Nuveen Churchill Direct Lending Corp 2025年季度报告

(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the quarterly period ended March 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from __ to __ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an 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. Accelerated filerSmaller reporting company Emerging growthcompanyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo As of May 6, 2025, the registrant had 50,281,364 shares 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) andDecember 31, 20243Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and2024 (Unaudited)4Consolidated Statements of Changes in Net Assets for the Three Months Ended March31, 2025 and 2024 (Unaudited)5Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025and 2024 (Unaudited)6Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December31, 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 This report contains forward-looking statements that involve substantial risks and uncertainties. Suchstatements involve known and unknown risks, uncertainties and other factors and undue reliance should not beplaced thereon. These forward-looking statements are not historical facts, but rather are based on our currentexpectations 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 these words and similar expressions are intended to identify forward-looking statements.These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors,some of which are beyond our control and difficult to predict and could cause actual results to differ materially fromthose 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 weinvest; •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 theinvestment opportunities 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 globaleconomy; •the level of inflation, and its impact on our port