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    Maxwell Richard

    Research Analyst at Truist Securities

    Maxwell Richard is an analyst at Truist Securities, specializing in financial sector research with a focus on banks and mortgage finance companies. He covers firms such as NMI Holdings Inc. and Webster Financial, having participated in earnings calls and coverage initiations. With a career beginning in investment banking analysis at Wells Fargo Securities, Maxwell transitioned to equity research after completing his finance education and an MBA. He holds professional credentials in securities analysis and has developed a track record for detailed sector insights, although public quantitative performance metrics remain limited.

    Maxwell Richard's questions to Nuveen Churchill Direct Lending (NCDL) leadership

    Maxwell Richard's questions to Nuveen Churchill Direct Lending (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.

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