Brian McKenna

Douglas Harter

Mark Hughes

Derek Hewett

Maxwell Fritscher

Maxwell Richard

Paul Johnson

- Nuveen Churchill Direct Lending Corp. reported **net investment income of $0.43 per share** and a **net increase in net assets resulting from operations of $0.38 per share** for the third quarter ended September 30, 2025.  **[1737924_0001737924-25-000017_ncdl3q25earningspressrelea.htm:0]**  The **Net Asset Value (NAV) per share was $17.85** as of September 30, 2025, compared to $17.92 per share as of June 30, 2025.  **[1737924_0001737924-25-000017_ncdl3q25earningspressrelea.htm:0]** 
- The company's Board of Directors declared a **fourth quarter 2025 regular distribution of $0.45 per share** payable on January 27, 2026.  **[1737924_0001737924-25-000017_ncdl3q25earningspressrelea.htm:0]** 
- As of September 30, 2025, the fair value of the portfolio was **$2.0 billion**, with **89.8% in first-lien debt investments** and **0.4% of total investments at fair value on non-accrual status**.  **[1737924_0001737924-25-000017_ncdl3q25earningspressrelea.htm:0]**  NCDL maintained **$316 million in liquidity** and a **debt-to-equity ratio of 1.25x**.  **[1737924_0001737924-25-000017_ncdl3q2025earningspresen.htm:3]** **[1737924_0001737924-25-000017_ncdl3q25earningspressrelea.htm:1]**

Nuveen Churchill Direct Lending (NCDL)