Nuveen Churchill Direct Lending Corp 2025年季度报告

(Mark One) ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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:000-56133NUVEEN CHURCHILL DIRECT LENDING CORP.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 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 filingrequirements for the past 90 days.YesýNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of 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 suchfiles).YesýNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran 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. Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew 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¨Noý As of May6, 2025, the registrant had50,281,364shares of common stock, $0.01 par value, outstanding. TABLE OF CONTENTS PART IFINANCIAL INFORMATIONItem 1.Consolidated Financial Statements (Unaudited)3Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 20243Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)4Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024(Unaudited)5Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)6Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 20248Notes to Consolidated Financial Statements (Unaudited)59Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations90Item 3.Quantitative and Qualitative Disclosures About Market Risk112Item 4.Controls and Procedures114PART IIOTHER INFORMATION115Item 1.Legal Proceedings115Item 1A.Risk Factors115Item 2.Unregistered Sales of Equity Securities and Use of Proceeds115Item 3.Defaults Upon Senior Securities116Item 4.Mine Safety Disclosures117Item 5.Other Information117Item 6.Exhibits118Signatures119 FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known andunknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are nothistorical 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 thesewords and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performanceand are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actualresults 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 investmentopportunities 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 econ