Maxwell Richard's questions to Nuveen Churchill Direct Lending Corp (NCDL) leadership • Q3 2024
Question
Maxwell Richard of Truist Securities, on behalf of Mark Hughes, asked for an update on amendment activity during the quarter and inquired about how spreads and competition are holding up for junior debt investments.
Answer
Executive Shaul Vichness noted that amendment activity related to repricing has moderated quarter-over-quarter. Executive Kenneth Kencel added that the junior debt strategy is heavily grounded in existing LP relationships, with nearly 100% of such investments sourced directly from these partners. This results in stable pricing, consistently around 13.75% to 14%, insulating NCDL from broader market competition.