earningspresentationncdl

9 May 2024 Nuveen Churchill Direct Lending Corp. (NCDL) First Quarter 2024 Earnings

2Nuveen Churchill Direct Lending Corp. Disclaimer This presentation is for informational purposes only. It does not convey an offer of any type and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any securities of Nuveen Churchill Direct Lending Corp. (the “Company,” “NCDLC,” “we,” “us” or “our”). Any such offering can be made only at the time an offeree receives a prospectus relating to such offering and other operative documents which contain significant details with respect to risks and should be carefully read. In addition, the information in this presentation is qualified in its entirety by reference to the more detailed discussions contained in the Company’s public filings with the Securities and Exchange Commission (the “SEC”), including without limitation, the risk factors. Nothing in this presentation constitutes investment advice. You or your clients may lose money by investing in the Company. The Company is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Company will achieve its investment objective. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Prospective investors should also seek advice from their own independent tax, accounting, financial, investment and legal advisors to properly assess the merits and risks associated with an investment in the Company in light of their own financial condition and other circumstances. These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. Such information is qualified in its entirety by reference to the more detailed discussions contained elsewhere in the Company’s public filings with the SEC. An investment in the Company is speculative and involves a high degree of risk. There can be no guarantee that the Company’s investment objective will be achieved. The Company may engage in other investment practices that may increase the risk of investment loss. An investor could lose all or substantially all of his, her or its investment. The Company may not provide periodic valuation information to investors, and there may be delays in distributing important tax information. The Company’s fees and expenses may be considered high and, as a result, such fees and expenses may offset the Company’s profits. For a summary of certain of these and other risks, please see the Company’s public filings with the SEC. There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Company’s past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market. Opinions expressed reflect the current opinions of the Company as of the date appearing in the materials only and are based on the Company’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. This presentation includes forward-looking statements about NCDL that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” 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, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Such factors include, but are not limited to: changes in the financial, capital, and lending markets; general economic, political and industry trends and other external factors, and the dependence of NCDL’s future success on the general economy and its impact on the industries in which it invests; and other risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in NCDL’s most recent Annual Report on Form 10-K, which are accessible on the SEC’s website at www.sec.gov. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which NCDL makes them. NCDL does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward- looking statements. Should NCDL’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that NCDL did not expect, actual results could differ materially from the forward-looking statements in this presentation. All capitalized terms in the presentation have the same definitions as the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Please see Endnotes at the end of this presentation for additional important information.

3Nuveen Churchill Direct Lending Corp. Q1’24 Earnings • Net investment income per share: $0.56 (vs. $0.66 12/31/2023)1 • Net income per share: $0.57 (vs. $0.73 12/31/2023)1 • Net asset value per share: $18.21 (vs. $18.13 12/31/2023) • Annualized ROE on net investment income: 11.9%2; annualized ROE on net income: 12.1%3 • Paid $0.45 regular dividend per share for Q1’24 on 4/29/2024 • Declared $0.45 regular dividend per share for Q2’24, payable on 7/29/2024 Portfolio • Focused on investing in core U.S. middle market companies backed by private equity sponsors • $1.8B portfolio4 invested across 195 portfolio companies with a weighted average asset yield of 11.7%5 • Primarily comprised of first lien senior secured term loans and is well diversified across 26 industries ◦ 89.0% first lien, 9.3% subordinated debt, 1.8% equity6 • Average position size of 0.5% with largest 10 positions comprising only 12.6% of the portfolio • One portfolio company on non-accrual; weighted average internal risk rating of 4.1 (4.0 being the initial rating assigned to investments at origination) Balance Sheet and Liquidity • $1.9B in total assets as of 3/31/2024 • $496M liquidity in cash, cash equivalents and debt capacity7 • 0.82x debt-to-equity ratio8 • No revolving loan exposure in the portfolio Platform • Churchill is the exclusive U.S. Middle Market Private Capital Manager of TIAA and Nuveen, a $1.2T global investment manager serving 15,000+ institutions globally • Senior leadership team has worked together since 2006 and has a cycle-tested track record • Time-tested private equity relationships and fund investments as a marquee LP drive proprietary deal flow • Disciplined and rigorous investment approach with comprehensive and proactive portfolio monitoring 1Q’24 Highlights

4Nuveen Churchill Direct Lending Corp. Nuveen Churchill Direct Lending Corp. Overview (NYSE: NCDL) Scaled, publicly-traded business development company with well-diversified, defensively constructed private equity sponsor backed senior loan-focused portfolio 4.8x $77M 2.2x 11.7% 9.9% Net Leverage10 W.A. Portfolio Company EBITDA11 Interest Coverage Ratio on 1st Lien Loans12 W.A. Asset Yield (FV)5 Q1’24 Dividend Yield13 $1.8B 195 100% 89% 84% Investment Portfolio (FV)4 Portfolio Companies Private Equity Sponsor Backed First Lien Debt Debt Investments w. Financial Covenant9

5Nuveen Churchill Direct Lending Corp. As of Date and For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Net Investment Income1 $0.56 $0.66 $0.62 $0.61 $0.62 Net Realized and Unrealized Gains (Losses)1 0.01 0.07 (0.04) (0.14) (0.18) Net Income (Loss)1 0.57 0.73 0.58 0.47 0.44 Net Asset Value $18.21 $18.13 $17.96 $17.93 $18.01 Regular Distributions $0.45 $0.50 $0.50 $0.50 $0.50 Supplemental Distributions — 0.05 0.05 0.05 0.05 Special Distributions — — — — 0.21 Total Distributions $0.45 $0.55 $0.55 $0.55 $0.76 Regular Distribution Yield14 9.9% 10.9% 11.0% 11.2% 11.3% Supplemental Distribution Yield15 —% 1.1% 1.1% 1.1% 1.1% Special Distribution Yield16 —% —% —% —% 1.2% Total Distribution Yield17 9.9% 12.0% 12.2% 12.3% 13.6% Total Debt, Net $817,214 $943,936 $860,190 $818,550 $763,707 Net Assets $998,233 $747,885 $638,960 $557,497 $517,544 Debt-to-Equity at Quarter End8 0.82x 1.26x 1.35x 1.47x 1.48x Annualized ROE (on Net Investment Income)2 11.9% 13.7% 13.4% 13.5% 13.9% Annualized ROE (on Net Income)3 12.1% 15.3% 12.5% 10.3% 10.0% Financial Highlights

6Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands) Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Net Funded Investment Activity New Gross Commitments at Par $206,815 $253,620 $216,710 $109,654 $90,653 Net Investments Funded18 $204,330 $236,118 $150,866 $102,103 $99,914 Investments Sold or Repaid18 $(54,896) $(80,577) $(20,490) $(5,759) $(39,601) Net Funded Investment Activity $149,434 $155,541 $130,376 $96,344 $60,312 Gross Commitments at Par (incl. unfunded DDTLs) First-Lien Term Loans $201,005 $246,293 $193,794 $90,022 $71,377 Subordinated Debt $5,314 $6,048 $17,852 $18,707 $17,385 Equity Investments $496 $1,279 $5,064 $924 $1,891 Gross Commitments $206,815 $253,620 $216,710 $109,654 $90,653 Gross Commitments at Par (incl. unfunded DDTLs) First-Lien Term Loans 97% 97% 89% 82% 79% Subordinated Debt 3% 2% 8% 17% 19% Equity Investments —% 1% 2% 1% 2% New Investment Activity - Selected Metrics Number of New Investments 34 22 23 18 15 Weighted Average Interest Rate on new debt and new income producing investments at par19 10.3% 11.2% 12.1% 11.7% 11.5% Quarterly Investment Activity

7Nuveen Churchill Direct Lending Corp. Net Asset Value $18.13 $0.56 -$0.45 $0.01 -$0.04 $18.21 NAV (12/31/23) Net investment income Shareholder distributions from income Net realized and unrealized gain (loss) Other NAV (3/31/24) 20 22 21 • $0.08 quarter-over-quarter increase in NAV per share 20

8Nuveen Churchill Direct Lending Corp. Dividend History As of Record Date $0.50 $0.50 $0.50 $0.45 $0.05 $0.05 $0.05 11.2% 11.0% 10.9% 9.9% 12.3% 12.2% 12.0% Regular Dividend per share ($) Supp. Dividend per share ($) Special Dividend per share ($) Regular Annualized Dividend Yield (%) Total Annualized Dividend Yield (w. Supp.) (%) 06/28/23 09/28/23 12/29/23 03/30/24 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 —% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17 14 • Declared a regular dividend of $0.45 per share (9.9%13 annualized dividend yield) for the quarter ended March 31, 2024 • The first of four special dividends of $0.10 per share will be paid on July 29, 2024

9Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, unless otherwise noted) Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Portfolio highlights Investment at Fair Value4 1,794,559 1,641,686 1,481,012 1,350,757 1,257,258 Number of Portfolio Companies 195 179 174 161 153 Average Position Size at Fair Value ($) $9,203 $9,171 $8,512 $8,390 $8,217 Average Position Size at Fair Value (%) 0.5% 0.6% 0.6% 0.6% 0.7% Portfolio Composition, at Fair Value First-Lien Term Loans 89.0% 87.0% 86.3% 86.7% 87.1% Subordinated Debt 9.3% 11.2% 11.8% 11.5% 11.1% Equity Investments 1.8% 1.9% 1.9% 1.8% 1.8% Loans by Interest Rate Type, at Fair Value % Floating Rate Debt Investments 94.7% 94.6% 94.2% 94.6% 95.3% % Fixed Rate Debt Investments 5.3% 5.4% 5.8% 5.5% 4.7% Asset Level Yields Weighted Average Yield on debt and income producing investments, at Cost5 11.6% 11.7% 11.6% 11.4% 11.0% Weighted Average Yield on debt and income producing investments, at Fair Value5 11.7% 11.9% 11.9% 11.7% 11.4% Portfolio Highlights

10Nuveen Churchill Direct Lending Corp. V ol u m e ($ M il li on s) Sp read / C ou p on (% ) Investment Activity (QoQ) $91M $110M $217M $254M $207M 6.5% 6.1% 6.1% 5.9% 4.9% 12.7% 13.5% 13.8% 13.0% 13.9% 11.4% 11.0% 11.5% 11.2% 10.2% Volume ($ Millions) Spread (%) Coupon (%) Interest rate on floating rate investments (%) 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 $0M $100M $200M $300M $400M $500M $600M $700M $800M —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% • Closed 23 new portfolio investments and 11 add-ons totaling $207M23 • 4.9%24 average spread of new floating rate investments • 13.9%25 average coupon of new fixed rate investments 1Q’24 Investment Activity 15 Investments 23 Investments 26 34 Investments 22 Investments 18 Investments

11Nuveen Churchill Direct Lending Corp. 94.7% 5.3% Floating rate debt investments % Fixed rate debt investments % 89.0% 9.3% 1.8% First Lien Term Loan (including DDTLs) Subordinated Debt Equity 89% First Lien Portfolio Overview 87% First Lien Portfolio composition by investment type6 Consider impact of UMM new deals this quarter Top 10 represents X% of investment portfolio Portfolio company diversification Portfolio composition by interest rate type Portfolio diversification by Moody’s Industry 25 Industries ~95% Floating Rate Debt 19.0% 11.9% 10.6% 7.3% 5.0% 4.6% 4.5% 3.9% 3.8% 3.6% 25.7% Portfolio composition by Moody’s Industry Services: Business Healthcare & Pharmaceuticals High Tech Industries Beverage, Food & Tobacco Services: Consumer Capital Equipment Construction & Building Containers, Packaging & Glass Automotive Banking, Finance, Insurance, Real Estate Other (16) 27

12Nuveen Churchill Direct Lending Corp. Portfolio Overview - Diversification Consider impact of UMM new deals this quarter Top 10 represents 12.6% of investment portfolio Issuer Moody’s Industry % of Fair Value North Haven CS Acquisition Inc High Tech Industries 1.6% Evergreen Services Group II High Tech Industries 1.6% Trilon Group Services: Business 1.5% MGM Transformer Company Energy: Electricity 1.3% Classic Collision Automotive 1.3% Specialized Packaging Group (SPG) Containers, Packaging & Glass 1.2% Rise Baking Beverage, Food & Tobacco 1.1% The Facilities Group Environmental Industries 1.1% Prime Time Healthcare Healthcare & Pharmaceuticals 1.0% Mobile Communications America Inc Telecommunications 1.0% Others (185) 87.4%

13Nuveen Churchill Direct Lending Corp. NCDL has delivered attractive returns in a rising rate environment, with Net Interest Margin expansion of +210 bps since Q1 202028 Net Interest Margin 6.2% 6.0% 6.2% 6.6% 6.5% 6.5% 6.8% 6.7% 6.7% 7.9% 9.6% 10.6% 11.0% 11.4% 11.6% 11.7% 11.6% 4.1% 3.1% 2.8% 2.7% 3.8% 3.2% 2.7% 2.9% 2.7% 3.0% 4.5% 6.0% 6.8% 7.2% 7.5% 7.4% 7.4% 3.6% 4.6% 4.9% 5.3% 5.4% 5.3% 5.3% 6.3% 6.3% 6.3% 6.7% 6.5% 6.5% 6.8% 6.7% 6.8% 8.0% 9.8% 10.9% 11.4% 11.7% 11.9% 11.9% 11.7% 1.5% 0.6% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.5% 1.5% 3.0% 4.5% 4.9% 5.4% Weighted Avg. Yield on Debt and Income Producing Investments, at Cost Avg. Cost of Debt 3 Month Term Secured Overnight Financing Rate ("SOFR") Weighted Avg. Yield on Debt and Income Producing Investments, at Fair Value 3 Month London Interbank Offered Rate ("LIBOR") Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4’23 Q1’24 —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 29

14Nuveen Churchill Direct Lending Corp. Internal Risk Rating Portfolio risk ratings ($ thousands) Rating Definition Rating Definition 1 Performing – Superior 6 Watch List – Low Maintenance 2 Performing – High 7 Watch List – Medium Maintenance 3 Performing – Low Risk 8 Watch List – High Maintenance 4 Performing – Stable Risk (Initial Rating Assigned at Origination) 9 Watch List – Possible Loss 5 Performing – Management Notice 10 Watch List – Probable Loss • Weighted average rating remained stable at 4.1 • One portfolio company on non-accrual representing 0.13% (at fair value) and 0.40% (at amortized cost) as of March 31, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Fair Value % of Portfolio # of Investment Fair Value % of Portfolio # of Investment Fair Value % of Portfolio # of Investment Fair Value % of Portfolio # of Investment 1 — — — — — — — — — — — — 2 — — — — — — — — — — — — 3 90,541 5.1 8 80,342 4.9 7 64,424 4.4 7 91,714 6.8 8 4 1,474,423 82.2 153 1,353,243 82.4 140 1,228,370 82.9 139 1,099,477 81.4 130 5 152,044 8.5 23 138,916 8.5 21 135,410 9.1 19 103,146 7.6 13 6 47,666 2.7 6 35,686 2.2 6 30,351 2.1 5 31,201 2.3 5 7 27,559 1.5 4 27,653 1.7 4 14,268 1.0 2 20,566 1.5 3 8 2,326 0.1 1 5,846 0.4 1 6,445 0.4 1 — — — 9 — — — — — — — — — — — — 10 — — — — — — 1,744 0.1 1 4,653 0.3 2 Total $ 1,794,559 100.0 % 195 $ 1,641,686 100.0 % 179 $ 1,481,012 100.0 % 174 $ 1,350,757 100.0 % 161 WA Risk Rating 4.1 4.1 4.1 4.1

15Nuveen Churchill Direct Lending Corp. Financing Overview Financing Facilities Amount ($Ms) Drawn ($Ms) Pricing Maturity Churchill NCDLC CLO-I $342.0 $342.0 S + 2.01%30 (0.0% SOFR floor) April 20, 2034 Churchill NCDLC CLO-II $215.0 $215.0 S + 2.50%30 (0.0% SOFR floor) January 20, 2036 Churchill NCDLC CLO-III $215.0 $215.0 S+ 2.11%30 (0.0% SOFR floor) April 20, 2036 Corporate Revolver31 $185.0 $12.0 S + 2.25% (no SOFR floor) June 23, 2028 Wells Fargo Financing Facility $150.0 $2.5 S + 2.20% (no SOFR floor) March 31, 2027 SMBC Financing Facility $150.0 $39.0 S + 2.15% (no SOFR floor) November 24, 2025 Total / Weighted Average $1,257.0 $825.5 S+2.19%32 • NCDL has a diversified funding profile including: two Asset Based Financing Facilities, three Collateralized Loan Obligations (CLOs), and one Corporate Revolver • Successfully closed Churchill NCDLC CLO-III on March 14, 2024 • NCDL has no near-term debt maturities A m ou n t ($ M s) $150 $150 $772 $185 ABLs CLOs Revolver 2024 2025 2026 2027 2028 2029 and beyond $— $200 $400 $600 $800 $1,000 Stated Maturity

16Nuveen Churchill Direct Lending Corp. Dividend Activity Date Declared Record Date Payment Date Dividend Type Dividend per Share May 1, 2024 June 28, 2024 July 29, 2024 Q2’24 Regular Dividend $0.45 January 10, 2024 February 12, 2025 April 28, 2025 Q1’25 Special Dividend $0.10 January 10, 2024 November 11, 2024 January 28, 2025 Q4’24 Special Dividend $0.10 January 10, 2024 August 12, 2024 October 28, 2024 Q3’24 Special Dividend $0.10 January 10, 2024 May 13, 2024 July 29, 2024 Q2’24 Special Dividend $0.10 January 10, 2024 March 30, 2024 April 29, 2024 Q1’24 Regular Dividend $0.45 December 29, 2023 December 29, 2023 January 10, 2024 Q4’23 Regular Dividend $0.50 December 29, 2023 December 29, 2023 January 10, 2024 Q4’23 Supplemental Dividend $0.05 September 28, 2023 September 28, 2023 October 12, 2023 Q3’23 Regular Dividend $0.50 September 28, 2023 September 28, 2023 October 12, 2023 Q3’23 Supplemental Dividend $0.05 June 28, 2023 June 28, 2023 July 12, 2023 Q2’23 Regular Dividend $0.50 June 28, 2023 June 28, 2023 July 12, 2023 Q2’23 Supplemental Dividend $0.05 March 30, 2023 March 30, 2023 April 12, 2023 Q1’23 Regular Dividend $0.50 March 30, 2023 March 30, 2023 April 12, 2023 Q1’23 Supplemental/Special Dividend $0.26 December 29, 2022 December 29, 2022 January 17, 2023 Q4’22 Regular Dividend $0.50 September 28, 2022 September 28, 2022 October 11, 2022 Q3’22 Regular Dividend $0.47 June 30, 2022 June 30, 2022 July 12, 2022 Q2’22 Regular Dividend $0.43 March 30, 2022 March 31, 2022 April 12, 2022 Q1’22 Regular Dividend $0.41 December 29, 2021 December 29, 2021 January 18, 2022 Q4’21 Regular Dividend $0.40 September 29, 2021 September 29, 2021 October 11, 2021 Q3’21 Regular Dividend $0.38 June 29, 2021 June 29, 2021 July 12, 2021 Q2’21 Regular Dividend $0.31 March 29, 2021 March 29, 2021 April 19, 2021 Q1’21 Regular Dividend $0.30 December 29, 2020 December 29, 2020 January 18, 2021 Q4’20 Regular Dividend $0.28 November 4, 2020 November 4, 2020 November 11, 2020 Q3’20 Regular Dividend $0.23 August 4, 2020 August 4, 2020 August 11, 2020 Q2’20 Regular Dividend $0.28 April 16, 2020 April 16, 2020 April 21, 2020 Q1’20 Regular Dividend $0.17

17Nuveen Churchill Direct Lending Corp. As of Date (Dollar amounts in thousands, except per share data) Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Assets Investments at fair value $1,794,559 $1,641,686 $1,481,012 $1,350,757 $1,257,258 Cash and cash equivalents 64,146 67,395 35,971 45,448 49,568 Restricted Cash 50 50 50 50 50 Due from adviser — — 632 865 965 Interest Receivable 16,067 17,674 15,786 13,076 11,900 Receivable for investments sold 422 3,919 5,118 766 621 Contribution receivable — — 35 3 — Prepaid Expenses 118 13 57 100 126 Other assets 125 127 — — — Total Assets $1,875,487 $1,730,864 $1,538,660 $1,411,066 $1,320,488 Liabilities Secured Borrowings / Debt Outstanding $817,214 $943,936 $860,190 $818,550 $763,707 Payable for investments purchased 16,877 — — — 56 Interest Payable 11,022 9,837 12,620 11,321 10,157 Due to adviser — 632 865 1,101 965 Management Fees Payable 3,264 3,006 2,722 2,474 2,306 Distributions Payable 24,684 22,683 19,573 17,105 21,845 Directors’ fees payable 128 96 96 96 96 Accounts payable and accrued expenses 4,065 2,789 3,635 2,922 3,812 Total Liabilities $877,254 $982,979 $899,700 $853,569 $802,944 Net Assets Common shares 548 412 356 311 287 Paid-in-capital in excess of par value 1,021,573 776,719 673,883 593,044 550,314 Total Distributable earnings (23,888) (29,246) (35,280) (35,857) (33,057) Total Net Assets $998,233 $747,885 $638,960 $557,497 $517,544 Total Liabilities and Net Assets $1,875,487 $1,730,864 $1,538,660 $1,411,066 $1,320,488 Net asset value per share 18.21 18.13 17.96 17.93 18.01 Debt to Equity 0.82x 1.26x 1.35x 1.47x 1.48x Quarterly Balance Sheets

18Nuveen Churchill Direct Lending Corp. For the Three Months Ended (Dollar amounts in thousands, except per share data) Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Investment income: Non-controlled/non-affiliated company investments: Interest income 49,078 46,819 40,371 36,291 33,387 PIK income 1,992 1,821 951 551 321 Dividend income 308 45 16 24 17 Other income 217 264 409 234 236 Total investment income $51,595 $48,948 $41,747 $37,100 $33,960 Expenses: Interest and debt financing expenses $16,941 $18,116 $16,048 $14,299 $12,743 Management fees 3,264 3,006 2,722 2,474 2,306 Incentive fees 4,459 — — — — Professional fees 710 1,171 730 964 590 Directors' fees 128 96 96 96 96 Administrative fees 542 569 370 349 309 Other general and administrative expenses 277 98 125 357 171 Total expenses before expense support $26,321 $23,056 $20,091 $18,539 $16,215 Expense support — — — (143) (14) Incentive fees waived (4,459) — — — — Net expenses $21,862 $23,056 $20,091 $18,396 $16,200 Net investment income 29,733 25,892 21,656 18,704 17,760 Excise taxes — 6 — — — Net investment income after excise taxes 29,733 25,886 21,656 18,704 17,760 Realized and unrealized gain (loss) on investments: Net realized gain (loss) on non-controlled/non-affiliate company investments (3,625) (1,545) (13,106) 217 6,481 Net change in unrealized appreciation (depreciation) on non- controlled/non-affiliate company investments 4,057 4,520 11,573 (4,240) (11,138) Income tax (provision) benefit (141) (96) 27 (376) (386) Total Net Change in Unrealized Gain (Loss) $3,916 $4,424 $11,600 $(4,617) $(11,524) Total net realized and unrealized gain (loss) on investments $291 $2,880 $(1,506) $(4,399) $(5,042) Net increase (decrease) in net assets resulting from operations $30,024 $28,766 $20,150 $14,305 $12,717 Weighted Average Shares outstanding for the Period 52,758,353 39,251,180 34,812,720 30,621,009 28,727,285 Shares Outstanding at End of Period 54,815,740 41,242,105 35,585,951 31,099,618 28,743,877 Quarterly Operating Results

19Nuveen Churchill Direct Lending Corp. Our website www.NCDL.com Investor Relations NCDL-IR@churchillam.com Contact Us

20Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2024, unless otherwise noted. Numbers may not sum due to rounding. 1 Per share Net Investment Income, Net Realized and Unrealized Gains (Losses) and Net Income (Loss) data was derived by using the weighted average shares outstanding for the three months ended period. Refer to the Quarterly Operating Results, page 18, for weighted average shares outstanding for the period. Certain prior period amounts have been reclassified to conform to the current period presentation. 2 Annualized ROE on Net Investment Income is quarterly Net Investment Income divided by quarter-end net asset value annualized. 3 Annualized ROE on Net Income is quarterly Net Income divided by quarter-end Net Asset value annualized. 4 Represents total investment portfolio at fair value. Total par value of debt investment commitments is $1,986M which includes approximately $179M of unfunded delayed draw term loan commitments. 5 Weighted average yield on debt and income producing investments, at fair value and cost where applicable. The weighted average yield of the Company’s debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to our investment portfolio and is calculated before the payment of all subsidiaries’ fees and expenses. Actual yields over the life of each investment could differ materially from the yields presented. The weighted average yield was computed using the effective interest rates as of quarter end, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There was one portfolio company on non-accrual status as of March 31, 2024. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair as of March 31, 2024 was 11.67% 6 Reflects classification at issuance. 7 Represents the sum of the amounts available under the financing facilities and the Corporate Revolver of $432M and cash and cash equivalents of $64M. 8 Debt-to-Equity at Quarter End is the Total Debt, net of deferred financing costs, divided by Net Assets. 9 Represents the percentage of debt investments with one or more maintenance financial covenants, based on the fair value of as of March 31, 2024. 10 Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which we are a lender Leverage is derived from the most recently available portfolio company financial statements, and weighted by the fair value of each investment as of March 31, 2024. Net leverage presented excludes equity investments as well as debt instruments to which the Adviser has assigned a risk rating of 8 or higher, and any portfolio companies with net leverage of 15 x or greater. 11 Weighted based on fair market value of private debt investments as of March 31, 2024 for which fair value is determined by the Company’s investment adviser (the “Adviser”) in its capacity as the valuation designee of the Board of Directors, and excludes quoted assets. Amounts are weighted based on fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by NCDL and may reflect a normalized or adjusted amount. Accordingly, NCDL makes no representation or warranty in respect of this information.

21Nuveen Churchill Direct Lending Corp. Note: All information is as of March 31, 2024, unless otherwise noted. Numbers may not sum due to rounding. 12 The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser, and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes junior capital investments and equity co-investments, and applies solely to traditional middle market first lien loans held by NCDL, which also excludes any upper middle market or other first lien loans investments that do not have maintenance financial covenants, and first lien loans that the Adviser has assigned a risk rating of 8 or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 73.48% of our total investments, and 82.61% of our total first lien loan investments, in each case based upon fair value as of March 31, 2024. 13 Q1’24 Annualized Dividend yield includes the Regular Distribution per share divided by the quarter end NAV per share of $18.21, annualized. 14 Regular Distribution Yield is the Regular Distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 15 Supplemental Distribution Yield is the Supplemental Distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end, annualized. 16 Special Distribution Yield is the Special Distribution per share declared in respect of the quarter, divided by the NAV per share as of the respective quarter end. 17 The Total Distribution Yield presented is the sum of the Regular Distribution per share and Supplemental Distribution per share (if any), annualized on a quarterly basis, plus any Special Distributions (if any) per share. Given the nature of Special Distributions, certain Special Distributions may be presented on a non-annualized basis. 18 Represents the total amount of cash activity for the purchase of investments and the proceeds from principal repayments and sales of investments. 19 The weighted average interest rate is calculated using the effective interest rate for floating rate and fixed rate debt investments. The effective interest rate for floating rate investments utilizes the applicable margin plus the greater of the 3-Month base rate, or base rate floor. SOFR as of March 31, 2024 was 5.30%. The effective interest rate for fixed rate investments utilizes the investment coupon. 20 The per share data was derived by using the weighted average shares outstanding for the three months ended March 31, 2024. 21 The per share data for distributions reflects the actual amount of distributions declared for the three months ended March 31, 2024. 22 Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.Refer to footnote 20 and 21. 23 Represents the par amount of total new investment activity for the three months ended March 31, 2024. Investment activity does not include draws on existing Delayed Draw Term Loans and partial paydowns. 24 Average Spread is calculated based off of par amount. 25 Average Coupon is calculated based off of par amount. Average coupon includes 62% cash coupon and 38% PIK. Endnotes

22Nuveen Churchill Direct Lending Corp. Endnotes Note: All information is as of March 31, 2024, unless otherwise noted. Numbers may not sum due to rounding. 26 Interest rate utilizes the floating rate investment spread plus the greater of 3-Month base rate, or base rate floor, if applicable for each respective transaction SOFR as of June 30, 2023 was 5.27%, LIBOR as of June 30, 2023 was 5.55%; SOFR as of September 30, 2023 was 5.40%; SOFR as of December 31, 2023 was 5.33%; SOFR as of March 31, 2024 was 5.30%. 27 35% of first lien term loans are unitranche positions. 28 Net Interest Margin calculated as Weighted Average Yield on Debt and Income Producing Investments at Fair Value minus Average Cost of Debt. 29 Average Cost of Debt includes borrowing interest expense and unused fees. 30 Interest rates represent the weighted average spread over 3-month SOFR for the various floating rate tranches of issued notes within the CLO vehicles. The weighted average interest rate for the Churchill NCDLC CLO-I excludes tranches with a fixed interest rate. 31 The Corporate Revolver is defined as the Revolving Credit Facility in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. 32 Weighted average facility pricing spread weighted based on total commitment amount. SOFR base rate tenors may differ between credit facilities.