The following is a summary of the Nuveen Churchill Direct Lending Corp. (NCDL) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Nuveen Churchill Direct Lending Corp. earned $0.66 of net investment income per share for Q4, distributing a dividend of $0.55 per share, including a regular dividend of $0.50 and a supplemental dividend of $0.05.

• For the full year, the net investment income amounted to $2.52 per share, with dividends amounting to $2.41 per share.

• The debt-to-equity ratio was 1.26x at the end of the quarter, with net asset value per share rising to $18.13 from $17.96.

• There was an approximately $160 million increase in the fair value of assets quarter-over-quarter, mainly due to 13 new transactions.

• The annualized dividend yield was 12% for Q4 and 13.3% for the full year.

Business Progress:

• The board has declared a regular Q1 2024 dividend of $0.45 per share and a special dividend of $0.10 per share.

• The company plans to increase leverage over 2024, targeting a range of 1.0x to 1.25x.

• The portfolio expanded to 179 names, remaining highly diverse, with the average annual EBITDA of portfolio companies at $73 million.

• Investment activities in Q4 doubled year-over-year to $254 million in new originations.

• Nuveen Churchill Direct Lending intends to enter the unsecured debt market during the year and expects an increase in M&A activity due to changes in interest rates.

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