 5.75%	9.42	%	9/18/2029	13,048	12,891	12,493	1.43	%
Palmetto Acquisitionco, Inc. (Tech24)	(12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	9/18/2029	3,675	3,667	3,519	0.40	%
Refresh Buyer, LLC (Sunny Sky Products)	(6) (12)	First Lien Debt	S + 4.75%	8.35	%	12/23/2028	6,952	6,908	6,815	0.78	%
Refresh Buyer, LLC (Sunny Sky Products)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.35	%	12/23/2028	1,760	1,760	1,726	0.20	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(12)	First Lien Debt	S + 5.00%	8.99	%	7/30/2027	10,385	10,316	10,224	1.17	%
Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC)	(6) (12)	First Lien Debt	S + 5.00%	8.99	%	7/30/2027	9,435	9,355	9,289	1.06	%
Watermill Express, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	2,373	2,368	2,373	0.27	%
Watermill Express, LLC	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	3,154	3,154	3,154	0.36	%
Watermill Express, LLC	(6) (9) (12)	First Lien Debt	S + 4.75%	8.60	%	4/30/2031	6,295	6,250	6,295	0.72	%
Watermill Express, LLC	(6) (9)	First Lien Debt	S + 4.75%	8.60	%	4/30/2031	3,211	3,202	3,211	0.37	%
Watermill Express, LLC	(6) (9)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	310	310	310	0.04	%
Watermill Express, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.60	%	4/30/2031	1,880	(6)	—	—	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Watermill Express, LLC	(9) (12)	First Lien Debt	S + 4.75%	8.60	%	4/30/2031	2,741	2,715	2,741	0.31	%
WCHG Buyer, Inc. (Handgards, LLC)	(6) (12)	First Lien Debt	S + 4.75%	8.47	%	4/10/2031	20,256	20,090	20,249	2.31	%
Total Beverage, Food & Tobacco								147,224	146,563	16.75	%

Capital Equipment
Clean Solutions Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.22	%	9/9/2030	975	967	962	0.11	%
Engineered Fastener Company, LLC (EFC International)	(12)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)		5/1/2028	3,352	3,300	3,299	0.38	%
FirstCall Mechanical Group, LLC	(6)	First Lien Debt	S + 4.75%	8.42%		6/27/2031	9,850	9,772	9,786	1.12	%
FirstCall Mechanical Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42%		6/27/2031	19,844	15,427	15,315	1.74	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt	S + 6.00%	9.77%		12/15/2026	6,334	6,325	6,216	0.71	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.77%		12/15/2026	5,493	5,487	5,390	0.62	%
Heartland Home Services, Inc. (Helios Buyer, Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.77	%	12/15/2026	2,519	2,519	2,472	0.28	%
Hyperion Materials & Technologies, Inc.	(12)	First Lien Debt	S + 4.50%	8.44	%	8/30/2028	2,600	2,600	2,490	0.28	%
Jetson Buyer, Inc. (E-Technologies Group, Inc.)	(6)	First Lien Debt	S + 5.50%	9.17	%	4/9/2030	7,204	7,147	7,054	0.81	%
Ovation Holdings, Inc	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	2/4/2030	7,838	7,352	7,410	0.85	%
Ovation Holdings, Inc	(6)	First Lien Debt	S + 5.00%	8.84	%	2/4/2030	939	931	938	0.11	%
Ovation Holdings, Inc	(6)	First Lien Debt	S + 5.00%	8.84	%	2/4/2030	7,873	7,773	7,866	0.90	%
Ovation Holdings, Inc	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.84	%	2/4/2030	1,863	1,849	1,862	0.21	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6)	First Lien Debt	S + 5.25%	9.16	%	4/4/2029	9,427	9,320	9,307	1.06	%
Rhino Intermediate Holding Company, LLC (Rhino Tool House)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.16	%	4/4/2029	1,812	1,808	1,789	0.20	%
SkyMark Refuelers, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.21	%	12/16/2032	914	616	612	0.07	%
SkyMark Refuelers, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.21	%	12/16/2032	1,364	—	(7)	—	%
SkyMark Refuelers, LLC	(12)	First Lien Debt	S + 4.50%	8.21	%	12/16/2032	2,722	2,708	2,708	0.31	%
USA Industries Holdings LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.99	%	12/10/2032	36	—	—	—	%
USA Industries Holdings LLC	(12)	First Lien Debt	S + 4.25%	7.99	%	12/10/2032	64	63	63	0.01	%
Vessco Midco Holdings, LLC	(6) (9) (12)	First Lien Debt	S + 4.50%	8.42	%	7/24/2031	13,706	13,587	13,586	1.55	%
Vessco Midco Holdings, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.42	%	7/24/2031	4,569	3,758	3,737	0.43	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Vessco Midco Holdings, LLC	(9) (11) (12)	Revolving Loan	S + 4.50%	8.42	%	7/24/2031	1,726	(14)	(15)	—	%
Total Capital Equipment								103,295	102,840	11.75	%

Chemicals, Plastics, & Rubber
Boulder Scientific Company, LLC	(6)	First Lien Debt	S + 4.50%	8.49	%	12/31/2027	1,984	1,992	1,983	0.23	%
Chroma Color Corporation	(6)	First Lien Debt	S + 4.25%	8.09	%	4/23/2029	6,187	6,111	6,106	0.70	%
Chroma Color Corporation	(6)	First Lien Debt (Delayed Draw)	S + 4.25%	8.09	%	4/23/2029	1,366	1,358	1,348	0.15	%
New Spartech Holdings LLC	(12)	First Lien Debt	S + 7.00%	10.74	%	3/31/2030	1,438	1,412	1,438	0.16	%
New Spartech Holdings LLC	(9) (12)	First Lien Debt	S + 1.00%	4.74% (Cash) 4.25% (PIK)		9/30/2030	2,413	2,413	2,365	0.27	%
Olympic Buyer, Inc. (Ascensus)	(6) (9) (12)	First Lien Debt	S + 4.35%	8.07	%	6/30/2028	9,531	9,445	8,239	0.94	%
WCI-Momentum Bidco, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/31/2032	17	—	—	—	%
WCI-Momentum Bidco, LLC	(12)	First Lien Debt	S + 4.75%	8.42	%	12/31/2032	83	83	83	0.01	%
Total Chemicals, Plastics, & Rubber								22,814	21,562	2.46	%

Construction & Building
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	2,493	2,448	2,344	0.27	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	4,746	4,703	4,462	0.51	%
Athlete Buyer, LLC (Allstar Holdings)	(12)	Subordinated Debt (Delayed Draw)	N/A	10.00% (Cash) 3.00% (PIK)		4/26/2030	6,022	5,965	5,661	0.65	%
Athlete Buyer, LLC (Allstar Holdings)	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	13.00% (PIK)		4/26/2030	2,510	(26)	(150)	(0.02	%)
Cobalt Service Partners, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	10/13/2031	3,160	1,530	1,515	0.17	%
Cobalt Service Partners, LLC	(6) (9)	First Lien Debt	S + 4.75%	8.42	%	10/13/2031	1,822	1,806	1,806	0.21	%
Gannett Fleming, Inc.	(9) (12)	First Lien Debt	S + 4.75%	8.69	%	8/5/2030	17,646	17,429	17,528	2.00	%
Gannett Fleming, Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	8.69	%	8/5/2030	2,131	(25)	(14)	—	%
Heartland Paving Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/9/2030	5,689	5,056	4,917	0.56	%
Heartland Paving Partners, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/9/2030	5,680	5,668	5,529	0.63	%
Heartland Paving Partners, LLC	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	8/9/2030	8,464	8,394	8,239	0.94	%
ICE USA Infrastructure, Inc.	(6) (12)	First Lien Debt	S + 5.75%	9.47	%	3/15/2030	6,505	6,456	6,291	0.72	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.94	%	12/15/2027	4,821	4,804	4,821	0.55	%
Java Buyer, Inc. (Sciens Building Solutions, LLC)	(6) (9) (12)	First Lien Debt	S + 5.00%	8.94	%	12/15/2027	9,127	9,058	9,127	1.04	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


MEI Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.97	%	6/29/2029	2,096	522	522	0.06	%
MEI Buyer LLC	(6) (12)	First Lien Debt	S + 4.25%	7.97	%	6/29/2029	11,202	11,052	11,203	1.28	%
MEI Buyer LLC	(12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.97	%	6/29/2029	1,791	1,786	1,792	0.20	%
Rose Paving, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	5/7/2030	191	(1)	(6)	—	%
Rose Paving, LLC	(12)	Subordinated Debt	N/A	12.00	%	5/7/2030	2,937	2,908	2,845	0.33	%
Royal Holdco Corporation (RMA Companies)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	12/30/2030	3,432	692	691	0.08	%
Royal Holdco Corporation (RMA Companies)	(6) (12)	First Lien Debt	S + 4.50%	8.24	%	12/30/2030	16,399	16,315	16,252	1.86	%
SCIC Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	3/28/2031	3,106	471	540	0.06	%
SCIC Buyer, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	3/28/2031	14,702	14,565	14,996	1.71	%
WSB Engineering Holdings Inc.	(6)	First Lien Debt	S + 4.50%	8.32	%	8/31/2029	6,389	6,327	6,331	0.72	%
WSB Engineering Holdings Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.32	%	8/31/2029	4,197	4,181	4,159	0.48	%
Total Construction & Building								132,084	131,401	15.01	%

Consumer Goods: Durable
DRS Holdings III, Inc.	(6) (9)	First Lien Debt	S + 5.25%	8.97	%	11/1/2028	2,850	2,850	2,839	0.32	%
Momentum Textiles, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		9/25/2029	5,117	5,039	5,059	0.58	%
XpressMyself.com LLC (SmartSign)	(6) (12)	First Lien Debt	S + 5.50%	9.34	%	9/7/2028	9,675	9,631	9,675	1.11	%
XpressMyself.com LLC (SmartSign)	(6)	First Lien Debt	S + 5.75%	9.59	%	9/7/2028	4,924	4,869	4,924	0.56	%
Total Consumer Goods: Durable								22,389	22,497	2.57	%

Consumer Goods: Non-durable
Bradford Soap International, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/28/2031	1,000	—	(5)	—	%
Bradford Soap International, Inc.	(6)	First Lien Debt	S + 4.75%	8.47	%	8/28/2031	3,000	2,985	2,985	0.34	%
FoodServices Brand Group, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.00% (PIK)		2/8/2030	3,109	3,036	3,037	0.35	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(6)	First Lien Debt	S + 5.25%	9.19	%	6/30/2028	6,652	6,621	6,635	0.76	%
KL Bronco Acquisition, Inc. (Elevation Labs)	(12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.19	%	6/30/2028	2,464	2,453	2,458	0.28	%
MPG Parent Holdings, LLC (Market Performance Group)	(6) (12)	First Lien Debt	S + 5.00%	8.99	%	1/8/2030	12,398	12,307	12,453	1.42	%
MPG Parent Holdings, LLC (Market Performance Group)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.99	%	1/8/2030	3,044	3,044	3,057	0.35	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Total Consumer Goods: Non-durable								30,446	30,620	3.50	%

Containers, Packaging & Glass
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(6) (12)	First Lien Debt	S + 6.75%	10.57	%	10/7/2026	14,135	14,128	13,875	1.59	%
B2B Industrial Products, LLC (AMW Acquisition Company, Inc.)	(12)	First Lien Debt	S + 6.75%	10.57	%	10/7/2026	112	111	110	0.01	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.50%	8.47	%	12/1/2027	8,699	8,668	8,658	0.99	%
good2grow LLC	(6) (12)	First Lien Debt	S + 5.50%	9.47	%	12/1/2027	4,029	3,999	4,029	0.46	%
good2grow LLC	(6) (12)	First Lien Debt	S + 4.75%	8.72	%	12/1/2027	14,122	14,046	14,118	1.61	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.64	%	12/17/2027	10,051	10,030	10,048	1.15	%
Ivex Holdco Inc. (Specialized Packaging Group)	(10) (12)	First Lien Debt	S + 5.50%	9.64	%	12/17/2027	4,321	4,321	4,320	0.49	%
Ivex Holdco Inc. (Specialized Packaging Group)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.64	%	12/17/2027	6,757	6,757	6,755	0.77	%
Ivex Holdco Inc. (Specialized Packaging Group)	(10) (12)	First Lien Debt	S + 5.50%	9.64	%	12/17/2027	3,258	3,258	3,257	0.37	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	11.50% (PIK)		1/6/2029	2,790	2,767	2,497	0.29	%
Oliver Packaging, LLC	(12)	Subordinated Debt	N/A	13.00% (PIK)		1/6/2029	524	517	488	0.06	%
Online Labels Group, LLC	(12)	First Lien Debt	S + 4.75%	8.42	%	12/19/2029	3,262	3,239	3,262	0.37	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/19/2029	402	200	200	0.02	%
Online Labels Group, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	12/19/2029	403	—	—	—	%
Performance Packaging Buyer, LLC	(6)	First Lien Debt	S + 4.50%	8.34	%	4/15/2031	6,977	6,913	6,912	0.79	%
Total Containers, Packaging & Glass								78,954	78,529	8.97	%

Energy: Electricity
Environ Energy, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.07	%	10/1/2031	1,481	(11)	(10)	—	%
Environ Energy, LLC	(6)	First Lien Debt	S + 5.25%	9.07	%	10/1/2031	2,519	2,500	2,502	0.29	%
Matador US Buyer, LLC (Insulation Technology Group)	(6) (10) (12)	First Lien Debt	S + 5.00%	8.72	%	6/25/2030	22,129	21,951	22,192	2.53	%
Matador US Buyer, LLC (Insulation Technology Group)	(10) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	6/25/2030	5,855	5,855	5,872	0.67	%
Total Energy: Electricity								30,295	30,556	3.49	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Environmental Industries
CLS Management Services, LLC (Contract Land Staff)	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	3/27/2030	7,431	7,373	7,373	0.84	%
CLS Management Services, LLC (Contract Land Staff)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	3/27/2030	2,988	2,983	2,964	0.34	%
CLS Management Services, LLC (Contract Land Staff)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	3/27/2030	4,995	4,486	4,456	0.51	%
Impact Parent Corporation (Impact Environmental Group)	(6) (12)	First Lien Debt	S + 5.25%	9.02	%	3/23/2029	6,640	6,555	6,611	0.76	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	3,102	3,092	3,089	0.35	%
Impact Parent Corporation (Impact Environmental Group)	(12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.02	%	3/23/2029	6,724	6,703	6,695	0.76	%
Impact Parent Corporation (Impact Environmental Group)	(6)	First Lien Debt	S + 5.25%	9.02	%	3/23/2029	1,701	1,679	1,694	0.19	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt	S + 5.75%	9.69	%	11/30/2027	4,772	4,758	4,708	0.54	%
NFM & J, L.P. (The Facilities Group)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.69	%	11/30/2027	8,849	8,808	8,730	1.00	%
NFM & J, L.P. (The Facilities Group)	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.75%	9.69	%	11/30/2027	4,851	4,851	4,786	0.55	%
NFM & J, L.P. (The Facilities Group)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.69	%	11/30/2027	555	555	547	0.06	%
Nutrition 101 Buyer, LLC (101 Inc)	(6)	First Lien Debt	S + 5.25%	9.19	%	8/31/2028	6,514	6,486	6,419	0.73	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 4.75%	8.42	%	7/3/2029	8,379	8,292	8,385	0.96	%
Orion Group FM Holdings, LLC (Leo Facilities)	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	7/3/2029	6,357	6,348	6,362	0.73	%
Orion Group FM Holdings, LLC (Leo Facilities)	(6)	First Lien Debt	S + 4.75%	8.42	%	7/3/2029	1,573	1,560	1,574	0.18	%
Orion Group FM Holdings, LLC (Leo Facilities)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	7/3/2029	13,446	1,513	1,523	0.17	%
SI Solutions, LLC	(6)	First Lien Debt	S + 4.75%	8.42	%	8/15/2030	11,753	11,659	11,711	1.34	%
SI Solutions, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	8/15/2030	5,595	1,103	1,094	0.13	%
Total Environmental Industries								88,804	88,721	10.14	%

Healthcare & Pharmaceuticals
AB Centers Acquisition Corporation (Action Behavior Centers)	(12)	First Lien Debt	S + 5.25%	8.97	%	7/2/2031	1,466	1,460	1,455	0.17	%
AB Centers Acquisition Corporation (Action Behavior Centers)	(6) (12)	First Lien Debt	S + 5.25%	8.97	%	7/2/2031	15,516	15,384	15,401	1.76	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


AB Centers Acquisition Corporation (Action Behavior Centers)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.97	%	7/2/2031	2,840	1,012	996	0.11	%
ACP Maverick Holdings, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	3/18/2031	3,629	2,930	2,929	0.33	%
ACP Maverick Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.42	%	3/18/2031	16,241	16,092	16,169	1.85	%
Affinity Hospice Intermediate Holdings, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.52	%	12/17/2029	6,594	6,570	5,096	0.58	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	12.75% (PIK)		10/15/2028	3,282	3,283	1,180	0.13	%
Anne Arundel Dermatology Management, LLC	(12) (16)	Subordinated Debt	N/A	13.25% (PIK)		4/15/2028	1,972	1,972	2,037	0.23	%
Anne Arundel Dermatology Management, LLC	(12)	First Lien Debt	N/A	4.71% (PIK)		1/15/2028	559	559	559	0.06	%
Anne Arundel Dermatology Management, LLC	(11) (12) (16)	Subordinated Debt (Delayed Draw)	N/A	13.25% (PIK)		4/15/2028	2,396	2,029	2,107	0.24	%
ARC Health OPCO, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	1,222	(18)	(36)	—	%
ARC Health OPCO, LLC	(12)	Subordinated Debt	N/A	8.00% (Cash) 5.00% (PIK)		4/10/2031	2,472	2,400	2,400	0.27	%
Bluebird PM Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/3/2032	1,153	(3)	11	—	%
Bluebird PM Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.42	%	2/3/2032	8,392	8,318	8,469	0.97	%
Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	12/22/2031	4,822	(22)	(71)	(0.01	%)
Bridges Consumer Healthcare Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.92	%	12/22/2031	2,743	2,179	2,151	0.25	%
Bridges Consumer Healthcare Intermediate LLC	(6)	First Lien Debt	S + 5.25%	8.92	%	12/22/2031	5,755	5,705	5,671	0.65	%
Coding Solutions Acquisition, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.72	%	8/7/2031	13,509	13,440	13,393	1.53	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	8/7/2031	521	(1)	(4)	—	%
Coding Solutions Acquisition, Inc.	(9) (11) (12)	Revolving Loan	S + 5.00%	8.72	%	8/7/2031	1,246	(10)	(11)	—	%
Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology)	(6) (9) (14)	First Lien Debt	S + 4.25%	8.09	%	3/30/2029	3,247	3,217	3,142	0.36	%
Eyesouth Eye Care Holdco LLC	(6) (12)	First Lien Debt	S + 5.50%	9.32	%	10/5/2029	7,323	7,276	7,211	0.82	%
Eyesouth Eye Care Holdco LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	10/5/2029	2,401	2,401	2,364	0.27	%
FH DMI Buyer, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	10/11/2030	1,101	1,099	1,101	0.13	%
FH DMI Buyer, Inc.	(6)	First Lien Debt	S + 5.00%	8.67	%	10/11/2030	1,973	1,956	1,973	0.23	%
Genesee Scientific LLC	(6) (9) (12)	First Lien Debt	S + 5.75%	9.72	%	9/30/2027	5,837	5,820	5,336	0.61	%
Genesee Scientific LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	9.72	%	9/30/2027	1,528	1,528	1,397	0.16	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.24	%	12/9/2027	6,271	6,249	5,960	0.68	%
GHR Healthcare, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.24	%	12/9/2027	1,962	1,962	1,864	0.21	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.24	%	12/9/2027	4,882	4,841	4,640	0.53	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.24	%	12/9/2027	7,967	7,922	7,572	0.87	%
GHR Healthcare, LLC	(6) (9) (12)	First Lien Debt	S + 5.25%	9.24	%	12/9/2027	3,704	3,683	3,521	0.40	%
Health Management Associates, Inc.	(6) (12)	First Lien Debt	S + 6.25%	10.34	%	3/30/2029	8,264	8,160	8,214	0.94	%
Health Management Associates, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 6.25%	10.34	%	3/30/2029	1,069	1,050	1,063	0.12	%
Healthspan Buyer, LLC (Thorne HealthTech)	(6) (12)	First Lien Debt	S + 4.75%	8.42	%	10/16/2030	10,439	10,360	10,394	1.19	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	3,897	3,897	3,879	0.44	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	10,734	10,734	10,684	1.22	%
Heartland Veterinary Partners LLC	(12)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)		9/10/2028	2,147	2,137	2,137	0.24	%
HemaSource, Inc.	(12)	Subordinated Debt	N/A	13.50	%	2/28/2030	5,292	5,188	5,235	0.60	%
HMN Acquirer Corp.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	11/5/2031	2,426	(5)	(22)	—	%
HMN Acquirer Corp.	(6)	First Lien Debt	S + 4.50%	8.17	%	11/5/2031	6,532	6,475	6,474	0.74	%
Impact Advisors, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	3/19/2032	7,143	(32)	—	—	%
Impact Advisors, LLC	(6) (12)	First Lien Debt	S + 4.50%	8.17	%	3/19/2032	12,761	12,641	12,761	1.46	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(6) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	2/13/2032	2,092	2,082	2,078	0.24	%
JKC Buyer, Inc. (J. Knipper and Company Inc)	(6)	First Lien Debt	S + 4.50%	8.34	%	2/13/2032	6,043	5,993	6,004	0.69	%
Lavie Group, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.90	%	10/10/2029	735	457	453	0.05	%
Lavie Group, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.90	%	10/12/2029	2,741	2,717	2,717	0.31	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt	N/A	14.25% (PIK)		2/7/2030	2,062	2,036	1,692	0.19	%
MDC Intermediate Holdings II, LLC (Mosaic Dental)	(12)	Subordinated Debt (Delayed Draw)	N/A	14.25% (PIK)		2/7/2030	550	546	451	0.05	%
Midwest Eye Services, LLC	(6)	First Lien Debt	S + 4.50%	8.32	%	8/20/2027	8,837	8,810	8,831	1.01	%
Promptcare Infusion Buyer, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.95	%	9/1/2027	1,416	1,416	1,416	0.16	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt	S + 6.00%	9.95	%	9/1/2027	8,036	8,031	8,036	0.92	%
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt (Delayed Draw)	S + 6.00%	9.95	%	9/1/2027	1,252	1,252	1,252	0.14	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.07	%	5/28/2027	7,522	7,494	7,477	0.85	%
QHR Health, LLC	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	9.07	%	5/28/2027	3,182	3,180	3,163	0.36	%
QHR Health, LLC	(6) (12)	First Lien Debt	S + 5.25%	9.07	%	5/28/2027	3,182	3,161	3,163	0.36	%
Real Chemistry Intermediate III, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	4/12/2032	3,288	1,784	1,804	0.21	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Real Chemistry Intermediate III, Inc.	(11) (12)	Revolving Loan	S + 4.50%	8.17	%	4/12/2032	1,780	(8)	7	—	%
Real Chemistry Intermediate III, Inc.	(6)	First Lien Debt	S + 4.50%	8.17	%	4/12/2032	7,397	7,362	7,425	0.85	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.17	%	9/19/2028	7,750	7,624	7,554	0.86	%
Sandlot Buyer, LLC (Prime Time Healthcare)	(6) (12)	First Lien Debt	S + 6.25%	10.25	%	9/19/2028	9,097	8,987	8,866	1.01	%
Smile Brands Inc.	(12)	Subordinated Debt	S + 8.50%	12.27	%	4/12/2028	12,801	12,792	10,357	1.18	%
Swoop Intermediate III, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	4/12/2032	4,928	(11)	22	—	%
Swoop Intermediate III, Inc.	(11) (12)	Revolving Loan	S + 4.50%	8.22	%	4/12/2032	1,776	(8)	8	—	%
Swoop Intermediate III, Inc.	(12)	First Lien Debt	S + 4.50%	8.22	%	4/12/2032	6,981	6,948	7,013	0.80	%
TBRS, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.44	%	11/22/2031	1,074	(5)	(22)	—	%
TBRS, Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	8.44	%	11/22/2030	1,406	(11)	(28)	—	%
TBRS, Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.44	%	11/22/2031	9,150	9,080	8,965	1.02	%
Tidi Legacy Products, Inc.	(6) (9) (12)	First Lien Debt	S + 4.50%	8.22	%	12/19/2029	15,212	15,103	15,212	1.74	%
Tidi Legacy Products, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	12/19/2029	4,075	4,075	4,075	0.47	%
VMG Holdings LLC (VMG Health)	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	4/16/2030	1,130	1,121	1,121	0.13	%
VMG Holdings LLC (VMG Health)	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	4/16/2030	15,733	15,608	15,608	1.78	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	7,239	7,205	7,239	0.83	%
Wellspring Pharmaceutical Corporation	(6)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	3,099	3,067	3,099	0.35	%
Wellspring Pharmaceutical Corporation	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/22/2028	1,539	1,533	1,539	0.18	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.70	%	8/22/2028	2,535	2,528	2,535	0.29	%
Wellspring Pharmaceutical Corporation	(6) (12)	First Lien Debt	S + 5.00%	8.70	%	8/22/2028	1,221	1,207	1,221	0.14	%
YI, LLC (Young Innovations)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.49	%	12/3/2029	16,221	16,105	15,906	1.83	%
Total Healthcare & Pharmaceuticals								361,099	353,061	40.34	%

High Tech Industries
Alta Buyer, LLC (GoEngineer)	(6) (9) (12)	First Lien Debt	S + 5.00%	8.67	%	12/21/2027	11,336	11,318	11,336	1.29	%
Alta Buyer, LLC (GoEngineer)	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	12/21/2027	3,088	3,076	3,088	0.35	%
Alta Buyer, LLC (GoEngineer)	(9) (12)	First Lien Debt	S + 5.00%	8.67	%	12/21/2027	5,284	5,252	5,284	0.60	%
Eliassen Group, LLC	(6) (9) (12)	First Lien Debt	S + 5.75%	9.42	%	4/14/2028	11,825	11,770	11,626	1.32	%
Eliassen Group, LLC	(6) (9)	First Lien Debt (Delayed Draw)	S + 5.75%	9.42	%	4/14/2028	851	851	837	0.10	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Emburse, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	7.92	%	5/28/2032	13	—	—	—	%
Emburse, Inc.	(9) (11) (12)	Revolving Loan	S + 4.25%	7.92	%	5/28/2032	14	—	—	—	%
Emburse, Inc.	(9) (12)	First Lien Debt	S + 4.25%	7.92	%	5/28/2032	73	73	74	0.01	%
Exterro, Inc.	(6)	First Lien Debt	S + 5.25%	9.02	%	6/1/2027	9,435	9,410	9,366	1.07	%
GNX HBS PARENT, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	9/30/2031	1,481	—	(6)	—	%
GNX HBS PARENT, LLC	(6)	First Lien Debt	S + 4.75%	8.42	%	9/30/2031	2,519	2,506	2,508	0.29	%
Infobase Acquisition, Inc.	(6)	First Lien Debt	S + 5.50%	9.35	%	6/14/2028	4,243	4,223	4,243	0.48	%
Prosci, Inc.	(6)	First Lien Debt	S + 4.50%	8.32	%	11/18/2030	4,733	4,724	4,710	0.54	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57% (Cash) 1.75% (PIK)		4/16/2029	745	744	688	0.08	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57% (Cash) 1.75% (PIK)		4/16/2029	1,081	1,078	998	0.11	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57% (Cash) 1.75% (PIK)		4/16/2029	240	239	221	0.03	%
Revalize Inc. (f/k/a AQ Holdco Inc.)	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57% (Cash) 1.75% (PIK)		4/16/2029	3,463	3,460	3,199	0.37	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (12)	First Lien Debt	S + 4.50%	8.37	%	9/30/2031	678	672	672	0.08	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.37	%	9/30/2031	236	—	(2)	—	%
Ridge Trail US Bidco, Inc. (Options IT)	(9) (11) (12)	Revolving Loan	S + 4.50%	8.37	%	3/31/2031	79	21	21	—	%
Smart Wave Technologies, Inc.	(12)	First Lien Debt	S + 6.00%	9.99	%	11/5/2026	8,630	8,599	7,627	0.87	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt	N/A	14.50% (PIK)		6/30/2028	2,051	2,034	2,027	0.23	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt	N/A	14.50% (PIK)		6/30/2028	883	875	873	0.10	%
Solve Industrial Motion Group LLC	(12)	Subordinated Debt (Delayed Draw)	N/A	14.50% (PIK)		6/30/2028	2,349	2,349	2,322	0.27	%
VALIDITY INC	(12)	First Lien Debt	S + 5.25%	9.18	%	4/12/2032	100	99	99	0.01	%
Venture Buyer, LLC (Velosio)	(6) (9)	First Lien Debt	S + 5.25%	8.97	%	3/1/2030	6,138	6,094	6,138	0.70	%
Venture Buyer, LLC (Velosio)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.97	%	3/1/2030	1,283	223	223	0.03	%
Total High Tech Industries								79,690	78,172	8.93	%

Hotel, Game & Leisure
Davidson Hotel Company LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	10/31/2031	1,052	40	53	0.01	%
Davidson Hotel Company LLC	(6)	First Lien Debt	S + 5.00%	8.72	%	10/31/2031	3,156	3,129	3,188	0.36	%
Total Hotel, Game & Leisure								3,169	3,241	0.37	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Media: Advertising, Printing & Publishing
Calienger Acquisition, L.L.C. (Wpromote, LLC)	(6) (12)	First Lien Debt	S + 5.75%	9.72	%	10/23/2028	4,290	4,243	4,268	0.49	%
Tinuiti Inc.	(6) (9) (12)	First Lien Debt	S + 2.63%	6.40% (Cash) 3.13% (PIK)		12/11/2028	2,932	2,926	2,794	0.32	%
Tinuiti Inc.	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 2.63%	6.40% (Cash) 3.13% (PIK)		12/11/2028	1,917	1,917	1,826	0.21	%
Tinuiti Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 2.63%	6.40% (Cash) 3.13% (PIK)		12/11/2028	9,813	9,813	9,351	1.06	%
Total Media: Advertising, Printing & Publishing								18,899	18,239	2.08	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(12)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)		11/12/2027	3,753	3,716	3,641	0.42	%
Corporate Visions, Inc. (CVI Parent, Inc.)	(6) (12) (16)	First Lien Debt	S + 1.00%	4.77% (Cash) 4.00% (PIK)		8/12/2027	2,663	2,649	1,254	0.14	%
Corporate Visions, Inc. (CVI Parent, Inc.)	(6) (12) (16)	First Lien Debt	S + 1.00%	4.77% (Cash) 4.00% (PIK)		8/12/2027	3,029	3,020	1,426	0.16	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt	S + 6.00%	9.82	%	12/9/2026	8,267	8,268	6,916	0.80	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.82	%	12/9/2026	2,944	2,944	2,463	0.28	%
MSM Acquisitions, Inc. (Spectrio)	(9) (12)	First Lien Debt (Delayed Draw)	S + 6.00%	9.82	%	12/9/2026	449	449	376	0.04	%
Total Media: Diversified & Production								21,046	16,076	1.84	%

Services: Business
ALKU Intermediate Holdings, LLC	(12)	First Lien Debt	S + 6.25%	9.92	%	5/23/2029	4,428	4,370	4,412	0.50	%
All4 Buyer, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	8.11	%	1/23/2032	2,385	562	550	0.06	%
All4 Buyer, LLC	(6)	First Lien Debt	S + 4.25%	8.11	%	1/23/2032	2,840	2,815	2,814	0.32	%
Archer Acquisition, LLC (ARMstrong)	(6)	First Lien Debt	S + 4.75%	8.52	%	10/8/2029	6,793	6,720	6,738	0.77	%
Archer Acquisition, LLC (ARMstrong)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.52	%	10/8/2029	938	628	625	0.07	%
Astra Service Partners, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	11/26/2032	25	—	—	—	%
Astra Service Partners, LLC	(9) (12)	First Lien Debt	S + 4.75%	8.42	%	11/26/2032	75	75	75	0.01	%
Bounteous, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/2/2029	2,711	2,703	2,711	0.31	%
Bounteous, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/2/2029	3,505	3,505	3,505	0.40	%
Bounteous, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.47	%	8/2/2029	5,238	5,222	5,238	0.60	%
Bounteous, Inc.	(12)	First Lien Debt	S + 4.75%	8.47	%	8/2/2029	2,144	2,137	2,144	0.24	%
Bullhorn, Inc.	(6) (9) (12)	First Lien Debt	S + 5.00%	8.72	%	10/1/2029	13,671	13,640	13,671	1.56	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Caldwell & Gregory LLC	(12)	Subordinated Debt	S + 8.75%	9.92% (Cash) 2.50% (PIK)		3/31/2031	1,153	1,135	1,163	0.13	%
CDL Marketing Group, LLC (Career Now)	(12) (16)	Subordinated Debt	N/A	13.00% (PIK)		3/30/2027	3,990	3,966	869	0.10	%
Cornerstone Advisors of Arizona, LLC	(9) (12)	First Lien Debt	S + 4.75%	8.42	%	5/13/2032	100	99	99	0.01	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt	S + 5.00%	8.85	%	9/15/2028	7,339	7,265	7,196	0.82	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	9/15/2028	2,336	2,325	2,290	0.26	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	9/15/2028	1,539	1,536	1,509	0.17	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(6) (12)	First Lien Debt	S + 5.00%	8.85	%	9/15/2028	3,396	3,356	3,329	0.38	%
DH United Holdings, LLC (D&H United Fueling Solutions)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.85	%	9/15/2028	5,094	4,279	4,195	0.48	%
Element 78 Partners, LLC (E78)	(6) (12)	First Lien Debt	S + 5.50%	9.32	%	12/1/2027	3,953	3,937	3,912	0.45	%
Element 78 Partners, LLC (E78)	(12)	First Lien Debt	S + 5.50%	9.32	%	12/1/2027	1,015	1,011	1,005	0.11	%
Element 78 Partners, LLC (E78)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	12/1/2027	15,233	—	(155)	(0.02	%)
Element 78 Partners, LLC (E78)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	12/1/2027	2,972	2,960	2,942	0.34	%
Element 78 Partners, LLC (E78)	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	12/1/2027	2,595	2,310	2,284	0.26	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(6) (9) (12)	First Lien Debt	S + 5.75%	9.60	%	12/23/2026	9,600	9,557	9,586	1.10	%
Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC)	(9) (12)	First Lien Debt	S + 5.75%	9.60	%	12/23/2026	6,655	6,599	6,645	0.76	%
Env Automation Acquisition,LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.24	%	12/8/2031	33	—	—	—	%
Env Automation Acquisition,LLC	(9) (12)	First Lien Debt	S + 4.50%	8.24	%	12/8/2031	67	67	67	0.01	%
Esquire Deposition Solutions, LLC	(12)	Subordinated Debt	N/A	14.00% (PIK)		6/30/2029	2,065	2,032	2,037	0.23	%
Gabriel Partners, LLC	(12)	First Lien Debt	S + 1.80%	5.77% (Cash) 5.45% (PIK)		1/21/2027	683	682	669	0.08	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt	S + 1.80%	5.77% (Cash) 5.45% (PIK)		1/21/2027	9,356	9,356	9,164	1.05	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt (Delayed Draw)	S + 1.80%	5.77% (Cash) 5.45% (PIK)		1/21/2027	1,559	1,559	1,527	0.17	%
Gabriel Partners, LLC	(6) (9) (12)	First Lien Debt	S + 1.80%	5.77% (Cash) 5.45% (PIK)		1/21/2027	3,863	3,857	3,783	0.43	%
Integrated Power Services Holdings, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.58	%	11/22/2028	1,866	(3)	—	—	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Integrated Power Services Holdings, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.58	%	11/22/2028	5,235	5,234	5,235	0.60	%
KENG Acquisition, Inc. (Engage PEO)	(6) (9) (12)	First Lien Debt	S + 4.50%	8.34	%	8/1/2029	9,473	9,374	9,401	1.07	%
KENG Acquisition, Inc. (Engage PEO)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	8/1/2029	9,218	9,204	9,148	1.05	%
KENG Acquisition, Inc. (Engage PEO)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.34	%	8/1/2029	1,071	1,069	1,063	0.12	%
KRIV Acquisition, Inc. (Riveron)	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	7/31/2031	12,131	11,882	12,057	1.38	%
LRN Corporation (Lion Merger Sub, Inc.)	(9) (12)	First Lien Debt	S + 5.25%	8.95	%	12/17/2027	7,169	7,169	7,143	0.82	%
LRN Corporation (Lion Merger Sub, Inc.)	(9) (12)	First Lien Debt	S + 5.25%	8.95	%	12/17/2027	7,147	7,146	7,122	0.81	%
M&S Holdings Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.44	%	12/23/2032	769	—	(4)	—	%
M&S Holdings Buyer, Inc.	(6)	First Lien Debt	S + 4.75%	8.44	%	12/23/2032	4,231	4,210	4,210	0.48	%
Olympus US Bidco LLC (Phaidon International)	(6) (10) (12)	First Lien Debt	S + 5.50%	9.44	%	8/22/2029	13,125	13,048	12,687	1.45	%
Output Services Group, Inc.	(12)	First Lien Debt	S + 8.00%	12.16	%	5/30/2028	155	155	155	0.02	%
Output Services Group, Inc.	(12)	First Lien Debt	S + 6.25%	10.41	%	11/30/2028	837	837	837	0.10	%
PLZ Corp (PLZ Aeroscience)	(12)	Subordinated Debt	S + 7.50%	11.33	%	7/7/2028	13,500	13,311	12,042	1.38	%
PN Buyer, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.17	%	7/31/2031	1,111	—	(5)	—	%
PN Buyer, Inc.	(6)	First Lien Debt	S + 4.50%	8.17	%	7/31/2031	3,889	3,870	3,870	0.44	%
RailPros Parent, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.25%	8.13	%	5/24/2032	21	—	—	—	%
RailPros Parent, LLC	(9) (11) (12)	Revolving Loan	S + 4.25%	8.13	%	5/24/2032	11	—	—	—	%
RailPros Parent, LLC	(9) (12)	First Lien Debt	S + 4.25%	8.13	%	5/24/2032	68	68	69	0.01	%
Redwood Services Group, LLC (Evergreen Services Group)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.93	%	6/15/2029	2,955	2,402	2,413	0.28	%
Redwood Services Group, LLC (Evergreen Services Group)	(6) (9) (12)	First Lien Debt	S + 5.25%	8.93	%	6/15/2029	14,027	13,871	14,027	1.60	%
Redwood Services Group, LLC (Evergreen Services Group)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.25%	8.93	%	6/15/2029	2,805	2,789	2,805	0.32	%
Safety Infrastructure Services Intermediate LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	7/21/2028	3,963	1,041	938	0.11	%
Safety Infrastructure Services Intermediate LLC	(6)	First Lien Debt	S + 5.00%	8.67	%	7/21/2028	7,032	6,983	6,835	0.78	%
Sagebrush Buyer, LLC (Province)	(6) (12)	First Lien Debt	S + 5.00%	8.72	%	7/1/2030	4,473	4,436	4,436	0.51	%
Scaled Agile, Inc.	(6) (9) (12)	First Lien Debt	S + 2.25%	6.02% (Cash) 3.75% (PIK)		12/15/2028	8,076	8,037	6,561	0.75	%
Scaled Agile, Inc.	(9) (12)	First Lien Debt (Delayed Draw)	S + 2.25%	6.02% (Cash) 3.75% (PIK)		12/15/2028	394	394	320	0.04	%
Sentinel Technologies, Inc	(6)	First Lien Debt	S + 4.50%	8.35	%	11/3/2031	5,000	4,975	4,978	0.57	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Syndigo LLC	(11) (12)	Revolving Loan	S + 5.00%	8.82	%	9/2/2032	592	(3)	(4)	—	%
Syndigo LLC	(6)	First Lien Debt	S + 5.00%	8.82	%	9/2/2032	4,408	4,386	4,376	0.50	%
Tau Buyer, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	2/2/2032	3,427	2,247	2,251	0.26	%
Tau Buyer, LLC	(9) (11) (12)	Revolving Loan	S + 4.75%	8.42	%	2/2/2032	1,720	260	270	0.03	%
Tau Buyer, LLC	(6) (9) (12)	First Lien Debt	S + 4.75%	8.42	%	2/2/2032	9,853	9,764	9,821	1.12	%
Thompson Safety LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.80	%	6/25/2032	91	10	9	—	%
Thompson Safety LLC	(11) (12)	Revolving Loan	S + 5.00%	8.86	%	6/25/2032	9	—	—	—	%
Transit Buyer, LLC (Propark Mobility)	(6)	First Lien Debt	S + 5.00%	8.72	%	1/31/2029	6,686	6,610	6,686	0.76	%
Transit Buyer, LLC (Propark Mobility)	(12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	1/31/2029	3,077	3,043	3,077	0.35	%
Transit Buyer, LLC (Propark Mobility)	(6) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.72	%	1/31/2029	10,071	10,054	10,071	1.15	%
Trilon Group, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.65	%	5/27/2029	27,477	27,353	27,448	3.14	%
Trilon Group, LLC	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.65	%	5/27/2029	1,856	1,849	1,854	0.21	%
TSS Buyer, LLC (Technical Safety Services)	(6)	First Lien Debt	S + 5.50%	9.32	%	6/22/2029	6,634	6,596	6,634	0.76	%
TSS Buyer, LLC (Technical Safety Services)	(12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.32	%	6/22/2029	6,307	6,257	6,307	0.72	%
TSS Buyer, LLC (Technical Safety Services)	(6) (12)	First Lien Debt	S + 5.50%	9.32	%	6/22/2029	1,852	1,833	1,852	0.21	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(6) (9)	First Lien Debt	S + 4.75%	8.48	%	6/1/2029	8,008	7,915	8,008	0.92	%
Victors CCC Buyer LLC (CrossCountry Consulting)	(9) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.48	%	6/1/2029	822	817	822	0.09	%
VRC Companies, LLC (Vital Records Control)	(6) (9)	First Lien Debt	S + 5.50%	9.34	%	6/29/2027	4,488	4,473	4,488	0.51	%
VRC Companies, LLC (Vital Records Control)	(6) (9)	First Lien Debt	S + 5.50%	9.19	%	6/29/2027	327	326	327	0.04	%
Total Services: Business								335,557	329,239	37.62	%

Services: Consumer
360 Holdco, Inc. (360 Training)	(6)	First Lien Debt	S + 4.75%	9.36	%	8/2/2028	3,402	3,380	3,371	0.39	%
360 Holdco, Inc. (360 Training)	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	9.36	%	8/2/2028	3,093	—	(28)	0.00	%
ADPD Holdings LLC (NearU)	(9) (12)	First Lien Debt	S + 6.00%	11.03	%	8/16/2028	9,724	9,717	9,059	1.04	%
AMS Parent, LLC (All My Sons)	(6) (14)	First Lien Debt	S + 4.75%	11.03	%	8/16/2028	5,147	5,123	4,973	0.57	%
Apex Service Partners, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	11.03	%	8/16/2028	153	153	154	0.02	%
Apex Service Partners, LLC	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	9.47	%	10/25/2028	154	153	155	0.02	%
Apex Service Partners, LLC	(9) (11) (12)	Revolving Loan	S + 5.00%	9.50	%	10/24/2030	55	14	15	0.00	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Apex Service Partners, LLC	(9) (12)	First Lien Debt	S + 5.00%	9.51	%	10/24/2030	627	622	630		0.07	%
Columbia Home Services LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	12.00	%	11/27/2031	22	—	—		0.00	%
Columbia Home Services LLC	(12)	Subordinated Debt	N/A	12.00	%	11/27/2031	78	76	76		0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(12)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	908	891	$	877	0.10	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(12)	Subordinated Debt (Delayed Draw)	N/A	9.00% (Cash) 4.00% (PIK)		1/28/2030	693	687	670		0.08	%
Excel Fitness Consolidator LLC	(6)	First Lien Debt	S + 4.50%	9.58	%	4/27/2029	10,220	10,154	10,142		1.16	%
Excel Fitness Holdings, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	9.83	%	4/27/2029	1,897	(10)	(14)		0.00	%
Legacy Service Partners, LLC		First Lien Debt (Delayed Draw)	S + 4.50%	9.75	%	1/9/2029	100	—	(1)		0.00	%
Legacy Service Partners, LLC	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	9.73	%	1/9/2029	47	(1)	(1)		0.00	%
Legacy Service Partners, LLC	(12)	Subordinated Debt	N/A	9.77	%	1/9/2029	53	52	52		0.01	%
Legacy Service Partners, LLC	(6) (12)	First Lien Debt	S + 4.50%	10.11	%	6/15/2028	17,546	17,486	17,434		1.98	%
Liberty Buyer, Inc. (Liberty Group)	(6) (9) (12)	First Lien Debt	S + 5.75%	10.93	%	6/15/2028	3,849	3,832	3,735		0.43	%
Liberty Buyer, Inc. (Liberty Group)	(9) (12)	First Lien Debt (Delayed Draw)	S + 5.75%	3.33% (Cash) 9.17% (PIK)		3/18/2029	289	289	281		0.03	%
National Renovations LLC (Repipe Specialists)	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	3.33% (Cash) 9.17% (PIK)		3/18/2029	643	—	(98)		(0.01	%)
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	10.25	%	3/14/2025	644	644	546		0.06	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	10.25	%	3/14/2025	734	725	623		0.07	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt	N/A	9.58	%	3/14/2025	2,690	2,663	2,281		0.26	%
National Renovations LLC (Repipe Specialists)	(12)	Subordinated Debt (Delayed Draw)	N/A	9.39	%	3/14/2025	232	232	197		0.02	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(11) (12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	5,032	3,965	3,892		0.44	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	4,498	4,498	4,433		0.51	%
North Haven Fairway Buyer, LLC (Fairway Lawns)	(12)	Subordinated Debt (Delayed Draw)	N/A	8.00% (Cash) 5.00% (PIK)		5/17/2029	6,489	6,489	6,396		0.73	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt	S + 5.75%	10.18	%	6/8/2026	2,450	2,450	2,450		0.28	%
North Haven Spartan US Holdco LLC	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	10.34	%	6/8/2026	212	212	212		0.02	%
North Haven Spartan US Holdco LLC	(12)	First Lien Debt (Delayed Draw)	S + 5.75%	10.34	%	6/8/2026	3,248	3,245	3,248		0.37	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Perennial Services Group, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	10.68	%	11/26/2025	5,288	—	(26)	—	%
Perennial Services Group, LLC	(6) (9)	First Lien Debt	S + 4.50%	10.11	%	9/7/2029	7,246	7,210	7,211	0.82	%
Total Services: Consumer								84,951	82,945	9.48	%

Sovereign & Public Finance
Renaissance Buyer, LLC (LMI Consulting, LLC)	(6) (12)	First Lien Debt	S + 5.25%	8.94	%	7/18/2028	12,010	11,935	12,010	1.37	%
Total Sovereign & Public Finance								11,935	12,010	1.37	%

Telecommunications
BCM One, Inc.	(6)	First Lien Debt	S + 4.50%	8.43	%	11/17/2027	5,649	5,649	5,649	0.65	%
BCM One, Inc.	(6)	First Lien Debt (Delayed Draw)	S + 4.50%	8.43	%	11/17/2027	1,789	1,789	1,789	0.20	%
MBS Holdings, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.92	%	4/16/2027	1,037	1,030	1,042	0.12	%
MBS Holdings, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.92	%	4/16/2027	1,791	1,779	1,799	0.21	%
MBS Holdings, Inc.	(6) (9) (12)	First Lien Debt	S + 5.00%	8.92	%	4/16/2027	9,847	9,826	9,847	1.13	%
MBS Holdings, Inc.	(6) (9)	First Lien Debt	S + 5.00%	8.92	%	4/16/2027	1,288	1,278	1,288	0.15	%
Mobile Communications America, Inc.	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.69	%	10/16/2029	1,653	209	201	0.02	%
Mobile Communications America, Inc.	(6) (12)	First Lien Debt	S + 4.75%	8.69	%	10/16/2029	18,135	17,964	18,048	2.06	%
Mobile Communications America, Inc.	(12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.69	%	10/16/2029	4,271	4,250	4,251	0.49	%
Sapphire Telecom, Inc.	(6) (12)	First Lien Debt	S + 5.00%	8.67	%	6/27/2029	18,847	18,728	18,866	2.15	%
Tyto Athene, LLC	(6) (12)	First Lien Debt	S + 4.75%	8.88	%	4/3/2028	7,125	7,094	6,833	0.78	%
Total Telecommunications								69,596	69,613	7.96	%

Transportation: Cargo
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12)	First Lien Debt	S + 2.50%	6.64% (Cash) 4.25% (PIK)		2/3/2028	262	262	219	0.03	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(6) (9)	First Lien Debt	S + 2.50%	6.64% (Cash) 4.25% (PIK)		2/3/2028	908	907	759	0.09	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12)	First Lien Debt	S + 2.50%	6.64% (Cash) 4.25% (PIK)		2/3/2028	184	183	153	0.02	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12)	First Lien Debt	S + 2.50%	6.64% (Cash) 4.25% (PIK)		2/3/2028	4,433	4,433	3,703	0.42	%
A&R Logistics Holdings, Inc. (Quantix SCS, LLC)	(9) (12)	First Lien Debt	S + 2.50%	6.64% (Cash) 4.25% (PIK)		2/3/2028	1,380	1,375	1,153	0.13	%
Armstrong Midco, LLC (Armstrong Transport Group)	(12)	Subordinated Debt	N/A	17.00% (PIK)		6/30/2027	1,311	1,300	1,299	0.15	%
Armstrong Transport Group, LLC	(12)	Subordinated Debt	N/A	7.00% (Cash) 7.00% (PIK)		6/30/2027	8,173	8,093	8,090	0.92	%
FSK Pallet Holding Corp. (Kamps Pallets)	(6) (12)	First Lien Debt	S + 6.25%	10.24	%	12/23/2026	9,102	9,057	8,972	1.03	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Kenco PPC Buyer LLC	(6) (12)	First Lien Debt	S + 4.50%	8.54	%	11/15/2029	21,660		21,534		21,562		2.46	%
Kenco PPC Buyer LLC	(12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	11/15/2029	3,581		3,561		3,565		0.41	%
Kenco PPC Buyer LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.54	%	11/15/2029	4,111		(30)		(19)		—	%
R1 Holdings, LLC (RoadOne)	(12)	Subordinated Debt	N/A	8.75% (Cash) 5.00% (PIK)		6/30/2029	$	5,200	$	5,112	$	5,074	0.58	%
SEKO Global Logistics Network, LLC	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 10.00%	14.20	%	11/27/2029	73		—		—		—	%
SEKO Global Logistics Network, LLC	(9) (12)	First Lien Debt	S + 10.00%	14.20	%	11/27/2029	130		130		130		0.01	%
SEKO Global Logistics Network, LLC	(12)	First Lien Debt	S + 10.00%	14.20	%	11/27/2029	467		460		467		0.05	%
SEKO Global Logistics Network, LLC	(12)	First Lien Debt	S + 10.00%	14.20	%	5/27/2030	1,746		1,746		1,436		0.16	%
TI Acquisition NC, LLC	(6)	First Lien Debt	S + 4.25%	7.92	%	3/19/2027	2,723		2,696		2,723		0.31	%
Total Transportation: Cargo									60,819		59,286		6.77	%

Transportation: Consumer
EVDR Purchaser, Inc.	(6) (12)	First Lien Debt	S + 4.50%	8.23	%	2/14/2031	10,480		10,400		10,430		1.19	%
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.23	%	2/14/2031	3,040		—		(15)		—	%
Total Transportation: Consumer									10,400		10,415		1.19	%

Utilities: Electric
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (12)	First Lien Debt	S + 4.75%	8.47	%	8/27/2031	10,355		10,268		10,380		1.19	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.47	%	8/27/2031	2,615		(11)		6		—	%
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc)	(9) (11) (12)	Revolving Loan	S + 4.75%	8.47	%	8/27/2031	1,925		(16)		5		—	%
Force Electrical Buyerco, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.37	%	10/21/2032	63		1		—		—	%
Force Electrical Buyerco, LLC	(12)	First Lien Debt	S + 4.50%	8.37	%	10/21/2032	37		37		37		—	%
Industrial Air Flow Dynamics, Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 5.00%	8.67	%	8/14/2030	21		—		—		—	%
Industrial Air Flow Dynamics, Inc.	(9) (12)	First Lien Debt	S + 5.00%	8.67	%	8/14/2030	79		79		79		0.01	%
Low Voltage Holdings Inc.	(9) (11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.42	%	4/28/2032	517		—		(2)		—	%
Low Voltage Holdings Inc.	(9) (11) (12)	Revolving Loan	S + 4.75%	8.42	%	4/28/2032	352		(1)		(1)		—	%
Low Voltage Holdings Inc.	(6) (9) (12)	First Lien Debt	S + 4.75%	8.42	%	4/28/2032	2,581		2,573		2,572		0.29	%
Pinnacle Supply Partners, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 6.25%	10.12	%	4/3/2030	1,636		—		(77)		(0.01	%)
Pinnacle Supply Partners, LLC	(6)	First Lien Debt	S + 6.25%	10.12	%	4/3/2030	6,212		6,129		5,920		0.68	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Pinnacle Supply Partners, LLC	(12)	First Lien Debt (Delayed Draw)	S + 6.25%	10.12	%	4/3/2030	1,972		1,965		1,879		0.21	%
RMS Energy Borrower LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.50%	8.22	%	9/30/2032	$	1,231	$	(3)	$	(7)	—	%
RMS Energy Borrower LLC	(6) (12)	First Lien Debt	S + 4.50%	8.22	%	9/30/2032	6,752		6,719		6,716		0.77	%
Total Utilities: Electric									27,740		27,507		3.14	%

Utilities: Water
USA Water Intermediate Holdings, LLC	(6)	First Lien Debt	S + 4.75%	8.57	%	2/21/2031	7,758		7,700		7,759		0.89	%
USA Water Intermediate Holdings, LLC	(11) (12)	First Lien Debt (Delayed Draw)	S + 4.75%	8.57	%	2/21/2031	3,025		2,029		2,029		0.23	%
Total Utilities: Water									9,729		9,788		1.12	%

Wholesale
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(12)	First Lien Debt (Delayed Draw)	S + 5.50%	9.47	%	1/19/2029	1,951		1,930		1,923		0.22	%
INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions)	(6)	First Lien Debt	S + 5.50%	9.47	%	1/19/2029	11,475		11,357		11,306		1.30	%
ISG Enterprises, LLC (Industrial Service Group)	(6)	First Lien Debt	S + 5.75%	9.59	%	12/7/2028	6,393		6,323		6,239		0.71	%
ISG Enterprises, LLC (Industrial Service Group)	(6)	First Lien Debt (Delayed Draw)	S + 5.75%	9.59	%	12/7/2028	3,329		3,321		3,249		0.37	%
Total Wholesale									22,931		22,717		2.60	%

Total Debt Investments									$	1,953,303	$	1,917,994	219.15	%


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialists)	(8) (10) (12) (15)	Class A-1 Units	9/1/2023	1,530,000	$	1,530	$	1,939	0.22	%
Total Aerospace & Defense					1,530		1,939		0.22	%

Automotive
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	LP Interests	12/31/2024	998,311	402		—		—	%
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	LP Interests	12/31/2024	1,836,884	404		—		—	%
Buckeye Group Holdings, L.P. (JEGS Automotive)	(8) (9) (12)	LP Interests	12/31/2024	998,311	—		—		—	%
Covercraft Parent III, Inc.	(8) (12)	LP Interests	8/20/2021	768	768		—		—	%
HBB Parent, LLC (High Bar Brands)	(8) (12)	LP Interests	12/19/2023	303,000	303		324		0.04	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Pegasus Aggregator Holdings LP (S&S Truck Parts)	(8) (12)	LP Interests	12/31/2024	7	$	668	$	567	0.06	%
Phoenix Topco Holdings LP (S&S Truck Parts)	(8) (12)	Partnership Interests	6/3/2024	1,000	974		1,228		0.14	%
Phoenix Topco Holdings LP (S&S Truck Parts)	(8) (12)	Warrants	6/3/2024	1,000	1		—		—	%
Total Automotive					3,520		2,119		0.24	%

Beverage, Food & Tobacco
Bardstown PPC Buyer LLC (Bardstown Bourbon Company)	(8) (12)	Common Units	7/13/2022	15,373	2,008		1,983		0.23	%
VCP Tech24 Co-Invest Aggregator LP (Tech24)	(8) (12) (17)	Company Unit	10/5/2023	954	954		808		0.09	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(8) (12)	Class B Common Units	10/3/2022	698	5		—		—	%
WPP Fairway Aggregator B, L.P (Fresh Edge)	(8) (12)	Class A Preferred Units	10/3/2022	698	698		266		0.03	%
Total Beverage, Food & Tobacco					3,665		3,057		0.35	%

Capital Equipment
ATL GSE Holdings, LP	(8) (12)	Class A Units	12/16/2025	62,795	63		63		0.01	%
CMG HoldCo, LLC (Crete)	(8) (12)	Equity Co-Investment	5/19/2022	24	249		710		0.08	%
EFC Holdings, LLC (EFC International)	(8) (12)	Class A Common Units	3/1/2023	148	60		22		—	%
EFC Holdings, LLC (EFC International)	(8) (12)	Series A Preferred Units	3/1/2023	148	148		185		0.02	%
E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.)	(8) (12)	Partnership Interests	5/22/2024	1,000,000	1,000		887		0.10	%
Lapmaster Co-Investment, LLC (Precision Surfacing Solutions)	(8) (12)	Common Units	10/5/2022	3,750,000	3,750		8,153		0.93	%
Total Capital Equipment					5,270		10,020		1.14	%

Chemicals, Plastics & Rubber
New Spartech Holdings LLC	(8) (12)	Common Units	6/6/2025	315,000	1,595		—		—	%
Chemicals, Plastics & Rubber Total					1,595		—		—	%

Construction & Building
GreyLion TGNL Holdings	(8) (11) (12) (17)	Common Units	5/2/2025	846,770	865		854		0.10	%
Oceansound Partners Co-Invest II, LP (Gannett Fleming)	(8) (12)	Series F Units	5/26/2023	1,272,139	1,272		1,824		0.20	%
OSP Gannett Aggregator, LP (Gannett Fleming)	(8) (10) (12) (15)	Limited Partnership Interests	12/20/2022	894,607	895		1,283		0.15	%
RPI Investments LP (Rose Paving)	(8) (12)	Limited Partnership Interests	11/27/2024	690	100		68		0.01	%
Total Construction & Building					3,132		4,029		0.46	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Consumer Goods: Durable
LH Equity Investors, L.P.	(8) (11) (12) (17)	Limited Partnership Interests	9/3/2025	1,500,000	$	1,445	$	2,029	0.23	%
Total Consumer Goods: Durable					1,445		2,029		0.23	%

Consumer Goods: Non-durable
FBG Holdings LLC	(8) (12)	Common Units	8/8/2025	66	512		511		0.06	%
Ultima Health Holdings, LLC	(8) (12)	Preferred Units	9/12/2022	15	170		381		0.04	%
Total Consumer Goods: Non-durable					682		892		0.10	%

Containers, Packaging & Glass
Conversion Holdings, L.P. (Specialized Packaging Group)	(8) (10) (12)	Class A Units	12/17/2020	147,708	148		191		0.02	%
Oliver Investors, LP (Oliver Packaging)	(8) (12)	Class A Units	4/22/2025	283	14		15		—	%
Oliver Investors, LP (Oliver Packaging)	(8) (12)	Class A Common Units	7/6/2022	11,916	1,131		234		0.03	%
Total Containers, Packaging & Glass					1,293		440		0.05	%

Healthcare & Pharmaceuticals
HMA Equity, LP (Health Management Associates)	(8) (12)	AA Equity Co-Invest	3/30/2023	399,904	400		406		0.05	%
MDC Group Holdings, LP (Mosaic Dental)	(8) (12)	AA Equity Co-Invest	2/7/2023	245	245		—		—	%
NP/BF Holdings, L.P.	(8) (12)	AA Equity Co-Invest	4/30/2025	1,000	1,000		1,000		0.11	%
RCP Nats Co-Investment Fund LP	(8) (12) (17)	LP Interests	3/17/2025	1,000,000	1,003		1,304		0.15	%
REP Coinvest III AAD, L.P. (Anne Arundel)	(8) (12)	AA Equity Co-Invest	10/16/2020	12,175	880		—		—	%
REP HS Holdings, LLC (HemaSource)	(8) (12)	LP Interests	8/31/2023	577,000	577		784		0.09	%
WE Select Fund 3, L.P.	(8) (12) (17)	Limited Partnership Interests	9/10/2025	483,000	495		595		0.07	%
Total Healthcare & Pharmaceuticals					4,600		4,089		0.47	%

High Tech Industries
GNX HBS Holdings, LLC	(8) (12)	LP Interests	10/1/2025	60	60		60		0.01	%
Three Rivers Co-Investment, L.P.	(8) (12) (17)	LP Interests	11/7/2025	500,000	501		500		0.06	%
Solve Group Holdings, L.P. (Solve Industrial)	(8) (12)	LP Interests	6/30/2021	313	313		265		0.03	%
Total High Tech Industries					874		825		0.10	%

Media: Diversified & Production
BroadcastMed Holdco, LLC	(8) (12)	Series A-3 Preferred Units	10/4/2022	56,899	853		253		0.03	%
Total Media: Diversified & Production					853		253		0.03	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Services: Business
BayPine Monarch Co-Invest, LP	(8) (12) (17)	Limited Partnership Interests	6/3/2025	100,000	$	101	$	99	0.01	%
CDL Marketing Group, LLC (Career Now)	(8) (12)	Common Equity	9/30/2021	624	624		—		—	%
CDL Marketing Group, LLC (Career Now)	(8) (12)	Series B Limited Partnership Units	10/23/2023	222	22		—		—	%
Concord FG Holdings, LP (E78)	(8) (12)	Common A Common Units	12/1/2021	816	860		489		0.06	%
Geds Equity Investors, LP (Esquire Deposition Services)	(8) (12)	Class A Common Units	7/1/2024	2,424	320		271		0.03	%
KKEMP Blocked Co-Invest, LP	(8) (12)	Limited Partnership Interests	7/15/2025	1,000	1,000		1,108		0.13	%
KRIV Co-Invest Holdings, L.P. (Riveron)	(8) (12) (17)	Class A Common Units	7/17/2023	790	790		1,104		0.13	%
M&S Group Holdings,LLC	(8) (12)	Common Equity	12/23/2025	2,998	300		300		0.03	%
NMS VONA Case Management Acquisition, LP	(8) (12) (17)	Class A Common Units	11/25/2025	2,793	1,500		1,500		0.17	%
NMSEF II Holdings I, L.P.	(8) (12) (17)	Limited Partnership Interests	9/29/2025	483,000	485		483		0.06	%
North Haven Terrapin IntermediateCo, LLC (Apex Companies)	(8) (12)	Class A Common Units	1/31/2023	1,173	117		156		0.02	%
OSG Topco Holdings, LLC (Output Services Group, Inc.)	(8) (12)	Class A Units	11/30/2023	47,021	833		481		0.05	%
PN Topco L.P.	(8) (12)	Class A Units	7/31/2025	86,080	86		90		0.01	%
Schill Blocker Agg, LLC	(8) (12) (17)	Limited Partnership Interests	12/12/2025	3,000,000	3,000		3,000		0.34	%
STech Investors, LP	(8) (12)	Class A Units	11/3/2025	961	96		96		0.01	%
Total Services: Business					10,134		9,177		1.05	%

Services: Consumer
CHS Investors, LLC	(8) (12)	Class B Units	5/27/2025	576	83		74		0.01	%
Entomo Brands Acquisitions, Inc. (Palmetto Exterminators)	(8) (12)	Class B Units	7/31/2023	997,000	1,117		1,164		0.13	%
FS NU Investors, LP (NearU)	(8) (9) (12)	Class B Units	8/11/2022	2,432	243		138		0.02	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(8) (12)	Class B Units	1/9/2023	121	14		16		—	%
Legacy Parent Holdings, LLC (Legacy Service Partners)	(8) (12)	Class B Units	1/9/2023	4,907	491		656		0.07	%
Repipe Aggregator, LLC (Repipe Specialists)	(8) (11) (12)	Purchased Units	3/31/2022	282	282		63		0.01	%
Total Services: Consumer					2,230		2,111		0.24	%

Sovereign & Public Finance
CMP Ren Partners I-A LP (LMI Consulting, LLC)	(8) (11) (12)	Limited Partnership Interests	6/30/2022	633,980	634		1,605		0.18	%
Total Sovereign & Public Finance					634		1,605		0.18	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Transportation: Cargo
Red Griffin TopCo, LLC (Seko Global Logistics LLC)	(8) (12)	Partnership Units	11/27/2024	778	$	2,820	$	—	—	%
Red Griffin TopCo, LLC (Seko Global Logistics LLC)	(8) (12)	Partnership Units	11/27/2024	409	1,481		—		—	%
REP RO Coinvest IV-A, LP (RoadOne)	(8) (11) (12)	Partnership Units	12/29/2022	938,576	939		603		0.07	%
Total Transportation: Cargo					5,240		603		0.07	%

Utilities: Electric
Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC)	(8) (12)	Subject Partnership Units	4/3/2023	279,687	280		104		0.01	%
Total Utilities: Electric					280		104		0.01	%

Utilities: Water
USAW Parent LLC (USA Water)	(8) (12)	Common Units	2/21/2024	4,781	478		714		0.08	%
Total Utilities: Water					478		714		0.08	%

Wholesale
Lettermen's Parent Holding, LLC	(8) (12)	Common Units	11/20/2025	4,000	400		400		0.05	%
Lettermen's Parent Holding, LLC	(8)	Common Units	12/5/2025	486	49		49		0.01	%
Total Wholesale					449		449		0.06	%

Total Equity Investments					$	47,904	$	44,455	5.08	%

Total Investments					$	2,001,207	$	1,962,449	224.23	%


Portfolio Company (1) (2)	Interest Rate (3)	Shares/Units	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Cash Equivalents
BlackRock Liquidity Funds T-Fund - Institutional Class	3.64%	51,279	$	51,279	$	51,279	5.86	%
First American Government Obligations Fund - Class Z	3.64%	2,648	2,648		2,648		0.3	%
Total Cash Equivalents			$	53,927	$	53,927	6.16	%

Total Investments and Cash Equivalents			$	2,055,134	$	2,016,376	230.39	%

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollar amounts in thousands, including share data)


Counterparty	Footnotes	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Unrealized Appreciation (Depreciation)		Upfront Payments/Receipts
Derivatives - Interest Rate Swaps
Wells Fargo Bank, N.A.	(13) (14)	2030 Notes	6.65%	S + 2.3015%	3/15/2030	$	300,000	$	14,965	$	14,965	—
Total Derivatives - Interest Rate Swaps								$	14,965	$	14,965	—

_____________

(1)Unless otherwise indicated, 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)Refer to Note 3 "Investments" for the geographic composition of investments at cost and fair value.

(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 December 31, 2025. As of December 31, 2025, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42%, 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 5 "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $875,180 as of December 31, 2025.

(7)As of December 31, 2025, there are no portfolio investments that represented greater than 5% of our total assets.

(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 December 31, 2025, the Company held seventy restricted securities with an aggregate fair value of 44,455, or 5.08% of the Company’s net assets.

(9)Investment is a unitranche position.

(10)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 4.25% of the Company's total assets calculated in accordance with the 1940 Act.

(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. See Note 7 “Borrowings” for more information.

(14)Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 5 "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 December 31, 2025.

(17)Investments measured at net asset value (“NAV”). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” for more information.

See Notes to Consolidated Financial Statements

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

1. ORGANIZATION

Nuveen Churchill Direct Lending Corp., a Maryland corporation (the “Company”, which refers to either Nuveen Churchill Direct Lending Corp. or Nuveen Churchill Direct Lending Corp. together with its consolidated subsidiaries, as the context may require), is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not the Company's primary strategy, the Company also opportunistically invests in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities.

The Company entered into the Advisory Agreement with Churchill DLC Advisor LLC (the “Adviser”), under which the Adviser has delegated substantially all of its day-to-day portfolio management obligations through the CAM Sub-Advisory Agreement with Churchill Asset Management LLC (“Churchill”). In addition, the Adviser and Churchill have entered into the NAM Sub-Advisory Agreement with Nuveen Asset Management, LLC (“Nuveen Asset Management” and, together with the Adviser and Churchill, the “Advisers”), pursuant to which Nuveen Asset Management may manage a portion of the Company's portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments, subject to the pace and amount of investment activity in the middle market investment program. Under the Administration Agreement, the Company is provided with certain services by an administrator, Churchill BDC Administration LLC (the “Administrator”). The Advisers and Administrator are all affiliates and subsidiaries of Nuveen, LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). See Note 6, Related Party Transactions.

Churchill NCDLC CLO-I, LLC (“CLO-I”), Churchill NCDLC CLO-II, LLC (“CLO-II”), Churchill NCDLC CLO-III, LLC (“CLO-III”), and NCDL Equity Holdings LLC ("NCDL Equity Holdings") are wholly owned subsidiaries of the Company and are consolidated in these financial statements commencing from the date of their respective formation, in accordance with the Company's consolidation policy discussed in Note 2. CLO-I, CLO-II and CLO-III have completed term debt securitizations. NCDL Equity Holdings was formed to hold certain equity-related securities.

Beginning with its initial closing in March 2020, the Company conducted private offerings (“Private Offerings”) of its shares of common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company held its final closing on April 28, 2023.

On January 29, 2024, the Company closed its initial public offering (“IPO”). The Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “NCDL” on January 25, 2024.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included. Operating results for interim periods are not necessarily indicative of operating results for an entire year. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed herein.

Consolidation

As provided under ASC 946, the Company generally will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates based on assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, cash equivalents, and restricted cash are carried at cost, which approximates fair value. As of March 31, 2026 and December 31, 2025, the Company did not hold any restricted cash. As of March 31, 2026 and December 31, 2025, the Company held $35,131 and $53,927 of cash equivalents, respectively.

Valuation of Portfolio Investments

Investments, including derivative instruments, are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

•Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

•Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.

Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets and are classified as Level 2. The Company’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Derivative instruments, including interest rate swaps, are modeled using market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs.

The Company applies the practical expedient provided by ASC Topic 820 relating to investments in certain investment companies that calculate net asset value ("NAV") per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, calculate NAV per share or its equivalent for which the fair value is not readily determinable, and measure the fair value of such investments on the basis of NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Pursuant to Rule 2a-5 under the 1940 Act, the Company's board of directors (the “Board”) has designated the Adviser as the Company's valuation designee (the “Valuation Designee”) to determine the fair value of the Company's investments that do not have readily available market quotations. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Company’s assets for which market quotations are not readily available, subject to the oversight of the Board.

With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows:

i.the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm;

ii.to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Company to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Company to provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value;

iii.the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determines the fair value of each investment in good faith based on the Company’s valuation policy, subject to the oversight of the Board; and

iv.the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, complies with the periodic Board reporting requirements set forth in the Company’s valuation policy, and discusses with the Board its determination of the fair value of each investment in good faith.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company's credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee also may base its valuation of an investment on recent transactions of investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are discussed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, the Valuation Designee may utilize third-party sources.

The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Company’s assets for which market quotations are not readily available, taking into account the Company’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Company's investments.

The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

Investment Transactions and Revenue Recognition

Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received from repayments and sales and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Company accrues interest income if it expects that ultimately it will be able to collect such income.

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid to shareholders in the form of distributions in order for the Company to maintain its tax treatment as a RIC, even though the Company has not yet collected cash. For the three months ended March 31, 2026 and 2025, the Company earned $3,122 and $2,365 respectively, in PIK income provisions, representing 6.75% and 4.41% of total investment income, respectively.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the three months ended March 31, 2026 and 2025, the Company earned $0 and $0 of dividend income on its equity investments, respectively.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Distributions from investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company’s investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2026 and 2025, the Company earned other income of $274 and $375 respectively, primarily related to amendment fees.

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Company will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of March 31, 2026, the Company had investments in five portfolio companies on non-accrual status with an aggregate fair value of $11,476 which represented approximately 0.58% of total investments at fair value. As of December 31, 2025, the Company had investments in four portfolio companies on non-accrual status with an aggregate fair value of $9,744, which represented approximately 0.50% of total investments at fair value.

Derivative Instruments and Hedging

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815, Derivatives and Hedging, further clarified by the FASB’s issuance of Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging. The Company uses an interest rate swap to hedge the 2030 Notes (as defined in Note 7) and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, are recognized as components of interest expense in the consolidated statements of operations. The Company designated its interest rate swap as a hedging instrument in a qualifying fair value hedge accounting relationship and, as a result, the net change in the fair value of the hedging instrument is recorded in the same line item of the consolidated statements of operations as the hedged item.

Derivative instruments are expressed in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments, including market liquidity and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations.

Equity Offering Costs

Equity offering costs include registration expenses related to any shelf registration statement filed by the Company. These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. Upon the completion of an equity offering, the deferred expenses are charged to additional paid-in capital. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense. The Adviser paid the offering costs associated with the IPO on behalf of the Company. The Company is not obligated to reimburse any such offering costs paid by the Adviser.

Income Taxes

For U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Company will be able to qualify for and maintain RIC tax status. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally subject to U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The minimum distribution requirements applicable to RICs generally require the Company to timely distribute (or be deemed to distribute) to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a nondeductible 4% U.S. federal excise tax on undistributed income unless the Company distributes (or is deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of the amount by which the Company's capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ended October 31 in that calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax is considered to have been distributed. The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, the Company may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. For the three months ended March 31, 2026 and 2025, the Company incurred no excise tax expense.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. CLO-I, CLO-II, and CLO-III are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Company. NCDL Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Dividends and Distributions to Common Shareholders

To the extent that the Company has taxable income, the Company intends to continue to make quarterly distributions to its common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by the Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

In connection with the IPO, the Board approved an amended and restated dividend reinvestment plan (the "Amended DRIP"), which became effective on January 29, 2024, concurrent with the consummation of the IPO.

The Amended DRIP changed the dividend reinvestment plan from an “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan. As a result of the foregoing, if the Board authorizes, and the Company declares, a cash dividend or distribution, shareholders that acquired their shares in the IPO and do not “opt out” of the Amended DRIP will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Notwithstanding the foregoing, a shareholder’s election (or deemed election) under the dividend reinvestment plan, dated December 19, 2019, will remain in effect for such shareholder, and no further action is required by such shareholder with respect to their election under the Amended DRIP.

With respect to each distribution under the Amended DRIP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market for the accounts of participants in the Amended DRIP. If newly issued shares are used to implement the Amended DRIP, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the distribution payable to such participant by the market price per share of the Company's common stock at the close of regular trading of the NYSE on the distribution payment date, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the distribution payment date exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share). If shares are purchased in the open market to implement the Amended DRIP, the number of shares to be issued to a participant will be determined by dividing the dollar amount of the distribution payable to such participant by the weighted average price per share for all shares of common stock purchased by the plan administrator in the open market in connection with the dividend or distribution. Although each participant may from time to time have an undivided fractional interest in a share, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant’s account.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Functional Currency

The functional currency of the Company is the U.S. Dollar and all transactions were in U.S. Dollars.

Segment Reporting

The Company is externally managed by Churchill and operates as a single reportable segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). The Company's sole business activity is deriving investment income from its portfolio of investments. The Company's accounting policies are described in Note 2, Significant Accounting Policies. The Company's chief operating decision makers ("CODM") are the investment committee, comprised of senior investment personnel from the Churchill investment teams, and the Chief Executive Officer and Chief Financial Officer. The CODM assess the Company's performance based on: (i) net investment income, (ii) net realized and unrealized gains (losses) from investments, and (iii) net increase (decrease) in net assets resulting from operations, all of which are reported in the consolidated statements of operations. The CODM also may evaluate performance through industry benchmarking analyses using metrics disclosed in Note 11, Consolidated Financial Highlights. Subject to the Board's oversight, Churchill manages the Company's day-to-day operations and provides investment advisory and management services. All investment decisions require unanimous approval from the investment committee members. The operating expense categories and information presented in the consolidated statements of operations fully reflect the significant expense categories and amounts regularly provided to the CODM for decision-making purposes.

Recent Accounting Pronouncements

In November 2024, the FASB issued Accounting Standard Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information currently is not generally presented in the consolidated financial statements. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

3. INVESTMENTS

As of March 31, 2026 and December 31, 2025, the Company's investments consisted of the following (dollar amounts in thousands):


	March 31, 2026						December 31, 2025
	Cost		Fair Value		% of Fair Value		Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,794,193	$	1,771,795	89.67	%	$	1,773,647	$	1,756,620	89.51	%
Subordinated Debt1	170,278		148,094		7.50	%	179,656		161,374		8.22	%
Equity Investments	57,962		55,973		2.83	%	47,904		44,455		2.27	%
Total	$	2,022,433	$	1,975,862	100.00	%	$	2,001,207	$	1,962,449	100.00	%

____________________

1As of March 31, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $60,843, mezzanine debt of $84,627 and structured debt of $2,624; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $67,184, mezzanine debt of $98,459 and structured debt of $4,635.

As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and structured debt of $2,479; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and structured debt of $4,583.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The industry composition of the Company's portfolio as a percentage of fair value as of March 31, 2026 and December 31, 2025 was as follows:


Industry	March 31, 2026		December 31, 2025
Aerospace & Defense	1.71	%	1.71	%
Automotive	2.52	%	3.28	%
Banking, Finance, Insurance & Real Estate	3.96	%	4.01	%
Beverage, Food & Tobacco	7.93	%	7.62	%
Capital Equipment	5.89	%	5.75	%
Chemicals, Plastics & Rubber	1.07	%	1.10	%
Construction & Building	6.95	%	6.90	%
Consumer Goods: Durable	1.24	%	1.25	%
Consumer Goods: Non-durable	1.58	%	1.61	%
Containers, Packaging & Glass	3.97	%	4.02	%
Energy: Electricity	1.55	%	1.56	%
Environmental Industries	4.68	%	4.52	%
Healthcare & Pharmaceuticals	18.11	%	18.19	%
High Tech Industries	4.13	%	4.03	%
Hotel, Gaming & Leisure	0.17	%	0.17	%
Media: Advertising, Printing & Publishing	0.92	%	0.93	%
Media: Diversified & Production	0.83	%	0.83	%
Services: Business	17.33	%	17.24	%
Services: Consumer	4.64	%	4.33	%
Sovereign & Public Finance	0.69	%	0.69	%
Telecommunications	3.51	%	3.55	%
Transportation: Cargo	2.98	%	3.05	%
Transportation: Consumer	0.51	%	0.53	%
Utilities: Electric	1.42	%	1.41	%
Utilities: Water	0.54	%	0.54	%
Wholesale	1.17	%	1.18	%
Total	100.00	%	100.00	%

The geographic composition of investments at cost and fair value was as follows:


	March 31, 2026
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,938,594	$	1,892,285	95.77	%	218.99	%
Canada	43,130		43,102		2.18	%	4.99	%
Germany	27,747		27,989		1.42	%	3.24	%
United Kingdom	12,962		12,486		0.63	%	1.44	%
Total	$	2,022,433	$	1,975,862	100.00	%	228.66	%

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)


	December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,917,138	$	1,878,290	95.71	%	214.62	%
Canada	43,215		43,408		2.21	%	4.96	%
Germany	27,806		28,064		1.43	%	3.21	%
United Kingdom	13,048		12,687		0.65	%	1.45	%
Total	$	2,001,207	$	1,962,449	100.00	%	224.24	%

As of March 31, 2026 and December 31, 2025, on a fair value basis, 93.97% and 94.07%, respectively, of the Company’s debt investments earn interest at a floating rate, and 6.03% and 5.93%, respectively, of the Company’s debt investments earn interest at a fixed rate.

4. DERIVATIVES

The Company enters into derivative instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate risk exposures.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including interest swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

On January 22, 2025, in connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. ("Wells Fargo") for a total notional amount of $300,000 that matures on March 15, 2030. Under the interest rate swap agreement for the 2030 Notes, the Company receives a fixed interest rate of 6.65% and pays a floating interest rate of three-month Term SOFR + 2.3015%.

As of March 31, 2026 and March 31, 2025, the interest rate swap was in a qualifying fair value hedge accounting relationship. For derivative instruments designated in a qualifying hedge relationship, the change in fair value of the hedging instruments and hedge items are recorded in interest and debt financing expenses on the consolidated statements of operations. For the three months ended March 31, 2026 and 2025, the Company recognized $6 and $36 of unrealized gains related to the interest rate swap and the hedged item, respectively, which are included in interest and debt financing expenses on the consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the fair value of the interest rate swap was $7,500 and $14,965, respectively, and is included within derivative asset, at fair value in the consolidated statements of assets and liabilities, not taking into account collateral posted, which is recorded separately. As of March 31, 2026 and December 31, 2025, there was $7,000 and $14,750 of collateral received to cover collateral obligations under the terms of the ISDA Master Agreement, respectively, which is included in collateral due to broker on the consolidated statements of assets and liabilities.

The table below presents the carrying value of the unsecured borrowings as of March 31, 2026 and December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:


	As of March 31, 2026				As of December 31, 2025
	Carrying Value		Cumulative Hedging Adjustments		Carrying Value		Cumulative Hedging Adjustments
2030 Notes	$	307,375	$	7,375	$	309,915	$	9,915

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

5. FAIR VALUE MEASUREMENTS

Fair Value Disclosures

The following tables present fair value measurements of investments, by major class, and cash equivalents as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy:


As of March 31, 2026	Level 1		Level 2		Level 3		Measured at NAV (2)		Total
Assets:
First-Lien Debt	$	—	$	5,281	$	1,766,514	$	—	$	1,771,795
Subordinated Debt (1)	—		6,184		141,910		—		148,094
Equity Investments	—		—		41,372		14,601		55,973
Cash Equivalents	35,131		—		—		—		35,131
Total investments and cash equivalents	$	35,131	$	11,465	$	1,949,796	$	14,601	$	2,010,993
Derivative asset	—		7,500		—		—		7,500
Total	$	35,131	$	18,965	$	1,949,796	$	14,601	$	2,018,493

______________

(1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $60,843, mezzanine debt of $84,627 and $2,624 of structured debt.

(2) Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.


As of December 31, 2025	Level 1		Level 2		Level 3		Measured at NAV (2)		Total
Assets:
First-Lien Debt	$	—	$	8,115	$	1,748,505	$	—	$	1,756,620
Subordinated Debt (1)	—		6,176		155,198		—		161,374
Equity Investments	—		—		32,179		12,276		44,455
Cash Equivalents	53,927		—		—		—		53,927
Total investments and cash equivalents	$	53,927	$	14,291	$	1,935,882	12,276		$	2,016,376
Derivative asset	—		14,965		—		—		14,965
Total	$	53,927	$	29,256	$	1,935,882	$	12,276	$	2,031,341

_______________

(1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and $2,479 of structured debt.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods:


	As of and for the Three Months Ended March 31, 2026
	First-Lien Debt		Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2025	$	1,748,505	$	155,198	$	32,179	$	1,935,882
Purchase of investments and other adjustments to cost (1)	71,741		3,260		9,359		84,360
Proceeds from principal repayments and sales of investments (1)	(49,533)		(15,137)		(112)		(64,782)
Payment-in-kind interest	933		2,189		—		3,122
Amortization of premium/accretion of discount, net	944		97		—		1,041
Net realized gain (loss) on investments	(3,523)		201		34		(3,288)
Net change in unrealized appreciation (depreciation) on investments	(5,036)		(3,898)		(88)		(9,022)
Transfers out of Level 3 (2)	(2,490)		—		—		(2,490)
Transfers to Level 3 (2)	4,973		—		—		4,973

Balance as of March 31, 2026	$	1,766,514	$	141,910	$	41,372	$	1,949,796

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of March 31, 2026	$	(9,196)	$	(5,193)	$	(89)	$	(14,478)

_______________

(1) Includes reorganizations and restructuring of investments.

(2) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Three Months Ended March 31, 2025
	First-Lien Debt		Subordinated Debt		Equity Investments		Total
Balance as of December 31, 2024	$	1,806,850	$	150,779	$	36,598	$	1,994,227
Purchase of investments and other adjustments to cost (1)	144,944		7,060		1,015		153,019
Proceeds from principal repayments and sales of investments (1)	(104,635)		(5,240)		(251)		(110,126)
Payment-in-kind interest	424		1,941		—		2,365
Amortization of premium/accretion of discount, net	1,393		174		—		1,567
Net realized gain (loss) on investments	883		54		150		1,087
Net change in unrealized appreciation (depreciation) on investments	(9,992)		(1,251)		(2,395)		(13,638)

Transfers to Level 3 (2)	13,204		—		—		13,204

Balance as of March 31, 2025	$	1,853,071	$	153,517	$	35,117	$	2,041,705

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of March 31, 2025	$	(8,963)	$	(1,233)	$	(2,395)	$	(12,591)

_______________

(1) Includes reorganizations and restructuring of investments.

(2) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of March 31, 2026 and December 31, 2025 were as follows:

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Investment Type

Fair Value at March 31, 2026

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

First-Lien Debt

1,639,891

Yield Method

Market Yield Discount Rates

7.60%

20.50%

9.51%

First-Lien Debt

52,177

Market Approach

EBITDA Multiple

4.50x

14.75x

8.65x

First-Lien Debt

3,515

Market Approach

Revenue Multiple

0.33x

Subordinated Debt

125,371

Yield Method

Market Yield Discount Rates

10.44%

20.42%

15.16%

Subordinated Debt

8,103

Market Approach

EBITDA Multiple

10.25x

Subordinated Debt

2,343

Black-Scholes

EBITDA Multiple

1.10x

10.51x

6.97x

Subordinated Debt

4,114

Yield Method

Market Yield Discount Rates

22.50%

Market Approach

EBITDA Multiple

10.51x

Equity

1,521

Yield Method

Market Yield Discount Rates

8.77%

16.41%

15.38%

Equity

30,138

Market Approach

EBITDA Multiple

1.10x

19.00x

12.51x

Equity

163

Black-Scholes

EBITDA Multiple

6.00x

12.50x

6.00x

Total

1,867,336

First-Lien Debt in the amount of $70,931, Subordinated Debt in the amount of $1,979 and equity investments in the amount of $9,550 at March 31, 2026 have been excluded from the table above, because the investments are valued using a recent transaction.

Investment Type

Fair Value at December 31, 2025

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

First-Lien Debt

1,679,774

Yield Method

Market Yield Discount Rates

7.45%

18.14%

9.24%

First-Lien Debt

28,547

Market Approach

EBITDA Multiple

6.00x

10.93x

7.93x

First-Lien Debt

6,483

Market Approach

Revenue Multiple

0.33x

1.50x

0.81x

Subordinated Debt

139,506

Yield Method

Market Yield Discount Rates

10.60%

22.50%

15.08%

Subordinated Debt

10,357

Market Approach

EBITDA Multiple

10.40x

Subordinated Debt

2,920

Black-Scholes

EBITDA Multiple

1.05x

10.00x

6.21x

Equity

1,487

Yield Method

Market Yield Discount Rates

8.63%

16.41%

15.28%

Equity

29,724

Market Approach

EBITDA Multiple

6.00x

19.00x

12.65x

Total

1,898,798

First-Lien Debt in the amount of $33,701, Subordinated Debt in the amount of $2,415 and equity investments in the amount of $968 at December 31, 2025 have been excluded from the table above, because the investments are valued using a recent transaction.

Debt investments are generally valued using the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure. Debt investments also may be valued using a market approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. Certain factors are considered when selecting the appropriate companies whose multiples are used in the valuation. These factors may include the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. A recent transaction, if applicable, also may be factored into the valuation if the transaction price is believed to be an indicator of value.

Equity investments are generally valued using a market approach, which utilizes market value (EBITDA or revenue) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying investment.

The significant unobservable input used under the yield method is a discount rate based on comparable market yields. Significant increases or decreases in discount rates in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.

Alternative valuation methodologies may be used as deemed appropriate, and may include, but are not limited to, a market approach, income approach, or liquidation (recovery) approach.

Weighted average inputs are calculated based on the relative fair value of the investments.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Financial Instruments disclosed but not carried at fair value

The carrying value and fair value of the Company’s debt obligations were as follows:


	March 31, 2026				December 31, 2025
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value

Revolving Credit Facility	$	92,000	$	92,000	$	66,000	$	66,000
2025 Debt /CLO-I	320,925		320,518		321,083		321,211
2026 Debt/ CLO-II	213,000		212,912		213,286		214,003
2024 Debt/ CLO-III	213,500		213,569		213,750		214,322
2030 Notes	307,375		298,221		309,915		308,049
Total	$	1,146,800	$	1,137,220	$	1,124,034	$	1,123,585

______________

(1) Carrying value on the consolidated statements of assets and liabilities are net of deferred financing, issuance costs, and unamortized discount. Carrying value of the 2030 Notes reflects the cumulative hedging adjustments.

The carrying value of the Company's credit facilities approximates their fair value. These fair value measurements were based on significant inputs that are not observable and thus represent Level 3 measurements.

The fair value of the debt securitizations and 2030 Notes were based on market quotations(s) received from broker/dealer(s). These fair value measurements were based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and thus represent Level 2 measurements.

6. RELATED PARTY TRANSACTIONS

Advisory Agreements

On December 31, 2019, immediately prior to its election to be regulated as a BDC, the Company entered into the investment advisory agreement with the Adviser. On January 29, 2024, the Company entered into an amended and restated investment advisory agreement (the “Advisory Agreement”), which became effective upon the consummation of the IPO on January 29, 2024.

On December 31, 2019, immediately prior to the Company’s election to be regulated as a BDC, the Adviser entered into an investment sub-advisory agreement with Churchill, which was subsequently amended and restated on December 11, 2020, October 7, 2021, and March 8, 2022 (the “CAM Sub-Advisory Agreement”). The Adviser has delegated substantially all of its day-to-day portfolio-management obligations under the Advisory Agreement to Churchill pursuant to the CAM Sub-Advisory Agreement. The Adviser has general oversight over the investment process on behalf of the Company and manages the capital structure of the Company, including, but not limited to, asset and liability management. The Adviser also has ultimate responsibility for the Company’s performance under the terms of the Advisory Agreement. The Adviser retains 32.5% of the management fee and incentive fee payable by the Company. The remaining amount is paid by the Adviser to Churchill as compensation for services provided by Churchill pursuant to the CAM Sub-Advisory Agreement.

On January 29, 2024, the Adviser and Churchill entered into an investment sub-advisory agreement with Nuveen Asset Management (the “NAM Sub-Advisory Agreement”, and together with the Advisory Agreement and the CAM Sub-Advisory Agreement, the “Advisory Agreements”), pursuant to which Nuveen Asset Management may manage a portion of the Company’s portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments (“Liquid Investments”), subject to the pace and amount of investment activity in the middle market investment program. The Company typically refers to an investment as liquid if the investment is, or we expect it to be, actively traded (with a typical settlement period of one month with respect to broadly syndicated loans). The percentage of the Company’s portfolio allocated to the Liquid Investments strategy managed by Nuveen Asset Management is at the discretion of Churchill. The fees payable to Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement to manage the Company’s Liquid Investment allocation is payable by Churchill and does not impact the advisory fees payable by the Company’s shareholders. Churchill will pay Nuveen Asset Management monthly in arrears 0.375% of the daily weighted average principal amount of the Liquid Investments managed by Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement.

Advisory agreements remain in effect for an initial period of two years from its respective effective date and will remain in effect on a year-to-year basis thereafter if approved annually either by the Board or by the affirmative vote of the holders of a majority of our outstanding voting securities and, in each case, a majority of our Independent Directors. Each Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the applicable investment adviser and may be

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

terminated by either the Company or the applicable investment adviser without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of our outstanding voting securities may also terminate any of the Advisory Agreements without penalty.

Compensation of the Adviser - Management Fee

Under the Advisory Agreement, for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025), the management fee was calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and including assets financed using leverage (“Average Total Assets”), at the end of the two most recently completed calendar quarters, and thereafter, the management fee is calculated at an annual rate of 1.00% of Average Total Assets. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. Any management fees will be payable quarterly in arrears.

For the three months ended March 31, 2026 and 2025, base management fees were $4,940 and $3,914, respectively. As of March 31, 2026 and December 31, 2025, $4,940 and $5,048, respectively, of such base management fees, were unpaid and are included in management fees payable in the accompanying consolidated statements of assets and liabilities.

Compensation of the Adviser - Incentive Fee

Under the Advisory Agreement, the Adviser waived the incentive fee on income and incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025). Following the expiration of the fee waiver, the Company pays an incentive fee to the Adviser that consists of two parts. The incentive fees are based on income and capital gains, each as described below. The portion of the incentive fee based on income is calculated subject to a cap (the “Incentive Fee Cap”) and payable quarterly in arrears based on pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) (such period, the “Trailing Twelve Quarters”) commencing from the beginning of the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024), as follows:

•no incentive fee in any calendar quarter in which the aggregate pre-incentive fee net investment income (as defined below) in respect of the Trailing Twelve Quarters does not exceed the hurdle rate of 1.50% (6% annually) for such Trailing Twelve Quarters;

•100% of our aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7647% in any calendar quarter following the consummation of the IPO. The Company refers to this portion of the pre-incentive fee net investment income as the “catch-up” provision. The catch-up is meant to provide the Adviser with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.7647% multiplied by our NAV at the beginning of each applicable calendar quarter comprising of the relevant Trailing Twelve Quarters; and

•15% of the aggregate pre-incentive fee net investment income, if any, in respect of the Trailing Twelve Quarters that exceeds 1.7647%.

Under the Advisory Agreement, the incentive fee on income for a particular quarter is subject to the Incentive Fee Cap. The Incentive Fee Cap is equal to the difference between (x) 15% of the Cumulative Pre-Incentive Fee Net Return (as defined below) over the Trailing Twelve Quarters and (y) the aggregate incentive fee on income that was paid to the Adviser by the Company in respect of the first eleven calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) included in the relevant Trailing Twelve Quarters. These calculations are adjusted for any share issuances or repurchases during the applicable calendar quarter.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

“Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters, beginning with the calendar quarter in which the IPO was consummated, means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee on income to the Adviser in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, the Company will pay an incentive fee on income to the Adviser equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, the Company will pay an incentive fee on income to the Adviser equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period, beginning with the calendar quarter in which the IPO was consummated, means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the relevant calendar quarters, minus operating expenses for the relevant calendar quarters (including the management fee, any expenses payable under the Administration Agreement (as defined below), interest expense and dividends paid on any outstanding preferred shares, but excluding the incentive fee). Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred shares with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. The Adviser is not under any obligation to reimburse the Company for any part of the incentive fee it received that was based on accrued interest that the Company never received. Pre-incentive fee net investment income will not include any realized capital gains, realized capital losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized.

Under the Advisory Agreement, the second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 15.0% of the Company's realized capital gains as of the end of the fiscal year following the IPO. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

In determining the capital gains incentive fee payable to the Adviser, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses beginning with the calendar quarter in which the IPO was consummated, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company's portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment when sold and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment when sold is less than the amortized cost of such investment beginning with the calendar quarter in which this offering is consummated. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses and less aggregate unrealized capital depreciation with respect to the Company's portfolio of investments.

While the Advisory Agreement neither includes nor contemplates the inclusion of unrealized appreciation in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized capital appreciation. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized capital appreciation unless and until such capital gains are actually realized.

For the three months ended March 31, 2026, income-based incentive fees were $1,535. For the three months ended March 31, 2025, income-based incentive fees of $2,253 were waived in full in accordance with the terms of the Advisory Agreement. As of March 31, 2026 and December 31, 2025, $1,535 and $2,809 were payable to the Adviser related to income-based incentive fees, respectively.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Administration Agreement

On December 31, 2019, the Company entered into an administration agreement (the "Administration Agreement"), which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the required administrative services, which include, among other things, assisting the Company with the preparation of the financial records that the Company is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or Churchill, the Administrator also may provide significant managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), provides the Company with certain fund administration and bookkeeping services pursuant to a sub-administration agreement with the Administrator.

For the three months ended March 31, 2026 and 2025, the Company incurred $680 and $586, respectively, in fees under the Administration Agreement and sub-administration agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of March 31, 2026 and December 31, 2025, fees of $1,717 and $1,124, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

Directors' Fees

As of March 31, 2026, the Board consists of five members, four of whom are Independent Directors. The Board established an Audit Committee, a Nominating and Corporate Governance Committee, a Compensation Committee, and a Co-Investment Committee, each consisting solely of the Independent Directors, and may establish additional committees in the future. For the three months ended March 31, 2026 and 2025, the Company incurred $162 and $156, respectively, in fees which are included in Directors’ fees in the accompanying consolidated statements of operations. As of March 31, 2026 and December 31, 2025, $142 and $156, respectively, were unpaid and are included in Directors’ fees payable in the accompanying consolidated statements of assets and liabilities.

Other Related Party Transactions

From time to time, Churchill, in its capacity as sub-adviser, and the Administrator may pay amounts owed by the Company to third-party providers of goods or services, and the Company will subsequently reimburse Churchill and the Administrator for such amounts paid on its behalf. Amounts payable to Churchill and the Administrator are settled in the normal course of business without formal payment terms. As of March 31, 2026 and December 31, 2025, the Company owed the Adviser, Churchill and/or the Administrator on an aggregate basis $1,668 and $938, respectively, for reimbursements, including the Company's allocable portion of overhead, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

7. BORROWINGS

The Company and its wholly owned subsidiaries are party to credit facilities or debt obligations as described below. In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowings. As of March 31, 2026 and December 31, 2025, asset coverage was 175.84% and 178.55%, respectively. Proceeds of the credit facilities or debt obligations are used for general corporate purposes, including the funding of portfolio investments. The Company and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.

Wells Fargo Financing Facility

On December 31, 2019, a wholly owned subsidiary of the Company entered into a credit agreement (the “Wells Fargo Financing Facility” and the agreement relating thereto, as amended on October 28, 2020, March 31, 2022, March 14, 2024 and August 27, 2024, the “Wells Fargo Financing Facility Agreement”), with Wells Fargo Bank, N.A. as lender (“Wells Fargo”) and administrative agent. On March 14, 2024, a separate wholly owned subsidiary of the Company entered into the borrower joinder agreement to become party to the Wells Fargo Financing Facility Agreement and pledged all of its assets to the collateral agent to secure their obligations under the Wells Fargo Financing Facility. The Company made customary representations and warranties and were required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

On January 23, 2025, the Wells Fargo Financing Facility Agreement was terminated in full, including the security interest over the collateral granted to Wells Fargo and the lenders pursuant to the Wells Fargo Financing Facility Agreement. The Wells Fargo Financing Facility Agreement was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.

The maximum facility amount available under the Wells Fargo Financing Facility was $225,000. Under the Wells Fargo Financing Facility Agreement, the Company paid a fee on daily undrawn amounts under the Wells Fargo Financing Facility of 0.25% per annum during the period ended June 14, 2024. For the six months following June 14, 2024, the Company paid a fee on daily undrawn amounts under the Wells Fargo Facility of 0.50% per annum, and, thereafter, paid 0.50% per annum on undrawn amounts of up to 40% of the maximum facility amount and 1.50% per annum on undrawn amounts in excess of 40% of the maximum facility amount.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Wells Fargo Financing Facility were as follows:


	Three Months Ended March 31,
	2026		2025 (1)
Borrowing interest expense	$	—	$	396
Unused fees	—		55
Amortization of deferred financing costs	—		734
Total interest and debt financing expenses	$	—	$	1,185

_______________

(1)Represents the period from January 1, 2025 to January 23, 2025 (date of repayment and termination of the Wells Fargo Financing Facility).

Revolving Credit Facility

On June 23, 2023, the Company entered into a senior secured revolving credit agreement (as amended from time to time, the “Senior Secured Revolving Credit Agreement” and facility thereunder, the “Revolving Credit Facility”) with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. 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 (collectively, the “Guarantors”).

The Revolving Credit Facility was amended on April 9, 2024 and October 4, 2024. The most recent amendment on October 4, 2024, among other things, (i) extended the Commitment Termination Date and the Final Maturity Date (each as defined below); (ii) added a term loan tranche; (iii) increased the total committed facility amount from $250,000 to $325,000 and (iv) reduced (a) the applicable margin with respect to SONIA borrowings from 2.125% to 2.00%, (b) the credit spread adjustment from 0.15% to 0.10% for Term SOFR borrowings with a three-month tenor and from 0.25% to 0.10% for Term SOFR borrowings with a six-month tenor and (c) the applicable margin with respect to all other permitted borrowing rates from 1.125% to 1.000%. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on October 4, 2028 (the “Commitment Termination Date”) and will mature on October 4, 2029 (the “Final Maturity Date”). During the period from the Commitment Termination Date to the Final Maturity Date, the Company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either Term SOFR plus a margin or the prime rate plus a margin. The Company may elect either the Term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Company also will pay a fee of 0.375% per annum on average daily undrawn amounts. As of March 31, 2026 and December 31, 2025, the Revolving Credit Facility bore interest at one-month SOFR plus 2.00% per annum.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The Senior Secured Revolving Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or to redeem, repurchase or retire shares of stock upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Revolving Credit Facility were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	1,183	$	2,057
Unused fees	232		212
Amortization of deferred financing costs	117		116
Total interest and debt financing expenses	$	1,532	$	2,385

CLO-I

On May 20, 2022 (the “CLO-I Original Closing Date”), the Company completed a $448,325 term debt securitization (the “2022 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2022 Debt Securitization (the “2022 Notes”) were issued by CLO-I, an indirect, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consisted of $199,000 of AAA Class A-1 2022 Notes, which bore interest at the three-month Term SOFR plus 1.80%; $34,250 of AAA Class A-1F 2022 Notes, which bore interest at 4.42%; $47,250 of AA Class B 2022 Notes, which bore interest at the three-month Term SOFR plus 2.30%; $31,500 of A Class C 2022 Notes, which bore interest at the three-month Term SOFR plus 3.15%; $27,000 of BBB Class D 2022 Notes, which bore interest at the three-month Term SOFR plus 4.15%; and $79,325 of Subordinated 2022 Notes, which do not bear interest. The Company directly owned all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes were eliminated in consolidation.

As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the “CLO-I Loan Agreement”) on the CLO-I Original Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders (the “CLO-I Lenders”) committed to make $30,000 of AAA Class A-L 2022 Loans to CLO-I (the “2022 Loans” and, together with the 2022 Notes, the “2022 Debt”). The 2022 Loans bore interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions.

The 2022 Debt was backed by a diversified portfolio of senior secured and second lien loans. The 2022 Debt was the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt includes customary covenants and events of default. The 2022 Debt was not registered under the Securities Act, or any state “blue sky” laws.

CLO-I Refinancing

On March 20, 2025 (the “CLO-I Refinancing Date”), the Company completed a $457,975 refinancing of the 2022 Debt Securitization (the "CLO-I Refinancing").

The notes offered in the CLO-I Refinancing (the “2025 Notes”) were issued by CLO-I. The 2025 Notes consist of $1,900 of AAA Class X 2025 Notes, which bear interest at the three-month Term SOFR plus 1.05%; $233,250 of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $56,250 of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $136,575 of Subordinated 2025 Notes, which do not bear interest and of which $79,325 were issued on the CLO-I Original Closing Date and remained outstanding on the CLO-I Refinancing Date. The Company directly retained all of the Subordinated 2025 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-I Refinancing, on the CLO-I Refinancing Date, CLO-I also entered into an amended and restated loan agreement (the “Class A-L-R Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Class A-L-R Lenders”) committed to make $30,000 of AAA Class A-L-R 2025 Loans to CLO-I (the “Class A-L-R 2025 Loans” and, together with the 2025 Notes, the “2025 Debt”). The Class A-L-R 2025 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date. Any Class A-L-R Lender may elect to convert a portion or all of the Class A-L-R 2025 Loans held by such Class A-L-R Lender into Class A-R 2025 Notes upon written notice to CLO-I in accordance with the Class A-L-R Loan Agreement.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2030, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the CLO-I Refinancing. The 2025 Notes are due on April 20, 2038. The Class A-L-R 2025 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, April 20, 2038. The 2025 Notes may be optionally redeemed, and the Class A-L-R 2025 Loans may be optionally prepaid, on or after April 20, 2027.

The 2025 Debt is the secured obligation of CLO-I, and the supplemental indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-I under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the CLO-I were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	4,132	$	5,043

Amortization of debt issuance costs	82		791
Total interest and debt financing expenses	$	4,214	$	5,834

CLO-II

On December 7, 2023 (the “CLO-II Original Closing Date”), the Company completed a $298,060 term debt securitization (the “2023 Debt Securitization”).

The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by CLO-II, an indirect, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consisted of $2,000 of AAA Class X 2023 Notes, which bore interest at the three-month Term SOFR plus 2.00%, $100,500 of AAA Class A-1 2023 Notes, which bore interest at the three-month Term SOFR plus 2.35%; $37,500 of AA Class B 2023 Notes, which bore interest at three-month Term SOFR plus 3.20% and approximately $83,060 of Subordinated 2023 Notes, which did not bear interest. The Company directly owned all of the Subordinated 2023 Notes and as such, these notes were eliminated in consolidation.

As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the “CLO-II Loan Agreement”) on the CLO-II Original Closing Date, pursuant to which various financial institutions and other persons which were parties to the CLO-II Loan Agreement as lenders (the “CLO-II Lenders”) committed to make $25,000 of AAA Class A-L-A 2023 Loans and $50,000 AAA Class A-L-B 2023 Loans to CLO-II (the “2023 Loans” and, together with the 2023 Notes, the “2023 Debt”). The 2023 Loans bore interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions.

The 2023 Debt was backed by a diversified portfolio of senior secured and second lien loans. The 2023 Debt was the secured obligation of CLO-II, and the indenture and the CLO-II Loan Agreement, as applicable, governing the 2023 Debt included customary covenants and events of default. The 2023 Debt was not registered under the Securities Act, or any state “blue sky” laws.

CLO-II Refinancing

On February 20, 2026 (the "CLO-II Refinancing Date"), the Company completed a $299,700 refinancing of the 2023 Debt Securitization (the “CLO-II Refinancing”).

The notes offered in the CLO-II Refinancing (the "2026 Notes") were issued by CLO-II. The 2026 Notes consist of $125,500 of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37,500 of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86,700 of Subordinated 2026 Notes, which do not bear interest and of which $83,060 were issued on the CLO-II Original Closing Date and remained outstanding on the Refinancing Date. The Company directly retained all of the Subordinated 2026 Notes and, as such, these notes are eliminated in consolidation.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

In connection with the issuance of the 2026 Notes, on the CLO-II Refinancing Date, CLO-II entered into a note purchase agreement with SG Americas Securities, LLC ("SG Americas"), as initial purchaser, pursuant to which SG Americas agreed to act as initial purchaser of the 2026 Notes, other than the Subordinated 2026 Notes.

As part of the CLO-II Refinancing, on the CLO-II Refinancing Date, CLO-II also entered into an amended and restated loan agreement (the "Class A-L-R CLO-II Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R CLO-II Lenders") committed to make $50,000 of AAA Class A-L-R 2026 Loans to CLO-II (the "Class A-L-R 2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The Class A-L-R 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the CLO-II Refinancing Date.

The 2026 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2031, all principal collections received on the underlying collateral may be used by CLO-II to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-II and in accordance with the Company's investment strategy and the terms of the indenture, allowing the Company to maintain the initial leverage in the CLO-II Refinancing. The 2026 Notes are due on January 20, 2039. The 2026 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, January 20, 2039. The 2026 Notes may be optionally redeemed, and the 2026 Loans may be optionally prepaid, on or after January 20, 2028.

The 2026 Debt is the secured obligation of CLO-II, and the supplemental indenture and the Class A-L-R CLO-II Loan Agreement, as applicable, governing the 2026 Debt include customary covenants and events of default. The 2026 Debt has not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

The Company serves as collateral manager to CLO-II under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the CLO-II were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	3,064	$	3,675

Amortization of debt issuance costs	882		71
Total interest and debt financing expenses	$	3,946	$	3,746

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

CLO-III

On March 14, 2024 (the “CLO-III Closing Date”), the Company completed a $296,970 term debt securitization (the “2024 Debt Securitization”).

The notes offered in the 2024 Debt Securitization (the “2024 Notes” or “2024 Debt”) were issued by CLO-III, a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the “CLO-III Indenture”) dated as of the CLO-III Closing Date. The 2024 Notes consist of $2,000 of AAA Class X 2024 Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175,500 of AAA Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37,500 of AA Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $81,970 of Subordinated 2024 Notes, which do not bear interest. The Company directly retained all of the Subordinated 2024 Notes and as such, these notes are eliminated in consolidation.

The 2024 Notes are backed by a diversified portfolio of senior secured and second lien loans. The CLO-III Indenture contains certain conditions pursuant to which loans can be acquired by CLO-III, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Notes. Through April 20, 2028, all principal collections received on the underlying collateral may be used by CLO-III to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-III and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on April 20, 2036.

The 2024 Notes are the secured obligation of CLO-III, and the CLO-III Indenture governing the 2024 Notes includes customary covenants and events of default. The 2024 Notes have not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-III under a collateral management agreement and has waived any management fee due to it in consideration for providing these services.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the CLO-III were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	3,112	$	3,473

Amortization of debt issuance costs	99		99
Total interest and debt financing expenses	$	3,211	$	3,572

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Unsecured Notes

On January 22, 2025, the Company issued $300,000 in aggregate principal amount of the Company’s 6.650% Notes due 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 6.650% per year payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2025. The 2030 Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company’s option at any time prior to February 15, 2030, at par plus a “make-whole” premium plus accrued interest, and thereafter at par. The 2030 Notes are the direct unsecured obligations of the Company and rank pari passu with all existing and future unsubordinated unsecured indebtedness issued by the Company, senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The indenture governing the 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; and to provide financial information to the holders of the 2030 Notes and the trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the indenture.

For the three months ended March 31, 2026 and 2025, the component of interest expense related to the 2030 Notes were as follows:


	Three Months Ended March 31,
	2026		2025
Borrowing interest expense	$	4,636	$	3,791
Accretion of original issue discount	28		21
Amortization of deferred issuance costs	188		145
Net fair value adjustment for hedging transaction	(6)		(36)
Total interest and debt financing expenses	$	4,846	$	3,921

In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement. See Note 4, Derivatives for more information.

Summary of Borrowings

The Company's debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	2030 Notes		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	300,000	$	320,925	$	213,000	$	213,500	$	325,000	$	1,372,425
Amount Outstanding (1)	300,000		320,925		213,000		213,500		92,000		1,139,425
Unused Portion (2)	—		—		—		—		233,000		233,000
Amount Available (3)	—		—		—		—		233,000		233,000

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing, issuance costs, unamortized discount, and hedging adjustment, as applicable.

(2)The unused portion on the Revolving Credit Facility is the amount upon which commitment fees are based.

(3)Available for borrowing on the Revolving Credit Facility based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)


	December 31, 2025
	2030 Notes		CLO-I		CLO-II		CLO-III		Revolving Credit Facility		Total
Total Commitment	$	300,000	$	321,083	$	213,286	$	213,750	$	325,000	$	1,373,119
Amount Outstanding (1)	300,000		321,083		213,286		213,750		66,000		1,114,119
Unused Portion (2)	—		—		—		—		259,000		259,000
Amount Available (3)	—		—		—		—		259,000		259,000

______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing, issuance costs. unamortized discount, and hedging adjustment, as applicable.

(2)The unused portion on the credit facilities is the amount upon which commitment fees are based.

(3)Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three months ended March 31, 2026 and 2025, the components of interest expense and debt financing expenses were as follows:


	Three Months Ended March 31,
	2026			2025
Borrowing interest expense	$	16,127		$	18,435
Unused fees	232			267
Accretion of original issue discount	28			21
Amortization of deferred financing or issuance costs	1,368			1,956
Net fair value adjustment for hedging transaction	(6)			(36)
Total interest and debt financing expenses	$	17,749		$	20,643
Average interest rate (1)	5.89		%	6.57		%
Average daily borrowings	$	1,127,216		$	1,156,126

_______________

(1)Average interest rate includes borrowing interest expense and unused fees.

Contractual Obligations

The following tables show the contractual maturities of the Company's debt obligations as of March 31, 2026 and December 31, 2025:


	Payments Due by Period
As of March 31, 2026	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Revolving Credit Facility	$	92,000	$	—	$	—	$	92,000	$	—
CLO-I	320,925		—		—		—		320,925
CLO-II	213,000		—		—		—		213,000
CLO-III	213,500		—		—		—		213,500
2030 Notes	300,000		—		—		300,000		—
Total debt obligations	$	1,139,425	$	—	$	—	$	392,000	$	747,425

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)


	Payments Due by Period
As of December 31, 2025	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Revolving Credit Facility	$	66,000	$	—	$	—	$	66,000	$	—
CLO-I	321,083		—		—		—		321,083
CLO-II	213,286		—		—		—		213,286
CLO-III	213,750		—		—		—		213,750
2030 Notes	300,000		$	—	—		300,000		—
Total debt obligations	$	1,114,119	$	—	$	—	$	366,000	$	748,119

8. COMMITMENTS AND CONTINGENCIES

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. While future events could occur that might lead to the enforcement of these provisions against the Company, the Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of March 31, 2026 and December 31, 2025 for any such exposure.

As of March 31, 2026 and December 31, 2025, the Company had the following unfunded investment commitments:


Portfolio Company	March 31, 2026		December 31, 2025
360 Holdco, Inc. (360 Training) - Delayed Draw Loan	$	2,716	$	3,093
A&R Logistics Holdings, Inc. (Quantix SCS, LLC) - Revolving Loan	256		—
AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan	1,438		1,822
ACP Maverick Holdings, Inc. - Delayed Draw Loan	683		683
All4 Buyer, LLC - Delayed Draw Loan	1,502		1,812
Alta Buyer, LLC - Revolving Loan	2,209		—
AmerCareRoyal, LLC - Delayed Draw Loan	165		165
Anne Arundel Dermatology Management, LLC - Delayed Draw Loan	366		366
Apex Service Partners, LLC - Revolving Loan	30		41
Aprio Advisory Group, LLC - Delayed Draw Loan	92		92
Aprio Advisory Group, LLC - Revolving Loan	6		8
ARC Health OPCO, LLC - Delayed Draw Loan	1,222		1,222
Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan	305		305
Arctiq, Inc. - Delayed Draw Loan	1,315		—
Ascend Partner Services LLC - Delayed Draw Loan	—		379
Astra Service Partners, LLC - Delayed Draw Loan	20		25
Athlete Buyer, LLC (Allstar Holdings) - Delayed Draw Loan	2,510		2,510
Big Apple Advisory, LLC - Delayed Draw Loan	3,152		3,324
Big Apple Advisory, LLC - Revolving Loan	1,740		1,740
Bluebird PM Buyer, Inc. - Delayed Draw Loan	1,153		1,153
Bradford Soap International, Inc. - Delayed Draw Loan	1,000		1,000
Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan	5,374		5,374
Canopy Service Partners, LLC - Delayed Draw Loan	1,279		—
CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan	500		500
CMP Ren Partners I-A LP (LMI Consulting, LLC)	15		15
Cobalt Service Partners, LLC - Delayed Draw Loan	851		1,617
Coding Solutions Acquisition, Inc. - Delayed Draw Loan	521		521
Coding Solutions Acquisition, Inc. - Revolving Loan	1,246		1,246
Cohen Advisory, LLC - Delayed Draw Loan	4,608		4,608
Columbia Home Services LLC - Delayed Draw Loan	22		22
CPL Consultants, LLC - Delayed Draw Loan	4,263		—

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)


Portfolio Company	March 31, 2026	December 31, 2025
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan	2,615	2,615
CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan	1,925	1,925
Davidson Hotel Company LLC - Delayed Draw Loan	957	1,010
DH United Holdings, LLC (D&H United Fueling Solutions) - Delayed Draw Loan	800	800
Element 78 Partners, LLC (E78) - Delayed Draw Loan	15,518	15,518
Emburse, Inc. - Delayed Draw Loan	13	13
Emburse, Inc. - Revolving Loan	14	14
Env Automation Acquisition, LLC - Delayed Draw Loan	28	33
Environ Energy, LLC - Delayed Draw Loan	1,244	1,481
EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan	3,040	3,040
Excel Fitness Consolidator LLC - Delayed Draw Loan	1,897	1,897
FirstCall Mechanical Group, LLC - Delayed Draw Loan	—	4,400
FoodScience, LLC - Delayed Draw Loan	4,228	4,228
Force Electrical Buyerco, LLC - Delayed Draw Loan	58	62
Gannett Fleming, Inc. - Revolving Loan	1,279	2,131
GNX HBS PARENT, LLC - Delayed Draw Loan	1,481	1,481
GreyLion TGNL Holdings	153	153
Heartland Paving Partners, LLC - Delayed Draw Loan	621	621
HLSG Intermediate, LLC - Delayed Draw Loan	25	—
HMN Acquirer Corp. - Delayed Draw Loan	2,426	2,426
Impact Advisors, LLC - Delayed Draw Loan	7,100	7,143
Industrial Air Flow Dynamics, Inc. - Delayed Draw Loan	21	21
Integrated Power Services Holdings, Inc. - Delayed Draw Loan	—	1,866
Kenco PPC Buyer LLC - Delayed Draw Loan	4,111	4,111
Knight AcquireCo, LLC - Delayed Draw Loan	1,250	1,250
KRIV Acquisition Inc. - Delayed Draw Loan	4,884	—
KRIV Acquisition Inc. - Revolving Loan	256	—
Lavie Group, Inc. - Delayed Draw Loan	276	276
Legacy Service Partners, LLC - Delayed Draw Loan	109	147
LH Equity Investors, L.P.	56	56
Low Voltage Holdings Inc. - Delayed Draw Loan	416	517
Low Voltage Holdings Inc. - Revolving Loan	352	352
M&S Holdings Buyer, Inc. - Delayed Draw Loan	769	769
MEI Buyer LLC - Delayed Draw Loan	1,574	1,574
Mobile Communications America, Inc. - Delayed Draw Loan	1,444	1,444
National Renovations LLC - Delayed Draw Loan	—	643
Naturpak PPC Buyer LLC - Delayed Draw Loan	1,111	1,111
Nellson Nutraceutical, LLC - Delayed Draw Loan	72	72
North Haven Fairway Buyer, LLC (Fairway Lawns) - Delayed Draw Loan	782	1,068
Online Labels Group, LLC - Delayed Draw Loan	605	605
Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan	7,614	11,933
Ovation Holdings, Inc - Delayed Draw Loan	—	421
Perennial Services Group, LLC - Delayed Draw Loan	2,938	5,288
Pinnacle Supply Partners, LLC - Delayed Draw Loan	1,636	1,636
PN Buyer, Inc. - Delayed Draw Loan	1,111	1,111
RailPros Parent, LLC - Delayed Draw Loan	15	21
RailPros Parent, LLC - Revolving Loan	11	11

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)


Portfolio Company	March 31, 2026		December 31, 2025
Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan	129		692
Razor Light, Inc. - Delayed Draw Loan	1,435		—
Razor Light, Inc. - Revolving Loan	1,103		—
Real Chemistry Intermediate III, Inc. - Delayed Draw Loan	1,085		1,496
Real Chemistry Intermediate III, Inc. - Revolving Loan	1,780		1,780
Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan	542		542
REP RO Coinvest IV-A, LP (RoadOne)	235		235
Repipe Aggregator, LLC (Repipe Specialists)	17		17
Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan	228		236
Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan	57		57
RMS Energy Borrower LLC - Delayed Draw Loan	720		1,231
Rose Paving, LLC - Delayed Draw Loan	—		191
Royal Holdco Corporation (RMA Companies) - Delayed Draw Loan	2,168		2,710
Safety Infrastructure Services Intermediate LLC - Delayed Draw Loan	1,667		2,914
SCIC Buyer, Inc. - Delayed Draw Loan	2,628		2,628
SEKO Global Logistics Network, LLC - Delayed Draw Loan	73		73
SI Solutions, LLC - Delayed Draw Loan	4,481		4,481
SkyMark Refuelers, LLC - Delayed Draw Loan	1,662		1,662
Smart Wave Technologies, Inc. - Delayed Draw Loan	653		—
Smith & Howard Advisory LLC - Delayed Draw Loan	—		112
Specialty Manufacturing Holdings, LLC - Delayed Draw Loan	17		—
Swoop Intermediate III, Inc. - Delayed Draw Loan	4,928		4,928
Swoop Intermediate III, Inc. - Revolving Loan	1,776		1,776
Syndigo LLC - Revolving Loan	450		592
Tau Buyer, LLC - Delayed Draw Loan	1,165		1,165
Tau Buyer, LLC - Revolving Loan	1,170		1,445
TBRS, Inc. - Delayed Draw Loan	1,074		1,074
TBRS, Inc. - Revolving Loan	1,406		1,406
Thompson Safety LLC - Delayed Draw Loan	77		81
Thompson Safety LLC - Revolving Loan	8		9
USA Industries Holdings LLC - Delayed Draw Loan	36		36
USA Water Intermediate Holdings, LLC - Delayed Draw Loan	571		996
Vensure Employer Services, Inc. - Delayed Draw Loan	—		52
Venture Buyer, LLC (Velosio) - Delayed Draw Loan	—		1,059
Vessco Midco Holdings, LLC - Delayed Draw Loan	350		792
Vessco Midco Holdings, LLC - Revolving Loan	1,726		1,726
Watermill Express, LLC - Delayed Draw Loan	1,880		1,880
WCI-Momentum Bidco, LLC - Delayed Draw Loan	17		17
Yard-Nique, Inc. - Delayed Draw Loan	161		—
Total unfunded commitments (1)	$	154,869	$	161,028

_______________

(1)Represents the full amount of the Company's commitments to fund investments as of such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

The Company seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of March 31, 2026, the Company had adequate financial resources to satisfy its unfunded investment commitments.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

9. NET ASSETS

Shares Issued

The Company has the authority to issue 500,000,000 shares of common stock, par value $0.01 per share.

ATM Program

On March 10, 2025, the Company established an equity at-the-market offering program (the "ATM Program"), pursuant to which the Company may offer and sell, from time to time, through distribution managers, or to them, as principals for their own accounts, shares of its common stock having an aggregate offering price up to $200,000. Sales of common stock made pursuant to the ATM Program may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act. The Company intends to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, investing in accordance with its investment objective and strategies, and repaying indebtedness (which may be subject to re-borrowing).

As of March 31, 2026, the Company had not sold any shares of common stock through the ATM Program.

Distributions

The following table summarizes the Company's distributions recorded for the three months ended March 31, 2026:

Date Declared

Record Date

Payment Date

Dividend per Share

February 12, 2026

March 31, 2026

April 28, 2026

$0.36

February 12, 2026

March 31, 2026

April 28, 2026

$0.04 (1)

________________

(1) Represents a supplemental dividend.

The following table summarizes the Company's distributions recorded for the three months ended March 31, 2025:

Date Declared

Record Date

Payment Date

Dividend per Share

February 19, 2025

March 31, 2025

April 28, 2025

$0.45

January 10, 2024

February 12, 2025

April 28, 2025

$0.10 (1)

________________

(1) Represents a special dividend.

The following table reflects the shares distributed pursuant to the dividend reinvestment plan for the three months ended March 31, 2026:

Date Declared

Record Date

Payment Date

Shares(1)

October 29, 2025

December 31, 2025

January 27, 2026

80,391

________________

(1) In accordance with the Company’s Amended DRIP, shares were purchased in the open market.

The following table reflects the shares distributed pursuant to the dividend reinvestment plan for the three months ended March 31, 2025:

Date Declared

Record Date

Payment Date

Shares(1)

November 4, 2024

December 31, 2024

January 28, 2025

87,401

January 10, 2024

November 11, 2024

January 28, 2025

5,035

________________

(1) In accordance with the Company's Amended DRIP, shares were purchased in the open market.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

Prior Share Repurchase Plan

On March 5, 2024, the Company entered into a share repurchase plan (the “Prior Company 10b5-1 Plan”), which permitted the Company to purchase up to $99,275 in the aggregate of its outstanding shares of common stock in the open market at prices below its then-current NAV per share over a specified period. Any purchase of the shares pursuant to the Prior Company 10b5-1 Plan were conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 under the Exchange Act. The Prior Company 10b5-1 Plan became effective on March 29, 2024, commenced on April 1, 2024 and was amended on March 28, 2025, which extended the Prior Company 10b5-1 Plan for an additional 12-month period and amended certain terms of the Prior Company 10b5-1 Plan as set forth in the guidelines therein. As a result of such amendment, the Prior Company 10b5-1 Plan would terminate upon the earliest to occur of (i) 12-months from March 29, 2025 (tolled for periods during which the Prior Company 10b5-1 Plan was suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Prior Company 10b5-1 Plan equaled $99,275 and (iii) the occurrence of certain other events described in the Prior Company 10b5-1 Plan. On July 21, 2025, the aggregate purchase price for all shares of common stock purchased under the Prior Company 10b5-1 Plan reached $99,275, and the Prior Company 10b5-1 Plan was terminated in accordance with its terms on the same date.

The following table reflects the shares repurchased pursuant to the Prior Company 10b5-1 Plan for each month from inception through July 21, 2025, the date the Prior Company10b5-1 Plan terminated (dollar amounts in thousands, except share and per share data):


Period	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plan		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
April 1, 2024 - April 30, 2024	104,075	$	17.57	$	1,828	$	97,447
May 1, 2024 - May 31, 2024	96,598	17.56		1,696		95,751
June 1, 2024 - June 30, 2024	91,637	17.73		1,625		94,126
July 1, 2024 - July 31, 2024	75,675	17.61		1,333		92,793
August 1, 2024 - August 31, 2024	154,668	17.24		2,666		90,127
September 1, 2024 - September 30, 2024	109,646	17.69		1,940		88,187
October 1, 2024 - October 31, 2024	155,122	17.27		2,680		85,508
November 1, 2024 - November 30, 2024	375,949	17.06		6,412		79,095
December 1, 2024 - December 31, 2024	780,004	17.11		13,349		65,746
January 1, 2025 - January 31, 2025	972,752	16.74		16,289		49,458
February 1, 2025 - February 28, 2025	490,615	17.44		8,557		40,900
March 1, 2025 - March 31, 2025	706,657	17.28		12,210		28,689
April 1, 2025 - April 30, 2025	805,272	15.32		12,334		16,356
May 1, 2025 - May 31, 2025	602,662	15.63		9,417		6,939
June 1, 2025 - June 30, 2025	261,220	16.27		4,250		2,689
July 1, 2025 - July 21, 2025	161,033	16.70		2,689		—
Total	5,943,585			$	99,275

Existing Share Repurchase Plan

On March 17, 2026, the Company entered into a new share repurchase plan (the “Company 10b5-1 Plan”), pursuant to which the Company may purchase up to $50,000 in the aggregate of its outstanding shares of common stock in the open market at prices below its then-current NAV per share over a specified period. Any purchases of shares pursuant to the Company 10b5-1 Plan are conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company 10b5-1 Plan requires BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share is below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of the shares declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of the Company's

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

common stock and trading volumes, and no assurance can be given that any particular amount of shares of the common stock will be repurchased.

The Company 10b5-1 Plan became effective on March 24, 2026 and will terminate upon the earliest to occur of (i) the expiry of the 12-month period commencing on March 24, 2026 (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equals $50,000 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

As of March 31, 2026, the Company did not repurchase any shares under the Company 10b5-1 Plan.

10. EARNINGS PER SHARE

The following table presents the computation of basic and diluted earnings per common share for the following periods (dollar amounts in thousands, except share and per share data):


	Three Months Ended March 31,
		2026		2025
Net increase (decrease) in net assets resulting from operations		$	8,687	$	15,021
Weighted average common shares outstanding - basic and diluted		49,387,065		52,211,340
Net increase (decrease) in net assets resulting from operations per share - basic and diluted		$	0.18	$	0.29

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

11. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Per share data:
Net asset value, beginning of period	$	17.72	$	18.18
Net investment income (1)	0.41		0.53
Net realized gain (loss) (1)	(0.07)		0.02
Net change in unrealized gain (loss) (1)	(0.16)		(0.26)
Net increase (decrease) in net assets resulting from operations (1)	0.18		0.29
Shareholder distributions (2)	(0.40)		(0.55)

Other (3)	—		0.04
Net asset value, end of period	$	17.50	$	17.96

Net assets, end of period	$864,112		$920,020
Shares outstanding, end of period	49,387,065		51,217,252
Per share market value, end of period	$12.72		$16.98
Total return based on market value (4)	(2.03)%		4.71%
Total return based on net asset value (5)	1.45%		2.24%

Ratio/Supplemental data:
Ratio of net expenses to average net assets before waived fees (6)	11.95%		12.18%
Ratio of net expenses to average net assets after waived fees (6)	11.95%		11.21%
Ratio of net investment income to average net assets (6)	9.63%		11.78%
Portfolio turnover rate (7)	3.30%		7.13%


Asset coverage ratio (8)	175.84%		176.52%

________________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions recorded during the period.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan and is not annualized.

(5)Total return based on net asset value ("NAV") is calculated as the change in NAV per share during the respective period, plus distributions per share, if any, reinvested in accordance with the Company’s dividend reinvestment plan effective during each relevant period divided by the beginning NAV per share and is not annualized.

(6)The ratio of interest and debt financing expenses to average net assets for the three months ended March 31, 2026 and 2025 was 8.00% and 8.86% respectively. Average net assets is calculated utilizing quarterly net assets. Ratios are annualized except for the non-recurring debt issuance costs incurred in connection with CLO II Refinancing. Incentive fees waived is accounted for through March 31, 2025, the expiration date of the waiver and is not annualized.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

NUVEEN CHURCHILL DIRECT LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(dollar amounts in thousands, except share and per share data)

12. SUBSEQUENT EVENTS

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of March 31, 2026, except as discussed below.

Dividend Declaration

On April 29, 2026, the Board declared a regular distribution of $0.36 per share and a supplemental distribution of $0.02 per share, payable on or around July 28, 2026 to shareholders of record as of June 30, 2026.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information in this management's discussion and analysis of our financial condition and results of operations relates to Nuveen Churchill Direct Lending Corp., including its wholly owned subsidiaries (collectively, "we", "us", "our", or the "Company"). The information in this section should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements, which relate to future events, or the future performance or financial condition of and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A of and elsewhere in this Quarterly Report on Form 10-Q. This discussion also should be read in conjunction with the “Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

We were formed on March 13, 2018 as a Delaware limited liability company and converted into a Maryland corporation on June 18, 2019, prior to the commencement of operations. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Our investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which we define as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). We primarily focus on investing in U.S. middle market companies, with $10 million to $100 million in EBITDA, which we consider the core middle market. Our portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not our primary strategy, we also opportunistically invest in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities.

We have entered into an investment advisory agreement (as amended and restated, the “Advisory Agreement”) with Churchill DLC Advisor LLC (the “Adviser”), under which the Adviser has delegated substantially all of its day-to-day portfolio management obligations through a sub-advisory agreement (as amended and restated, the “CAM Sub-Advisory Agreement”) to Churchill Asset Management LLC (“Churchill”). In addition, the Adviser and Churchill have engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” and together with the Adviser and Churchill, the "Advisers") pursuant to a sub-advisory agreement (the "NAM Sub-Advisory Agreement"), pursuant to which Nuveen Asset Management may manage a portion of our portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments, subject to the pace and amount of investment activity in the middle market investment program. Under the administration agreement (the “Administration Agreement”), we are provided with certain services by an administrator, Churchill BDC Administration LLC (the “Administrator”). The Adviser, Churchill, Nuveen Asset Management and Administrator are all affiliates and subsidiaries of Nuveen, LLC (“Nuveen”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”).

Churchill NCDLC CLO-I, LLC (“CLO-I”), Churchill NCDLC CLO-II, LLC (“CLO-II”), Churchill NCDLC CLO-III, LLC (“CLO-III”), and NCDL Equity Holdings LLC ("NCDL Equity Holdings") are wholly owned subsidiaries of the Company and are consolidated in these financial statements commencing from the date of their formation. CLO-I, CLO-II and CLO-III have completed term debt securitizations. NCDL Equity Holdings was formed to hold certain equity-related securities.

Beginning with our initial closing in March 2020, we conducted private offerings ("Private Offerings") of our shares of common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). We held our final closing on April 28, 2023.

On January 29, 2024, we closed our initial public offering (“IPO”) and our common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “NCDL” on January 25, 2024.

Key Components of Our Results of Operations

Investments

Our level of investment activity varies substantially from period to period depending on many factors, including the amount we have available to invest, the amount of debt and equity capital available to middle market companies, the level of merger and acquisition and refinancing activity in the middle market, prevailing interest rates and capital market conditions, the general economic environment, and the competitive environment for the types of investments we make.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we are generally required to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less.

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the 1940 Act, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250.0 million. In addition, we must be organized in the United States to qualify as a BDC.

Revenues

We generate revenue primarily in the form of interest income on debt investments, which generally bear interest at a floating rate based on a benchmark such as the Secured Overnight Financing Rate ("SOFR"). Certain investments may also include payment-in-kind ("PIK") provisions whereby interest accrues and is added to loan principal. We may also generate income from dividends on equity investments, capital gains on the sale of securities, and fees associated with our investment activities, including prepayment, amendment, and origination fees, as well as fees for managerial assistance rendered to portfolio companies. The frequency and volume of investment repayments and sales fluctuate significantly from period to period.

Expenses

The Advisers and their respective affiliates are responsible for bearing the compensation and routine overhead expenses allocable to personnel providing investment advisory and management services to us. We bear all other out-of-pocket costs and expenses of its operations and transactions, including those costs and expenses incidental to the provision of investment advisory and management services to us (such as items in the third and fourth bullets listed below).

•our organizational costs;

•calculating net asset value (including the cost and expenses of any independent valuation firm);

•expenses, including travel, entertainment, lodging and meal expenses, incurred by the Advisers, or members of their investment teams or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing our rights;

•fees and expenses incurred by the Advisers (and their affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring investments and portfolio companies on an ongoing basis;

•costs and expenses incurred in connection with the incurrence of leverage and indebtedness, including borrowings, credit facilities, securitizations, margin financing, and including any principal or interest on our borrowings and indebtedness;

•offerings, sales, and repurchases of our shares and other securities;

•fees and expenses payable under any underwriting, dealer manager or placement agent agreements;

•investment advisory fees payable under the Advisory Agreement;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Administrator, based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs);

•any applicable administrative agent fees or loan arranging fees incurred with respect to portfolio investments by the Advisers, the Administrator or an affiliate thereof;

•costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology;

•transfer agent, dividend agent and custodial fees and expenses;

•federal and state registration fees;

•all costs of registration and listing our shares on any securities exchange;

•federal, state and local taxes;

•independent directors’ fees and expenses, including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent directors;

•costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses related to compliance-related matters and regulatory filings related to our activities and/or other regulatory filings, notices or disclosures of the Advisers and their affiliates relating to us and its activities;

•costs of any reports, proxy statements or other notices to shareholders, including printing costs;

•fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

•proxy voting expenses;

•all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by our Board to or on account of holders of our securities, including in connection with any dividend reinvestment plan or direct stock purchase plan;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•the allocated costs incurred by the Advisers and/or the Administrator in providing managerial assistance to those portfolio companies that request;

•allocable fees and expenses associated with marketing efforts on our behalf;

•all fees, costs and expenses of any litigation involving us or our portfolio companies and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to our affairs;

•fees, costs and expenses of winding up and liquidating our assets; and

•all other expenses incurred by us, the Advisers or the Administrator in connection with administering our business.

Portfolio and Investment Activity

Portfolio Composition

Our portfolio and investment activity for the three months ended March 31, 2026 and 2025 is presented below (dollar amounts in thousands):


	Three Months Ended March 31,
	2026			2025
Net funded investment activity
New gross commitments at par 1	$	82,876		$	166,239
Net investments funded	85,359			153,019
Investments sold or repaid	(65,015)			(148,350)
Net funded investment activity	$	20,344		$	4,669

Gross commitments at par 1
First-lien debt	$	70,168		$	151,995
Subordinated debt	2,144			13,230
Equity investments	10,564			1,014
Total gross commitments	$	82,876		$	166,239

Portfolio company activity
Portfolio companies, beginning of period	227			210
Number of new portfolio companies	13			12
Number of exited portfolio companies	(4)			(12)
Portfolio companies, end of period	236			210
Count of investments	554			490
Count of industries	26			26

New investment activity
Weighted average annual interest rate on new debt investments at par	8.47		%	9.38		%
Weighted average annual interest rate on new floating rate debt investments at par	8.40		%	9.10		%
Weighted average spread on new floating rate debt investments at par	4.71		%	4.81		%
Weighted average annual coupon on new fixed rate debt investments at par	10.33		%	12.57		%
Weighted average annual interest rate on exited or repaid investments at par	9.23		%	9.11		%

_______________________

1 Gross commitments at par includes unfunded investment commitments.

As of March 31, 2026, our debt portfolio reflected the following characteristics, based on fair value:

•Weighted average reported annual EBITDA of $75.6 million.1

•Weighted average of 2.27x interest coverage ratio for our first-lien loans2

•Weighted average of 5.09x net leverage.3

•Approximately 86.86% of our debt investments have financial covenants.4

________________________________________

1 These calculations include all private debt investments for which fair value is determined by the Adviser in its capacity as the Valuation Designee of the Company's board of directors (the “Board”) and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements.

2 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging

instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes junior capital investments and equity co-investments and applies solely to traditional middle market first lien loans held by us, which also excludes any upper middle market or other first lien loans investments that do not have financial maintenance covenants and first lien loans that the Adviser has assigned a risk rating of ‘8’ or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 75.68% of our total investments, and 84.40% of our total first lien loan investments, in each case based upon fair value.

3 Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which we are a lender. Leverage is derived from the most recently available portfolio company financial statements and weighted by the fair value of each investment. Net leverage presented excludes equity investments as well as debt instruments to which the Adviser has assigned an internal risk rating of 8 or higher and any portfolio companies with net leverage of 15x or greater.

4 Represents the percentage of debt investments with one or more maintenance financial covenants.

As of March 31, 2026 and December 31, 2025, our investments consisted of the following (dollar amounts in thousands):


	March 31, 2026						December 31, 2025
	Cost		Fair Value		% of Fair Value		Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,794,193	$	1,771,795	89.67	%	$	1,773,647	$	1,756,620	89.51	%
Subordinated Debt 1	170,278		148,094		7.50	%	179,656		161,374		8.22	%
Equity Investments	57,962		55,973		2.83	%	47,904		44,455		2.27	%
Total	$	2,022,433	$	1,975,862	100.00	%	$	2,001,207	$	1,962,449	100.00	%
Largest portfolio company investment	$	30,869	$	31,027	1.57	%	$	30,926	$	30,870	1.57	%
Average portfolio company investment	$	8,570	$	8,372	0.42	%	$	8,816	$	8,645	0.44	%

_____________________

1As of March 31, 2026, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $60,843, mezzanine debt of $84,627 and structured debt of $2,624 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $67,184, mezzanine debt of $98,459 and structured debt of $4,635 at cost.

As of December 31, 2025, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and structured debt of $2,479 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and structured debt of $4,583 at cost.

The industry composition of our portfolio as a percentage of fair value as of March 31, 2026 and December 31, 2025 was as follows:


Industry	March 31, 2026		December 31, 2025
Aerospace & Defense	1.71	%	1.71	%
Automotive	2.52	%	3.28	%
Banking, Finance, Insurance & Real Estate	3.96	%	4.01	%
Beverage, Food & Tobacco	7.93	%	7.62	%
Capital Equipment	5.89	%	5.75	%
Chemicals, Plastics & Rubber	1.07	%	1.10	%
Construction & Building	6.95	%	6.90	%
Consumer Goods: Durable	1.24	%	1.25	%
Consumer Goods: Non-durable	1.58	%	1.61	%
Containers, Packaging & Glass	3.97	%	4.02	%
Energy: Electricity	1.55	%	1.56	%
Environmental Industries	4.68	%	4.52	%
Healthcare & Pharmaceuticals	18.11	%	18.19	%
High Tech Industries	4.13	%	4.03	%
Hotel, Gaming & Leisure	0.17	%	0.17	%
Media: Advertising, Printing & Publishing	0.92	%	0.93	%
Media: Diversified & Production	0.83	%	0.83	%
Services: Business	17.33	%	17.24	%
Services: Consumer	4.64	%	4.33	%
Sovereign & Public Finance	0.69	%	0.69	%
Telecommunications	3.51	%	3.55	%
Transportation: Cargo	2.98	%	3.05	%
Transportation: Consumer	0.51	%	0.53	%
Utilities: Electric	1.42	%	1.41	%
Utilities: Water	0.54	%	0.54	%
Wholesale	1.17	%	1.18	%
Total	100.00	%	100.00	%

As of March 31, 2026, our estimated exposure to the software sector represented 2.38% of the total portfolio, at fair value. The estimate of software exposure (i) includes any borrower whose business model reflects the operating or structural characteristics of a software company, regardless of its industry classification, and (ii) excludes technology-adjacent companies, such as managed service providers and systems integrators, that may be assigned to 'High-Tech Industries' under Moody's industry classification, but do not derive revenue from the licensing or subscription of proprietary software. As a result, certain borrowers classified within 'High-Tech Industries' in the table above are excluded from the software sector estimate, while certain borrowers classified in other industries are included, based on whether they derive revenue from proprietary software licensing or subscriptions. We believe this estimate is an accurate representation of our software sector exposure. Results will differ, in some cases significantly, if an alternative industry classification methodology were applied.

The weighted average yields of our investments as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Weighted average yield on debt and income producing investments, at cost 1	9.31	%	9.48	%
Weighted average yield on debt and income producing investments, at fair value 2	9.45	%	9.58	%
Percentage of debt investments bearing a floating rate	93.97	%	94.07	%
Percentage of debt investments bearing a fixed rate	6.03	%	5.93	%

___________________

1 Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of March 31, 2026 was 9.18%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of December 31, 2025, was 9.36%.

2 Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of March 31, 2026 was 9.40%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of December 31, 2025, was 9.54%.

As of March 31, 2026, 100.00% and 100.00% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans. As of December 31, 2025, 99.95% and 99.95% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding any investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level. Total weighted average yields of our debt and income producing investments, at cost, decreased from 9.48% to 9.31% from December 31, 2025 to March 31, 2026. The decrease in weighted average yields was primarily due to overall tightening of spreads in newly originated investments and lower base interest rates.

Private equity mergers and acquisitions activity entered the first quarter of 2026 with early momentum before experiencing a meaningful slowdown, as market volatility stemming from global trade policy uncertainty, rising geopolitical tensions, and concerns surrounding the impact of artificial intelligence on certain industries disrupted deal flow during the period. M&A pipelines had been reopening heading into the quarter as buyer-seller valuation gaps narrowed and extended hold periods created incentives for sponsors to transact as their investment periods matured. While private equity-backed transaction volumes showed improvement earlier in the quarter, deal activity moderated in March as renewed macro risks weighed on market sentiment. Nevertheless, substantial dry powder remains available, and a stabilization of market conditions could support a resumption of deal activity. Repayment activity decreased slightly during the first quarter of 2026 compared to prior periods, as market volatility and a risk-off environment among lenders modestly constrained new transaction activity and refinancing volumes. While repayment activity may continue to offset new investment deployment, we believe that well-capitalized lenders with available liquidity, existing portfolio company relationships, and strong proprietary sponsor networks are well-positioned to benefit from a market recovery when conditions stabilize.

In addition to market volatility and uncertainty, certain broader macro-economic risks remain. Changes to trade policies, including the imposition of new tariffs by the current administration, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. To the extent tariff policies are modified or customs refunds are processed, such developments could partially mitigate the impact on affected portfolio companies, though the timing and magnitude of any such adjustments remain uncertain. Additionally, rising geopolitical tensions have contributed to capital market volatility and upward pressure on inflation, further complicating the macro-economic outlook. While we have not observed significant energy input cost increases affecting our portfolio companies to date, we continue to monitor the potential effect of energy price volatility on portfolio company operating costs and margins. The rapid evolution and adoption of artificial intelligence technologies may also create both opportunities and challenges for certain businesses, potentially reshaping competitive dynamics, operational models, and workforce requirements across industries. In light of these dynamics, we are closely monitoring the performance and outlook of our portfolio companies, and we will continue to seek to invest in defensive businesses with low levels of cyclicality, pricing power, strong free cash flow generation, and multiple channels to source products or materials. There can be no assurance that economic conditions or competitive market dynamics will not adversely impact certain of our portfolio companies, which could impact our future results.

Asset Quality

In addition to various risk management and monitoring tools, we use the Advisers’ investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. Churchill, in its capacity as sub-adviser, utilizes a systematic, consistent approach to credit evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging under a “base case” set of projections (the “Base Case”), which reflects a more conservative estimate than the set of projections provided by a prospective portfolio company (the “Management Case”). The following is a description of the conditions associated with each investment rating:

1.Performing - Superior: Borrower is performing significantly above Management Case.

2.Performing - High: Borrower is performing at or near the Management Case (i.e., in a range slightly below to slightly above).

3.Performing - Low Risk: Borrower is operating well ahead of the Base Case to slightly below the Management Case.

4.Performing - Stable Risk: Borrower is operating at or near the Base Case (i.e., in a range slightly below to slightly above). This is the initial rating assigned to all new borrowers.

5.Performing - Management Notice: Borrower is operating below the Base Case. Adverse trends in business conditions and/

or industry outlook are viewed as temporary. There is no immediate risk of payment default and only a low to moderate risk of covenant default.

6.Watch List - Low Maintenance: Borrower is operating below the Base Case, with declining margin of protection. Adverse trends in business conditions and/or industry outlook are viewed as probably lasting for more than a year. Payment default is still considered unlikely, but there is a moderate to high risk of covenant default.

7.Watch List - Medium Maintenance: Borrower is operating well below the Base Case, but has adequate liquidity. Adverse trends are more pronounced than in Internal Risk Rating 6 above. There is a high risk of covenant default, or it may have already occurred. Payments are current, although subject to greater uncertainty, and there is a moderate to high risk of payment default.

8.Watch List - High Maintenance: Borrower is operating well below the Base Case. Liquidity may be strained. Covenant default is imminent or may have occurred. Payments are current, but there is a high risk of payment default. Negotiations to restructure or refinance debt on normal terms may have begun. Further significant deterioration appears unlikely and no loss of principal is currently anticipated.

9.Watch List - Possible Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is strained. Payment default may have occurred or is very likely in the short term unless creditors grant some relief. Loss of principal is possible.

10.Watch List - Probable Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Liquidity is extremely limited. The prospects for improvement in the borrower’s situation are sufficiently negative that loss of some or all principal is probable.

Churchill regularly monitors and, when appropriate, changes the investment rating assigned to each investment in our portfolio. Each investment team will review the investment ratings in connection with monthly or quarterly portfolio reviews.

The following table shows the investment ratings of the investments in our portfolio (dollar amounts in thousands):


	March 31, 2026					December 31, 2025
	Fair Value		% of Portfolio		Number of Portfolio Companies	Fair Value		% of Portfolio		Number of Portfolio Companies
1	$	—	—	%	—	$	—	—	%	—
2	—		—	%	—	—		—	%	—
3	100,366		5.08	%	7	95,983		4.89	%	5
4	1,506,149		76.23	%	178	1,510,150		76.95	%	173
5	203,959		10.32	%	24	198,368		10.11	%	24
6	118,779		6.01	%	16	119,513		6.09	%	17
7	26,637		1.35	%	5	27,735		1.41	%	5
8	14,940		0.76	%	5	8,020		0.41	%	2
9	—		—	%	—	2,680		0.14	%	1
10	5,032		0.25	%	1	—		—	%	—
Total	$	1,975,862	100.00	%	236	$	1,962,449	100.00	%	227

As of March 31, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our investment portfolio was 4.3 and 4.2, respectively. As of March 31, 2026, there were investments in five portfolio companies on non-accrual with an aggregate cost of $25.9 million, which represented approximately 1.28% of total investments at cost. As of December 31, 2025, there were investments in four portfolio company on non-accrual with an aggregate cost of $24.4 million, which represented approximately 1.22% of total investments at cost.

Results of Operations

Operating results for the three months ended March 31, 2026 and 2025 were as follows (dollars amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Investment income:
Interest income	$	42,862	$	50,846
Payment-in-kind interest income	3,122		2,365

Other income	274		375
Total investment income	46,258		53,586

Expenses:
Interest and debt financing expenses	17,749		20,643
Management fees	4,940		3,914
Incentive fees on net investment income	1,535		2,253

Professional fees	763		493
Directors' fees	162		156
Administration fees	680		586
Other general and administrative expenses	385		342
Total expenses before incentive fees waived	26,214		28,387

Incentive fees waived	—		(2,253)
Net expenses after incentive fees waived	26,214		26,134


Net investment income	20,044		27,452

Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	(3,289)		1,103
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	(7,813)		(13,573)
Income tax (provision) benefit	(255)		39
Total net change in unrealized appreciation (depreciation)	(8,068)		(13,534)
Total net realized and unrealized gain (loss) on investments	(11,357)		(12,431)

Net increase (decrease) in net assets resulting from operations	$	8,687	$	15,021

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments and repayment activity, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio, changes in base interest rates and credit spreads, and broader macroeconomic conditions and market volatility.

Investment income

Investment income decreased to $46.3 million for the three months ended March 31, 2026 from $53.6 million for the three months ended March 31, 2025. As of March 31, 2026, the size of our portfolio decreased to $2.0 billion from $2.1 billion as of March 31, 2025, at cost. As of March 31, 2026, the weighted average yield of our debt and income producing investments decreased to 9.31% from 10.10% as of March 31, 2025, at cost, primarily due to overall tightening of spreads in newly originated investments during 2025, the refinancing or repricing of existing portfolio companies to marginally lower spreads, and the decline in base interest rates compared to the prior period. Shifts in base interest rates, such as SOFR and other applicable benchmark rates, may affect our investment income.

Expenses

Total expenses before waived incentive fees decreased to $26.2 million for the three months ended March 31, 2026, from $28.4 million for the three months ended March 31, 2025.

Interest and debt financing expenses decreased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to a lower average interest rate and lower average daily borrowings, partially offset by one-time costs associated with debt facility refinancings completed during the first quarter of 2026, as further described below in Borrowings. Average daily borrowings decreased during the three months ended March 31, 2026 primarily due to a decrease in borrowings on the Revolving Credit Facility (defined below). For the three months ended March 31, 2026, we recorded $0.8 million of non-recurring interest and debt financing expenses relating to the acceleration of deferred financing costs in connection with the CLO-II Refinancing. The average daily borrowings for the three months ended March 31, 2026 were $1.1 billion compared to $1.2 billion for the three months ended March 31, 2025. The average annual interest rate for the three months ended March 31, 2026 was 5.89%, compared to 6.57% for the three months ended March 31, 2025.

In accordance with the terms of the Advisory Agreement, effective March 31, 2025, the management fee base rate increased from 0.75% to 1.00% and the Adviser's waiver of incentive fees on income and on capital gains expired. The increase in management fees for the three months ended March 31, 2026 from the comparable period in 2025 was primarily attributable to the increase in the management fee base rate. For the three months ended March 31, 2026, income-based incentive fees totaled $1.5 million, with no amounts waived. For the three months ended March 31, 2025, income-based incentive fees of $2.3 million were waived in full in accordance with the terms of the Advisory Agreement. No capital gains incentive fees were incurred during the three months ended March 31, 2026 or 2025.

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company. Administrative fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs. Other general and administrative expenses include insurance, filing, research, rating agencies, subscriptions and other costs. Professional, administration, and other general and administrative fees for the three months ended March 31, 2026 were $1.8 million compared to $1.4 million for the three months ended March 31, 2025.

Net realized gain (loss) and Net change in unrealized gains (losses) on investments

For the three months ended March 31, 2026, we recognized a net realized loss on investments of $(3.3) million, compared to a net realized gain of $1.1 million for the three months ended March 31, 2025. The net realized loss for the three months ended March 31, 2026 was primarily driven by the restructuring of two underperforming debt positions, partially offset by realized gains from full or partial repayments and sales of investments in portfolio companies.

We recorded a net change in unrealized loss of $(7.8) million for the three months ended March 31, 2026, compared to a net change in unrealized loss of $(13.6) million for the three months ended March 31, 2025. The total net change in unrealized losses for the three months ended March 31, 2026 primarily resulted from benchmark spread widening and decreases in the fair value of certain underperforming portfolio companies, partially offset by the reversal of unrealized losses on debt positions that were restructured during the period.

100

Financial Condition, Liquidity and Capital Resources

Due to the diverse capital resources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. Our liquidity and capital resources are generated primarily from cash flows from income earned from our investments and principal repayments, net proceeds of public offerings of debt securities and equity securities (including through the ATM Program, as described below), and our net borrowings from our Revolving Credit Facility (as defined below) and CLO debt issuances (discussed further below). Due to an uncertain economic outlook, elevated capital market volatility, and evolving macroeconomic conditions, we regularly evaluate our overall liquidity position and take proactive steps to maintain and strengthen that position based on such circumstances. The primary uses of our cash are (i) purchases of investments in portfolio companies, (ii) funding the cost of our operations (including fees paid to our Adviser), (iii) debt service, repayment and other financing costs of our borrowings, (iv) cash distributions to the holders of our shares, and (v) share repurchases under the Company 10b5-1 Plan (as defined below).

To facilitate public offerings of equity securities and debt securities, on December 20, 2024, we filed a shelf registration statement with the SEC that is effective for a three-year term, expiring on December 20, 2027. The shelf registration statement permits us to offer, from time to time, up to $1.0 billion of our common stock, preferred stock, subscription rights to purchase shares of our common stock, debt securities or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, in one or more underwritten public offerings, at-the-market offerings, negotiated transactions, block trades, best efforts or a combination of these methods. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement at the time of any offering.

As of March 31, 2026 and December 31, 2025, our debt consisted of a revolving credit facility, debt securitizations, and unsecured notes. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, if certain requirements are met. As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 175.84% and 178.55%, respectively.

Cash and cash equivalents as of March 31, 2026, taken together with our unused capacity under our Revolving Credit Facility is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2026, we had $233.0 million available under our Revolving Credit Facility.We believe maintaining adequate liquidity is particularly important in the current market environment, as it positions us to take advantage of investment opportunities that may arise as market conditions evolve and stabilize.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions, elevated market volatility, or other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. In particular, current market conditions, including reduced bank market participation and elevated credit market volatility, may affect the availability and terms of future financing. These factors may limit our ability to make new investments and adversely impact our results of operations.

For the three months ended March 31, 2026, our cash and cash equivalents balance decreased by $12.1 million. During that period, $13.7 million was used in operating activities, primarily relating to purchases of investments of $85.4 million, partially offset by $65.0 million of proceeds from principal repayments and sales of investments. During the same period, $1.7 million was provided by financing activities, consisting of proceeds from debt of $272.5 million, partially offset by repayments of debt of $247.2 million, shareholder distributions of $22.2 million and payments of deferred financing costs of $1.4 million.

For the three months ended March 31, 2025, our cash and cash equivalents balance increased by $5.9 million. During that period, $8.8 million was used in operating activities, primarily relating to purchases of investments of $153.0 million, partially offset by $148.4 million in repayments and sales of investments. During the same period, $14.7 million was provided by financing activities, consisting of proceeds from debt of $796.8 million, partially offset by repayments of debt of $710.0 million, repurchases of common shares of $37.1 million, shareholder distributions of $29.5 million, and payments of deferred financing costs of $5.6 million.

Equity

Our authorized stock consists of 500,000,000 shares of stock, par value $0.01 per share, all of which are initially designated as common stock.

101

Initial Public Offering

On January 29, 2024, we closed our IPO, issuing 5,500,000 shares of our common stock at a public offering price of $18.05 per share. We received total cash proceeds of $99.3 million. Our common stock began trading on the NYSE under the symbol “NCDL” on January 25, 2024.

ATM Program

On March 10, 2025, we established an equity at-the-market offering program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time, through distribution managers, or to them, as principals for their own accounts, shares of its common stock having an aggregate offering price up to $200 million. Sales of common stock made pursuant to the ATM Program may be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings as defined in Rule 415(a)(5) under the Securities Act. We intend to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, investing in accordance with its investment objective and strategies, and repaying indebtedness (which may be subject to re-borrowing).

As of March 31, 2026, we had not sold any shares of common stock through the ATM Program.

Dividends and Distributions

To the extent that we have taxable income, we intend to make quarterly distributions to our common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by our Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although we may decide to retain such capital gains for investment.

In connection with the IPO, our Board approved an amended and restated dividend reinvestment plan (the "Amended DRIP"), which became effective on January 29, 2024, concurrent with the consummation of the IPO.

The Amended DRIP changed the dividend reinvestment plan from an “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan. As a result of the foregoing, if our Board authorizes, and we declare, a cash dividend or distribution, shareholders that acquired their shares in the IPO and do not “opt out” of the Amended DRIP will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Notwithstanding the foregoing, a shareholder’s election (or deemed election) under the dividend reinvestment plan, dated December 19, 2019, will remain in effect for such shareholder and no further action is required by such shareholder with respect to their election under the Amended DRIP.

With respect to each distribution under the Amended DRIP, our Board reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market for the accounts of participants in the Amended DRIP. If newly issued shares are used to implement the Amended DRIP, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the distribution payable to such participant by the market price per share of our common stock at the close of regular trading of the NYSE on the distribution payment date, or if no sale is reported for such day, the average of the reported bid and asked prices. However, if the market price per share on the distribution payment date exceeds the most recently computed NAV per share, we will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share). If shares are purchased in the open market to implement the Amended DRIP, the number of shares to be issued to a participant will be determined by dividing the dollar amount of the distribution payable to such participant by the weighted average price per share for all shares of common stock purchased by the plan administrator in the open market in connection with the dividend or distribution. Although each participant may from time to time have an undivided fractional interest in a share, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant’s account.

See Note 9 to the consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q for more information on our distributions and dividend reinvestment plan.

102

The following table summarizes the Company's distributions recorded for the three months ended March 31, 2026:

Date Declared

Record Date

Payment Date

Dividend per Share

February 12, 2026

March 31, 2026

April 28, 2026

$0.36

February 12, 2026

March 31, 2026

April 28, 2026

$0.04 (1)

________________

(1) Represents a supplemental dividend.

The following table summarizes the Company's distributions recorded for the three months ended March 31, 2025:

Date Declared

Record Date

Payment Date

Dividend per Share

February 19, 2025

March 31, 2025

April 28, 2025

$0.45

January 10, 2024

February 12, 2025

April 28, 2025

$0.10 (1)

________________

(1) Represents a special dividend.

The distribution declared were derived from investment company taxable income and net capital gain, if any. The federal income tax characterization of distributions declared and paid for the fiscal year will be determined based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

The following table reflects the shares distributed pursuant to the dividend reinvestment plan for the three months ended March 31, 2026:

Date Declared

Record Date

Payment Date

Shares (1)

October 29, 2025

December 31, 2025

January 27, 2026

80,391

________________

(1) In accordance with the Company’s Amended DRIP, shares were purchased in the open market.

The following table reflects the shares distributed pursuant to the dividend reinvestment for the three months ended March 31, 2025:

Date Declared

Record Date

Payment Date

Shares (1)

November 4, 2024

December 31, 2024

January 28, 2025

87,401

January 10, 2024

November 11, 2024

January 28, 2025

5,035

________________

(1) In accordance with the Company’s Amended DRIP, shares were purchased in the open market.

Prior Share Repurchase Plan

On March 5, 2024, we entered into a share repurchase plan (the “Prior Company 10b5-1 Plan”), which permitted us to purchase up to $99.3 million in the aggregate of its outstanding shares of common stock in the open market at prices below its then-current net asset value (“NAV”) per share over a specified period. Any purchase of the shares pursuant to the Prior Company 10b5-1 Plan were conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Prior Company 10b5-1 Plan became effective on March 29, 2024, commenced on April 1, 2024 and was amended on March 28, 2025, which extended the Prior Company 10b5-1 Plan for an additional 12-month period and amended certain terms of the Prior Company 10b5-1 Plan as set forth in the guidelines therein. As a result of such amendment, the Prior Company 10b5-1 Plan would terminate upon the earliest to occur of (i) 12-months from March 29, 2025 (tolled for periods during which the Prior Company 10b5-1 Plan was suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Prior Company 10b5-1 Plan equaled $99.3 million and (iii) the occurrence of certain other events described in the Prior Company 10b5-1 Plan. On July 21, 2025, the aggregate purchase price for all shares of common stock purchased under the Prior Company 10b5-1 Plan reached $99.3 million and the Prior Company 10b5-1 Plan was terminated in accordance with its terms on the same date.

103

The following table reflects the shares repurchased pursuant to the Prior Company 10b5-1 Plan for each month from inception through July 21, 2025, the date the Prior Company 10b5-1 Plan terminated (dollar amounts in thousands, except share and per share data):


Period	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plan		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
April 1, 2024 - April 30, 2024	104,075	$	17.57	$	1,828	$	97,447
May 1, 2024 - May 31, 2024	96,598	17.56		1,696		95,751
June 1, 2024 - June 30, 2024	91,637	17.73		1,625		94,126
July 1, 2024 - July 31, 2024	75,675	17.61		1,333		92,793
August 1, 2024 - August 31, 2024	154,668	17.24		2,666		90,127
September 1, 2024 - September 30, 2024	109,646	17.69		1,940		88,187
October 1, 2024 - October 31, 2024	155,122	17.27		2,680		85,508
November 1, 2024 - November 30, 2024	375,949	17.06		6,412		79,095
December 1, 2024 - December 31, 2024	780,004	17.11		13,349		65,746
January 1, 2025 - January 31, 2025	972,752	16.74		16,289		49,458
February 1, 2025 - February 28, 2025	490,615	17.44		8,557		40,900
March 1, 2025 - March 31, 2025	706,657	17.28		12,210		28,689
April 1, 2025 - April 30, 2025	805,272	15.32		12,334		16,356
May 1, 2025 - May 31, 2025	602,662	15.63		9,417		6,939
June 1, 2025 - June 30, 2025	261,220	16.27		4,250		2,689
July 1, 2025 - July 21, 2025	161,033	16.70		2,689		—
Total	5,943,585			$	99,275

Existing Share Repurchase Plan

On March 17, 2026, we entered into a new share repurchase plan (the “Company 10b5-1 Plan”), pursuant to which we may purchase up to $50.0 million in the aggregate of our outstanding shares of common stock in the open market at prices below the then-current NAV per share over a specified period. Any purchases of shares pursuant to the Company 10b5-1 Plan are conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan requires BofA Securities, Inc., as agent, to repurchase shares of common stock on our behalf when the market price per share is below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by us to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of our shares declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of our common stock and trading volumes, and no assurance can be given that any particular amount of shares of our common stock will be repurchased.

The Company 10b5-1 Plan became effective on March 24, 2026 and will terminate upon the earliest to occur of (i) the expiry of the 12-month period commencing on March 24, 2026 (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equals $50.0 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

As of March 31, 2026, we did not repurchase any shares under the Company 10b5-1 Plan.

Borrowings

See Note 7 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on our borrowings.

Revolving Credit Facility

On June 23, 2023, we entered into a senior secured revolving credit agreement (as amended from time to time, the “Senior Secured Revolving Credit Agreement” and facility thereunder, the “Revolving Credit Facility”) with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. The Revolving Credit Facility is guaranteed by NCDL

104

Equity Holdings and will be guaranteed by certain of our subsidiaries that are formed or acquired in the future (collectively, the “Guarantors”).

The Revolving Credit Facility was amended on April 9, 2024 and October 4, 2024. The most recent amendment on October 4, 2024, among other things: (i) extended the Commitment Termination Date and the Final Maturity Date (each as defined below); (ii) added a term loan tranche; (iii) increased the total committed facility amount from $250 million to $325 million and (iv) reduced (a) the applicable margin with respect to SONIA borrowings from 2.125% to 2.00%, (b) the credit spread adjustment from 0.15% to 0.10% for Term SOFR borrowings with a three-month tenor and from 0.25% to 0.10% for Term SOFR borrowings with a six-month tenor and (c) the applicable margin with respect to all other permitted borrowing rates from 1.125% to 1.000%. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25 million limit for swingline loans.

We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either Term SOFR plus a margin or the prime rate plus a margin. We may elect either the Term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. We also will pay a fee of 0.375% per annum on average daily undrawn amounts. As of March 31, 2026 and December 31, 2025, the Revolving Credit Facility bore interest at one-month SOFR plus 2.00% per annum.

CLO-I

On May 20, 2022 (the “CLO-I Original Closing Date”), the Company completed a $448.3 million term debt securitization (the “2022 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2022 Debt Securitization (the “2022 Notes”) were issued by CLO-I, an indirect, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consisted of $199.0 million of AAA Class A-1 2022 Notes, which bore interest at the three-month Term SOFR plus 1.80%; $34.3 million of AAA Class A-1F 2022 Notes, which bore interest at 4.42%; $47.3 million of AA Class B 2022 Notes, which bore interest at the three-month Term SOFR plus 2.30%; $31.5 million of A Class C 2022 Notes, which bore interest at the three-month Term SOFR plus 3.15%; $27.0 million of BBB Class D 2022 Notes, which bore interest at the three-month Term SOFR plus 4.15%; and $79.3 million of Subordinated 2022 Notes, which do not bear interest. The Company directly owns all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes are eliminated in consolidation.

As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the “CLO-I Loan Agreement”) on the CLO-I Original Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders (the “CLO-I Lenders”) committed to make $30.0 million of AAA Class A-L 2022 Loans to CLO-I (the “2022 Loans” and, together with the 2022 Notes, the “2022 Debt”). The 2022 Loans bore interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions. Any CLO-I Lender could have elected to convert all of the Class A-L 2022 Loans held by such CLO-I Lenders into Class A-1 2022 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2022 Debt was backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2026, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2022 Debt Securitization.

The 2022 Debt was the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt includes customary covenants and events of default. The 2022 Debt was not registered under the Securities Act, or any state “blue sky” laws.

105

CLO-I Refinancing

On March 20, 2025 (the “ CLO-I Refinancing Date”), the Company completed a $458 million refinancing of the 2022 Debt Securitization (the "CLO-I Refinancing").

The notes offered in the CLO-I Refinancing (the “2025 Notes”) were issued by CLO-I. The 2025 Notes consist of $1.9 million of AAA Class X 2025 Notes, which bear interest at the three-month Term SOFR plus 1.05%; $233.25 million of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $56.25 million of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $136.58 million of Subordinated 2025 Notes, which do not bear interest and of which $79.325 million were issued on the CLO-I Original Closing Date and remained outstanding on the CLO-I Refinancing Date. The Company directly retained all of the Subordinated 2025 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-I Refinancing, on the CLO-I Refinancing Date, CLO-I also entered into an amended and restated loan agreement (the “Class A-L-R Loan Agreement”), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the “Class A-L-R Lenders”) committed to make $30.0 million of AAA Class A-L-R 2025 Loans to CLO-I (the “Class A-L-R 2025 Loans” and, together with the 2025 Notes, the “2025 Debt”). The Class A-L-R 2025 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date. Any Class A-L-R Lender may elect to convert a portion or all of the Class A-L-R 2025 Loans held by such Class A-L-R Lender into Class A-R 2025 Notes upon written notice to CLO-I in accordance with the Class A-L-R Loan Agreement.

The 2025 Debt is the secured obligation of CLO-I and the supplemental indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-I under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

CLO-II

On December 7, 2023 (the “CLO-II Original Closing Date”), the Company completed a $298.1 million term debt securitization (the “2023 Debt Securitization”).

The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by CLO-II, an indirect, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consisted of $2.0 million of AAA Class X 2023 Notes, which bore interest at the three-month Term SOFR plus 2.00%, $100.5 million of AAA Class A-1 2023 Notes, which bore interest at the three-month Term SOFR plus 2.35%; $37.5 million of AA Class B 2023 Notes, which bore interest at three-month Term SOFR plus 3.20% and approximately $83.1 million of Subordinated 2023 Notes, which did not bear interest. The Company directly owned all of the Subordinated 2023 Notes and as such, these notes were eliminated in consolidation.

As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the “CLO-II Loan Agreement”) on the CLO-II Original Closing Date, pursuant to which various financial institutions and other persons which were parties to the CLO-II Loan Agreement as lenders (the “CLO-II Lenders”) committed to make $25.0 million of AAA Class A-L-A 2023 Loans and $50.0 million AAA Class A-L-B 2023 Loans to CLO-II (the “2023 Loans” and, together with the 2023 Notes, the “2023 Debt”). The 2023 Loans bore interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions.

106

CLO-II Refinancing

On February 20, 2026 (the " CLO-II Refinancing Date"), the Company completed a $299.7 million refinancing of the 2023 Debt Securitization (the “CLO-II Refinancing”).

The notes offered in the CLO-II Refinancing (the "2026 Notes") were issued by CLO-II. The 2026 Notes consist of $125.5 million of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated 2026 Notes, which do not bear interest and of which $83.1 million were issued on the CLO-II Original Closing Date and remained outstanding on the Refinancing Date. The Company directly retained all of the Subordinated 2026 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-II Refinancing, on the CLO-II Refinancing Date, CLO-II also entered into an amended and restated loan agreement (the "Class A-L-R CLO-II Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R CLO-II Lenders") committed to make $50 million of AAA Class A-L-R 2026 Loans to CLO-II (the "Class A-L-R 2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The Class A-L-R 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the CLO-II Refinancing Date.

The Company serves as collateral manager to CLO-II under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

CLO-III

On March 14, 2024 (the “CLO-III Closing Date”), the Company completed a $297.0 million term debt securitization (the “2024 Debt Securitization”).

The notes offered in the 2024 Debt Securitization (the “2024 Notes” or “2024 Debt”) were issued by CLO-III, a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the “CLO-III Indenture”) dated as of the CLO-III Closing Date. The 2024 Notes consist of $2.0 million of AAA Class X 2024 Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175.5 million of AAA Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37.5 million of AA Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $82.0 million of Subordinated 2024 Notes, which do not bear interest. The Company directly retained all of the Subordinated 2024 Notes and as such, these notes are eliminated in consolidation.

The 2024 Notes are backed by a diversified portfolio of senior secured and second lien loans. The CLO-III Indenture contains certain conditions pursuant to which loans can be acquired by CLO-III, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Notes. Through April 20, 2028, all principal collections received on the underlying collateral may be used by CLO-III, to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-III, and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on April 20, 2036.

107

state “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-III under a collateral management agreement and has waived any management fee due to it in consideration for providing these services.

Unsecured Notes

On January 22, 2025, we issued $300 million in aggregate principal amount of the Company’s 6.650% Notes due 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 6.650% per year payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2025. The 2030 Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company’s option at any time prior to February 15, 2030, at par plus a “make-whole” premium plus accrued interest, and thereafter at par. The 2030 Notes are the direct unsecured obligations of the Company and rank pari passu with all existing and future unsubordinated unsecured indebtedness issued by the Company, senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The indenture governing the 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; and to provide financial information to the holders of the 2030 Notes and the trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture.

On January 22, 2025, in connection with the issuance of the 2030 Notes, we entered into an interest rate swap agreement. See “Derivatives” below.

Contractual Obligations

The following tables show the contractual maturities of our debt obligations as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):


	Payments Due by Period
As of March 31, 2026	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Revolving Credit Facility	$	92,000	$	—	$	—	$	92,000	$	—
CLO-I	320,925		—		—		—		320,925
CLO-II	213,000		—		—		—		213,000
CLO-III	213,500		—		—		—		213,500
2030 Notes	300,000		—		—		300,000		—
Total debt obligations	$	1,139,425	$	—	$	—	$	392,000	$	747,425


	Payments Due by Period
As of December 31, 2025	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Revolving Credit Facility	$	66,000	$	—	$	—	$	66,000	$	—
CLO-I	321,083		—		—		—		321,083
CLO-II	213,286		—		—		—		213,286
CLO-III	213,750		—		—		—		213,750
2030 Notes	300,000		—		—		300,000		—
Total debt obligations	$	1,114,119	$	—	$	—	$	366,000	$	748,119

108

Derivatives

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities and may designate certain interest rate swaps to be in a hedge accounting relationship.

On January 22, 2025, in connection with the issuance of the 2030 Notes, we entered into an interest rate swap agreement with Wells Fargo for a total notional amount of $300 million that matures on March 15, 2030. Under the interest rate swap agreement for the 2030 Notes, we receive a fixed interest rate of 6.65% and pay a floating interest rate of three-month Term SOFR + 2.3015%. We have designated the interest rate swap as a hedging instrument in a qualifying fair value hedge accounting relationship.

See the following footnotes to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q: (i) Note 2 for additional disclosures regarding our accounting for derivative instruments designated in a hedge accounting relationship; (ii) Note 4 for additional disclosures regarding these derivative instruments; and (iii) Note 5 for additional disclosures regarding the carrying value of our borrowings.

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Advisory Agreement;

•the CAM Sub-Advisory Agreement;

•the NAM Sub-Advisory Agreement; and

•the Administration Agreement.

On August 5, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the “Order”). The Order supersedes the prior exemptive order granted on June 7, 2019 and amended on October 14, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company’s compliance with the conditions of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

Off-Balance Sheet Arrangements

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in these consolidated financial statements as of March 31, 2026 and December 31, 2025. We have in the past and may in the future become obligated to fund commitments such as delayed draw commitments, revolvers, and equity investment commitments.

For more information on our off-balance sheet arrangements, commitments and contingencies see Note 8 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates, including those relating to the valuation of our portfolio investments, are described below. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes, are described below. The valuation of investments is our most significant critical estimate. The critical accounting policies and estimates should be read in connection with our risk factors as disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

109

Valuation of Portfolio Investments, including Derivative Instruments

At all times, consistent with U.S. GAAP and the 1940 Act, we conduct a valuation of our assets, pursuant to which our NAV is determined.

Our assets are valued on a quarterly basis or more frequently if required under the 1940 Act. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company's valuation designee (the “Valuation Designee”) to determine the fair value of the Company's investments that do not have readily available market quotations. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Company's assets for which market quotations are not readily available, subject to the oversight of the Board.

Investments for which market quotations are readily available are typically valued at those market quotations. Market quotations are obtained from independent pricing services where available. Generally investments marked in this manner will be marked at the mean of the bid and ask of the quotes obtained. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Derivative instruments, including interest rate swaps, are modeled using market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs.

With respect to investments for which market quotations are not readily available, we or an independent third-party valuation firm engaged by the Valuation Designee will take into account relevant factors in determining the fair value of our investments, including and in combination of: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information. The independent third-party valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

When an external event such as a purchase transaction, public offering or subsequent sale or paydown occurs, we use the pricing indicated by the external event to corroborate our valuation.

We apply the practical expedient relating to investments in certain portfolio companies that calculate NAV per share (or its equivalent). U.S. GAAP permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy, as described below.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. We review pricing and methodologies in order to determine if observable market information is being used as opposed to unobservable inputs.

Our accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

For more information on the fair value hierarchies, our framework for determining fair value and the composition of our portfolio see Note 2 and Note 5 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Revenue Recognition

Our revenue recognition policies are as follows:

Net realized gains (losses) on investments: Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment using the specific identification method.

110

Investment Income: Interest income, including amortization of premium and accretion of discount on loans, are recorded on the accrual basis. We accrue interest income based on the effective yield if we expect that, ultimately, we will be able to collect such income. We may have loans in our portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to our portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-accrual: Generally, if a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, Churchill will place the loan on non-accrual status, and we will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible, even though we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated.

Our accounting policy on net realized gains (losses) and investment income recognition is critical because it involves the primary source of our revenue and accordingly is significant to the financial results as disclosed in our consolidated financial statements.

U.S. Federal Income Taxes

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Company will be able to qualify for and maintain RIC tax status. So long as we maintain our qualification as a RIC, we generally will not be subject to U.S. federal income or U.S. federal excise taxes on any ordinary income or capital gains that we timely distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of March 31, 2026, the Company did not have any uncertain tax positions that met the recognition or measurement criteria nor did the Company have any unrecognized tax benefits.

Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

Recent Developments

Dividend Declaration

111

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the turmoil in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy, subject to the oversight of the Board and based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income is also affected by fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve reduced its benchmark interest rate by 0.25% on each of September 17, 2025, October 29, 2025, and December 10, 2025, bringing the benchmark rate to the 3.50% to 3.75% range, representing cumulative cuts of 75 basis points during 2025. The Federal Reserve maintained this range at its January 28, 2026 and March 18, 2026 meetings, citing a data-dependent approach as policymakers continued to balance their dual mandate of full employment and progress toward the Federal Reserve's long-run inflation target. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income absent a corresponding increase in interest income generated by our investment portfolio. Conversely, sustained reductions in interest rates will decrease our gross investment income and could result in lower net investment income if declines in base rates, such as SOFR or other benchmark rates, are not offset by corresponding increases in credit spreads on our portfolio investments, reductions in our operating expenses, or decreases in the interest rates on our borrowings.

As of March 31, 2026, on a fair value basis, approximately 6.03% of our debt investments bear interest at a fixed rate and approximately 93.97% of our debt investments bear interest at a floating rate. As of March 31, 2026, 100.00% of our floating rate debt and income producing investments are subject to interest rate floors. Our revolving credit facility, along with our debt issued in our collateralized loan obligations, are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates. In connection with the issuance of the 2030 Notes, we entered into a fixed-to-floating interest rate swap under a designated hedge accounting relationship, in order to align the interest rates of our liabilities with our investment portfolio.

The following table estimates the annualized impact of hypothetical base rate changes on net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held as of March 31, 2026. Interest expense is calculated based on the terms of our debt obligations using the outstanding balances as of March 31, 2026. Interest expense on our debt obligations is calculated using the interest rates as of March 31, 2026, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2026.

112

Actual results could differ significantly from those estimated in the table (dollar amounts in thousands).


Changes in Interest Rates	Interest Income		Interest Expense (1)		Net Income (2)
-300 Basis Points	$	(12,377)	$	(8,429)	$	(3,948)
-200 Basis Points	$	(9,046)	$	(5,619)	$	(3,427)
-100 Basis Points	$	(4,526)	$	(2,810)	$	(1,716)

+100 Basis Points	$	4,527	$	2,810	$	1,717
+200 Basis Points	$	9,055	$	5,619	$	3,436
+300 Basis Points	$	13,582	$	8,429	$	5,153

_____________

(1) Includes the impact of the effective hedge through the interest rate swap associated with the 2030 Notes.

(2) Excludes the impact of income based incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, there can be no assurance that actual results would not differ materially from the analysis above.

113

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q.

Based on that evaluation, we, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of March 31, 2026 and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

114

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We, our consolidated subsidiaries, and the Advisers are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Adviser and Sub-Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025 other than those noted below. For a further discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on February 26, 2026, which is accessible on the SEC’s website at sec.gov.

115

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Sales of Unregistered Securities

We did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

On March 17, 2026, the Company entered into the Company 10b5-1 Plan, pursuant to which the Company may purchase up to $50.0 million in the aggregate of its outstanding shares of common stock in the open market at prices below its then-current NAV per share over a specified period. Any purchases of shares pursuant to the Company 10b5-1 Plan are conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company 10b5-1 Plan requires BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share is below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of the shares declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of our common stock and trading volumes, and no assurance can be given that any particular amount of shares of the common stock will be repurchased.

The Company 10b5-1 Plan became effective on March 24, 2026 and will terminate upon the earliest to occur of (i) the expiry of the 12-month period commencing on March 24, 2026 (tolled for periods during which the Company 10b5-1 Plan is suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equals $50.0 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.

As of March 31, 2026, the Company did not repurchase any shares under the Company 10b5-1 Plan.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

116

ITEM 6. EXHIBITS


3.1						Articles of Amendment and Restatement (1)

3.2						Articles of Amendment (2)

3.3						Bylaws (2)

3.4						Certificate of Merger of Churchill Middle Market CLO V Ltd. (1)

4.1						Form of Stock Certificate (1)

4.2						Indenture, dated as of January 22, 2025, by and between Nuveen Churchill Direct Lending Corp. and U.S. Bank Trust Company, National Association, as trustee (3)

4.3						First Supplemental Indenture, dated as of January 22, 2025, by and between Nuveen Churchill Direct Lending Corp. and U.S. Bank Trust Company, National Association, as trustee (3)

4.4						Form of Global Note with respect to the 6.650% Notes due 2030 (3)
10.1						First Supplemental Indenture, dated as of February 20, 2026, by and between Churchill NCDLC CLO-II, LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (4)
10.2						Note Purchase Agreement, dated as of February 20, 2026, between Churchill NCDLC CLO-II, LLC, as issuer, and SG Americas Securities, LLC, as initial purchaser (4)
10.3						Amended and Restated Collateral Management Agreement, dated as of February 20, 2026, by and between Churchill NCDLC CLO-II, LLC, as issuer, and Nuveen Churchill Direct Lending Corp., as collateral manager (4)
10.4						Amended and Restated Class A-L-R Loan Agreement, dated as of February 20, 2026, among Churchill NCDLC CLO-II, LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and as trustee under the Indenture, and each of the Class A-L-R Lenders party thereto (4)

31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*

31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*

32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended*

101.INS						Inline XBRL Instance Document

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith.

(1)Previously filed on January 29, 2020 with Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56133) and incorporated by reference herein.

(2)Previously filed on June 2, 2020 with the Company's Current Report on Form 8-K and incorporated by reference herein.

(3)Previously filed on October 8, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

(4)Previously filed on February 25, 2026 with the Company's Annual Report on Form 10-K and incorporated by reference herein.

117

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Nuveen Churchill Direct Lending Corp.

By:			/s/ Kenneth Kencel
			Name: Kenneth Kencel
			Title: President and Chief Executive Officer (principal executive officer)




By:			/s/ Shai Vichness
			Name: Shai Vichness
			Title: Chief Financial Officer and Treasurer (principal financial officer)

Date: May 6, 2026

118