Mission Statement, Vision, & Core Values (2026) of Nuveen Churchill Direct Lending Corp.

Discover how Nuveen Churchill Direct Lending Corp. (NCDL) leverages the scale of Nuveen and TIAA to deliver disciplined investments in senior secured loans to private equity-owned U.S. middle market companies, combining a portfolio tilted toward first‑lien positions, a commitment to shareholder value through dividends and share repurchases, and a management team with deep middle‑market experience to pursue consistent net income growth and a balanced capital structure; this chapter unpacks the company's mission to generate attractive risk‑adjusted returns via current income, its vision to be the partner of choice for investors and sponsors, and its core values-integrity, collaboration, and inclusion-that drive long‑term value creation across economic cycles.

Nuveen Churchill Direct Lending Corp. (NCDL) - Intro

• Primary strategy: senior secured first‑lien loans to private equity‑sponsored middle‑market borrowers.
• Parent backing: investment sourcing, credit oversight and risk management support from Nuveen and TIAA.
• Governance & team: experienced middle‑market credit professionals with multi‑decade structuring, underwriting and portfolio management expertise.

• Dividend policy: regular monthly distributions; illustrative annualized dividend ≈ $1.68 per share (≈9.1% yield on NAV shown above).
• Share repurchases: board‑approved repurchase authorization (illustrative program $100M), with executed repurchases of roughly $45M to opportunistically support NAV per share.
• Distribution funding: primarily funded by net investment income (NII) with capital gains and fee income as supplemental sources when available.

• Senior secured focus: majority first‑lien exposure reduces recovery risk in stressed scenarios.
• Diversification: across industries, sponsor types and vintage to mitigate single‑name concentration.
• Active portfolio monitoring: regular reunderwriting, covenant oversight and sponsor engagement.

• Experienced management team with deep middle‑market private credit track records and Nuveen/TIAA resources for sourcing and due diligence.
• Access to Nuveen's larger origination platform and proprietary sponsor relationships enhances deal flow quality.
• Capital structure discipline: measured leverage, opportunistic equity/debt capital markets access and targeted buybacks to enhance per‑share metrics.

Nuveen Churchill Direct Lending Corp. (NCDL) - Overview

• Primary objective: generate current income with capital preservation via senior secured first‑lien and unitranche loans.
• Target borrowers: U.S. middle market companies sponsored by private equity firms (typically EBITDA range $10M-$200M).
• Approach: disciplined underwriting, sponsor selection, and active portfolio monitoring to preserve principal and capture spread income.
• Culture: inclusive, best‑in‑class team emphasizing accountability, collaboration, and long‑term stakeholder value creation.

• NCDL's mission is to generate attractive risk‑adjusted returns through current income by investing in senior secured loans to private equity‑owned U.S. middle market companies.
• The company aims to be the partner of choice for investors, private equity sponsors, employees, and communities, striving to create long‑term value for all stakeholders.
• NCDL focuses on providing superior investment returns, leveraging a diverse and experienced team to support the growth of U.S. middle market companies across economic cycles.
• The company's mission emphasizes a disciplined investment strategy, maintaining responsibility and trust with stakeholders.
• NCDL is committed to fostering an inclusive, best‑in‑class team that is empowered to create long‑term value for all stakeholders.
• The company strives to be a trusted partner, focusing on positive cooperation to generate favorable outcomes for its stakeholders.

• Disciplined underwriting: rigorous covenant, collateral, sponsor and cash‑flow analysis to prioritize downside protection.
• Sponsor alignment: preferentially partnering with experienced private equity sponsors with repeatable playbooks and aligned incentives.
• Concentration management: diversified across industries and sponsors to reduce idiosyncratic risk while allowing meaningful position sizes.
• Active portfolio management: regular credit surveillance, covenant enforcement where needed, and constructive engagement with sponsors to maximize recoveries.

• Investors: consistent current income, transparent reporting, prudent leverage and a governance framework consistent with BDC regulation.
• Private equity partners: flexible, efficient capital solutions for middle market transactions-growth, recapitalization, and refinancings.
• Employees: inclusive culture, career development, and alignment via incentive structures tied to long‑term performance.
• Communities: supporting job preservation and growth through capital access to middle market companies.

• Board oversight with independent directors and industry expertise to monitor strategy and conflicts of interest.
• Robust credit and compliance functions to manage underwriting standards, concentration, liquidity and market risk.
• Compensation structures designed to align investment teams and external managers with long‑term shareholder outcomes.

Nuveen Churchill Direct Lending Corp. (NCDL) - Mission Statement

• Deliver stable, risk‑aware cash distributions to investors via floating‑rate, senior secured direct lending.
• Maintain rigorous credit selection and active portfolio management to mitigate downside risk across economic cycles.
• Align interests with private equity sponsors and borrowers to foster growth and generate attractive risk‑adjusted returns.
• Build and retain an inclusive, best‑in‑class investment team empowered to create long‑term stakeholder value.

• Trusted partner for private equity sponsors: structured and flexible financing solutions that complement sponsor value‑creation plans.
• Superior investment returns: target attractive net yields by focusing on senior secured positions and selective second‑lien opportunities.
• Stakeholder responsibility: transparent governance, prudent leverage, and community‑aware lending practices.

• Disciplined underwriting framework: standardized covenant packages, sponsor diligence, and stress testing across interest‑rate and recession scenarios.
• Conservative capital structure: controlled leverage, liquidity reserves, and staggered maturities to ensure capital preservation in stressed markets.
• Diversity and inclusion: hiring and retention programs designed to create an empowered, best‑in‑class team across investment, portfolio management, and operations.
• Stakeholder transparency: regular reporting on portfolio performance, realized losses, non‑performing loans, and NAV movements to maintain trust.

• Continue to scale middle market direct lending while maintaining first‑priority security where possible.
• Enhance sponsor relationships to access proprietary deal flow and improve risk‑adjusted returns.
• Invest in talent and systems to improve underwriting consistency and portfolio monitoring.
• Maintain conservative dividend policy calibrated to NII, NAV preservation, and liquidity needs.

Nuveen Churchill Direct Lending Corp. (NCDL) - Vision Statement

• Develop and maintain deep, long‑term borrower relationships to generate proprietary deal flow and attractive risk‑adjusted returns.
• Deliver reliable, income‑focused returns for shareholders through conservative, senior‑secured lending and active portfolio oversight.
• Leverage Nuveen's global scale and Churchill's proprietary analytics to enhance underwriting quality and portfolio resilience.
• Promote an inclusive, collaborative culture that values diverse perspectives, continuous improvement, and accountability.

• Collaborative approach - fostering long‑term, trusted partnerships to create value across borrowers, investors, and advisors.
• Relationship‑oriented culture - drawing on diversity of background, experience, and thought to enhance decision‑making.
• Integrity & discipline - honoring stakeholder trust with conservative underwriting, transparent reporting, and a risk‑first investment mandate.
• Commitment to excellence - continuous improvement, professional development, and performance accountability at every level.
• Inclusivity & teamwork - one team focused on positive cooperation and aligned outcomes for all stakeholders.

• Deal sourcing - long‑standing sponsor relationships and referral networks drive repeat transactions and proprietary opportunities.
• Underwriting rigor - multi‑disciplined credit committees employ scenario and stress testing to preserve principal under downside conditions.
• Active portfolio management - covenant monitoring, regular borrower engagement, and workout experience minimize losses and recover value.
• Governance & transparency - clear reporting, fee alignment, and independent oversight reinforce stakeholder trust.