# EDGAR Filing Document

**Accession Number:** 0001737924
**File Stem:** 0001737924-26-000014
**Filing Date:** 2026-2
**Character Count:** 2291122
**Document Hash:** 9b7ea6577cea2047d619f53bffb4487c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001737924-26-000014.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001737924-26-000014

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 557

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Churchill Direct Lending Corp.
- **CENTRAL INDEX KEY:** 0001737924

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01338
- **FILM NUMBER:** 26681416

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (212) 207-2003

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Churchill BDC INC.
- **DATE OF NAME CHANGE:** 20191230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Churchill BDC LLC
- **DATE OF NAME CHANGE:** 20180418

?xml version='1.0' encoding='ASCII'? ncdlc-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

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| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended December 31, 2025** 

**OR**

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| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

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**For the transition period from __ to __**

**Commission file number: 000-56133**

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**(Exact name of registrant as specified in its charter)**

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| | |
|:---|:---|
| **Maryland** | **84-3613224** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **375 Park Avenue, 9th Floor, New York, NY** | **10152** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212) 478-9200**

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **Common Stock, par value $0.01**  | **NCDL** | **New York Stock Exchange** |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act . Yes ◻No 🗷

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.. Yes ◻No 🗷

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 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 be submitted pursuant to Rule 405 of 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 such files). Yes 🗷No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller 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.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | 🗷 | Accelerated filer | ◻ |
| Non-accelerated filer | ◻ | Smaller reporting company | ◻ |
| | | Emerging growth company | ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 🗷

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ◻No 🗷

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, on June 30, 2025, based on the closing price of $16.19 per share on the New York Stock Exchange, was approximately $691.9 million. As of February 25, 2026, the registrant had 49,387,065 shares of common stock, $0.01 par value, outstanding.

**Documents Incorporated by Reference**

Portions of the registrant's definitive proxy statement relating to the registrant's 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K as indicated herein.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **PART I** | | |
| Item 1. | <u>[Business](#i8046fd6cdb8747a39c39abcbe0255a61_214)</u> | <u>[4](#i8046fd6cdb8747a39c39abcbe0255a61_214)</u> |
| Item 1A. | <u>[Risk Factors](#i8046fd6cdb8747a39c39abcbe0255a61_208)</u> | <u>[22](#i8046fd6cdb8747a39c39abcbe0255a61_208)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i8046fd6cdb8747a39c39abcbe0255a61_217)</u> | <u>[57](#i8046fd6cdb8747a39c39abcbe0255a61_217)</u> |
| Item 1C. | <u>[Cybersecurity](#i8046fd6cdb8747a39c39abcbe0255a61_220)</u> | <u>[58](#i8046fd6cdb8747a39c39abcbe0255a61_220)</u> |
| Item 2. | <u>[Properties](#i8046fd6cdb8747a39c39abcbe0255a61_223)</u> | <u>[59](#i8046fd6cdb8747a39c39abcbe0255a61_223)</u> |
| Item 3. | <u>[Legal Proceedings](#i8046fd6cdb8747a39c39abcbe0255a61_133)</u> | <u>[59](#i8046fd6cdb8747a39c39abcbe0255a61_133)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i8046fd6cdb8747a39c39abcbe0255a61_145)</u> | <u>[59](#i8046fd6cdb8747a39c39abcbe0255a61_145)</u> |
| **PART II** |  |  |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#i8046fd6cdb8747a39c39abcbe0255a61_172)</u> | <u>[60](#i8046fd6cdb8747a39c39abcbe0255a61_172)</u> |
| Item 6. | <u>[Reserved](#i8046fd6cdb8747a39c39abcbe0255a61_175)</u> | <u>[63](#i8046fd6cdb8747a39c39abcbe0255a61_175)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i8046fd6cdb8747a39c39abcbe0255a61_79)</u> | <u>[64](#i8046fd6cdb8747a39c39abcbe0255a61_79)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i8046fd6cdb8747a39c39abcbe0255a61_124)</u> | <u>[88](#i8046fd6cdb8747a39c39abcbe0255a61_124)</u> |
| Item 8. | <u>[Consolidated Financial Statements and Supplementary Data](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> | <u>[90](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i8046fd6cdb8747a39c39abcbe0255a61_181)</u> | <u>[91](#i8046fd6cdb8747a39c39abcbe0255a61_181)</u> |
|  | <u>[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> | <u>[93](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> |
|  | <u>[Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> | <u>[94](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> | <u>[95](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> | <u>[96](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> |
|  | <u>[Consolidated Schedules of Investments for the Years Ended December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> | <u>[98](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> | <u>[149](#i8046fd6cdb8747a39c39abcbe0255a61_37)</u> |
| Item 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i8046fd6cdb8747a39c39abcbe0255a61_184)</u> | <u>[186](#i8046fd6cdb8747a39c39abcbe0255a61_184)</u> |
| Item 9A. | <u>[Controls and Procedures](#i8046fd6cdb8747a39c39abcbe0255a61_169)</u> | <u>[186](#i8046fd6cdb8747a39c39abcbe0255a61_169)</u> |
| Item 9B. | <u>[Other Information](#i8046fd6cdb8747a39c39abcbe0255a61_187)</u> | <u>[187](#i8046fd6cdb8747a39c39abcbe0255a61_187)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i8046fd6cdb8747a39c39abcbe0255a61_190)</u> | <u>[188](#i8046fd6cdb8747a39c39abcbe0255a61_190)</u> |
| **PART III** |  |  |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#i8046fd6cdb8747a39c39abcbe0255a61_232)</u> | <u>[189](#i8046fd6cdb8747a39c39abcbe0255a61_232)</u> |
| Item 11. | <u>[Executive Compensation](#i8046fd6cdb8747a39c39abcbe0255a61_235)</u> | <u>[189](#i8046fd6cdb8747a39c39abcbe0255a61_235)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#i8046fd6cdb8747a39c39abcbe0255a61_238)</u> | <u>[189](#i8046fd6cdb8747a39c39abcbe0255a61_238)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i8046fd6cdb8747a39c39abcbe0255a61_241)</u> | <u>[189](#i8046fd6cdb8747a39c39abcbe0255a61_241)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#i8046fd6cdb8747a39c39abcbe0255a61_244)</u> | <u>[189](#i8046fd6cdb8747a39c39abcbe0255a61_244)</u> |
| **PART IV** |  |  |
| Item 15. | <u>[Exhibit and Financial Statement Schedules](#i8046fd6cdb8747a39c39abcbe0255a61_250)</u> | <u>[190](#i8046fd6cdb8747a39c39abcbe0255a61_250)</u> |
| Item 16. | <u>[Form 10-K Summary](#i8046fd6cdb8747a39c39abcbe0255a61_253)</u> | <u>[193](#i8046fd6cdb8747a39c39abcbe0255a61_253)</u> |
| <u>[Signatures](#i8046fd6cdb8747a39c39abcbe0255a61_205)</u> | <u>[Signatures](#i8046fd6cdb8747a39c39abcbe0255a61_205)</u> | <u>[194](#i8046fd6cdb8747a39c39abcbe0255a61_205)</u> |

---

------

**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical 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 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 from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the markets in which we invest and changes in financial and lending markets generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of interest rate volatility on our business, our financial condition and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of inflation and its impact on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of geopolitical conditions, including the conflict between Ukraine and Russia and the turmoil in Europe and the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Advisers to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a regulated investment company (a "RIC") for U.S. federal income tax purposes and operate as a business development company ("BDC"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future legislation and regulation on our business and our portfolio companies.

------

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.

------

**PART I.**

In this Annual Report, **except** where the context suggests otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms "we," "us," "our," and "Company," refer to Nuveen Churchill Direct Lending Corp. (f/k/a Nuveen Churchill BDC Inc.) (and, if required by context, (i) prior to December 31, 2019 to Churchill Middle Market CLO V Ltd. (the "Predecessor Entity"), and (ii) following December 31, 2019 on a consolidated basis with the Predecessor Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "the Adviser" refers to Churchill DLC Advisor LLC (f/k/a Nuveen Churchill Advisors LLC), which serves as our investment adviser, pursuant to the Amended and Restated Investment Advisory Agreement, dated January 29, 2024 (the "Advisory Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Churchill" or "Sub-Adviser" refers to Churchill Asset Management LLC, which serves as our investment sub-adviser as delegated by the Adviser pursuant to the Sub-Advisory Agreement between the Adviser and Churchill (initially dated December 31, 2019 and amended and restated on December 11, 2020, October 7, 2021 and March 8, 2022, the "CAM Sub-Advisory Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Nuveen Asset Management" refers to Nuveen Asset Management, LLC, which, acting through its leveraged finance division, may manage certain of our liquid investments pursuant to a sub-investment advisory agreement, dated January 29, 2024, by and among the Adviser, Churchill and Nuveen Asset Management (the "NAM Sub-Advisory Agreement" and, together with the Advisory Agreement and the CAM Sub-Advisory Agreement, the "Advisory Agreements");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Advisers" collectively refers to the Adviser, Churchill and Nuveen Asset Management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "Administrator" refers to Churchill BDC Administration LLC (f/k/a Nuveen Churchill Administration LLC), which serves as our administrator, pursuant to the Administration Agreement, dated December 31, 2019 (the "Administration Agreement"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the term "committed capital" refers to the capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers (including asset-based leveraged facilities, notes sold in the capital markets or any capital otherwise committed and available to fund investments that comprise assets under management). For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. In determining committed capital in respect of funds and accounts that utilize internal asset-based leverage (e.g., levered funds and CLO warehouses), committed capital calculations utilize a leverage factor that assumes full utilization of such asset-based leverage in accordance with the account's target leverage ratio as disclosed to investors. In determining committed capital in respect of Churchill's management of an institutional separate account for its parent company, TIAA (as defined below): (i) committed capital in respect of private equity fund interests includes commitments made by TIAA to such strategy over the most recent 10 years, and the net asset value of all such investments aged more than 10 years; (ii) committed capital in respect of equity co-investments, junior capital investments, structured capital investments, and senior loans includes the commitment made by TIAA for the most recent year, and the outstanding principal balance of investments made in all preceding years; and (iii) committed capital in respect of secondaries includes commitments made by TIAA, which includes the aggregate commitment made by TIAA since the inception of the strategy in 2022 and inclusive of the current year's allocation. In determining committed capital in respect of Churchill's management of institutional separate accounts for third party institutional clients, committed capital includes the aggregate commitments made by such third party clients, so long as such commitments remain subject to recycling. Thereafter, outstanding principal balance is used in respect of any applicable commitment (or portion thereof) that has expired. Due to the foregoing, committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital.

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**ITEM 1. BUSINESS** 

**General**

We are a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. We are externally managed by our Adviser, Churchill DLC Advisor LLC, and through our Sub-Advisers, Churchill Asset Management LLC and Nuveen Asset Management. Our Adviser and our Sub-Advisers are affiliates and subsidiaries of Nuveen, the investment management division of TIAA and one of the largest asset managers globally. We invest in directly originated senior secured loans that typically pay floating interest rates and are senior in the capital structure to junior debt and equity, as we believe these loans offer us more attractive risk-adjusted returns and stronger protections than investments in the traditional public debt capital markets. We seek to partner with high quality, private equity-owned middle market companies that have strong management teams executing on long-term growth strategies. Additionally, the private equity sponsors that own the businesses we lend to typically have the ability and strong incentive to support their portfolio companies by providing additional capital and managerial and operational assistance. We believe this support could potentially enhance the performance of our portfolio companies and provide additional protections for our investments.

We were formed as a Delaware limited liability company in March 2018 and we converted into a Maryland corporation in June 2019. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (a "RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

On January 29, 2024, we closed our initial public offering ("IPO"), issuing 5.5 million shares of common stock at a public offering price of $18.05. We received cash proceeds of approximately $99.3 million. Our common stock began trading on the New York Stock Exchange ("NYSE") under the symbol "NCDL" on January 25, 2024.

Our investment objective is to generate attractive risk-adjusted returns through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which we define as companies with $10 million to $250 million of EBITDA. We primarily focus on investments in U.S. middle market companies with $10 million to $100 million of EBITDA, which we consider the core middle market. Our portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not our primary strategy, we also opportunistically invest in junior capital opportunities, including second-lien loans, subordinated debt, equity co-investments and similar equity-related securities.

Each of the Adviser, Churchill and Nuveen Asset Management are investment advisers registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and are controlled by Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"), a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and the companion organization of College Retirement Equities Fund.

Under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer and Chief Compliance Officer and their staff.

**The Adviser — Churchill DLC Advisor LLC** 

Churchill DLC Advisor LLC (f/k/a Nuveen Churchill Advisors LLC), a Delaware limited liability company, serves as our Adviser pursuant to the Advisory Agreement. The Adviser is responsible for the overall management of our activities pursuant to the Advisory Agreement.

The Adviser has delegated substantially all of its daily portfolio-management obligations as set forth in the Advisory Agreement to Churchill pursuant to the CAM Sub-Advisory Agreement, which was approved by our board of directors (the "Board"), including a majority of directors who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of us, the Advisers, or of any of their respective affiliates (the "independent directors"). The Adviser has general oversight over the investment process on our behalf and manages our capital structure, including, but not limited to, asset and liability management. The Adviser also has ultimate responsibility for our performance under the terms of the Advisory Agreement.

**The Sub-Adviser — Churchill Asset Management LLC**

Churchill serves as our Sub-Adviser pursuant to the CAM Sub-Advisory Agreement. Churchill provides investment advisory and management services to us. Under the terms of the CAM Sub-Advisory Agreement, Churchill: (i) identifies, evaluates and negotiates the structure of investments (including performing due diligence on prospective portfolio companies); (ii) closes and

------

monitors investments; and (iii) determines the securities and other assets to be purchased, retained or sold. The Adviser and Churchill have entered into the CAM Sub-Advisory Agreement, which has been approved by our Board, and the terms of which provide Churchill with broad delegated authority to oversee our portfolio.

In addition to serving as our Sub-Adviser, Churchill manages other middle market investment strategies for affiliated entities such as TIAA, its ultimate parent company, as well as for third-party institutional investors, private funds, CLOs and separate accounts, Nuveen Churchill Private Capital Income Fund and Nuveen Churchill BDC V, each a BDC, and NC SLF Inc. and Corient Registered Alternatives Fund, each closed-end investment companies registered under the 1940 Act.

Churchill manages (directly or as a sub-adviser) over $63 billion of committed capital across its integrated capital solutions platform as of January 1, 2026. Churchill manages a range of vehicles, including BDCs, registered closed-end investment companies, separate accounts, structured finance products, and private funds investing in private middle market leveraged loans, subordinated debt, equity related securities, private equity, limited partner commitments, and related strategies. Of its over $63 billion of committed capital across the platform, Churchill manages over $12 billion in limited partner capital commitments to approximately 350 private equity funds on behalf of TIAA's general account and third-party investors. Churchill offers a full array of solutions across the capital structure, benefiting from the investment guidance of its principals who have a long history of disciplined investing in the middle market across various economic cycles. With over $34 billion of committed capital dedicated to middle market private credit as of January 1, 2026, Churchill provides us with the ability to invest in larger transactions while limiting concentration in our portfolio. While it is managed and operated independently of TIAA and Nuveen, Churchill benefits from the scale, capital and resources of its parent companies.

*The Investment Committee*

All investment decisions for the Company require the unanimous approval of the members of an investment committee dedicated to management of the Company's portfolio (the "Investment Committee") comprised of Churchill Founders, Kenneth Kencel and Randy Schwimmer, together with the head of Senior Lending, Mathew Linett and the head of Private Equity and Junior Capital Solutions, Jason Strife. The Investment Committee is responsible for managing the investment program for the Company, which is sourced by Churchill's separate and distinct investment committees dedicated to senior loan investments and junior capital opportunities, respectively.

**Advisory Agreement**

Pursuant to the Advisory Agreement, we pay a base management fee and incentive fees to the Adviser, as described below. On October 27, 2023, our Board unanimously approved the Advisory Agreement and our shareholders approved the Advisory Agreement on December 15, 2023. The Advisory Agreement became effective on January 29, 2024 upon the consummation of the IPO.

*Base Management Fee*

Under the Advisory Agreement, for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025), the management fee was calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and including assets financed using leverage ("Average Total Assets"), at the end of the two most recently completed calendar quarters, and thereafter, the management fee is calculated at an annual rate of 1.00% of Average Total Assets. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. Any management fees will be payable quarterly in arrears.

The Adviser retains 32.5% of the management fee. The remaining amount is paid by the Adviser to Churchill as compensation for services provided by Churchill pursuant to the CAM Sub-Advisory Agreement.

*Incentive Fee*

Under the Advisory Agreement, the Adviser waived the incentive fee on income and incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025). Following the expiration of the fee waiver, the Company pays an incentive fee to the Adviser that consists of two parts. The incentive fees are based on our income and our capital gains, each as described below. The portion of the incentive fee based on income is calculated, subject to a cap (the "Incentive Fee Cap"), and payable quarterly in arrears based on pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) (such period, the "Trailing Twelve Quarters") commencing from the beginning of the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024), as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee in any calendar quarter in which the aggregate pre-incentive fee net investment income (as defined below) in respect of the Trailing Twelve Quarters does not exceed the hurdle rate of 1.50% (6% annually) for such Trailing Twelve Quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of our aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7647% in any calendar quarter following the consummation of the IPO. We refer to this portion of our pre-incentive fee net investment income as the "catch-up" provision. The catch-up is meant to provide the Adviser with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if the pre-investment fee net investment income exceeds 1.7647% multiplied by our NAV at the beginning of each applicable calendar quarter comprising of the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of the aggregate pre-incentive fee net investment income, if any, in respect of the Trailing Twelve Quarters that exceeds 1.7647%.

Under the Advisory Agreement, the incentive fee on income for a particular quarter is subject to the Incentive Fee Cap. The Incentive Fee Cap is equal to the difference between (x) 15% of the Cumulative Pre-Incentive Fee Net Return (as defined below) over the relevant Trailing Twelve Quarters and (y) the aggregate incentive fee on income that was paid to the Adviser by us in respect of the first eleven calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) included in the relevant Trailing Twelve Quarters.

These calculations are adjusted for any share issuances or repurchases during the applicable calendar quarter.

"Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Quarters, beginning with the calendar quarter in which the IPO was consummated, means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, we will pay no incentive fee on income to the Adviser in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, we will pay an incentive fee on income to the Adviser equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, we will pay an incentive fee on income to the Adviser equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

"Net Capital Loss" in respect of a particular period, beginning with the calendar quarter in which the IPO was consummated, means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies but excluding fees for providing managerial assistance) accrued during the relevant calendar quarters, minus operating expenses for the relevant calendar quarters (including the management fee, any expenses payable under the Administration Agreement, interest expense and dividends paid on any outstanding preferred shares, but excluding the incentive fee). Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred shares with PIK dividends and zero-coupon securities, accrued income that we have not yet received in cash. The Adviser is not under any obligation to reimburse us for any part of the incentive fee it received that was based on accrued interest that we never received.

Pre-incentive fee net investment income will not include any realized capital gains, realized capital losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized.

To determine whether the pre-incentive fee net investment income exceeds the hurdle rate, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters will be compared to a "hurdle amount" equal to the product of (i) the "hurdle rate" of 1.50% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. Because of the structure of the incentive fee on income, it is possible that we may pay an incentive fee in a calendar quarter in which we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the quarterly hurdle rate, we will pay the applicable incentive fee even if we have incurred a loss in that calendar quarter due to realized and unrealized capital losses, subject to the Incentive Fee Cap. In addition, because the quarterly hurdle rate is calculated based on our net assets, decreases in our net assets due to realized or unrealized capital losses in any given calendar quarter

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may increase the likelihood that the hurdle rate is reached and therefore the likelihood of us paying an incentive fee for that calendar quarter, subject to the Incentive Fee Cap. In addition, if market interest rates rise, we may be able to invest in debt instruments that provide for a higher return, which would increase pre-incentive fee net investment income and make it easier for the Adviser to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income.

Under the Advisory Agreement, the second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 15.0% of our realized capital gains as of the end of the fiscal year following the IPO. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

In determining the capital gains incentive fee payable to the Adviser, we calculate the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses beginning with the calendar quarter in which the IPO was consummated, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment beginning with the calendar quarter in which this offering is consummated. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains and less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments.

The Adviser retains 32.5% of any incentive fee. The remaining amount will be paid by the Adviser to Churchill as compensation for services provided by Churchill pursuant to the CAM Sub-Advisory Agreement.

**The Sub-Adviser — Nuveen Asset Management, LLC**

On October 27, 2023, our Board, including all of the independent directors, unanimously approved the NAM Sub-Advisory Agreement and our shareholders approved the NAM Sub-Advisory Agreement on December 15, 2023. The NAM Sub-Advisory Agreement became effective on January 29, 2024 upon the consummation of the IPO. Pursuant to the NAM Sub-Advisory Agreement, Nuveen Asset Management may manage certain of our liquid investments. Subject to the pace and amount of investment activity in our middle market investment program, a portion of our portfolio may be comprised of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments. The percentage of our portfolio allocated to the liquid investment strategy managed by Nuveen Asset Management will be at the discretion of Churchill.

The fees payable to Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement to manage our liquid investment allocation will be payable by Churchill and will not impact the advisory fees payable by our shareholders.

Nuveen Asset Management conducts its high yield corporate and leveraged loan investment activities through its leveraged finance platform ("Nuveen Leveraged Finance"), offering investors access to high yield, leveraged loan and alternative credit strategies that draw upon Nuveen's size and scale. Nuveen provides a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. As the investment management business of TIAA, Nuveen has approximately $1.4 trillion in assets under management as of December 31, 2025, with its affiliates offering deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies.

**Competitive Advantages**

We believe that our competitive advantages stem from long-standing market presence, significant lending capacity, scale to support attractive investments, strong relationships with private equity firms, differentiated sourcing capabilities, and ability to compete on factors other than pricing. Further, we believe that Churchill has built a reputation of professionalism and collaboration that positions us to be a preferred capital provider to support the needs of private equity sponsors. We believe Churchill has the scale, platform, and unique capabilities to effectively manage our U.S. private credit investment strategy, offering investors the following competitive advantages:

***Scaled Platform with Extensive Private Credit Expertise***

Since 2006, Churchill's senior leadership team has worked together to establish a cycle-tested track record in direct lending and private capital investments. The Churchill team has deep middle market investment expertise, providing customized financing solutions to private equity-backed middle market companies across the capital structure, including senior loans, junior capital, equity co-investments and similar equity-related securities. Overseeing over $63 billion in committed capital as of January 1, 2026 and

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deploying over $16 billion in the year ended December 31, 2025 across its multiple investment strategies, Churchill is one of the most active direct lenders in the U.S. middle market. With over 200 dedicated professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach Gardens, Churchill operates a fully integrated investment platform with advanced infrastructure, risk management, investor relations, finance, operations, and legal support functions. The scale of Churchill's platform provides us with the ability to invest in larger transactions with limited concentration in our portfolio. We believe that the breadth and depth of Churchill's expertise, coupled with its long history of disciplined investment across industries and various economic cycles, provides differentiated strengths when sourcing and evaluating large and complex investment opportunities.

***Unique Benefits from Alignment with Nuveen and TIAA***

Churchill benefits substantially from the scale and resources of its parent company, Nuveen, and Nuveen's ultimate parent company, TIAA. Nuveen, as the investment management division of TIAA, is one of the world's largest asset managers with $1.4 trillion assets under management as of December 31, 2025, of which approximately $143 billion is invested in private capital. TIAA, a leading provider of secure retirement and outcome-focused investment solutions to millions of people and thousands of institutions, is the fourth largest private debt investor in the world.<sup>1</sup> Together, TIAA and Nuveen have been investors in the private debt and equity markets for over 50 years.

Leveraging the scale, capital and resources of Nuveen's platform, Churchill is able to focus on its middle market investment expertise. Specifically, Nuveen's distribution capabilities from its approximately 140 person U.S. wealth coverage team enable Churchill to prioritize originating, underwriting and managing its high quality, diversified portfolios while relying on Nuveen's retail and wealth distribution platform.

TIAA is an important part of Churchill's committed capital base, as Churchill manages TIAA's general account allocation to U.S. middle market private capital side-by-side with Churchill's third-party investors. This provides for a unique alignment of interests that we believe causes Churchill to think and act like a long-term investor in the asset class.

***Strong Private Equity Relationships and Fund Investments Drive Proprietary Origination Opportunities***

Churchill believes it has established itself as a highly value-additive capital provider and partner of choice for leading private equity firms given its ability to provide a full array of scaled solutions across the capital structure. Churchill's dedicated loan origination team has cultivated deep, long-standing relationships with over 750 middle market private equity firms across diversified strategies, industry focus and U.S. geographies. Of the over $63 billion of committed capital as of January 1, 2026, over $12 billion is comprised of committed capital that supports a carefully constructed portfolio of primary limited partner capital commitments made by TIAA and certain other institutional investor clients of Churchill to approximately 350 private equity funds primarily focused on the U.S. middle market. We believe Churchill's role as a valuable limited partner and its fully integrated partnership approach helps drive differentiated origination opportunities often on an early look, first access basis. Additionally, we believe Churchill's deep network of private equity relationships and representation on hundreds of private equity fund advisory boards further enhances Churchill's proprietary deal sourcing advantages while remaining highly selective of investment opportunities without compromising on its stringent underwriting standards or transaction terms. Churchill is a trusted and desired financing partner, demonstrated by its ability to earn the lead or co-lead role in approximately 75% of its senior loan transaction volume in the trailing twelve-months ended December 31, 2025. In this capacity, Churchill is able to structure and negotiate transactions directly with the private equity sponsor, driving efficiencies and stronger relationships, often leading to the sponsor's decision to select Churchill as a lead lending partner for subsequent transactions as well. Churchill's sourcing strategy is not, however, entirely centered on leading every transaction as it also partners with other middle market lenders on attractive investment opportunities, helping to drive a more stable and reliable capital deployment pace in the middle market.

Many of Churchill's senior management and investment team members have held senior positions at other middle market lending firms and continue to maintain strong relationships with numerous active participants in the segment. These long-established relationships help source incremental investment opportunities and contribute to the high levels of deal flow with approximately 1,200 first-lien senior secured debt and unitranche loan investment opportunities reviewed per year. In contrast, peer lenders who focus primarily on lead agency roles often can find themselves in direct competition with one another adversely impacting deal flow and selectivity. Churchill's dual sourcing model emphasizes long-term partnerships, ensuring that Churchill can focus exclusively on investment credit quality. We believe we are well-positioned to take advantage of the demand for capital in the middle market, particularly from private equity sponsored middle market companies.

<sup>1</sup>Source: Rankings published in the Private Debt Investor Magazine's *Global Investor 75*, December 2025 Private Debt Investor Magazine's research and analytics team carried out primary and secondary research on more than 100 institutions to produce rankings on the world's largest institutional private debt investors based on the market value of private debt portfolios. Nuveen submitted data to the research and analytics team. There were no fees paid in connection with this recognition.

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***Ability to Deliver Scaled and Flexible Capital Solutions***

We believe Churchill's ability to provide a variety of capital solutions and to invest opportunistically across the capital structure is a key differentiator and highly valued by private equity sponsors. Churchill is able to provide a comprehensive set of customized capital solutions to meet the needs of the borrower. With respect to senior loans, the investment team can opportunistically pivot between traditional first-lien senior secured loans and unitranche loans, as well as offer delayed draw term loans, in order to deliver the most attractive risk-adjusted returns. Further, the investment team's partnership approach offers a strong value proposition to private equity firms, as one of a handful of middle market lenders with the ability to commit up to $500 million per transaction. This flexibility and the ability to deliver a fully underwritten solution ensures that Churchill has exposure to a wide range of transactions enabling it to be highly selective with respect to investment opportunities. Additionally, with respect to junior capital opportunities, the investment team has the ability to pivot between junior secured or unsecured debt instruments. Having the latitude to pivot across capital solutions differentiates Churchill compared to most other direct lenders in situations when capital requirements change during a transaction and thereby has positioned it as the preferred capital partner for private equity sponsors.

***Disciplined and Rigorous Investment Approach with Comprehensive Portfolio Monitoring***

Selectivity, broad industry diversification and rigorous underwriting standards are key to Churchill's investment philosophy. Churchill provides us with a large and diverse pipeline of middle market investment opportunities, enhancing our ability to be highly selective and to maintain stringent underwriting standards and a diversified portfolio across sectors. Churchill employs a multi-step selection process when reviewing each potential investment opportunity that includes analyzing business prospects, thoroughly reviewing historical and pro forma financial information, meeting and discussing the business with the management team and private equity sponsor, understanding sponsor investment strategy and risk considerations, evaluating industry diligence to determine market position and competitive advantages, and assessing the track record of the private equity sponsor and its historical investments in other businesses.

Using a disciplined and cycle-tested investment approach, Churchill's investment teams seek to limit credit losses through comprehensive due diligence of portfolio company fundamentals, terms and conditions and covenant packages. Following the closing of each investment, the investment professionals who initially underwrite the opportunity typically lead the hands-on portfolio monitoring effort to ensure continuity and the ability to respond efficiently to any portfolio company requests. Churchill implements a regimented credit monitoring system that involves a variety of discussions, analyses and reviews by its investment professionals on a daily, weekly, monthly, and quarterly basis, depending on the assessed monitoring need, which we believe enables Churchill to proactively detect and identify potential challenges at portfolio companies. See " – Investment Process Overview" below.

***Proven Leadership Team with Extensive Private Capital Experience Across Economic Cycles***

Churchill is led by industry veterans who bring on average over 25 years of experience in middle market investing, the majority of whom have worked together for over a decade and have demonstrated an ability to prudently invest across various economic cycles at Churchill and its predecessor entities. Churchill was founded by current senior management team members Kenneth Kencel, Randy Schwimmer and Christopher Cox (the "Churchill Founders"), who have together unanimously approved all of the over 950 senior loans made by Churchill and its predecessor entities since 2006. This core management team has been strengthened with the addition of several additional senior executives from Churchill's predecessor entities and its ultimate parent company, TIAA. Among these additional senior management colleagues are Mathew Linett, Shai Vichness, Keven Meyer, Jill White and Kelli Marti (solely with respect to upper middle market senior loans) who comprise the remaining members of the investment committee dedicated to senior loan opportunities alongside the Churchill Founders. Additionally, in connection with its affiliation with TIAA, Churchill assumed management of TIAA's private equity and junior capital investment management platform, resulting in a unified middle market private capital asset management firm that capitalizes on opportunities throughout the U.S. sponsor-backed middle market.

**Investment Selection Criteria**

We primarily invest in first-lien senior secured debt and unitranche loans. In addition, we have and may continue to invest opportunistically in (i) secured second-lien loans, (ii) subordinated loans (both secured and unsecured) that provide for high fixed interest rates with substantial current interest income, and potentially equity participation or warrants that materially enhance the overall return of the security, and (iii) equity co-investments alongside private equity sponsors in a limited number of transactions where we believe the potential returns are attractive.

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We have identified a number of key attributes when evaluating new investment opportunities that are aimed at offering attractive risk / reward characteristics. Our objective is to invest broadly across a diverse set of companies and industries to limit the risk of and the impact that a potential downturn could have on our overall portfolio. We target a diverse investment portfolio with an average investment size of 1 - 2% per portfolio company. Churchill's investment teams seek to identify new transactions based on the following key criteria, while also applying in-depth fundamental underwriting and credit research to produce reliable investment decisions designed to minimize potential losses.

***Established Companies with Attractive Business Prospects***

We seek to invest in core U.S. middle market companies typically generating between $10 million to $100 million of annual EBITDA, which we believe have developed strong and sustainable leading positions within their respective markets. These companies must also exhibit the potential to maintain sufficient cash flows and profitability to service their obligations across various economic environments, while continuing to grow and/or maintain their market position. To this end, we screen for non-cyclical companies with market-leading products and/or services, attractive industry fundamentals, strong pricing power and ability to pass through inflationary cost pressures, low capital expenditures requirements, as well as diversification of customers, products and suppliers. Furthermore, we seek to invest in companies with defensible market niches and barriers to entry and analyzes the strength of potential target companies by comparing them against similar businesses and competitors. We typically avoid reimbursement dependent, cyclical or commodity-driven industries.

***Proven Management Teams with Established Track Records***

When selecting investments, we focus on companies that possess experienced, high-quality management teams with a demonstrated track record of success. Examples of qualities sought in the portfolio company management teams include, but are not limited to, prior success operating in a leveraged environment and a demonstrated ability to adapt to challenging economic or business conditions. We also review the management team's tenure and compensation structure to ensure their interests are aligned with the long-term success of the portfolio company, which provides us additional comfort in the portfolio company investment.

***Strong Financial Performance***

We perform comprehensive quantitative analysis on the historical and projected financial performance of a potential investment in a target company. Ideal target companies have strong and scalable revenues, and stable, predictable cash flows with low technology and market risk. Additionally, we seek companies that can demonstrate more than sufficient ability to service and repay debt obligations, have strong asset values and are resilient through different economic cycles. During the underwriting process, we develop multiple cash flow models reflecting different economic and operating scenarios, including a downside case that incorporates interest rate sensitivities to evaluate the company's ability to service its debt in a rising rate environment, among other factors. These factors are used to identify and underwrite investments that present a strong potential return relative to the overall risk profile, while guiding to the appropriate capital structure through various economic conditions.

***High-Quality Private Equity Sponsors***

We focus on participating in transactions sponsored by what we believe to be high-quality private equity firms, as primarily determined by a private equity firm's record of historical investment performance. Target investment opportunities typically include transactions where a private equity sponsor is willing to contribute significant equity capital as a percentage of enterprise value. We believe that private equity sponsors with significant equity capital at risk generally have the ability and strong incentive to support a borrower through a challenging economic environment with a variety of managerial, operational and financial resources, including potentially providing additional capital to the borrowers. We also evaluate a private equity sponsor's role in the target company's corporate governance and management which means the private equity sponsor is more likely to have an active and influential role in the target company's operations and day-to-day activities. These factors, if identified, provide additional comfort and protection for our investments.

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*Portfolio Composition*

As of December 31, 2025 and 2024, our investments consisted of the following (dollar amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **% of Fair Value** | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Term Loans | $1773647 | $1756620 | 89.51% | $1893409 | $1885643 | 90.59% |
| Subordinated Debt <sup>1</sup> | 179656 | 161374 | 8.22% | 170957 | 159138 | 7.65% |
| Equity Investments | 47904 | 44455 | 2.27% | 34209 | 36598 | 1.76% |
| **Total** | $**2001207** | $**1962449** | **100.00%** | $**2098575** | $**2081379** | **100.00%** |
| Largest portfolio company investment | $30926 | $30870 | 1.57% | $31179 | $31074 | 1.49% |
| Average portfolio company investment | $8816 | $8645 | 0.44% | $9993 | $9911 | 0.48% |

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<sup>1</sup>As of December 31, 2025, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and $2,479 of structured debt at fair value and second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and $4,583 of structured debt at amortized cost.

As of December 31, 2024, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $67,780, mezzanine debt of $89,740 and $1,618 of structured debt at fair value and second lien term loans and/or second lien notes of $71,622, mezzanine debt of $94,978 and $4,357 of structured debt at amortized cost.

The industry composition of our portfolio as a percentage of fair value as of December 31, 2025 and 2024 was as follows:

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| | | |
|:---|:---|:---|
| **Industry Composition** | **December 31, 2025** | **December 31, 2024** |
| Aerospace & Defense | 1.71% | 3.36% |
| Automotive | 3.28% | 3.33% |
| Banking, Finance, Insurance & Real Estate | 4.01% | 3.28% |
| Beverage, Food & Tobacco | 7.62% | 6.95% |
| Capital Equipment | 5.75% | 5.46% |
| Chemicals, Plastics & Rubber | 1.10% | 1.36% |
| Construction & Building | 6.90% | 5.54% |
| Consumer Goods: Durable | 1.25% | 0.97% |
| Consumer Goods: Non-durable | 1.61% | 2.34% |
| Containers, Packaging & Glass | 4.02% | 3.87% |
| Energy: Electricity | 1.56% | 2.50% |
| Environmental Industries | 4.52% | 3.85% |
| Healthcare & Pharmaceuticals | 18.19% | 14.47% |
| High Tech Industries | 4.03% | 8.65% |
| Hotel, Gaming & Leisure | 0.17% | 0.15% |
| Media: Advertising, Printing & Publishing | 0.93% | 0.90% |
| Media: Diversified & Production | 0.83% | 0.91% |
| Retail | —% | 0.28% |
| Services: Business | 17.24% | 16.48% |
| Services: Consumer | 4.33% | 5.18% |
| Sovereign & Public Finance | 0.69% | 0.64% |
| Telecommunications | 3.55% | 3.19% |
| Transportation: Cargo | 3.05% | 2.95% |
| Transportation: Consumer | 0.53% | 0.62% |
| Utilities: Electric | 1.41% | 1.16% |
| Utilities: Water | 0.54% | 0.42% |
| Wholesale | 1.18% | 1.19% |
| **Total** | **100.00%** | **100.00%** |

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See the Consolidated Schedules of Investments as of December 31, 2025, and 2024 in our consolidated financial statements in<u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K for more information on these investments, including a list of companies and type, cost and fair value of investments.

**Investment Process Overview**

Churchill views the investment process employed on our behalf as consisting of four distinct phases described below:

***Origination.*** Each investment team will source middle market investment opportunities through the investment team's network of relationships with private equity firms and other middle market lenders. Each investment team believes that the strength and breadth of its relationships with numerous middle market private equity funds and overall deal sourcing capabilities should enable them to maximize deal flow, support a highly selective investment process, and afford us the opportunity to establish favorable portfolio diversification.

***Investment Evaluation.*** Each investment team intends to utilize a systematic, consistent approach to credit and portfolio company evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging as well as accretive growth and exit assumptions under a "base case" set of projections (the "Base Case"); this Base Case generally reflects a more conservative estimate than the set of projections provided by a prospective portfolio company (the "Management Case") and that of the private equity sponsor purchasing/financing the portfolio company, as applicable. The key criteria that each investment team evaluates includes (i) strong and resilient underlying business fundamentals, (ii) a substantial equity cushion in the form of capital ranking junior in right of payment to our investment and (iii) a conclusion that the overall Base Case and, in most cases, the "Downside Case" allow for adequate debt repayment and deleveraging. In evaluating a particular investment opportunity, each investment team will put more emphasis on credit considerations (such as (i) debt repayment and deleveraging under a Base Case set of projections, (ii) the ability of the company to maintain a modest liquidity cushion under a Base Case set of projections, and (iii) the ability of the portfolio company to service its fixed charge obligations under a Base Case set of projections) than on profit potential and loan pricing (among other considerations both quantitative and qualitative). Each investment team's due diligence process for middle market investments will typically entail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a thorough review of historical and pro forma financial information (including both performance metrics and proposed capital structure and growth prospects);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meetings and discussions with management and financial sponsors and their advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a review of loan documents and material contracts impactful to the operation and profitability of the business in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third-party "quality of earnings" accounting due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when appropriate, background checks on key management and/or sponsors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third-party research relating to the company's business, industry, markets, products and services, customers, competitors and regulatory exposure/treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the commission of third-party analyses when appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sensitivity of Management Case and "sponsor case" projections; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• various comprehensive cash flow analyses and sensitivities.

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Each investment team's deal screening, underwriting, approval and closing processes are substantially similar. The following chart summarizes the investment process of the investment teams:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| ![business2a.jpg](ncdlc-20251231_g1.jpg) | ![business2a.jpg](ncdlc-20251231_g1.jpg) | ![business2a.jpg](ncdlc-20251231_g1.jpg) |
| •&nbsp;&nbsp;&nbsp;&nbsp;Assess each potential financing opportunity based on defined screening criteria, or "credit box", with a commitment to provide initial feedback in a timely manner<br>•&nbsp;&nbsp;&nbsp;&nbsp;Evaluate worthwhile transactions through staged "Early Read" or "Matrix" process which employs proprietary screening and underwriting templates<br>•&nbsp;&nbsp;&nbsp;&nbsp;Selected transactions clear the "Early Read" or "Matrix" process and enter due diligence | •&nbsp;&nbsp;&nbsp;&nbsp;Understand sponsor investment thesis and risk considerations<br>•&nbsp;&nbsp;&nbsp;&nbsp;Assess qualitative factors, e.g., management meetings and site visit<br>•&nbsp;&nbsp;&nbsp;&nbsp;Evaluate industry diligence to determine market position and competitive advantage<br>•&nbsp;&nbsp;&nbsp;&nbsp;Review quarterly earnings, industry reports, and consultant reports<br>•&nbsp;&nbsp;&nbsp;&nbsp;Produce financial models including management projections, proprietary base case projections, and break-even analysis | •&nbsp;&nbsp;&nbsp;&nbsp;Prepare Investment Approval Memorandum for review and approval by the applicable investment committee<br>•&nbsp;&nbsp;&nbsp;&nbsp;Review and negotiate transaction documents<br>•&nbsp;&nbsp;&nbsp;&nbsp;Closing Memo documents any changes from approval or provides results of any additional post-approval due diligence<br>•&nbsp;&nbsp;&nbsp;&nbsp;Closing Memo required for funding |

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***Execution.*** In executing transactions, each investment team will apply what it believes is a thorough, consistent approach to credit evaluation, and maintain discipline with respect to credit, pricing and structure to ensure the ultimate success of the financing. Upon completion of due diligence, the investment professionals working on a proposed portfolio investment will deliver a memorandum to the relevant investment committee(s). Once an investment has been approved by a unanimous vote of such investment committee, the memorandum will be delivered to our investment committee. Once an investment has been approved by a unanimous vote of our investment committee, it will move through a series of steps, including an in-depth review of documentation by deal teams, negotiation of final documentation, including resolution of business points and the execution of original documents held in escrow. Upon completion of final documentation, a portfolio investment is funded after execution of a final closing memorandum.

***Monitoring.*** The investment teams view active portfolio monitoring as a vital part of the investment process and further consider regular dialogue with company management and sponsors as well as detailed, internally generated monitoring reports to be critical to monitoring performance. The investment teams will implement a monitoring template designed to reasonably ensure compliance with these standards. This template will be used as a tool by the investment teams to assess investment performance relative to plan.

As part of the monitoring process, the investment teams have developed risk policies pursuant to which they will regularly assess the risk profile of our investments. The investment teams will rate each investment based on our "Internal Risk Ratings". For more information on the Internal Risk Ratings of our portfolio, see <u>[Part II, Item 7](#i8046fd6cdb8747a39c39abcbe0255a61_79)</u> of this Annual Report on Form 10-K "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity."*

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The investment teams monitor and, when appropriate, change the investment ratings assigned to each investment in our portfolio. Each investment team reviews the investment ratings in connection with monthly and quarterly portfolio reviews. In addition, the investment teams employ what they believe is a proactive monitoring approach as illustrated in the chart below:

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| | | | |
|:---|:---|:---|:---|
| **Daily/ weekly** | **Monthly** | **Quarterly** | **Ongoing** |
| •&nbsp;&nbsp;&nbsp;&nbsp;Weekly Joint Investment Team pipeline meeting<br>•&nbsp;&nbsp;&nbsp;&nbsp;Investment Team meeting as required<br>•&nbsp;&nbsp;&nbsp;&nbsp;Review news stories on borrowers/industries and market data via news wires and email alerts<br>•&nbsp;&nbsp;&nbsp;&nbsp;Assess potential covenant defaults<br>•&nbsp;&nbsp;&nbsp;&nbsp;Upgrades/downgrades of internal risk ratings evaluated by deal teams and senior management as information is learned | •&nbsp;&nbsp;&nbsp;&nbsp;Monthly meetings to discuss Management Notice and Watchlist Investments<br>•&nbsp;&nbsp;&nbsp;&nbsp;Evaluate internal risk rating<br>•&nbsp;&nbsp;&nbsp;&nbsp;Credit Surveillance Reports and/or Portfolio Review Templates updated monthly or quarterly following review of financials<br>•&nbsp;&nbsp;&nbsp;&nbsp;Conduct analysis of company results, industry trends, key ratios, and liquidity | •&nbsp;&nbsp;&nbsp;&nbsp;Senior management review of portfolio level metrics and trends<br>•&nbsp;&nbsp;&nbsp;&nbsp;Deals covered in portfolio review depend on internal risk rating with downgraded senior loan investments and all junior capital investments reviewed each quarter<br>•&nbsp;&nbsp;&nbsp;&nbsp;Review quarterly financials and compliance certificates<br>•&nbsp;&nbsp;&nbsp;&nbsp;Complete portfolio valuations<br>•&nbsp;&nbsp;&nbsp;&nbsp;Compare financials to prior year, budget, and the Base Case<br>•&nbsp;&nbsp;&nbsp;&nbsp;Evaluate cushion to breakeven cash flow and covenant default levels<br>•&nbsp;&nbsp;&nbsp;&nbsp;Review and confirmation of internal risk rating | •&nbsp;&nbsp;&nbsp;&nbsp;Amendments and waivers negotiated, approved, documented, and closed by deal team<br>•&nbsp;&nbsp;&nbsp;&nbsp;Conduct calls with agent, sponsor, and borrower as needed<br>•&nbsp;&nbsp;&nbsp;&nbsp;Junior Capital Investment Team attends advisory board meetings to the extent they have observation rights<br>•&nbsp;&nbsp;&nbsp;&nbsp;Monitor ESG risks, concerns and opportunities |

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**Use of Leverage**

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. We may borrow money from time to time if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, is at least 150%. See "Regulation as a Business Development Company — Senior Securities; Coverage Ratio" for more information regarding the foregoing and other regulatory considerations.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time, subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

We currently have a revolving credit facility and three term debt securitizations, and have issued the 6.650% Notes due 2030 (the "2030 Notes"). In the future we may enter into additional credit facilities and term debt securitizations, and may issue additional unsecured notes. We also had in place two special purpose vehicle asset credit facilities (the "Wells Fargo Financing Facility" and the "SMBC Financing Facility", and together with the Revolving Credit Facility, the "Financing Facilities"). The SMBC Financing Facility and the Wells Fargo Financing Facility were terminated on November 5, 2024 and January 23, 2025, respectively. *For more information on our Financing Facilities, the term debt securitizations, and the 2030 Notes, see <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u> to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K.*

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**Environmental, Social and Governance Polici**es

Churchill has established a Responsible Investing policy for its investment program. Churchill is focused on delivering attractive risk-adjusted returns to its clients, including the Company, while upholding the highest ethical standards. Churchill assesses material environmental, social and governance ("ESG") factors as part of its investment process, while upholding the highest ethical standards. Churchill assesses material environmental, social and governance ("ESG") factors as part of its investment process, which Churchill believes helps both create and protect value for its clients and is consistent with its fiduciary duties and efforts to maximize returns.

As part of its investment process, Churchill evaluates ESG-related risks that Churchill believes have the potential to damage a company's operations and reputation. During due diligence, Churchill's responsible investing team performs an analysis of each proposed portfolio company's operating history to identify material ESG risk factors to potentially minimize defaults and losses in its portfolio. Churchill's responsible investment team utilizes a proprietary ESG ratings template that applies a set of criteria against each proposed investment, the output of which helps to inform Churchill's determination of portfolio company suitability.

Churchill's ESG ratings template is designed to provide an assessment of a portfolio company's ESG risks and is intended to aid Churchill in evaluating the return and risk profile of a given investment. Using a proprietary ESG rating methodology, the template rates individual issuers based on its perceived level of ESG-related risks. Post-investment, portfolio companies are monitored on an ongoing basis. Churchill's investment teams conduct reviews with management teams and investment partners to discuss developments at the portfolio company, which may include a discussion of legal claims, complaints, or environmental issues, should they arise. When necessary, ESG updates are discussed at periodic portfolio review meetings in order to perform an ongoing risk assessment.

Churchill's Responsible Investing policy is updated as needed to reflect changing practices and industry standards. The consideration of ESG factors as part of Churchill's underwriting and portfolio management process, however, does not mean that the Company pursues a specific ESG investment strategy or that an investment will be selected solely on the basis of ESG factors. Investment decisions are made solely on the basis of pecuniary factors, including Churchill's determination that a particular investment features appropriate risk/reward characteristics, in particular the level of borrower creditworthiness and likelihood of repayment in light of all apparent risk factors, in order to arrive at a prudent assessment of the risk and return characteristics of such investment.Although Churchill's view is that considering ESG factors as part of the investment process could potentially enhance or protect the performance of investments over the long-term, Churchill cannot guarantee that any consideration of ESG factors will positively impact the performance of the Company.

**Competition**

Our primary competitors in providing credit investments to middle market companies include other BDCs, public and private funds, CLOs, commercial and investment banks, other middle market asset managers and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than those available to us. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than ours, which could allow them to consider a wider variety of investments and establish more relationships than those established by each of our investment teams. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do. We may lose investment opportunities if we do not match our competitors' pricing, terms or structure. If we are forced to match our competitors' pricing, terms or structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant part of our competitive advantage stems from the fact that the market for investments in middle market private U.S. companies is underserved by traditional commercial banks and other financial sources. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors have greater experience operating under, or are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. There cannot be any assurance that the competitive pressures faced by us will not have a material adverse effect on its business, financial condition and results of operations. See "Risk Factors – We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses" for further information.

**Human Resource Capital**

We do not have any employees and do not expect to have any employees. We depend on the investment expertise, skill and network of business contacts of the senior investment professionals of our sub-adviser, Churchill, who source, evaluate, negotiate, structure, execute, monitor and service our investments in accordance with the terms of the CAM Sub-Advisory Agreement.

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**The Private Offering**

Beginning with our initial closing in March 2020, we conducted private offerings of our shares of common stock to accredited investors. As a result of these private offerings, we received an aggregate of approximately $906.4 million from such private offerings. Following the final drawdown notice dated December 21, 2023 and due January 5, 2024, we had no undrawn capital commitments remaining.

**Regulation as a Business Development Company**

We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than "interested persons," as that term is defined in the 1940 Act.

In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by "a majority of our outstanding voting securities" as defined in the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

We generally are not able to issue and sell our common stock at a price below NAV per share. We may, however, issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV of our common stock if (1) our board of directors determines that such sale is in our best interests and the best interests of our shareholders, and (2) our shareholders approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities.

We also may be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, prior approval by the SEC.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. We also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the total outstanding voting stock of any investment company (including Section 3(c)(1) private funds and Section 3(c)(7) private funds), hold securities in the investment company having an aggregate value in excess of 5% of the aggregate value of the Company's total assets, or hold securities in investment companies having an aggregate value in excess of 10% of the value of the Company's total assets. With regard to that portion of our portfolio invested in securities issued by investment companies, if any, it should be noted that such investments might subject our shareholders to additional expenses as they will be indirectly responsible for the costs and expenses of such companies. None of our investment policies are fundamental, and thus may be changed without shareholder approval.

*Qualifying Assets.* Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission (the "SEC"). An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any eligible portfolio company controlled by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the Company already owns 60% of the outstanding equity of the eligible portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company, but may exist in other circumstances based on the facts and circumstances.

*Significant Managerial Assistance.* A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. A BDC must also offer to make available to the issuer of the qualifying assets significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance. The Administrator or its affiliate provides such services on our behalf to portfolio companies that accept our offer of managerial assistance.

*Temporary Investments.* Pending investment in other types of qualifying assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be qualifying assets. We may invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. government or its agencies.

*Issuance of Warrants, Options or Rights.* Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares of capital stock that it may have outstanding at any time. Under the 1940 Act, we may generally only offer warrants provided that (i) the warrants expire by their terms within ten years, (ii) the exercise or conversion price is not less than the current market value at the date of issuance, (iii) shareholders authorize the proposal to issue such warrants, and our Board approves such issuance on the basis that the issuance is in our best interests and the shareholders best interests and (iv) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, as well as options and rights, at the time of issuance may not exceed 25% of our outstanding voting securities. In particular, the amount of capital stock that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase capital stock cannot exceed 25% of the BDC's total outstanding shares of capital stock

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*Senior Securities; Asset Coverage Ratio.* We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if immediately after such borrowing or issuance, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, is at least 150%. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the asset coverage ratio requirement at the time of the dividend distribution or repurchase. We also will be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities. Our borrowings, whether for temporary purposes or otherwise, are subject to the asset coverage requirements of Section 61(a)(2) of the 1940 Act.

*Code of Ethics.* We and each of the Advisers are each subject to a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions by our officers and the Advisers' employees. We have also adopted a separate code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions by our independent directors. Individuals subject to these codes are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with such code's requirements. You may obtain copies of these codes of ethics by e-mailing our Adviser at NCDL-IR@churchillam.com, or by writing to our Adviser at Investor Relations c/o Churchill Asset Management, 375 Park Avenue, 9th Floor, New York, NY 10152. The code of ethics is also available on the EDGAR database on the SEC's Internet site at www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

*Affiliated Transactions.* The Company may be prohibited under the 1940 Act from conducting certain transactions with its affiliates without the prior approval of our independent directors and, in some cases, the prior approval of the SEC.

The Company expects to co-invest on a concurrent basis with other affiliates of the Company and the Advisers, unless doing so would be impermissible under existing regulatory guidance, applicable regulations, the terms of any exemptive relief granted to the Company and its affiliates, and the allocation procedures of Churchill. On August 5, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the "Order"). The Order supersedes the prior exemptive order granted on June 7, 2019 and amended on October 14, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company's participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company's compliance with the conditions of the Order, and the Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

*Other.* The Company will be periodically examined by the SEC for compliance with the 1940 Act and the Exchange Act, and are subject to the periodic reporting and related requirements of the Exchange Act.

The Company is also required to provide and maintain a bond issued by a reputable fidelity insurance company to insure against larceny and embezzlement. Furthermore, as a BDC, the Company is prohibited from protecting any director or officer against any liability to shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

The Company is also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

We intend to operate as a non-diversified management investment company; however, we may in the future be considered a diversified management investment company pursuant to the definitions set forth in the 1940 Act.

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**Proxy Voting Policies and Procedures**

The Board has delegated the responsibility for voting proxies relating to portfolio securities held by the Company to the Adviser, and has approved the delegation of such responsibility from the Adviser to Churchill, and has directed Churchill to vote proxies relating to portfolio securities held by the Company consistent with the duties and procedures set forth in Churchill's policies and procedures. Churchill may retain one or more vendors to review, monitor and recommend how to vote proxies in a manner consistent with the duties and procedures set forth in such policies and procedures, to ensure that such proxies are voted on a timely basis and to provide reporting and/or record retention services in connection with proxy voting for the Company.

Churchill acts as a fiduciary of the Company and must vote proxies in a manner consistent with the best interests of the Company and its shareholders. In discharging this fiduciary duty, Churchill must maintain and adhere to its policies and procedures for addressing conflicts of interest and must vote proxies in a manner substantially consistent with its policies, procedures and guidelines, as presented to the Board.

Churchill's proxy voting decisions are made by members of the applicable Investment Team who are responsible for monitoring each of our investments. Any actual or potential conflicts of interest between the Company and Churchill arising from the proxy voting process will be addressed by the application of Churchill's proxy voting procedures. In the event Churchill determines that a conflict of interest cannot be resolved under Churchill's proxy voting procedures, Churchill is responsible for notifying the Board or the Audit Committee of such irreconcilable conflict of interest and assisting the Board or the Audit Committee with any actions it determines are necessary.

***Proxy Policies***

Churchill will vote all proxies relating to our portfolio securities in the best interest of our shareholders. Churchill reviews on a case-by-case basis each proposal submitted to a shareholder vote to determine its impact on the portfolio securities held by the Company. Although Churchill will generally vote against proposals that may have a negative impact on our clients' portfolio securities, Churchill may vote for such a proposal if there exist compelling long-term reasons to do so. Churchill will abstain from voting only in unusual circumstances and where there is a compelling reason to do so. Churchill may retain one or more vendors to review, monitor and recommend how to vote proxies in a manner consistent with the duties and procedures set forth in its policies and procedures, to ensure that such proxies are voted on a timely basis and to provide reporting and/or record retention services in connection with proxy voting for the Company.

***Proxy Voting Records***

You may obtain information about how Churchill voted proxies by making a written request for proxy voting information to: Nuveen Churchill Direct Lending Corp., 375 Park Avenue, 9th Floor, New York, NY 10152, Attention: Chief Compliance Officer, Charmagne Kukulka or by emailing our investor relations team at NCDL-IR@churchillam.com.

**Privacy Policy**

The following information is provided to help investors understand what personal information the Company collects, how the Company protects that information and why, in certain cases, the Company may share information with select other parties.

In order to provide you with individualized service, the Company collects certain nonpublic personal information about you from information you provide on your subscription agreement or other forms (such as your address and social security number), and information about your account transactions with the Company (such as purchases of our shares and account balances). The Company may also collect such information through your account inquiries by mail, email, telephone, or website.

The Company does not disclose any nonpublic personal information about you to anyone, except as permitted by law. Specifically, so that the Company, the Advisers and their affiliates may continue to offer services that best meet your investing needs, the Company may disclose the information we collect, as described above, to companies that perform administrative or marketing services on behalf of the Company, such as transfer agents, or printers and mailers that assist us in the distribution of investor materials. These companies will use this information only for the services for which they have been hired, and are not permitted to use or share this information for any other purpose.

We will continue to adhere to the privacy policies and practices described in this notice if you no longer hold our shares of the Company.

The Company and the Advisers maintain internal security procedures to restrict access to your personal and account information to those officers and employees who need to know that information to service your account. The Company maintains physical, electronic and procedural safeguards to protect your nonpublic personal information.

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**Reporting Obligations**

We furnish our shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, as well as reports on Forms 3, 4 and 5 regarding directors, officers or 10% beneficial owners of us, filed or furnished pursuant to section 13(a), 15(d) or 16(a) of the Exchange Act, are available free of charge by contacting the Adviser at: 375 Park Avenue, 9th Floor, New York, NY 10152. Shareholders and the public may also view any materials we file with the SEC on the SEC's website (www.sec.gov).

**Taxation as a Regulated Investment Company**

We have elected, and intend to qualify annually, to be treated as a RIC under subchapter M of the Code; however, no assurance can be given that we will be able to qualify for and maintain RIC tax treatment. As a RIC, we generally will not be subject to U.S. federal income tax on any net ordinary income or capital gains that we timely distribute to our shareholders as dividends.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to be eligible to be taxed as a RIC, we generally must timely distribute to our shareholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses (the "Annual Distribution Requirement"). The following discussion assumes that we qualify as a RIC and have satisfied the Annual Distribution Requirement.

If we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• qualify as a RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfy the Annual Distribution Requirement,

then we will not be subject to U.S. federal income tax on the portion of our income that is timely distributed (or is deemed to be timely distributed) to our shareholders as dividends. We will be subject to U.S. federal income tax imposed at corporate rates on any income and capital gains that are not timely distributed (or deemed distributed) to our shareholders.

In addition, we will be subject to a nondeductible 4% U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner each calendar year an amount at least equal to the sum of (1) 98% of our net ordinary income for each calendar year, (2) 98.2% of the amount by which our capital gain exceeds our capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax (the "Excise Tax Distribution Requirement"). While we intend to make distributions to our shareholders in each taxable year that will be sufficient to avoid any U.S. federal excise tax on our earnings, there can be no assurance that we will be successful in entirely avoiding this tax.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to qualify as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale or other taxable disposition of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships" (as defined in the Code), or other income derived with respect to the business of investing in such stock or securities (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ at least 50% of the value of our assets consists of cash, cash items, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ no more than 25% of the value of our assets is invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) securities, other than securities of other RICs, of two or more issuers that are controlled by us and which are determined,under applicable Code rules, engaged in the same or similar or related trades or businesses or (iii) the securities of one or more "qualified publicly traded partnerships" (the "Diversification Tests").

For U.S. federal income tax purposes, we may be required to include in our taxable income certain amounts that we have not yet received in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue

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discount ("OID") (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in our taxable income in each year the portion of the OID that accrues over the life of the obligation, regardless of whether we receive cash representing such income in the same taxable year. We may also have to include in our taxable income other amounts that we have not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Because OID or other amounts accrued will be included in our investment company taxable income for the year of accrual and before we receive any corresponding cash payments, we may be required to make a distribution to shareholders in order to satisfy the Annual Distribution Requirement, even though we would not have received any corresponding cash payment.

Accordingly, to enable us to satisfy the Annual Distribution Requirement, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business). If we are unable to obtain cash from other sources to enable us to satisfy the Annual Distribution Requirement, we may fail to qualify as a RIC and, thus, become subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

We may be prevented by financial covenants contained in our debt financing agreements, if any, from making distributions to our shareholders. In addition, under the 1940 Act, we are generally not permitted to make distributions to our shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Limits on distributions to our shareholders may prevent us from satisfying the Annual Distribution Requirement and, therefore, may jeopardize our qualification for taxation as a RIC or subject us to the 4% U.S. federal excise tax.

Although we do not presently expect to do so, we may borrow funds and sell assets in order to make distributions to our shareholders that are sufficient for us to satisfy the Annual Distribution Requirement. However, our ability to dispose of assets may be limited by (i) the illiquid nature of our portfolio and/or (ii) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Distribution Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are unable to obtain cash from other sources to satisfy the Annual Distribution Requirement, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. We will monitor our transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC's investment company taxable income, but may carry forward such losses indefinitely and use them to offset capital gains. Due to these limits on the deductibility of expenses, over the course of one or more taxable years we may have, for U.S. federal income tax purposes, aggregate taxable income that we are required to distribute and that is taxable to our shareholders, even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a shareholder may receive a larger capital gain distribution than we would have received in the absence of such transactions.

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder's allocable share of the base management fee and incentive fees paid to the Advisers and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder, which are currently not deductible.

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**Failure to Qualify as a RIC** 

If we fail to qualify for treatment as a RIC, and certain relief provisions are unable to be satisfied, we will be subject to U.S. federal income tax on all of our taxable income at regular corporate rates, regardless of whether we make any distributions to our shareholders. Distributions would not be required, but if such distributions are paid, including distributions of net long-term capital gain, they would be taxable to our shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain holding period requirements and other limitations under the Code, our corporate shareholders would be eligible to claim a dividend received deduction with respect to such dividend and our non-corporate shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, we would be required to distribute all of our previously undistributed earnings attributable to the period we failed to qualify as a RIC by the end of the first year that we intend to requalify as a RIC. If we fail to requalify as a RIC for a period greater than two taxable years, we may be subject to U.S. federal income tax imposed at regular corporate rates on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five years.

**ITEM 1A. RISK FACTORS** 

*You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K and the other reports and documents filed by us with the SEC. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us also may impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value and the trading price of our common stock could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours.*

The following is a summary of the principal risk factors associated with an investment in the Company. Further details regarding each risk included in the below summary list can be found further below.

***We are subject to risks related to our business and structure.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We depend upon the senior management of Churchill for our success, and upon the strong referral relationships of Churchill's investment professionals with financial institutions, sponsors and investment professionals. Any inability of Churchill to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be conflicts related to obligations that senior investment professionals of the Advisers and members of their investment committees have to other clients. There may be conflicts related to the investment and related activities of TIAA and the Advisers and these conflicts could prevent us from making or disposing of certain investments on the terms desired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The recommendations that Churchill gives to us may differ from those rendered to its other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management and incentive fee structure may create incentives for Churchill and certain of its investment professionals that are not fully aligned with the interests of our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to U.S. federal income tax imposed at corporate rates on our earnings if we are unable to qualify or maintain our qualification as a RIC under subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a BDC affect our ability to and the way in which we raise additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many of our portfolio investments will be recorded at fair value as determined in good faith by the Adviser, as the Valuation Designee, subject to the oversight of the Board, and, as a result, there may be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience fluctuations in our quarterly operating results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic, political and market conditions may adversely affect our business or cause us to alter our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are currently operating in a period of significant market disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New or modified laws or regulations governing our operations could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.

***We are subject to risks related to our operations.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic recessions or downturns could impair our portfolio companies and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We typically invest in middle market, privately owned companies, which may present a greater risk of loss than loans to larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to risks associated with our investments in Senior Loans, unitranche secured loans and securities, junior debt securities, "covenant-lite" loans and equity-related securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defaults by our portfolio companies will harm our operating results.

***We are subject to risks relating to an investment in our unsecured notes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 2030 Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 2030 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including the term debt securitizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to repurchase the 2030 Notes upon a Change of Control Repurchase Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2030 Notes.

**Risks Related to our Business and Structure**

***We are currently operating in a period of significant market disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.***

From time to time, capital markets may experience periods of disruption and instability. Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the ongoing conflicts in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effect of this volatility has materially impacted and could continue to materially impact our market risks. We anticipate our portfolio companies would be materially and adversely affected by any prolonged economic downturn or recession in the United States and other major markets. In addition, disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets.

The current economic conditions have resulted in an adverse impact on the ability of lenders to originate loans, the volume, type, and quality of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available to us for investment and our returns, among other things. The U.S. credit markets (in particular for middle market loans) have experienced the following, among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their

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loans and increased uses of PIK features; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues.

These conditions and future market disruptions and/or illiquidity could have an adverse effect on our (and our portfolio companies') business, financial condition, results of operations and cash flows. Ongoing unfavorable economic conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to our portfolio companies and/or us. These events have limited and could continue to limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions, fluctuations in interest rates or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations.

While we intend to continue to source and invest in new loan transactions to U.S. middle market companies, we cannot be certain that we will be able to do so successfully or consistently. A lack of suitable investment opportunities may impair our ability to make new investments, and may negatively impact our earnings and result in decreased dividends to our shareholders.

If current economic conditions continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income, which would have a material adverse effect on our business, financial condition or results of operations. We also continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States, which could adversely impact our results of operations and financial condition.

We will need to raise additional capital in the future in order to continue to make investments in accordance with our business and investing strategy and to pursue new business opportunities. Ongoing disruptive conditions in the financial industry and the impact of new legislation in response to those conditions could restrict our business operations and could adversely impact our results of operations and financial condition.

In addition, we generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to qualify as a RIC. As a result, these earnings will not be available to fund new investments. An inability to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which may have a material adverse effect on our business, results of operations and financial performance.

We cannot be certain as to the duration or magnitude of the ongoing economic condition in the markets in which we and our portfolio companies operate and corresponding declines in economic activity that may negatively impact the U.S. economy and the markets for the various types of goods and services provided by U.S. middle market companies. Depending on the duration, magnitude and severity of these conditions and their related economic and market impacts, certain of our portfolio companies may suffer declines in earnings and could experience financial distress, which could cause them to default on their financial obligations to us and their other lenders. In consideration of these and related factors, we have downgraded our internal ratings with respect to certain portfolio companies and may make additional downgrades with respect to other portfolio companies in the future as conditions warrant and new information becomes available.

***Our financial condition and results of operations depend on our ability to manage our business effectively.***

Our ability to achieve our investment objective and grow depends on our ability to manage our business. This depends, in turn, on the ability of Churchill to identify, invest in and monitor companies that meet our investment criteria. The achievement of our investment objective depends upon Churchill's execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Adviser is responsible for the overall management of the Company's activities pursuant to the Advisory Agreement and has delegated substantially all of its day-to-day portfolio management responsibilities to Churchill pursuant to the CAM Sub-Advisory Agreement. The origination professionals and other personnel of Churchill and its affiliates may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. Our results of operations depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies, it could negatively impact our ability to pay dividends or other distributions and you may lose all or part of your investment.

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***We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.***

We compete with a number of specialty and commercial finance companies to make the types of investments that we make in middle market companies, including BDCs, traditional commercial banks, private investment funds, regional banking institutions, small business investment companies, investment banks and insurance companies. Additionally, with increased competition for investment opportunities, alternative investment vehicles, such as hedge funds may seek to invest in areas they have not traditionally invested in or from which they had withdrawn during the economic downturn, including investing in middle market companies. As a result, competition for investments in middle market companies has intensified, and we expect that trend to continue. Certain of our existing and potential competitors are large and may have greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we offer. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we are forced to match our competitors' pricing, terms and structure, however, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss.

Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to obtain and maintain our RIC tax treatment. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective.

***Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.***

Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

***We are exposed to risks associated with changes in interest rates.***

General interest rate fluctuations may have a negative impact on our investments and our investment returns and, accordingly, may have a material adverse effect on our investment objective and our net investment income.

The Federal Reserve has reduced its benchmark interest rate by 0.25% in each of September 2025, October 2025 and December 2025, bringing the benchmark rate to the 3.50% to 3.75% range. While the Federal Reserve has indicated that there may be additional rate cuts in the future, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. Because we have borrowed and intend to continue to borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. A prolonged period of elevated interest rates can make it more expensive to use debt to finance our investments.

It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which could have a material adverse effect on our business, results of operations and financial condition. If interest rates decline and we are in a prolonged low-interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net investment income. Conversely, in an elevated interest rate environment, such difference could potentially increase thereby increasing our net investment income. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in our shares of common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock. Further, elevated interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. See "Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

In future periods of rising interest rates, to the extent we borrow money subject to a floating interest rate (such as under the Revolving Credit Facility), our cost of funds would increase, which could reduce our net investment income if there is not a

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corresponding increase in interest income generated by our investment portfolio. Further, elevated interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or "floor") interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, high interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate.

If interest rates rise, there is also a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

***We are exposed to risks associated with hedging transactions.***

We seek to hedge against interest rate and credit risk by using structured financial instruments such as interest rate swaps, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase our losses. Further, hedging transactions may reduce cash available to pay distributions to our shareholders.

The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging. In connection with our issuance of the 2030 Notes, which bear interest at a fixed rate, we entered into interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which predominately consists of floating rate loans. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.

***We may experience fluctuations in our quarterly operating results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire and the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in the markets in which we operate and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***The effect of global climate change may impact the operations and valuation of our portfolio companies.***

Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial condition through, for example, decreased revenues, which may, in turn, impact the valuation of such portfolio companies. Extreme weather events (including wildfires, droughts, hurricanes, and floods) in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions, which, in turn, may impact the business operations of our portfolio companies.

Some of our portfolio companies may periodically become subject to new or strengthened regulations or legislation to address global climate change, which could increase their operating costs and/or decrease their revenues, which may, in turn, impact their ability to make payments on our investments.

***Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.***

Our business faces increasing public scrutiny related to ESG activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency, and the consideration of ESG factors in our investment processes. Additionally, we risk damage to our brand and reputation if Churchill fails

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to originate, underwrite and manage assets on our behalf consistent with its ESG disclosures and practices. Adverse incidents with respect to ESG activities could impact the value of Churchill's and the Company's brand, the cost of our operations, and our relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could increase our costs and adversely affect our business.

On the other hand, we may similarly face damage to our brand or reputation if we do not adequately address differing stakeholder and regulator perspectives on ESG policies and disclosure. Some stakeholders have increasingly expressed opposing views and investment expectations with respect to ESG initiatives, and certain regulators, including federal agencies, state legislatures, and the U.S. Congress, have proposed, enacted, or indicated an intent to pursue, "anti-ESG" policies or initiated related investigations or litigation. This divergence increases the risk that any action or lack thereof, with respect to ESG matters will be perceived negatively by at least some stakeholders and could adversely impact our reputation and business. Rules, regulations and stakeholder expectations concerning ESG matters have been subject to increased attention and shifting focus in recent years. If Churchill fails, or is perceived to fail, to comply with applicable rules, regulations and stakeholder expectations, it could negatively impact our reputation and our business results. Regional and investor specific sentiment may differ in what constitutes a material positive or negative ESG corporate practice. There is no guarantee that Churchill's ESG and sustainability practices will uniformly fit every investor's definition of best practices for all environmental, social and governance considerations across geographies and investor types. If we do not successfully manage expectations across varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our investment opportunities.

Churchill's consideration of ESG factors could, to the extent material economic risks or opportunities associated with an investment are identified, cause Churchill to consider taking a different action than may have been taken in the absence of such consideration, which could cause us to perform differently compared to funds or other investors that do not consider such risks and opportunities.

The consideration of ESG factors as part of Churchill's underwriting and portfolio management process, however, does not mean that the Company pursues a specific ESG investment strategy or that an investment will be selected solely on the basis of ESG factors. Investment decisions are made solely on the basis of pecuniary factors, including Churchill's determination that a particular investment features appropriate risk/reward characteristics, in particular the level of borrower creditworthiness and likelihood of repayment in light of all apparent risk factors, in order to arrive at a prudent assessment of the risk and return characteristics of such investment. Although Churchill's view is that considering ESG factors as part of the investment process could potentially enhance or protect the performance of investments over the long-term, Churchill cannot guarantee that any consideration of ESG factors will positively impact the performance of the Company.

***The data we use to make ESG-related determinations may not guarantee that our investments satisfy applicable ESG criteria.***

Churchill receives ESG-related data from third parties and evaluates potential investments in part based on third-party ESG rating systems. The criteria used in these ratings systems may conflict with actual results and may change frequently. We cannot predict how these third parties will score our portfolio companies nor can we have any assurance that they score our portfolio companies accurately.

***Downgrades of the U.S. credit rating, impending automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings.***

U.S. debt ceiling and budget deficit concerns have increased the possibility of credit-rating downgrades or a recession in the United States. U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, but there is no guarantee that any such legislation will be passed in the future. Additionally, concerns over the United States' budget deficit have led ratings agencies to lower, or threaten to lower, the long-term sovereign credit rating of the United States, including downgrades by Fitch from AAA to AA+ in August 2023 and by Moody's from AAA to AA1 in May 2025. There is no guarantee that there will not be further downgrades or downgrades by other ratings agencies in the future.

The impact of the increased debt ceiling and/or downgrades to the U.S. government's sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. These developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time, including most recently in the fall of 2025, and future disagreements may lead to additional shutdowns during periods of budget negotiation. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

***U.S. policy changes may adversely affect our business.***

Political and governmental shifts in the United States have led to changing stances on numerous domestic and international issues. These changes, along with the resulting economic uncertainty, could impact our ability to source, negotiate, execute, manage, or exit investments. Actions taken by the United States government domestically, in the Western hemisphere, or globally may have

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significant global effects—including on market and financial conditions, trade policies, tax rates, legal or regulatory regimes and broader economic and social dynamics. Such actions could also prompt additional reciprocal, retaliatory, or responsive measures from other countries, regional blocs (including the European Union), corporations, or other market participants. The United States has taken certain actions to, and has indicated that it may continue to seek to, withdraw from, renegotiate, amend, rescind or not abide by certain agreements, policies, regulations, statutes and other measures, and could pursue policy outcomes that may diverge significantly from prior assumptions. However, the specific measures that will be further implemented or enacted, as well as their impact on us and our portfolio companies, remain uncertain and could change frequently. Any such developments could materially affect our projections, goals, assumptions, targets, estimates, forecasts, strategies or plans in ways that cannot currently be determined with any certainty, including through effects (inside and outside the United States) on the desirability of certain financial or nonfinancial assets, the investability of certain countries or regions, the business prospects of certain industries, the certainty or predictability of legal systems and otherwise.

***Global economic, political and market conditions may adversely affect our business or cause us to alter our business strategy.***

The current worldwide financial market situation, as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility, have long-term effects on the U.S. and worldwide financial markets, and cause economic uncertainties or deterioration in the United States and worldwide. The U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt, which created concerns about the ability of certain nations to continue to service their sovereign debt obligations. Risks resulting from such debt crisis, including any austerity measures taken in exchange for bailout of certain nations, and any future debt crisis in Europe or any similar crisis elsewhere could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in certain countries and the financial condition of financial institutions generally.

The United Kingdom has ended its membership in the European Union and entered into certain agreements with the European Union to govern the future relationship between the parties. Such agreements implement significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the United Kingdom and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European Union jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies.

***New or modified laws or regulations governing our operations could adversely affect our business.***

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any new or changed laws or regulations, as well as changes in the positions of regulatory agencies, which may lead to changes in the level of oversight in the financial service industry, could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. The nature, timing and economic effects of any potential changes to the current legal and regulatory framework affecting the financial service industry remains uncertain.

The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation, could negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and could be subject to civil fines and criminal penalties.

We invest in securities of issuers that are subject to governmental and non-governmental regulations, including by federal and state regulators and various self-regulatory organizations. Companies participating in regulated activities could incur significant costs to comply with these laws and regulations. If a company in which we invest fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating restrictions or criminal prosecution, any of which could materially and adversely affect the value of our investment.

Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, could cause us to alter our investment strategy in order to avail ourselves of new or different opportunities or result in the imposition of U.S. federal income taxes on us. Such changes could result in material differences to our strategies and plans and could shift our investment focus from the areas of expertise of Churchill to other types of investments in which Churchill may have little or no expertise or experience.

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Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of an investment in us. If we invest in commodity interests in the future, the Advisers could determine not to use investment strategies that trigger additional regulation by the U.S. Commodity Futures Trading Commission ("CFTC") or could determine to operate subject to CFTC regulation, if applicable. If we or the Advisers were to operate subject to CFTC regulation, we could incur additional expenses and would be subject to additional regulation.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulations. While it cannot be known at this time whether any such regulations will be implemented or what forms they will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations. On the other hand, regulatory changes in the traditional banking sector may provide more flexibility to bank lenders and increase competition for the types of investments that we make.

***We cannot predict how new tax legislation will affect us, our Advisers, our investments, or our shareholders, and any such legislation could adversely affect our business.***

Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income tax are subject to ongoing review by the legislative branch, the Internal Revenue Service, and the U.S. Treasury Department. The likelihood of any such legislation being enacted is uncertain. New legislation, U.S. Treasury Regulations, administrative interpretations or court decisions interpreting such legislation could have adverse consequences, including significantly and negatively affecting our ability to qualify as a RIC or otherwise negatively impacting the U.S. federal income tax consequences applicable to us and our investors as a result of such qualification. Investors are urged to consult with their tax advisor regarding legislative, regulatory, or administrative tax developments and proposals and their potential effect on an investment in our shares.

***Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.***

The U.S. government continues to enact and propose the imposition of new tariffs on specific countries and commodities, and may in the future increase or propose additional tariffs. In response, certain foreign trading partners, and others in the future, may impose retaliatory tariffs on certain U.S. goods or take other actions with respect to U.S. trade barriers. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court's decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA.

The foregoing trade policy landscape has created significant uncertainty about the future relationship between the United States and certain other countries with respect to trade policies, treaties and new and increased tariffs. These developments, or the continued uncertainty relating to U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has increased market volatility. Additionally, trade tensions, political disagreements, and regulatory concerns from trading partners may make customers, governments and investors more hesitant to engage with, purchase from, or invest in U.S.-based companies.

Any of these factors could depress economic activity and restrict certain of our portfolio companies' access to suppliers or customers, and increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. The foregoing may adversely affect the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations, which could cause the net asset value of our shares of common stock to decline. It is not possible to predict the impact that these or similar future events will have on the United States and other economies, specific industries, us or our underlying portfolio companies from an economic, tax or regulatory perspective, but any such impact could be material and adverse for us.

***The Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse.***

Our Board has the authority, except as otherwise prohibited by the 1940 Act or the Maryland General Corporation Law ("MGCL"), to modify or waive certain of our operating policies and strategies without prior notice and without shareholder approval. However, absent shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business,

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operating results and the price value of our shares. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions.

***Terrorist attacks, acts of war, global health emergencies or natural disasters may affect any market for our shares, impact the businesses in which we invest and harm our business, operating results and financial condition.***

Terrorist acts, acts of war, global health emergencies or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, global health emergencies or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, global health emergencies and natural disasters are generally uninsurable.

In late February 2022, Russia launched a large-scale military attack on Ukraine, and the ongoing conflict has resulted in geopolitical volatility among Russia, Ukraine, Europe, NATO and other western countries, including the United States. In response to continued military action by Russia, various countries, including the United States, the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact various sectors of the Russian economy, including, but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors. Such sanctions may result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals; weaken the value of the ruble; downgrade the country's credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have divested their interests or otherwise curtailed business dealings with certain Russian businesses.

In addition, the ongoing conflicts in Europe and the Middle East and escalating tensions in the region may create volatility and disruption of global markets.

The ramifications of the conflicts and sanctions, however, may not be limited to Russia, Europe and the Middle East and Russian, European or Middle Eastern companies, respectively, but may extend to and negatively impact other regional and global economic markets (including the United States), companies in other countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and any further expansion of ongoing conflicts could increase financial market volatility, negatively impact regional and global economic markets, and have a negative effect on our investments and performance, which may, in turn, impact the valuation of such portfolio companies. In addition, parties in such conflicts may take retaliatory actions such as cyberattacks or espionage against other countries and companies around the world, and any such countermeasures could negatively impact such countries and/or the companies in which we invest. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on our performance and the value of an investment in us.

***The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.***

We, and others in our industry, are the targets of malicious cyber activity, which we work hard to prevent. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. The rapid evolution and scale of artificial intelligence technologies also may increase the likelihood or effectiveness of a cyberattack against us, the Advisers, our third-party service providers, or the portfolio companies in which we invest. For example, artificial intelligence-enabled fraud can materially impact the effectiveness of our traditional cybersecurity controls by accelerating and scaling social engineering, creating realistic synthetic documents, and defeating common authentication methods.

The Advisers and third-party service providers with which we do business depend heavily upon computer systems to perform necessary business functions. We also rely on the communications and information technology systems that the Advisers share with TIAA, the ultimate parent company of the Advisers. Despite the implementation of a variety of security measures, computer systems could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware), physical and electronic break-ins or unauthorized tampering. The Advisers and their affiliates, including TIAA, may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other

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information processed and stored in, and transmitted through, the Advisers' computer systems and networks, or otherwise cause interruptions or malfunctions in operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory enforcement action and penalties and/or customer dissatisfaction or loss. Due to their reliance on TIAA's information technology infrastructure, the failure of cybersecurity protection systems or a material cybersecurity event experienced by TIAA would likely have a direct impact on the Advisers and impair our ability to conduct business effectively. Additionally, if a significant number of the members of our management were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised.

Third parties with which we do business are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee and borrower information. Cybersecurity failures or breaches by our Advisers and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the portfolio companies in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisition, use, alteration or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

The portfolio companies in which we invest are subject to similar risks, and any cybersecurity failures or breaches by such portfolio companies, or any of their third-party service providers, could adversely affect the portfolio company's results of operations and financial condition, as described above.

Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. For example, the SEC adopted rules requiring disclosure of material cybersecurity incidents and disclosure relating to cybersecurity risk management, and amendments to Regulation S-P governing policies and procedures designed to address unauthorized access to customer information. We may face increased costs to comply with any new or changing regulations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. Currently, we are covered under TIAA's insurance policy relating to cybersecurity risks; however, we may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

We and our service providers may be impacted by operating restrictions, which may include requiring employees to continue to work from remote locations. Policies of extended periods of remote working, whether by us or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit weaknesses in a remote work environment. Accordingly, the risks described above are heightened under current conditions, which may continue for an unknown duration.

***We may be subject to risks associated with artificial intelligence.***

Recent technological advances in artificial intelligence and machine learning technology may pose risks to us and our portfolio companies. We and the Advisers may utilize artificial intelligence tools in our business activities, including generative artificial intelligence technologies, machine learning, data analytics, and aggregation tools. The use of artificial intelligence is in its early stages, and ineffective or inadequate development or deployment could be costly and may involve unforeseen difficulties, such as undetected errors or material performance issues. Additionally, whether or not known to us, third-party service providers or other counterparties of ours or our portfolio companies may use artificial intelligence and machine learning technology in their business activities.

Because artificial intelligence is reliant on the collection and analysis of large amounts of data, the effectiveness of the results generated by such technology could be impacted by inaccuracies and/or errors, which may be material. To the extent that we or our portfolio companies are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our investments. Artificial intelligence and its applications, including in the investment management and capital markets industries, continue to develop rapidly, and it is impossible to predict the future risks applicable to us that may arise from such developments.

In addition, regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. We cannot predict what, if any, actions may be taken or the impact such actions may have on our business and results of operations. Uncertainty in the legal and regulatory regime relating to artificial intelligence, such as evolving review by the SEC, the U.S. Federal

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Trade Commission, and other U.S. and non-U.S. agencies and regulators, may require significant resources to modify and maintain business practices to comply with such regulations.

***Our business is dependent on bank relationships and any strain on the banking system may adversely impact us.***

The financial markets have periodically encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that have experienced significant losses in connection with previous events of insolvency. In such distress events, it may be difficult for such banks to fund demands to withdraw deposits and other liquidity needs. Although the federal government previously announced measures to assist these banks and protect depositors, there can be no assurance that similar measures will be implemented during future periods of volatility. Our business is dependent on bank relationships, including small and regional banks, and we proactively monitor the financial health of banks with which we (or our portfolio companies) do or may in the future do business. To the extent that our portfolio companies work with banks that are negatively impacted by the foregoing, such portfolio companies' ability to access their own cash, cash equivalents and investments may be threatened. In addition, such affected portfolio companies may not be able to enter into new banking arrangements or credit facilities, or receive the benefits of their existing banking arrangements or credit facilities. Any such developments could harm our business, financial condition, and operating results, and prevent us from fully implementing our investment plan. Any continued strain on the banking system may adversely impact our business, financial condition and results of operations.

***If the Advisers or the Administrator are unable to maintain the availability of their electronic data systems and safeguard the security of their data, their and our ability to conduct business may be compromised, which could impair liquidity, disrupt business, damage their and our reputation and cause losses.***

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, the Advisers, and the Administrator are subject to cybersecurity risks. Information cybersecurity risks have significantly increased in recent years and, while we, the Advisers and the Administrator have not experienced any material losses relating to cyber-attacks or other information security breaches, we could suffer such losses in the future. The Advisers' and the Administrator's computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code, network failures, computer and technology failures, infiltration by unauthorized persons and other security breaches, usage errors by their respective professionals or service providers, or other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information relating to shareholders (and their beneficial owners) and sensitive business data (including material nonpublic information of our portfolio companies), processed and stored in, and transmitted through, the Advisers' and the Administrator's computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our customers or counterparties. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations and the business, financial condition or results of operations of the Advisers, the Administrator and their affiliates. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In the future, the Advisers, the Administrator and our portfolio companies may be required to expend significant additional resources to modify their protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. In addition, we, the Advisers and the Administrator may be subject to litigation and financial losses that are not fully insured.

Third parties with which we, the Advisers, the Administrator, and our portfolio companies do business also may be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee and borrower information. While we, the Advisers, the Administrator, and our portfolio companies engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Further, the continued remote working conditions have heightened ours and our portfolio companies' vulnerability to a cybersecurity risk or incident.

***We may incur lender liability as a result of our lending activities.***

A number of judicial decisions have upheld the right of borrowers and others to sue lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has either violated a duty, whether implied or contractual, of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. We may be subject to allegations of lender liability, which could be time-consuming and expensive to defend and result in significant liability.

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***We may incur liability as a result of providing managerial assistance to our portfolio companies.***

In the course of providing significant managerial assistance to certain portfolio companies, certain of our management and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of investments in these companies, our management and directors may be named as defendants in such litigation, which could result in an expenditure of our funds, through our indemnification of such officers and directors, and the diversion of management time and resources.

***Churchill may not be able to achieve the same or similar returns as those achieved by our senior management and investment personnel while they were employed at prior positions.***

The track record and achievements of the senior investment professionals of Churchill are not necessarily indicative of future results that will be achieved by Churchill. As a result, Churchill may not be able to achieve the same or similar returns as those previously achieved by the senior investment professionals of Churchill.

***Soft dollars and research received and conducted on our behalf will be shared by others.***

We may bear more or less of the costs of soft dollar or other research benefits compared to other clients of Churchill, Nuveen Asset Management and each of their respective affiliates who benefit from such products or services. These research products or services may and will also benefit and be used to assist other clients of Churchill and its affiliates. Research generated for Churchill's credit strategy on our behalf will be used to benefit other investment strategies managed by Churchill and its affiliates, including the investment strategies of NC SLF Inc., Nuveen Churchill Private Capital Income Fund, Nuveen Churchill BDC V, Corient Registered Alternatives Fund and other funds and accounts that Churchill manages. Furthermore, Churchill's implementation of a credit strategy on our behalf will rely on its affiliates' research efforts to manage the client/fund portfolios of such affiliates.

***There are significant financial and other resources necessary to comply with the requirements of being an SEC reporting entity, and non-compliance may adversely affect us.***

As a public entity, we are subject to the reporting and operating requirements of the Exchange Act, the Sarbanes-Oxley Act, and the NYSE listing rules. These requirements may place a strain on our systems and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, as well as requires that our independent registered public accounting firm to attest to the effectiveness of our internal controls over financial reporting. We also are required to review on an annual basis our internal controls over financial reporting, and evaluate and disclose changes in our internal controls over financial reporting on a quarterly basis. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight will be required. We have implemented procedures, processes, policies and practices for the purpose of addressing such standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We expect to incur significant additional annual expenses related to these act and, among other things, directors' and officers' liability insurance, director fees, reporting requirements of the SEC, transfer agent fees, additional administrative expenses payable to the Administrator to compensate them for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses.

If we are not able to implement the requirements of the Sarbanes-Oxley Act with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, violations of the NYSE listing rules, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting. This could materially adversely affect us and lead to a decline in the market price of our shares.

**Risks Related to Our Operations and Investments**

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Many of our portfolio companies will be susceptible to economic slowdowns or recessions, and as a result, may be unable to repay our loans during these periods. Therefore, any non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments and could lead to financial losses in our portfolio and a corresponding decrease in revenues, net income and assets.

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Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. It is possible that we could become subject to a lender liability claim, including as a result of actions taken if we or Churchill render significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we or Churchill provided managerial assistance to that portfolio company or otherwise exercise control over it, a bankruptcy court might re-characterize our debt as a form of equity and subordinate all or a portion of our claim to claims of other creditors.

***Our investments in leveraged portfolio companies may be risky, and we could lose all or part of our investment.***

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. In addition, our junior secured loans are generally subordinated to senior loans. As such, other creditors may rank senior to us in the event of an insolvency.

***We typically invest in middle market, privately owned companies, which may present a greater risk of loss than loans to larger companies.***

We invest in loans to middle market, privately owned companies. Compared to larger, publicly traded firms, these companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position and may need more capital to expand, compete and operate their business. In addition, many of these companies may be unable to obtain financing from public capital markets or from traditional sources, such as commercial banks. Accordingly, loans made to these types of borrowers may entail higher risks than loans made to companies that have larger businesses, greater financial resources or are otherwise able to access traditional credit sources on more attractive terms.

Investing in middle market, privately owned companies involves a number of significant risks, including, but not limited to, that middle market companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• typically have more limited access to the capital markets, which may hinder their ability to refinance borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be unable to refinance or repay at maturity the unamortized loan balance as we structure our loans such that a significant balance remains due at maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally have less predictable operating results, may be particularly vulnerable to changes in customer preferences or market conditions, and may depend on one or a limited number of major customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may be parties to litigation from time to time, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally have less publicly available information about their businesses, operations and financial condition, and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and may lose all or part of our investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may utilize off-balance sheet arrangements or maintain obligations that are not fully reflected on their balance sheets, such that we may not be able to identify, diligence or quantify the risks associated with our financing to such portfolio company.

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Any of these factors or changes thereto could impair a portfolio company's financial condition, results of operation, cash flow or result in other adverse events, such as bankruptcy, any of which could limit a portfolio company's ability to make scheduled payments on loans from us. This, in turn, may lead to their inability to make payments on outstanding borrowings, which could result in losses in our loan portfolio and a decrease in our net interest income and book value. Further, a portfolio company's off-balance sheet obligations may increase that borrower's effective leverage, reduce free cash flow and elevate default risk beyond what is apparent from the portfolio company's financial statements or management reports, which may result in a miscalculation of the risk of our investment.

***We are subject to risks associated with our investments in senior loans.***

We invest in senior loans, which are usually rated below investment grade or also may be unrated. As a result, the risks associated with senior loans may be considered by credit rating agencies to be similar to the risks of below investment grade fixed-income instruments. Investments in senior loans rated below investment grade are considered speculative because of the credit risk of the company incurring the indebtedness. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to us, and such defaults could have a material adverse effect on our performance. An economic downturn would generally lead to a higher non-payment rate, and a senior loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value.

There may be less readily available and reliable information about most senior loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act or registered under the Exchange Act. As a result, Churchill will rely primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. Therefore, we will be particularly dependent on the analytical abilities of Churchill.

In general, the secondary trading market for senior secured loans is not well developed. No active trading market may exist for certain senior loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that we may not be able to sell senior loans quickly or at a fair price. To the extent that a secondary market does exist for certain senior loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

***We are subject to risks associated with our investments and trading of liquid assets, including broadly syndicated loans.***

From time to time, we may invest in liquid assets, such as broadly syndicated loans, high yield bonds, structured finance securities, shares of investment companies and other instruments that may be traded in public or institutional financial markets and have a readily available market value. These investments may expose us to various risks, including with respect to liquidity, price volatility, interest rate risk, ability to restructure in the event of distress, credit risks and less protective issuing documentation, than is the case with the private middle market loans that comprise the majority of our investment portfolio. Certain of these instruments may be fixed rate assets, thereby exposing us to interest rate risk in the valuation of such investments. Additionally, the financial markets in which these assets may be traded are subject to significant volatility (including due to macroeconomic conditions), which may impact the value of such investments and our ability to sell such instruments without incurring losses. The foregoing may result in volatility in the valuation of our liquid investments (including in any broadly syndicated loans that we invest in), which would, in turn, impact our NAV. Similarly, a sudden and significant increase in market interest rates may increase the risk of payment defaults and cause a decline in the value of these investments and in our NAV. We may sell our liquid investments (including broadly syndicated loans) from time to time in order to generate proceeds for use in our investment program, and we may suffer losses in connection with any such sales, due to the foregoing factors. We may not realize gains from our investments in liquid assets and any gains that we realize may not be sufficient to offset any other losses we experience.

***We are subject to risks associated with our investments in junior or subordinated debt securities.***

We invest in junior debt securities, which may be subordinated to substantial amounts of a portfolio company's senior debt, all or a significant portion of which may be secured. Such junior or subordinated investments may be characterized by greater credit risks than those associated with the senior obligations of the same portfolio company. These subordinated securities may not be protected by financial covenants, such as limitations on the incurrence of additional indebtedness, that may apply to certain types of senior secured debt instruments. Holders of junior and subordinated debt generally are not entitled to receive full payments in bankruptcy or liquidation until senior creditors are paid in full. In addition, the remedies available to holders of junior debt are normally limited by restrictions benefiting senior creditors.

In addition, subordinated investments are generally more volatile than secured loans and are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high loan-to-value ("LTV") ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt

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obligations. In the event a portfolio company that we invest in on a junior or subordinated basis cannot generate adequate cash flow to meet all of its debt obligations, we may suffer a partial or total loss of capital invested.

***We are subject to risks associated with our investments in unitranche secured loans and securities.***

We invest in unitranche secured loans, which are a combination of senior secured and junior secured debt in the same facility. Unitranche secured loans provide all of the debt needed to finance a leveraged buyout or other corporate transaction, both senior and junior, but generally in a first-lien position, while the borrower generally pays a blended, uniform interest rate rather than different rates for different tranches. Unitranche secured debt generally requires payments of both principal and interest throughout the life of the loan. Generally, we expect these securities to carry a blended yield that is between senior secured and junior debt interest rates. Unitranche secured loans provide a number of advantages for borrowers, including the following: simplified documentation, greater certainty of execution and reduced decision-making complexity throughout the life of the loan. In some cases, a portion of the total interest may accrue or be paid in kind. Because unitranche secured loans combine characteristics of senior and junior financing, unitranche secured loans have risks similar to the risks associated with senior secured and second-lien loans and junior debt in varying degrees according to the combination of loan characteristics of the unitranche secured loan.

***We are subject to risks associated with "covenant-lite" loans.***

We invest in "covenant-lite" loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we are exposed to "covenant-lite" loans, we may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

***We are subject to risks associated with syndicated loans.***

From time to time, our investments may consist of syndicated loans. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. In most cases, we do not expect to hold a sufficient amount of the indebtedness to be able to compel any actions by the agent. Accordingly, we may be precluded from directing such actions unless we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure you that the actions taken will be in our best interests.

There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.

***We are subject to risks associated with our investments in equity-related securities.***

We invest in equity-related securities, such as rights and warrants that may be converted into or exchanged for the issuer's common stock or the cash value of the issuer's common stock. The equity interests we hold may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we realize in the disposition of any equity interests may not be sufficient to offset any other losses we experience. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We may be unable to exercise any put rights we acquire, which would grant us the right to sell our equity securities back to the portfolio company, for the consideration provided in its investment documents if the issuer is in financial distress. Additionally, we may make equity or equity-related investments alongside a senior loan investment, which may result in conflicts related to the rights of those investments.

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***The loans we make in portfolio companies may become non-performing.***

A loan or debt obligation may become non-performing for a variety of reasons. Such non-performing loans may require substantial workout negotiations or restructuring that may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of the principal amount of the loan and/or the deferral of payments. In addition, such negotiations or restructuring may be quite extensive and protracted over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery. We also may incur additional expenses to the extent that it is required to seek recovery upon a default on a loan or participate in the restructuring of such obligation. Additionally, deterioration in a portfolio company's financial condition is often accompanied by deterioration in the value of the collateral securing our investment and any available collateral may prove to be unsaleable or saleable only at a price less than the loaned amount. The liquidity for defaulted loans may be limited, and, to the extent that defaulted loans are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon, which could result in a loss to us. In connection with any such defaults, workouts or restructuring, although we exercise voting rights with respect to an individual loan, we may not be able to exercise votes in respect of a sufficient percentage of voting rights with respect to such loan to determine the outcome of such vote.

***The lack of liquidity in our investments may adversely affect our business.***

Generally, all of our assets are invested in illiquid securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded these investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. However, to comply with the requirements applicable to us as a BDC and maintain our qualification as a RIC, we may have to dispose of investments if we do not satisfy one or more of the applicable criteria under the respective regulatory frameworks.

Additionally, any disruption in economic activity may have a negative effect on the potential for liquidity events involving our investments. The illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations.

***Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.***

We are required to carry our investments at market value or, if no market quotation is readily available, at fair value as determined in good faith by the Adviser as our Valuation Designee. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition and results of operations.

***Our portfolio companies may prepay loans, which may reduce stated yields if capital returned cannot be invested in transactions with equal or greater expected yields.***

Some of the loans and other investments that we make to our portfolio companies may be callable at any time, and many of them can be repaid with no premium to par. Whether a loan is called will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In addition, prepayments may occur at any time, sometimes without premium or penalty, and that the exercise of prepayment rights during periods of declining spreads could cause us to reinvest prepayment proceeds in lower-yielding instruments. In the case of some of these loans, having the loan called early may reduce our achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields.

***We are subject to risks associated with our investments in special situation companies.***

We may make investments in companies involved in (or the target of) acquisition attempts or tender offers, or companies involved in spin-offs and similar transactions. In any investment opportunity involving any such type of business enterprise, the transaction in which such business enterprise is involved will either be unsuccessful, take considerable time or result in a distribution

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of cash or a new security, the value of which will likely be less than the purchase price to us of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not occur, we may be required to sell our investment at a loss. In connection with such transactions, we may purchase securities on a when-issued basis, which means that delivery and payment take place sometime after the date of the commitment to purchase and are often conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, reorganization or debt restructuring. The purchase price and/or interest rate receivable with respect to a when-issued security are typically fixed when we enter into the commitment, but such securities are subject to changes in market value prior to their delivery.

***We may be subject to risks associated with our investments in the business services industry.***

Our portfolio companies in the business services sector are subject to many risks, including the negative impact of regulation, changing technology, a competitive marketplace and difficulty in obtaining financing. Portfolio companies in the business services industry must respond quickly to technological changes and understand the impact of these changes on customers' preferences. Adverse economic, business, or regulatory developments affecting the business services sector could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations.

***Our investments in the healthcare sector face considerable uncertainties.***

Our investments in the healthcare sector are subject to substantial risks. The laws and rules governing the business of healthcare companies and interpretations of those laws and rules are subject to frequent change. Broad latitude is given to the agencies administering those regulations. Existing or future laws and rules could force our portfolio companies engaged in healthcare to change how they do business, restrict revenue, increase costs, change reserve levels and change business practices.

Healthcare companies often must obtain and maintain regulatory approvals to market many of their products, change prices for certain regulated products and consummate some of their acquisitions and divestitures. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. Policy changes on the local, state and federal level, such as the expansion of the government's role in the healthcare arena and alternative assessments and tax increases specific to the healthcare industry or healthcare products as part of federal health care reform initiatives, could fundamentally change the dynamics of the healthcare industry.

***Any investments in life sciences-related companies may be subject to extensive government regulation, litigation risk and certain other risks particular to that industry.***

We invest in life sciences-related companies that may be subject to extensive regulation by federal, state and other foreign agencies. If any of these portfolio companies fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations. Portfolio companies that produce medical devices or drugs are subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace. In addition, governmental budgetary constraints effecting the regulatory approval process, new laws, regulations or judicial interpretations of existing laws and regulations might adversely affect a portfolio company in this industry.

Life sciences-related portfolio companies also may have a limited number of suppliers of necessary components or a limited number of manufacturers for their products, and therefore face a risk of disruption to their manufacturing process if they are unable to find alternative suppliers when needed. Any of these factors could materially and adversely affect the operations of a life sciences-related portfolio company and, in turn, impair our ability to timely collect principal and interest payments owed to us.

***Our investment strategy focuses on technology-related companies, which are subject to many risks, including volatility, intense competition, shortened product life cycles, changes in regulatory and governmental programs and periodic downturns.***

We invest in technology-related companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors' actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology-related industries are generally characterized by abrupt business cycles and intense competition. Overcapacity in technology-related industries, together with cyclical economic downturns, may result in substantial decreases in the market capitalization of many technology-related companies. Such decreases in market capitalization may occur again, and any future decreases in technology-related company valuations may be substantial and may not be temporary in nature. Therefore, our portfolio companies may face considerably more risk of loss than do companies in other industry sectors.

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Because of rapid technological change, the average selling prices of products and some services provided by technology-related companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by technology-related companies may decrease over time, which could adversely affect their operating results, their ability to meet obligations under their debt securities and the value of their equity securities. This could, in turn, materially adversely affect our business, financial condition and results of operations.

A natural disaster also may impact the operations of our portfolio companies, including the technology-related companies in our portfolio. The nature and level of natural disasters cannot be predicted and may be exacerbated by global climate change. Technology-related companies rely on items assembled or produced in areas susceptible to natural disasters, and may sell finished goods into markets susceptible to natural disasters. A major disaster, such as an earthquake, tsunami, flood or other catastrophic event could result in disruption to the business and operations of the technology-related companies in our portfolio.

***We are exposed to risks associated with any OID income and PIK interest required to be included in taxable and accounting income prior to receipt of cash representing such income.***

Our investments include OID components and PIK interest or PIK dividend components. We are exposed to risks associated with any OID income and PIK interest, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID or other amounts accrued will be included in investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy our annual distribution requirements, even though we will not have received any corresponding cash amount. As a result, we may have to sell some of our investments at times or at prices that would not be advantageous to us, raise additional debt or equity capital or forgo new investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation, making such income uncollectible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID instruments generally represent a significantly higher credit risk than coupon loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID income received by us may create uncertainty about the source of our cash distributions to shareholders. For accounting purposes, any cash distributions to shareholders representing OID or market discount income are not treated as coming from paid-in capital, even though the cash to pay them comes from the offering proceeds. Thus, although a distribution of OID or market discount interest comes from the cash invested by the shareholders, Section 19(a) of the 1940 Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The deferral of PIK interest has a negative impact on liquidity, as it represents non-cash income that may require distribution of cash dividends to shareholders in order to maintain our RIC tax treatment. In addition, the deferral of PIK interest also increases the LTV ratio at a compounding rate, thus, increasing the risk that we will absorb a loss in the event of foreclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID and market discount instruments create the risk of non-refundable incentive fee payments to the Adviser based on non-cash accruals that we may not ultimately realize.

***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.***

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Our portfolio may be concentrated in a limited number of portfolio companies and industries. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we will not have fixed guidelines for diversification. If we obtain large positions in the securities of a small number of issuers, our NAV is likely to fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of such issuer. We also may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment.

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***We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings.***

Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect the portfolio company. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor's return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.***

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, in seeking to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preserve or enhance the value of our initial and overall investment.

We have discretion to make follow-on investments, subject to the availability of capital resources and the limitations of the 1940 Act. Failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation of a portfolio company. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, prefer other opportunities or are inhibited by compliance with 1940 Act requirements (including our Order) and RIC tax treatment.

***We may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies, which could decrease the value of our investments.***

We do not hold controlling equity positions in any of our portfolio companies and do not expect to hold controlling positions in the future. Our debt investments in portfolio companies may provide limited control features such as restrictions, for example, on the ability of a portfolio company to incur additional debt and limitations on a portfolio company's discretion to use the proceeds of our investment for certain specified purposes. "Control" under the 1940 Act is presumed at more than 25% equity ownership, and also may be present at lower ownership levels where we provide managerial assistance. When we do not acquire a controlling equity position in a portfolio company, we may be subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or shareholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments.

***Defaults by our portfolio companies will harm our operating results.***

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, the termination of its loans and foreclosure on its assets. This could trigger cross-defaults under other agreements and jeopardize such portfolio company's ability to meet its repayment and other obligations under the loans and other investments we hold. In addition, many of our investments will likely have a principal amount outstanding at maturity, which could result in a substantial loss to us if the borrower is unable to refinance or repay. We may incur expenses to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. A portfolio company also may file for bankruptcy to stay foreclosure proceedings, delaying our ability to enforce our rights. This process will require time and resources that, if not resolved quickly and efficiently, could negatively impact our operating results.

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***Our portfolio companies may incur debt that ranks equally with, or senior to, the loans and other investments we make in such portfolio companies.***

Although we expect that most of our investments in our portfolio companies will be secured, some investments may be unsecured and subordinated to substantive amounts of senior indebtedness incurred by our portfolio companies. The portfolio companies in which we invest usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which we invest and such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments on our debt investments. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Additionally, certain loans that we make to portfolio companies may be secured on a second-priority basis by the same collateral securing senior secured debt of such companies. The first-priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first-priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second-priority liens after payment in full of all obligations secured by the first-priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second-priority liens, then, to the extent not repaid from the proceeds of the sale of the collateral, we will only have an unsecured claim against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding also may be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt, including in unitranche transactions. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first-priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first-priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waivers of past defaults under collateral documents.

We may not have the ability to control or direct such actions, even if our rights are adversely affected. In addition, a bankruptcy court may choose not to enforce an intercreditor agreement or other agreement with creditors.

***The disposition of our investments in private companies may result in contingent liabilities.***

We make a number of investments in securities of portfolio companies that are private companies. If we are required or desire to dispose of an investment in a private company, we may be required to make representations about the business and financial affairs of the portfolio company typical of those representations made by an owner in connection with the sale of its business. We also may be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that could result in the satisfaction of funding obligations through our return of distributions previously made to us.

***We may be unsuccessful in syndicating our co-investments, which may cause us to have more exposure to an investment than was originally intended.***

From time to time, we may make an investment with the expectation of offering a portion of our interests therein as a co-investment opportunity to third-party investors. There can be no assurance that we will be successful in syndicating any such co-investment, in whole or in part, that the closing of such co-investment will be consummated in a timely manner, that any syndication

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will take place on terms and conditions that will be preferable for the Company or that expenses incurred by us with respect to any such syndication will not be substantial. In the event that we are not successful in syndicating any such co-investment, in whole or in part, we may consequently hold a greater concentration and have more exposure in the related investment than initially was intended, which could make us more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. Moreover, an investment by us that is not syndicated to co-investors as originally anticipated could significantly reduce our overall investment returns.

**Risks Related to our Advisers and Their Affiliates**

***We depend upon the senior management of Churchill for our success, and upon the strong referral relationships of Churchill's investment professionals with financial institutions, sponsors and investment professionals. Any inability of Churchill to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.***

We do not have any internal management capacity or employees. We depend on the investment expertise, skill and network of business contacts of the senior investment professionals of Churchill, who evaluate, negotiate, structure, execute, monitor and service our investments in accordance with the terms of the CAM Sub-Advisory Agreement and the investment professionals of Nuveen Leveraged Finance with respect to certain of our liquid investments managed by Nuveen Asset Management in accordance with the terms of the NAM Sub-Advisory Agreement. Our success depends to a significant extent on the continued service and coordination of the senior investment professionals of Churchill and Nuveen Leveraged Finance. These individuals may have other demands on their time now and in the future, and we cannot assure you that they will continue to be actively involved in our management. Each of these individuals is not subject to an employment contract with the Company, and the departure of any of these individuals or competing demands on their time in the future could have a material adverse effect on our ability to achieve our investment objective.

In addition, we depend upon the senior investment professionals of Churchill to maintain their relationships with financial institutions, sponsors and investment professionals, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the senior investment professionals of Churchill fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior investment professionals of Churchill have relationships are not obligated to provide us with investment opportunities, and, therefore, we can offer no assurance that these relationships will generate investment opportunities for us in the future.

Churchill evaluates, negotiates, structures, closes and monitors our investments in accordance with the terms of the CAM Sub-Advisory Agreement and Nuveen Asset Management evaluates, negotiates, structures and monitors certain of our liquid investments in accordance with the NAM Sub-Advisory Agreement. We can offer no assurance, however, that the current senior investment professionals of Churchill or Nuveen Asset Management will continue to provide investment advice to us. If these individuals do not maintain their existing relationships with Nuveen and its affiliates and do not develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio or achieve our investment objective.

The Investment Committee that oversees our investment activities is comprised of representatives of investment teams. The loss of any member of the Investment Committee or of other Churchill or Nuveen senior investment professionals could negatively impact our ability to achieve our investment objective and operate as anticipated. This could have a material adverse effect on our financial condition and results of operations.

***There may be conflicts related to obligations that senior investment professionals of the Advisers and members of their investment committees have to other clients. There may be conflicts related to the investment and related activities of TIAA and the Advisers and these conflicts could prevent us from making or disposing of certain investments on the terms desired.***

The senior investment professionals and members of the investment committee of each investment team serve, or may serve, as officers, directors, members or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts or other investment vehicles sponsored or managed by Churchill or its affiliates. Similarly, Churchill may have other clients or other accounts with similar, different or competing investment objectives as us. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in our best interests or in the best interest of our shareholders. For example, certain members of the investment committee have and will continue to have management responsibilities for other investment funds, including NC SLF Inc., a closed-end investment company registered under the 1940 Act, Nuveen Churchill Private Capital Income Fund and Nuveen Churchill BDC V, each a BDC, and other accounts or other investment vehicles sponsored or managed by affiliates of Churchill, or other third-party registered investment advisors. Churchill seeks to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with their respective allocation policies. In addition, Churchill or its affiliates also earn additional fees related to the securities in which we invest, which may result in conflicts of interests for the senior investment professionals and members of the investment committee

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making investment decisions. For example, Churchill and its affiliates may act as an arranger, syndication agent or in a similar capacity with respect to securities in which we invest, where Churchill's investment staff sources and arranges financing transactions that may be eligible for investment by its client accounts (including us), and in connection therewith commits to source, arrange and issue such financing instruments as may be required by the related issuer(s). In connection with such sourcing and arranging activity, such issuer(s) agree to pay to Churchill and its affiliates compensation in the form of closing or arrangement fees, which compensation is paid to them at or immediately prior to the funding of such financing, separately from management fees paid by us. Additionally, affiliates of Churchill may act as the administrative agent on credit facilities under which such securities are issued, which may contemplate additional compensation to such affiliates for the service of acting as administrative agent thereunder.

Each of Churchill and Nuveen Asset Management has separate account, fund-of-one or other managed account arrangements in place with TIAA or subsidiaries thereof. Consistent with their respective investment allocation policies and the Order, Churchill and Nuveen Asset Management also may be managing certain securities for us and allocating the same investments to TIAA (or subsidiaries thereof) pursuant to such arrangements, which may lead to conflicts of interest.

In certain instances, it is possible that other entities managed by Churchill or Nuveen Asset Management or a proprietary account of TIAA may be invested in the same or similar loans or securities as held by us, and which may be acquired at different times at lower or higher prices. Those investments also may be in securities or other instruments in different parts of the company's capital structure that differ significantly from the investments held by us, including with respect to material terms and conditions, including without limitation seniority, interest rates, dividends, voting rights and participation in liquidation proceeds. Consequently, in certain instances these investments may be in positions or interests that are potentially adverse to those taken or held by us. In such circumstances, measures will be taken to address such actual or potential conflicts, which may include, as appropriate, establishing an information barrier between or among the applicable personnel of the relevant affiliated entities (including as between officers of Churchill), requiring recusal of certain personnel from participating in decisions that give rise to such conflicts, or other protective measures as shall be established from time to time to address such conflicts.

Further, an affiliate of TIAA may serve as the administrative or other named agent on behalf of the lenders with respect to investments by us and/or one or more of our affiliates. In some cases, investments that are originated or otherwise sourced by Churchill may be funded by a loan syndicate organized by Churchill or its affiliates. The participants in such loan syndicate (the "Loan Syndicate Participants"), in addition to us and our affiliates may include other lenders and various institutional and sophisticated investors (through private investment vehicles in which they invest). The entity acting as agent may serve as an agent with respect to loans made at varying levels of a borrower's capital structure. Loan Syndicate Participants may hold investments in the same or distinct tranches in the loan facilities of which the portfolio investment is a part or in different positions in the capital structure under such portfolio investment. As is typical in such agency arrangements, the agent is the party responsible for administering and enforcing the terms of the loan facility, may take certain actions and make certain decisions in its discretion and generally may take material actions only in accordance with the instructions of a designated percentage of the lenders. In the case of loan facilities that include both senior and subordinate tranches, the agent may take actions in accordance with the instructions of the holders of one or more of the senior tranches without any right to vote or consent (except in certain limited circumstances) by the subordinated tranches of such indebtedness. Churchill expects that the portfolio investments held by us and our affiliates may represent less than the amount of debt sufficient to direct, initiate or prevent actions with respect to such loan facility or a tranche thereof of which our investment is a part (other than preventing those that require the consent of each lender). As a result of an affiliate of TIAA acting as agent for an agented loan where a Loan Syndicate Participant may own more of the related indebtedness of the obligor or hold indebtedness in a position in the capital structure of an obligor different from that of us and our affiliates, such Loan Syndicate Participants will be in a position to exercise more control with respect to the related loan facility than that which Churchill could exercise on behalf of us, and may exercise such control in a manner adverse to our interests.

In addition, TIAA and other client accounts of Churchill, in connection with an advisory relationship with Churchill, may be a limited partner investor in many of the private equity funds that own the portfolio companies in which we will invest or TIAA may otherwise have a relationship with the private equity funds or portfolio companies, which may give rise to certain conflicts or limit our ability to invest in such portfolio companies. TIAA (and other private clients managed by Churchill and its affiliates) also may hold passive equity co-investments in such private equity funds or portfolio companies owned by such fund, or in holding companies elsewhere in the capital structure of the private equity fund or portfolio company, which may give rise to certain conflicts for the investment professionals of affiliates of the Advisers when making investment decisions.

Nuveen Asset Management may manage certain of our liquid investments pursuant to the NAM Sub-Advisory Agreement. The percentage of our portfolio allocated to the liquid investment strategy managed by Nuveen Asset Management will be at the discretion of Churchill. Nuveen Asset Management may serve as managing member, adviser or sub-adviser to one or more affiliated private funds or other pooled investment vehicles. Investment professionals associated with Nuveen Asset Management are actively involved in other investment activities not concerning us and will not devote all of their professional time to our affairs. For example, Nuveen Asset Management may compete with other affiliates and other accounts for investments for us, subjecting Nuveen Asset Management to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions on

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our behalf. In the event that a conflict of interest arises, Nuveen Asset Management will endeavor, so far as it is able, to ensure that such conflict is resolved in a manner consistent with applicable law and its internal policies. There can be no assurance that Nuveen Asset Management will resolve all conflicts of interest in a manner that is favorable to us and any such conflicts of interest could have a material adverse effect on us.

***The recommendations that Churchill gives to us may differ from those rendered to its other clients.***

Churchill and its affiliates may give advice and recommend investment opportunities to other clients which may differ from advice given to, or opportunities recommended or allocated to, us even though such other clients' investment objectives may be similar to us, which could have an adverse effect on our business, financial condition and results of operations.

***Each investment team or each Investment Committee may, from time to time, possess material nonpublic information, limiting our investment discretion.***

The managing members and the senior origination professionals of each investment team and the senior professionals and members of each investment committee of Churchill and Nuveen Asset Management may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have a material adverse effect on us.

***Our management and incentive fee structure may create incentives for Churchill and certain of its investment professionals that are not fully aligned with the interests of our shareholders.***

In the course of our investing activities, we pay a management fee and an incentive fee to the Adviser. Management fees are based on our Average Total Assets (which include assets purchased with borrowed amounts but exclude cash and cash equivalents). As a result, investors in our shares invest on a "gross" basis and receive distributions on a "net" basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because these fees are based on our total assets, including assets purchased with borrowed amounts but excluding cash and cash equivalents, the Adviser benefits when we incur debt or otherwise use leverage. This fee structure may encourage Churchill to cause us to borrow money to finance additional investments or to maintain leverage when it would otherwise be appropriate to pay off our indebtedness. Under certain circumstances, the use of borrowed money may increase the likelihood of default, which would disfavor our shareholders. The Board is charged with protecting our interests by monitoring how the Advisers address these and other conflicts of interest associated with their management services and compensation. Our independent directors periodically review Churchill's services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our independent directors consider annually, or more frequently if required, whether our fees and expenses (including those related to leverage) remain appropriate. As a result of this arrangement, the Advisers or their affiliates may from time to time have interests that differ from those of our shareholders, giving rise to a conflict.

In addition, certain investment professionals share directly in the management fee. Such professionals would face similar conflicts when considering investments for and making decisions on behalf of us.

The part of the incentive fee payable to the Adviser that relates to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may be considered to involve a conflict of interest for Churchill to the extent that it may encourage Churchill to favor debt financings that provide for deferred interest, rather than current cash payments of interest. Churchill may have an incentive to invest in PIK interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because the Adviser are not obligated to reimburse us for any incentive fees received even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. In addition, the incentive fee based on our net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Any net investment income incentive fee would not be subject to repayment.

***Our incentive fee may induce Churchill to make certain investments, including speculative investments.***

The Adviser receives an incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle rate applicable to the portion of the incentive fee based on net capital gains. As a result, Churchill may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

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***TIAA has made a significant investment in us, which may present certain conflicts of interest.***

TIAA, the ultimate parent of the Advisers, has made a significant investment in us. This may result in TIAA's ownership of a significant percentage of our shares. This may be detrimental to other shareholders as TIAA may control a significant percentage of the shareholder vote and may vote in a manner that is beneficial to the Advisers. TIAA and other shareholders may from time to time hold equity and other interests in the Advisers or their affiliates, which may present conflicts of interest for the Advisers, including senior investment professionals and members of the investment committee making investment decisions for us that also provide investment advice to TIAA.

***Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.***

We generally are prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, of the SEC. Those transactions include purchases from, sales to, and so-called "joint" transactions, in which we and one or more of our affiliates engage in certain types of profit-making activities, with such affiliates. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities will be considered an affiliate of ours for purposes of the 1940 Act, and we generally are prohibited from engaging in purchases of assets from or sales of assets to or joint transactions with such affiliates, absent the prior approval of our independent directors. Additionally, without receiving an exemptive order from the SEC, we are prohibited from engaging in purchases of assets from, or sales of assets to or joint transactions with certain affiliates, including our officers, directors, and employees, and investment adviser (and its affiliates) and their clients (such as Nuveen Churchill Private Capital Income Fund, NC SLF Inc., Nuveen Churchill BDC V, and Corient Registered Alternatives Fund), as well as any person that owns more than 25% of our voting securities. As a result of these restrictions, we may be limited in the scope of investment opportunities that would otherwise be available to us.

We may, however, co-invest with each Adviser and its affiliates' other clients in certain circumstances where doing so is consistent with applicable law and SEC staff interpretations. For example, we may co-invest with such accounts consistent with guidance promulgated by the SEC staff permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that the applicable Adviser, acting on our behalf and on behalf of other clients, negotiates no term other than price.

Additionally, we, the Advisers and certain other funds and accounts sponsored or managed by the Advisers and their affiliates have been granted the Order by the SEC, which permits the Company to participate in joint transactions with the foregoing affiliates subject to the conditions of the Order.

When we are permitted to co-invest with the Advisers' or their affiliates' other clients as permissible under regulatory guidance, applicable regulations, and in accordance with the Order, as discussed above, we do so pursuant to Churchill's allocation policy, which Churchill maintains in writing. Under this allocation policy, a portion of each opportunity, which may vary based on asset class and from time to time, is offered to us and similar eligible accounts, as periodically determined by Churchill. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.

In situations where co-investment with other funds or accounts managed by one of the Advisers or their affiliates is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer on a differential basis between clients or where the different investments could be expected to result in a conflict between our interests and those of other clients of the Advisers that cannot be mitigated or otherwise addressed pursuant to the policies and procedures of the applicable Adviser, the applicable Adviser must decide which client will proceed with the investment. Each Adviser makes these determinations based on its policies and procedures, which generally require that such opportunities be offered to eligible accounts on a basis that will be fair and equitable over time (and which takes into consideration the ability of the relevant account(s) to acquire securities in an amount and on terms suitable for the relevant transaction). However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.

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***Each Adviser and Nuveen Asset Management can resign on 60 days' notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

Each Adviser and Nuveen Asset Management has the right to resign under the Advisory Agreements and the NAM Sub-Advisory Agreement, respectively, without penalty at any time upon 60 days' written notice to us, whether we have found a replacement or not. If an Adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If Nuveen Asset Management resigns, we may not be able to find a new sub-adviser or hire internal management with similar expertise to manage certain of our liquid investments and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by each Adviser, Nuveen Asset Management and their affiliates. Even if we were able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

***The Administrator can resign on 60 days' notice from its role as our administrator under the Administration Agreement, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

The Administrator has the right to resign under the Administration Agreement without penalty upon 60 days' written notice to us, whether we have found a replacement or not. If the Administrator resigns, we may not be able to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares of common stock may decline. In addition, the coordination of our internal management and administrative activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by the Administrator. Even if we were able to retain a comparable service provider or individuals to perform such services, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our financial condition, business and results of operations.

***Our access to confidential information may restrict our ability to take action with respect to some of our investments, which, in turn, may negatively affect our results of operations.***

We, directly or through the Advisers, may obtain confidential information about the companies in which we may invest or be deemed to have such confidential information. The Advisers may come into possession of material, non-public information through its members, officers, directors, employees, principals or affiliates. The possession of such information may, to our detriment, limit the ability of us and the Advisers to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of the Advisers may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of our Advisers come into possession of material non-public information with respect to our investments, such personnel will be restricted by our Advisers' information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of the Advisers to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Advisers in the course of their duties. Additionally, there may be circumstances in which one or more individuals associated with our Advisers will be precluded from providing services to us because of certain confidential information available to those individuals or to our Advisers.

**Risks Related to Business Development Companies**

***Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.***

Rule 18f-4 under the 1940 Act relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk ("VaR") leverage limit, certain derivatives risk management program and testing requirements, and requirements related to board reporting. These requirements apply unless the BDC qualifies as a "limited derivatives user," as defined

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in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act, when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. We qualify as a "limited derivatives user," and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC, which would have a material adverse effect on our business, financial condition and results of operations.***

As a BDC, we may not acquire any assets other than "qualifying assets" unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies, which could result in the dilution of our position or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations, and cash flows.

***Many of our portfolio investments will be recorded at fair value as determined in good faith by the Adviser, as the Valuation Designee, subject to the oversight of the Board, and, as a result, there may be uncertainty as to the value of our portfolio investments.***

Our Board has designated the Adviser as our valuation designee (the "Valuation Designee") pursuant to Rule 2a-5 under the 1940 Act to determine the fair value of our investments that do not have readily available market quotations. Under the 1940 Act, we are required to carry our portfolio investments at market value or if there is no readily available market value, at fair value as determined by the Valuation Designee, subject to the oversight of the Board.

Many of our portfolio investments may take the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable, and we value these securities at fair value as determined in good faith by the Valuation Designee, including to reflect significant events affecting the value of our securities. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a comparison of the portfolio company's securities to publicly traded securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the enterprise value of a portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and realizable value of any collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the portfolio company's ability to make payments and its earnings and discounted cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the markets in which the portfolio company does business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.

We expect that most of our investments (other than cash and cash equivalents) will be classified as Level 3 in the fair value hierarchy and require disclosures about the level of disaggregation along with the inputs and valuation techniques we use to measure fair value. This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data is available, such information may be the

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result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We employ the services of one or more independent service providers to review the valuation of these securities. The types of factors that the Valuation Designee may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty in the value of our portfolio investments, a fair value determination may cause NAV on a given date to materially understate or overstate the value that we may ultimately realize upon one or more of our investments. As a result, investors purchasing our shares based on an overstated NAV would pay a higher price than the value of the investments might warrant. Conversely, investors selling shares during a period in which the NAV understates the value of investments will receive a lower price for their shares than the value the investment portfolio might warrant.

We will adjust quarterly the valuation of our portfolio to reflect the determination of the Valuation Designee of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statements of operations as net change in unrealized gain (loss) on investments.

***We will be subject to U.S. federal income tax imposed at corporate rates on our earnings if we are unable to qualify or maintain our qualification as a RIC under subchapter M of the Code.***

We have elected, and intend to qualify annually, as a RIC under subchapter M of the Code; however, no assurance can be given that we will be able to qualify for and maintain RIC tax treatment. To qualify as a RIC, we must meet certain requirements, including source-of-income, asset diversification and distribution requirements. The annual distribution requirement applicable to RICs generally is satisfied if we timely distribute (or are deemed to distribute) to our shareholders on an annual basis at least 90% of our "investment company taxable income," which is generally our net ordinary taxable income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any,. We will be subject to U.S. federal income tax imposed at corporate rates on any income that we do not timely distribute. In addition, we may be subject to a nondeductible 4% U.S. federal excise tax on certain undistributed income and gain unless we distribute (or are deemed to distribute) each calendar year at least the sum of (i) 98% of our net ordinary income for each calendar year, (ii) 98.2% of the amount by which our capital gain exceeds our capital loss (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year, and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. To the extent we use debt financing, we will be subject to certain asset coverage ratio requirements under the 1940 Act and may be subject to financial covenants under loan and credit agreements, each of which could, under certain circumstances, restrict us from making annual distributions necessary to satisfy these distribution requirements and receive RIC tax treatment. If we are unable to obtain cash needed to pay such annual distributions from other sources, or choose or are required to retain a portion of our taxable income or gains, we may fail to qualify as a RIC and, thus, may be subject to U.S. federal income tax imposed at corporate rates on our entire taxable income without regard to any distributions made by us.

The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships," (as that term is defined in the Code) or other income derived from the business of investing in stock or securities.

In order to qualify as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, as of the end of each quarter of our taxable year, (1) at least 50% of the value of our assets must consist of cash, cash items (including receivables), U.S. government securities, securities of other RICs, and other securities, if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (2) no more than 25% of the value of our assets may be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than the securities of other RICs, of two or more issuers that are controlled by us and which are determined under applicable Treasury regulations, to be engaged in the same or similar or related trades or businesses, or (iii) the securities of certain "qualified publicly traded partnerships (as that term is defined in the Code)."

Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC tax treatment. Because most of our investments are in private or thinly traded public companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify for or maintain RIC tax treatment for any reason, and certain cure provisions are not applicable, we will become subject to U.S. federal income tax imposed at corporate rates on all of our taxable income (including our net capital gains). The resulting taxes could

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substantially reduce our net assets, the amount of income available for distributions to our shareholders, and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our shareholders.

***We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.***

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as OID, or through contractual PIK interest, which generally represents contractual interest added to the loan balance and due at the end of the loan term. OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contractual PIK arrangements, will be included in our income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash.

Because we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the annual distribution requirement necessary to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify as a RIC and thus be subject to U.S. federal income tax.

***Regulations governing our operation as a BDC affect our ability to and the way in which we raise additional capital.***

We may issue debt securities or preferred shares and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of total assets less all liabilities and indebtedness not represented by senior securities, immediately after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this requirement. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. This could have a material adverse effect on our operations and we may not be able to make distributions in an amount sufficient to qualify as a RIC, or at all. In addition, issuance of securities could dilute the percentage ownership of our current shareholders in us.

No person or entity from which we borrow money will have a veto power or a vote in approving or changing any of our fundamental policies. If we issue preferred shares, the preferred shares would rank "senior" to shares in our capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences or privileges more favorable than those of our shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our shares or otherwise be in your best interest. Holders of our shares will directly or indirectly bear all of the costs associated with offering and servicing any preferred shares that we issue. In addition, any interests of preferred shareholders may not necessarily align with the interests of holders of our shares and the rights of holders of preferred shares to receive dividends would be senior to those of holders of our shares.

As a BDC, we generally are not able to issue our shares at a price below NAV per share without first obtaining the approval of our shareholders and our independent directors. If we raise additional funds by issuing more shares or senior securities convertible into, or exchangeable for, our shares, then percentage ownership of our shareholders at that time would decrease, and you might experience dilution. We may seek shareholder approval to sell shares below NAV in the future.

***If we are not treated as a "publicly offered regulated investment company," certain shareholders will be treated as having received certain income and their allocable share of expenses, which may not be deductible.***

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will continue to constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder's allocable share of the base management fee and incentive fees paid to the Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. shareholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under the Code.

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**Risks Related to Our Existing and Future Indebtedness** 

***When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage also may adversely affect the return on our assets, reduce cash available for distribution to our shareholders, and result in losses.***

The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for loss on invested equity capital. When we use leverage to partially finance our investments, through borrowing from banks and other lenders, shareholders will experience increased risks of investing in our shares. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the management fees or any incentive fees payable to the Adviser.

We use and intend to continue to use leverage to finance our investments. The amount of leverage that we employ will depend on the Adviser's and our Board's assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that leveraged financing will be available to us on favorable terms or at all. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

We generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred shares that we may issue in the future, of at least 150%. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to shareholders may be significantly restricted or we may not be able to make any such distributions whatsoever. The amount of leverage that we will employ will be subject to oversight by our Board, a majority of whom are independent directors with no material interests in such transactions.

Although leverage has the potential to enhance overall returns that exceed our cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than our cost of funds. In addition, borrowings may be secured by the shareholders' investments as well as by our assets and the documentation relating to such transactions may provide that during the continuance of a default under such arrangement, the interests of the holders of shares may be subordinated to the interests of our lenders or debt holders.

Our credit facility and other borrowing arrangements impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our qualification as a RIC under the Code. A failure to renew our facilities or to add new or replacement debt facilities or issue additional debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition, results of operations and liquidity.

The following table illustrates the effect of leverage on returns from an investment in our shares assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assumed Return on Portfolio<br>(Net of Expenses)** | **Assumed Return on Portfolio<br>(Net of Expenses)** | **Assumed Return on Portfolio<br>(Net of Expenses)** | **Assumed Return on Portfolio<br>(Net of Expenses)** | **Assumed Return on Portfolio<br>(Net of Expenses)** |
| | **(10)%** | **(5)%** | **0%** | **5%** | **10%** |
| Corresponding Return to Common Shareholders<sup>(1)</sup> | (13.79)% | (8.79)% | (3.79)% | 1.21% | 6.21% |

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<sup>(1)</sup> Based on (i) $2.1 billion in total assets as of December 31, 2025, (ii) 1.1 billion in outstanding indebtedness at par, as of December 31, 2025, (iii) $0.9 billion in net assets as of December 31, 2025 and (iv) an average interest rate, including fees (such as fees on undrawn amounts and amortization of financing costs), on our indebtedness, as of December 31, 2025, of 6.51%.

***Our asset coverage requirement was reduced from 200% to 150%, which could increase the risk of investing in the Company.***

The 1940 Act generally prohibits BDCs from incurring indebtedness unless immediately after such borrowing it has an asset coverage for total borrowings of at least 200% or 150% if certain requirement under the 1940 Act are met. The Board and TIAA (as

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the Company's initial shareholder) approved a proposal to adopt an asset coverage ratio of 150% in connection with the organization of the Company, which became effective on December 26, 2019. Incurring additional indebtedness could increase the risk of investing in the Company.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our shares. If the value of our assets increases, then leveraging would cause the NAV attributable to our shares to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique.

***Provisions in our credit facility may limit our investment discretion.***

Our existing credit facility and any future credit facilities may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral agent for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In connection with our credit facility entered into by the Company, distributions to shareholders may be subordinated to payments required in connection with any indebtedness contemplated thereby.

In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There also may be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

***Any defaults under a credit facility could adversely affect our business.***

In the event we default under a credit facility or other borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under such borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***We are subject to risks associated with our debt securitizations, which, along with any future CLOs, may subject us to certain structured financing risks.***

As a result of debt securitizations sponsored by us, including the 2022 Debt Securitization, the 2023 Debt Securitization and the 2024 Debt Securitization, we are subject to a variety of risks, including those set forth below. We use the term "debt securitization" to describe a form of secured borrowing under which an operating company (sometimes referred to as an "originator" or "sponsor") acquires or originates loans or other assets that earn income, whether on a one-time or recurring basis (collectively, "income producing assets"), and borrows money on a non-recourse basis against a legally separate pool of loans or other income producing assets. In a typical debt securitization, the originator transfers the loans or income producing assets to a single-purpose, bankruptcy-remote subsidiary (also referred to as a "special purpose entity"), which is established solely for the purpose of holding loans and income producing assets and issuing debt secured by these income producing assets. The special purpose entity completes the borrowing through the issuance of notes secured by the loans or other assets. The special purpose entity may issue the notes in the capital markets to a variety of investors, including banks, non-bank financial institutions and other investors. In our debt securitizations, institutional investors purchase certain notes issued by our indirect, wholly-owned subsidiary, in private placements. Pursuant to a collateral management agreement governing our debt securitization, we may incur liability as the collateral manager to our indirect, wholly-owned subsidiary. Additionally, as collateral manager to our indirect, wholly-owned subsidiary, we manage multiple tranches of debt associated with the debt securitization. We also hold equity in the debt securitization, and this first loss position may create a more concentrated risk of loss compared to our overall portfolio. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources" for more information about CLO-I, CLO-II and CLO-III.

***The Notes and membership interests that we hold that were issued in our debt securitizations are subordinated obligations of the respective CLO and we could be prevented from receiving cash from such CLO.***

The notes offered in each of the 2022 Debt Securitization, the 2023 Debt Securitization, and the 2024 Debt Securitization (together, the "Notes") were issued by our indirect, wholly-owned, consolidated subsidiaries (each, a "CLO"). The Notes that were issued by each CLO and retained by us are the most junior class of notes issued by the respective CLO, are subordinated in priority of payment to the other notes issued by the CLO and will be subject to certain payment restrictions set forth in the respective indenture governing the Notes issued by such CLO. Therefore, we only receive cash distributions on the Notes if such CLO has made all cash interest payments to all other notes it has issued. Consequently, to the extent that the value of the portfolio of loan investments held by the CLO has been reduced as a result of conditions in the credit markets, or as a result of defaulted loans or individual fund assets, the value of the Notes that we have retained at their redemption could be reduced. If the CLO does not meet the asset coverage tests or the interest coverage test set forth in the documents governing such debt securitization, cash would be diverted from the Notes that we hold to first pay the more senior notes issued by the CLO in amounts sufficient to cause such tests to be satisfied. Separately, we may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with the CLO or any other investment we may make. If any of these occur, it could materially and adversely affect our operating results and cash flows.

Each CLO is the residual claimant on funds, if any, remaining after holders of all classes of notes issued by such CLO have been paid in full on each payment date or upon maturity of such notes under the applicable debt securitization documents. As the holder of the membership interests in the CLOs, we could receive distributions, if any, only to the extent that the CLO makes distributions out of funds remaining after holders of all classes of notes issued by the CLO have been paid in full on the payment date any amounts due and owing on such payment date or upon maturity of such notes. In the event that we fail to receive cash directly from the CLO, we could be unable to make distributions in amounts sufficient to qualify as a RIC, or at all.

***We may be subject to conflicts of interest caused by our role as a collateral manager in CLO transactions.***

We serve as collateral manager to each CLO under a collateral management agreement, and we may serve as collateral manager for additional CLOs in the future. There may be conflicts of interest associated with sponsoring and managing a CLO, including from the issuance of debt securitizations through CLOs we create to refinance our secured borrowings. In creating a CLO, we depend in part on distributions from the CLO's assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. A CLO also may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO's debt, which could impact our ability to receive distributions from the CLO. Our use of CLOs that we manage to satisfy financing needs, including through the declaration of distributions or the negotiation of terms and covenants in the debt it issues, may create conflicts of interest.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their

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earnings and, in turn, cash potentially available for distribution to us for distribution to our shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the CLO.

**Risks Related to an Investment in our Common Stock** 

***We cannot assure you that the market price of our common stock will not decline below our NAV. The market value of our common stock may be volatile and fluctuate significantly.***

Our common stock is listed on the NYSE under the symbol "NCDL." We cannot assure you that the trading market can be sustained. In addition, we cannot predict the prices at which our common stock will trade. Also, shares of closed-end investment companies, including BDCs, frequently trade at a discount from their NAV and our shares may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether our common stock will trade at, above or below NAV. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell common stock purchased in the offering soon after the offering. In addition, if our common stock trades below its NAV, we will generally not be able to sell additional common stock to the public at its market price without first obtaining the approval of a majority of our shareholders (including a majority of our unaffiliated shareholders) and our independent directors for such issuance.

The market value and liquidity, if any, for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant volatility in the market price and trading volume of securities of BDCs, which are not necessarily related to the operating performance of such BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to maintain our qualification as a RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed our net investment income and net income as reported according to U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of our Advisers or certain of their key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

If any of the above and other factors currently unknown to us were to occur, it could have a material adverse effect on the market price of our common stock.

***Our shareholders may experience dilution.***

Our shareholders will not have preemptive rights to subscribe for or purchase any of our shares issued in the future. Under the 1940 Act, we generally are prohibited from issuing or selling our common shares at a price below NAV, which may be a disadvantage as compared with other public companies. We may, however, sell our common shares, or warrants, options, or rights to acquire our common shares, at a price below NAV if our independent directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of unaffiliated shareholders, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we issue additional equity interests, including in a follow-on public offering, a rights offering, or private offering, a shareholder's percentage ownership interest in us will be diluted.

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If we sell or otherwise issue shares of our common stock at a discount to NAV, it will pose a risk of dilution to our shareholders. In particular, shareholders who do not purchase additional shares at or below the discounted price in proportion to their current ownership will experience an immediate decrease in NAV per share (as well as in the aggregate NAV of their shares if they do not participate at all). These shareholders will also experience a disproportionately greater decrease in their participation in our earnings and assets and their voting power than the increase we experience in our assets, potential earning power and voting interests from such issuances or sale. In addition, such issuances or sales may adversely affect the price at which our common stock trades.

***Investors in our common stock may not receive distributions consistent with historical levels or at all or that our distributions may not grow over time and a portion of our distributions may be a return of capital.***

We intend to make distributions on a quarterly basis to our shareholders out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions. Our ability to pay distributions may be adversely affected by the impact of one or more of the risk factors described herein, including market and economic disruptions. If we violate certain covenants under existing or future agreements governing our credit facilities and other indebtedness arrangements, we may be limited in our ability to make distributions. If we declare a distribution and if more shareholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to shareholders that include a return of capital, such portion of the distribution essentially constitutes a return of the shareholders' investment. Although such return of capital may not be taxable, such distributions would generally decrease a shareholder's adjusted tax basis in our shares and may therefore increase such shareholder's tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a shareholder to recognize a capital gain from the sale of our shares even if the shareholder sells its shares for less than the original purchase price.

***Due to current market conditions, we may reduce or defer our dividends and choose to incur U.S. federal excise tax in order preserve cash and maintain flexibility.***

We are not required to make any distributions to shareholders other than in connection with our election to be treated as a RIC under subchapter M of the Code, the requirements of which are described above.

Under the Code, we may satisfy certain of our RIC distribution requirements with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all U.S. federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to as "spillover dividends," that are paid during the following taxable year that will allow us to maintain our qualification as a RIC and eliminate our liability for U.S. federal income tax. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2025 until as late as December 31, 2026. If we choose to pay a spillover dividend, we may incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to these disruptive conditions (as described herein), we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may reduce the amount of our dividends and/or defer our dividends to the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and we may be subject to the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock (see "We may choose to pay a portion of our dividends in our own shares, in which case you may be required to pay U.S. federal income taxes in excess of the cash you receive" for more information).

***We may choose to pay a portion of our dividends in our own shares, in which case you may be required to pay U.S. federal income taxes in excess of the cash you receive.***

We have adopted an "opt-out" dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our shareholders if such shareholder fails to "opt-out" of the plan. Shareholders that opt in to our dividend reinvestment plan will receive dividends that are payable in part in our shares. Shareholders receiving such dividends will be required to include the full amount of the dividend as ordinary income (or as long-term capital gain or qualified dividend income to the extent such distribution is properly reported as such) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. For individuals, the top marginal U.S. federal income tax rate applicable to ordinary income is 37%. To the extent distributions paid by us to non-corporate shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such "qualified dividends" may be subject to U.S. federal income tax imposed at a rate of 20%. However, it is anticipated that distributions paid by us will generally not be attributable to qualified dividends and, therefore, generally will not qualify for such preferential U.S. federal income tax rate. Distributions of our net capital gains (which is generally our realized

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net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. shareholder as long-term capital gains currently at a maximum U.S. federal income tax rate of 20%.

As a result of receiving dividends in the form of our shares, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. Under certain applicable provisions of the Code and the published guidance, distributions payable of a publicly offered RIC that are in cash or in shares of stock at the election of shareholders may be treated as taxable distributions. The Internal Revenue Service has issued a revenue procedure indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this revenue procedure, if too many shareholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the shareholders electing to receive cash (with the balance of distributions paid in stock). A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. If we qualify as a publicly offered RIC and decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable shareholders receiving such distributions will be required to include the full amount of the distribution (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. federal tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in shares. In addition, if a significant number of our shareholders determine to sell our shares in order to pay taxes owed on dividends, it may put downward pressure on the value of our shares.

In addition, as discussed above, our loans may contain a PIK interest provision. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income. To avoid the imposition of U.S. federal income tax, we will need to make sufficient distributions, a portion of which may be paid in our shares, regardless of whether our recognition of income is accompanied by a corresponding receipt of cash.

***Investing in our shares may involve an above-average degree of risk.***

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our shares may not be suitable for someone with lower risk tolerance.

***Provisions of the MGCL and our Charter and Bylaws could deter takeover attempts and have an adverse effect on the price of our shares.***

The MGCL and our Articles of Amendment and Restatement (as amended, the "Charter") and our Bylaws (the "Bylaws") contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. The Board has adopted a resolution exempting from the Maryland Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by the Board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or the Board does not approve a business combination, the Maryland Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. The SEC has rescinded its position that, under the 1940 Act, an investment company may not avail itself of the Maryland Control Share Acquisition Act. As a result, we will amend our Bylaws to be subject to the Maryland Control Share Acquisition Act, only if the Board determines that it would be in our best interests to do so, including in light of the Board's fiduciary obligations, applicable federal and state laws, and the particular circumstances surrounding the Board's decision. If such conditions are met, and we amend our Bylaws to repeal the exemption from the Maryland Control Share Acquisition Act, the Maryland Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction.

We have adopted certain measures that may make it difficult for a third-party to obtain control of us, including provisions of our Charter classifying the Board in three staggered terms and authorizing the Board to classify or reclassify shares of our capital stock in one or more classes or series and to cause the issuance of additional shares of our stock. These provisions, as well as other provisions of our Charter and Bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.

***Our Bylaws include an exclusive forum selection provision, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents.***

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As permitted by the MGCL, our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed to (1) the Company by any of the Company's directors, officers or other agents or (2) its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine.

There is uncertainty as to whether a court would enforce such a provision to claims arising under the federal securities laws, including the Securities Act and the Exchange Act, and stockholders cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for stockholders in bringing a claim against us or our directors, officers or other agents by requiring that such claims be brought in the designated forum.

The exclusive forum selection provision in our Bylaws may limit our stockholders' ability to select and obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision and the MGCL, a court could rule that such provision is inapplicable or unenforceable. If this occurred, we may incur additional costs associated with resolving such action in another forum, which could materially adversely affect our business, financial condition and results of operations.

**Risks Related to an Investment in our Unsecured Notes**

***The 2030 Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under the Revolving Credit Facility.***

The 2030 Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the 2030 Notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness, including the Revolving Credit Facility. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2030 Notes. The indebtedness under the Revolving Credit Facility is effectively senior to the 2030 Notes to the extent of the value of such assets.

***The 2030 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including the term debt securitizations.***

The 2030 Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2030 Notes and the 2030 Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the 2030 Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the 2030 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish, including each of the 2022 Debt Securitization, the 2023 Debt Securitization, and the 2024 Debt Securitization. Our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the 2030 Notes.

***The optional redemption provision may materially adversely affect your return on the 2030 Notes.***

The 2030 Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the 2030 Notes at times when prevailing interest rates are lower than the interest rate paid on the 2030 Notes.

***If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2030 Notes.***

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Any default under the agreements governing our indebtedness, including a default under the Revolving Credit Facility, the 2022 Debt Securitization, the 2023 Debt Securitization, and the 2024 Debt Securitization, or under other indebtedness to which we may be a party, that is not waived by the required lenders or holders and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the 2030 Notes and substantially decrease the market value of the 2030 Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Revolving Credit Facility, the 2022 Debt Securitization, the 2023 Debt Securitization, or the 2024 Debt Securitization or debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may, in the future, need to seek to obtain waivers from the required lenders or holders under the agreements governing our indebtedness, or other indebtedness that we may incur in the future, to avoid being in default. If we breach our covenants under the agreements governing our indebtedness and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation.

If we are unable to repay debt, lenders having secured obligations, including the lenders under the Revolving Credit Facility, the 2022 Debt Securitization, the 2023 Debt Securitization, or the 2024 Debt Securitization could proceed against the collateral securing the debt. Because our Revolving Credit Facility and the indenture governing the 2030 Notes has, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder, hereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

***We may not be able to repurchase the 2030 Notes upon a Change of Control Repurchase Event.***

We may not be able to repurchase the 2030 Notes upon a Change of Control Repurchase Event (as defined in the indenture governing the 2030 Notes) because we may not have sufficient funds. Upon the occurrence of a Change of Control Repurchase Event, subject to certain conditions, we will be required to offer to repurchase all outstanding 2030 Notes at 100% of their principal amount, plus accrued and unpaid interest. The source of funds for that purchase of 2030 Notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of 2030 Notes tendered. The terms of the Revolving Credit Facility provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under the Revolving Credit Facility at that time and to terminate the credit facility.

Any failure to comply with these provisions would constitute an event of default under each of the other agreements governing our indebtedness, including the indenture. Our future debt instruments also may contain similar restrictions and provisions. If the holders of the 2030 Notes exercise their right to require us to repurchase all the 2030 Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the 2030 Notes or our other debt.

***While a trading market developed after issuing the 2030 Notes, we cannot assure you that an active trading market for the 2030 Notes will be maintained.***

While a trading market developed after issuing the 2030 Notes, we cannot assure you that an active and liquid market for the 2030 Notes will be maintained. We do not intend to list the 2030 Notes on any securities exchange or for quotation of the 2030 Notes on any automated dealer quotation system. If the 2030 Notes are traded after their initial issuance, they may trade at a discount to their public offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects, and other factors.

The underwriters may discontinue any market-making in the Notes at any time at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law.

**ITEM 1B. UNRESOLVED STAFF COMMENTS** 

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None.

**ITEM 1C. CYBERSECURITY** 

**Cybersecurity**

The Company depends on and engages various third parties and service providers, including suppliers, custodians, transfer agents, administrative agents, fund administrators and other third parties to source, make and manage its investments. Accordingly, the Company's business is dependent on the communications and information technology ("IT") systems that it shares with the Advisers and their ultimate parent company, TIAA, which further relies upon the systems of third-party IT service providers to TIAA. TIAA has established a cybersecurity program across its enterprise, which applies to certain of its affiliates, including the Advisers and the Company. When identifying and overseeing risks from cybersecurity threats associated with its use of third-party service providers, the Company further relies upon the expertise of risk management, legal, information technology, and compliance personnel of TIAA. TIAA conducts onboarding and ongoing due diligence of certain of the Company's key third-party service providers to identify and oversee risks from cybersecurity threats associated with the Company's use of such entities.

**Cybersecurity Program Overview**

TIAA has instituted an enterprise cybersecurity program designed to identify, assess, and mitigate cyber risks applicable to TIAA and its affiliates, which applies to the Company and the Advisers. Cyber risk management is integrated into TIAA's overall risk management program and involves risk assessments, implementation of security measures, and ongoing monitoring of systems and networks, including networks on which the Company relies. TIAA relies on its internal subject matter experts and external experts, as needed, including, but not limited to, cybersecurity assessors, consultants, and auditors, to evaluate cybersecurity measures and risk management processes applicable to the Advisers, the Company and other affiliates of TIAA.

TIAA actively monitors the current cyber threat landscape in an effort to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Company and the Advisers, in connection with their day-to-day operations. TIAA's cybersecurity leadership team are responsible for maintaining and overseeing the overall state of TIAA's cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting TIAA and its affiliates, including the Company, the Advisers and their respective third-party service providers.

TIAA's management team, including its Chief Information Security Officer, is responsible for assessing and managing material risks from cybersecurity threats to the TIAA organization, including the Company and the Advisers. TIAA's Chief Information Security Officer and cybersecurity leaders have significant expertise in in this area, including in IT and cybersecurity engineering, and have cybersecurity leadership experience in other major financial institutions.

Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from third party service providers and reliance on communications with cybersecurity, risk management, legal, IT, and/or compliance personnel of TIAA.

**Oversight of Cybersecurity Risk**

The potential impact of risks from cybersecurity threats on the Company is assessed on an ongoing basis, as well as how such risks could materially affect the Company's business strategy, operational results, and financial condition. Cybersecurity risk remains heightened to the financial industry, including the Company, and a failure in or breach of our systems or infrastructure, or those of a material third party or service provider, could cause disruption and adversely impact the Company's operations. TIAA, the Advisers continue to invest in the cybersecurity program to protect against emerging threats, including threats against third parties and service providers. The Company has not experienced any material cybersecurity incident, and the Company is not aware of any cybersecurity risks that are reasonably likely to materially affect its business.

TIAA's cybersecurity team periodically reports to the Company's management on cybersecurity matters, primarily through presentations. Such reporting will include updates on TIAA's cybersecurity program as it relates to the Company, the external cybersecurity threat environment, and TIAA's programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on TIAA's preparedness, prevention, detection, responsiveness and recovery with respect to cybersecurity incidents.

The Board has the primary responsibility for overseeing and reviewing the guidelines and policies with respect to risk assessment and risk management, including cybersecurity. The Board receives periodic updates from the Company's management regarding TIAA's cybersecurity program, information on current threat landscape and risks from cybersecurity threats and cybersecurity incidents impacting the Company.

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**ITEM 2. PROPERTIES** 

We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 375 Park Avenue, 9th Floor, New York, NY 10152, and are provided by the Administrator in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

**ITEM 3. LEGAL PROCEEDINGS**

We, our consolidated subsidiaries, and the Advisers are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Adviser and Sub-Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II.**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Market Information**

Our common stock is traded on the NYSE under the symbol "NCDL." Our common stock has historically traded at prices above or below our net asset value ("NAV") per share since our common stock began trading on the NYSE on January 25, 2024. It is not possible to predict whether our common stock will trade at a price per share at, above or below NAV per share. On February 25, 2026, the last reported closing sales price of our common stock on the NYSE was $13.51 per share, which represented a discount of 23.76% to NAV per share reported by us as of December 31, 2025.

The following table sets forth, for each fiscal quarter since our common stock began trading on the NYSE on January 25, 2024, the range of high and low sales price of our common stock as reported on the NYSE and the sales price as a percentage of the NAV per share of our common stock.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Price Range** | **Price Range** | | |
|<br>**Period** |<br>**NAV** <sup>(1)</sup> | **High** | **Low** |<br>**High Sales Price Premium (Discount) to Net Asset Value** <sup>(2)</sup> |<br>**Low Sales Price Premium (Discount) to Net Asset Value** <sup>(2)</sup> |
| **For the Year Ended December 31, 2025** | | | | | |
| First Quarter | $17.96 | $18.01 | $16.20 | 0.28% | (9.80)% |
| Second Quarter | $17.92 | $17.18 | $14.21 | (4.13)% | (20.70)% |
| Third Quarter | $17.85 | $17.27 | $13.68 | (3.25)% | (23.36)% |
| Fourth Quarter | $17.72 | $15.07 | $13.15 | (14.95)% | (25.79)% |
| **For the Year Ended December 31, 2024** |  |  |  |  |  |
| First Quarter | $18.21 | $18.10 | $16.00 | (0.60)% | (12.14)% |
| Second Quarter | $18.03 | $18.10 | $16.96 | 0.39% | (5.93)% |
| Third Quarter | $18.15 | $18.00 | $16.40 | (0.83)% | (9.64)% |
| Fourth Quarter | $18.18 | $17.80 | $16.50 | (2.09)% | (9.24)% |

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___________

(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each relevant quarter.

(2) Calculated as the respective high or low closing sales price less NAV, divided by NAV (in each case, as of the applicable quarter).

**Holders**

As of February 24, 2026, there were approximately 83 holders of record of our common stock.

**Sales of Unregistered Securities**

We did not sell any securities during the year ended December 31, 2025 that were not registered under the Securities Act of 1933, as amended.

**Distributions**

The Company has historically paid quarterly distributions. Any distributions declared in the future will be at the discretion of the Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time.

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**Fees and Expenses**

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under "Annual expenses" are based on estimated amounts for our current fiscal year. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this Form 10-K contains a reference to fees or expenses paid by "us" or "the Company" or that "we" will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.

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| | | |
|:---|:---|:---|
| **Shareholder transaction expenses (as a percentage of offering price):** | | |
| Sales load paid |  | <sup>(1)</sup> |
| Offering expenses borne by us |  | <sup>(2)</sup> |
| Dividend reinvestment plan expenses |  | <sup>(3)</sup> |
| **Total shareholder transaction expenses**  | —% |  |
| **Annual expenses (as a percentage of net assets attributable to common stock)**  |  |  |
| Management fee | 2.31% | <sup>(4)</sup> |
| Incentive fees  | 1.28% | <sup>(5)</sup> |
| Interest payments on borrowed funds  | 8.17% | <sup>(6)</sup> |
| Other expenses  | 0.96% | <sup>(7)</sup> |
| **Total annual expenses**  | 12.72% |  |

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__________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The expenses of the dividend reinvestment plan are included in "other expenses." The plan administrator's fees will be paid by us. There will be no brokerage charges or other charges to shareholders who participate in the dividend reinvestment plan. For additional information, see "Part II, Item 8 — Consolidated Financial Statements — <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u>. Significant Accounting Policies" in this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The management fee is 1.00% of our average total assets, excluding cash and cash equivalents and including assets financed using leverage ("Average Total Assets"). For additional information, see "Part II, Item 8 — Consolidated Financial Statements — <u>[Note 6.](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u> Related Party Transactions" in this Annual Report on Form 10-K. The management fee reflected in the above table is based on the terms of the Advisory Agreement, and is calculated by determining the ratio that the management fee of 1.00% bears to our net assets attributable to common stock (rather than our total assets). The management fee referenced in the table above is based on each quarter's Average Total Assets during the year ended December 31, 2025. The estimate of our management fee referenced in the table assumes that our Average Total Assets are 2.35x our average net assets, calculated by utilizing (a) the average of the most recent four quarter total assets over (b) the average of the most recent four quarter net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)An incentive fee is payable to the Adviser, consisting of two parts that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on income and a portion is based on our capital gains. For additional information, see "Part II, Item 8 — Consolidated Financial Statements — <u>[Note 6.](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u> Related Party Transactions" in this Annual Report on Form 10-K. The pre-incentive net investment income reflected in the above table assumes a management fee of 1.00% of Average Total Assets as described in footnote (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)As of December 31, 2025, we had in place a revolving credit facility (the "Revolving Credit Facility") and three term debt securitizations (the "2022 Debt Securitization," the "2023 Debt Securitization," and the "2024 Debt Securitization"), and we had $300.0 million in aggregate principal amount of the 2030 Notes outstanding. Interest payments on borrowed funds referenced in the table above (a) represent our estimated annual interest payments (inclusive of unused fees and financing costs) based on our actual interest expense (inclusive of unused fees and financing costs) under the Revolving Credit Facility, the notes offered in the refinancing of the 2022 Debt Securitization, the 2023 Debt Securitization, and the 2024 Debt Securitization, and the 2030 Notes, and (b) give effect to the notes offered in the refinancing of the 2023 Debt Securitization subsequent to fiscal year ended December 31, 2025. The assumed weighted average interest rate on our total debt outstanding was 6.51% (inclusive of unused fees) for the year ended December 31, 2025. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may issue additional debt securities or preferred stock, subject to our compliance with applicable requirements under the 1940 Act. See "Part II, Item 8 — Consolidated Financial Statements— <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u>. Secured Borrowings" and "Part II, Item 8 — Consolidated Financial Statements — <u>[Note 13.](#i8046fd6cdb8747a39c39abcbe0255a61_76)</u> Subsequent Events" in this Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Other expenses referenced in the table above represent our estimated annual other expenses based on actual amounts incurred by us during the year ended December 31, 2025. Other expenses include, but are not limited to, overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Administrator. See "Part II, Item 8 — Consolidated Financial Statements — <u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>. Related Party Transactions" in this Annual Report on Form 10-K.

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**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our borrowings and annual operating expenses would remain at the levels set forth in the table above.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return without realization of any capital gains | $114 | $320 | $498 | $843 |

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**The example should not be considered a representation of future expenses, and actual expenses may be greater or less than those shown.**

While the example assumes, as required by the applicable rules of the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. The incentive fee under the Advisory Agreement, which, assuming a 5.0% annual return, would either not be payable or would have an insignificant impact on the expense amounts shown above, is not included in the above example. The above illustration assumes that we will not realize any capital gains (computed net of all realized capital losses and unrealized capital depreciation) in any of the indicated time periods. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive fee of a material amount, our expenses and returns to our investors would be higher. For example, if we assumed that we received our 5.0% annual return completely in the form of net realized capital gains on our investments, computed net of all cumulative unrealized depreciation on our investments, the projected dollar amount of total cumulative expenses set forth in the above illustration would be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return completely in the form of net realized capital gains  | $116 | $329 | $515 | $867 |

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The example assumes no sales load. In addition, while the examples assume reinvestment of all distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date. The market price per share of our common stock may be at, above or below NAV. See "Item 8 — Consolidated Financial Statements— <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u>. Significant Account Policies" in this Annual Report on Form 10-K.

**Performance Graph**

The following graph compares our cumulative total shareholder return since our common stock began trading on the NYSE on January 25, 2024 (based on the market price of our common stock and assuming reinvestment of all distributions, prior to any tax effect) with the Standard and Poor's ("S&P") BDC Index, S&P 500 Index, and S&P 500 Financials Index. The graph assumes initial investment of $100 on January 25, 2024 and reinvestment of distributions. The graph measures total shareholder return, which takes into account both changes in stock price and distributions. It assumes that distributions paid are invested in like securities.

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![NCDL - 2025 10K - Total Return Performance.jpg](ncdlc-20251231_g2.jpg)

The stock performance graph and other information furnished above shall not be deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act. The stock price performance included in the above graph is not necessarily indicative of future stock performance.

**ITEM 6. RESERVED** 

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The information in this management's discussion and analysis of our financial condition and results of operations relates to Nuveen Churchill Direct Lending Corp., including its wholly owned subsidiaries (collectively, "we", "us", "our", or the "Company"). The information in this section should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements, which relate to future events, or the future performance or financial condition of and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in <u>[Part I, Item 1A](#i8046fd6cdb8747a39c39abcbe0255a61_208)</u> of and elsewhere in this Annual Report on Form 10-K. This discussion also should be read in conjunction with the "Forward-Looking Statements" in this Annual Report on Form 10-K. Actual results could differ materially from those implied or expressed in any forward-looking statements.*

***Overview***

We were formed on March 13, 2018 as a Delaware limited liability company and converted into a Maryland corporation on June 18, 2019, prior to the commencement of operations. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Our investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which we define as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). We primarily focus on investing in U.S. middle market companies, with $10 million to $100 million in EBITDA, which we consider the core middle market. Our portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not our primary strategy, we also opportunistically invest in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities.

We have entered into an investment advisory agreement (as amended and restated, the "Advisory Agreement") with Churchill DLC Advisor LLC (the "Adviser"), under which the Adviser has delegated substantially all of its day-to-day portfolio management obligations through a sub-advisory agreement (as amended and restated, the "CAM Sub-Advisory Agreement") to Churchill Asset Management LLC ("Churchill"). In addition, the Adviser and Churchill have engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" and together with the Adviser and Churchill, the "Advisers") pursuant to a sub-advisory agreement (the "NAM Sub-Advisory Agreement"), pursuant to which Nuveen Asset Management may manage a portion of our portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments, subject to the pace and amount of investment activity in the middle market investment program. Under the administration agreement (the "Administration Agreement"), we are provided with certain services by an administrator, Churchill BDC Administration LLC (the "Administrator"). The Adviser, Churchill, Nuveen Asset Management and Administrator are all affiliates and subsidiaries of Nuveen, LLC ("Nuveen"), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA").

Churchill NCDLC CLO-I, LLC ("CLO-I"), Churchill NCDLC CLO-II, LLC ("CLO-II"), Churchill NCDLC CLO-III, LLC ("CLO-III"), Nuveen Churchill BDC SPV IV, LLC ("SPV IV"), Nuveen Churchill BDC SPV V, LLC ("SPV V") and NCDL Equity Holdings LLC ("NCDL Equity Holdings") are wholly owned subsidiaries of the Company and are consolidated in these financial statements commencing from the date of their formation. CLO-I, CLO-II and CLO-III have completed term debt securitizations. SPV IV and SPV V primarily invest in first-lien senior secured debt and unitranche loans. NCDL Equity Holdings was formed to hold certain equity-related securities.

Beginning with our initial closing in March 2020, we conducted private offerings ("Private Offerings") of our shares of common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). We held our final closing on April 28, 2023.

On January 29, 2024, we closed our initial public offering ("IPO") and our common stock began trading on the New York Stock Exchange ("NYSE") under the symbol "NCDL" on January 25, 2024.

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**Key Components of Our Results of Operations**

***Investments***

Our level of investment activity varies substantially from period to period depending on many factors, including the amount we have available to invest, as well as the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity in the middle market, the general economic environment and the competitive environment for the types of investments we make.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we are generally required to invest at least 70% of our total assets in "qualifying assets," including securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less.

As a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Under the 1940 Act, the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250.0 million. In addition, we must be organized in the United States to qualify as a BDC.

***Revenues***

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we may generate income from dividends on direct equity investments and capital gains on the sales of loans or debt and equity securities. Our debt investments generally bear interest at a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate ("SOFR"). Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also may reflect the proceeds of sales of securities. In addition, we may generate revenue in the form of commitment, origination, structuring, diligence, consulting or prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to portfolio companies and other investment related income.

***Expenses***

The Advisers and their respective affiliates are responsible for bearing the compensation and routine overhead expenses allocable to personnel providing investment advisory and management services to us. We bear all other out-of-pocket costs and expenses of its operations and transactions, including those costs and expenses incidental to the provision of investment advisory and management services to us (such as items in the third and fourth bullets listed below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our organizational costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calculating net asset value (including the cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses, including travel, entertainment, lodging and meal expenses, incurred by the Advisers, or members of their investment teams or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred by the Advisers (and their affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring investments and portfolio companies on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and expenses incurred in connection with the incurrence of leverage and indebtedness, including borrowings, credit facilities, securitizations, margin financing, and including any principal or interest on our borrowings and indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offerings, sales, and repurchases of our shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses payable under any underwriting, dealer manager or placement agent agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment advisory fees payable under the Advisory Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Administrator, based upon our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any applicable administrative agent fees or loan arranging fees incurred with respect to portfolio investments by the Advisers, the Administrator or an affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs of registration and listing our shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses, including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of preparing and filing reports or other documents required by the SEC or other regulators, and all fees, costs and expenses related to compliance-related matters and regulatory filings related to our activities and/or other regulatory filings, notices or disclosures of the Advisers and their affiliates relating to us and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by our Board to or on account of holders of our securities, including in connection with any dividend reinvestment plan or direct stock purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the allocated costs incurred by the Advisers and/or the Administrator in providing managerial assistance to those portfolio companies that request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocable fees and expenses associated with marketing efforts on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses of any litigation involving us or our portfolio companies and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees, costs and expenses of winding up and liquidating our assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses incurred by us, the Advisers or the Administrator in connection with administering our business.

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**Portfolio and Investment Activity**

***Portfolio Composition***

Our portfolio and investment activity for the years ended December 31, 2025 and 2024 is presented below (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** |
| **Net funded investment activity** |  |  |
| &nbsp;&nbsp;New gross commitments at par <sup>1</sup> | $302546 | $955309 |
| &nbsp;&nbsp;Net investments funded | 350739 | 863570 |
| &nbsp;&nbsp;Investments sold or repaid | (456201) | (429953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net funded investment activity | $(105462) | $433617 |
| **Gross commitments at par** <sup>1</sup> |  |  |
| &nbsp;&nbsp;First-lien debt | $266857 | $924776 |
| &nbsp;&nbsp;Subordinated debt | 22270 | 26088 |
| &nbsp;&nbsp;Equity investments | 13419 | 4445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross commitments | $302546 | $955309 |
| **Portfolio company activity** |  |  |
| &nbsp;&nbsp;Portfolio companies, beginning of period | 210 | 179 |
| &nbsp;&nbsp;Number of new portfolio companies | 58 | 68 |
| &nbsp;&nbsp;Number of exited portfolio companies | (41) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio companies, end of period | 227 | 210 |
| &nbsp;&nbsp;Count of investments | 528 | 475 |
| &nbsp;&nbsp;Count of industries | 26 | 27 |
| **New investment activity** |  |  |
| Weighted average annual interest rate on new debt investments at par | 9.21% | 10.11% |
| Weighted average annual interest rate on new floating rate debt investments at par | 8.92% | 10.02% |
| Weighted average spread on new floating rate debt investments at par | 4.78% | 5.05% |
| Weighted average annual coupon on new fixed rate debt investments at par | 12.73% | 13.53% |

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<sup>1</sup> Gross commitments at par includes unfunded investment commitments.

As of December 31, 2025, our debt portfolio reflected the following characteristics, based on fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average reported annual EBITDA of $75.4 million.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 2.25x interest coverage ratio for our first-lien loans<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 5.04x net leverage.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 87.28% of our debt investments have financial covenants.<sup>4</sup>

<sup>________________________________________</sup>

<sup>1</sup> These calculations include all private debt investments for which fair value is determined by the Adviser in its capacity as the Valuation Designee of the Company's board of directors (the "Board") 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.

<sup>2</sup> 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 us, which also excludes any upper middle market

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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 76.91% of our total investments, and 85.93% of our total first lien loan investments, in each case based upon fair value.

<sup>3</sup> 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. 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 15x or greater.

<sup>4</sup> Represents the percentage of debt investments with one or more maintenance financial covenants.

As of December 31, 2025 and December 31, 2024, our investments consisted of the following (dollar amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **% of Fair Value** | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $1773647 | $1756620 | 89.51% | $1893409 | $1885643 | 90.59% |
| Subordinated Debt <sup>1</sup> | 179656 | 161374 | 8.22% | 170957 | 159138 | 7.65% |
| Equity Investments | 47904 | 44455 | 2.27% | 34209 | 36598 | 1.76% |
| **Total** | $**2001207** | $**1962449** | **100.00%** | $**2098575** | $**2081379** | **100.00%** |
| Largest portfolio company investment | $30926 | $30870 | 1.57% | $31179 | $31074 | 1.49% |
| Average portfolio company investment | $8816 | $8645 | 0.44% | $9993 | $9911 | 0.48% |

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_____________________&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup>As of December 31, 2025, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and structured debt of $2,479 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and structured debt of $4,583 at cost.

As of December 31, 2024, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $67,780, mezzanine debt of $89,740 and structured debt of $1,618 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $71,622, mezzanine debt of $94,978 and structured debt of $4,357 at cost.

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The industry composition of our portfolio as a percentage of fair value as of December 31, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
| **Industry** | **December 31, 2025** | **December 31, 2024** |
| Aerospace & Defense | 1.71% | 3.36% |
| Automotive | 3.28% | 3.33% |
| Banking, Finance, Insurance & Real Estate | 4.01% | 3.28% |
| Beverage, Food & Tobacco | 7.62% | 6.95% |
| Capital Equipment | 5.75% | 5.46% |
| Chemicals, Plastics & Rubber | 1.10% | 1.36% |
| Construction & Building | 6.90% | 5.54% |
| Consumer Goods: Durable | 1.25% | 0.97% |
| Consumer Goods: Non-durable | 1.61% | 2.34% |
| Containers, Packaging & Glass | 4.02% | 3.87% |
| Energy: Electricity | 1.56% | 2.50% |
| Environmental Industries | 4.52% | 3.85% |
| Healthcare & Pharmaceuticals | 18.19% | 14.47% |
| High Tech Industries | 4.03% | 8.65% |
| Hotel, Gaming & Leisure | 0.17% | 0.15% |
| Media: Advertising, Printing & Publishing | 0.93% | 0.90% |
| Media: Diversified & Production | 0.83% | 0.91% |
| Retail | —% | 0.28% |
| Services: Business | 17.24% | 16.48% |
| Services: Consumer | 4.33% | 5.18% |
| Sovereign & Public Finance | 0.69% | 0.64% |
| Telecommunications | 3.55% | 3.19% |
| Transportation: Cargo | 3.05% | 2.95% |
| Transportation: Consumer | 0.53% | 0.62% |
| Utilities: Electric | 1.41% | 1.16% |
| Utilities: Water | 0.54% | 0.42% |
| Wholesale | 1.18% | 1.19% |
| **Total** | **100.00%** | **100.00%** |

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The weighted average yields of our investments as of December 31, 2025 and December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Weighted average yield on debt and income producing investments, at cost <sup>1</sup> | 9.48% | 10.33% |
| Weighted average yield on debt and income producing investments, at fair value <sup>2</sup> | 9.58% | 10.41% |
| Percentage of debt investments bearing a floating rate | 94.07% | 94.68% |
| Percentage of debt investments bearing a fixed rate | 5.93% | 5.32% |

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_____________________

<sup>1</sup> Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of December 31, 2025 was 9.36%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of December 31, 2024, was 10.30%.

<sup>2</sup> Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of December 31, 2025 was 9.54%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of December 31, 2024, was 10.40%.

As of December 31, 2025, 99.95% and 99.95% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans. As of December 31, 2024, 99.10% and 99.09% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans.

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The weighted average yield of our 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 of our and our subsidiaries' fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding any investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level. Total weighted average yields of our debt and income producing investments, at cost, decreased from 10.33% to 9.48% from December 31, 2024 to December 31, 2025. The decrease in weighted average yields was primarily due to overall tightening of spreads in newly originated investments and lower base interest rates.

Private equity mergers and acquisitions activity concluded 2025 with strong momentum, as the recovery that began in the second half of the year gained traction through the fourth quarter following earlier disruptions arising from global trade policy uncertainty. Improving market fundamentals and restored sponsor confidence in the macro environment, including greater clarity regarding the direction of interest rates, drove increased transaction execution during 2025. Repayment activity remained elevated during the fourth quarter of 2025, driven by a combination of new transaction activity and selective refinancings, as borrowers continued to capitalize on investor demand and favorable market conditions. While repayment activity may continue to offset new investment deployment, we believe that well-capitalized lenders with available liquidity, existing portfolio company relationships, and strong proprietary sponsor networks are well-positioned to benefit from the positive market momentum.

Despite this market recovery, certain macro-economic risks and uncertainties remain. Changes to trade policies, including the imposition of new tariffs by the current administration, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. Additionally, the rapid evolution and adoption of artificial intelligence technologies may create both opportunities and challenges for businesses, potentially reshaping competitive dynamics, operational models, and workforce requirements across industries. In light of these changes, we are closely monitoring the impacts to our portfolio companies, and we will continue to seek to invest in defensive businesses with low levels of cyclicality, strong levels of free cash flow generation, and multiple channels to source products or materials. There can be no assurance that economic conditions or competitive market dynamics will not adversely impact certain of our portfolio companies, which could impact our future results.

***Asset Quality***

In addition to various risk management and monitoring tools, we use the Advisers' investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. Churchill, in its capacity as sub-adviser, utilizes a systematic, consistent approach to credit evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging under a "base case" set of projections (the "Base Case"), which reflects a more conservative estimate than the set of projections provided by a prospective portfolio company (the "Management Case"). The following is a description of the conditions associated with each investment rating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Performing - Superior:** Borrower is performing significantly above Management Case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Performing - High:** Borrower is performing at or near the Management Case (i.e., in a range slightly below to slightly above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Performing - Low Risk:** Borrower is operating well ahead of the Base Case to slightly below the Management Case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Performing - Stable Risk:** Borrower is operating at or near the Base Case (i.e., in a range slightly below to slightly above). This is the initial rating assigned to all new borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Performing - Management Notice:** Borrower is operating below the Base Case. Adverse trends in business conditions and/or industry outlook are viewed as temporary. There is no immediate risk of payment default and only a low to moderate risk of covenant default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Watch List - Low Maintenance:** Borrower is operating below the Base Case, with declining margin of protection. Adverse trends in business conditions and/or industry outlook are viewed as probably lasting for more than a year. Payment default is still considered unlikely, but there is a moderate to high risk of covenant default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Watch List - Medium Maintenance:** Borrower is operating well below the Base Case, but has adequate liquidity. Adverse trends are more pronounced than in Internal Risk Rating 6 above. There is a high risk of covenant default, or it may have already occurred. Payments are current, although subject to greater uncertainty, and there is a moderate to high risk of payment default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Watch List - High Maintenance:** Borrower is operating well below the Base Case. Liquidity may be strained. Covenant default is imminent or may have occurred. Payments are current, but there is a high risk of payment default. Negotiations to restructure or refinance debt on normal terms may have begun. Further significant deterioration appears unlikely and no loss

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of principal is currently anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Watch List - Possible Loss:** At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is strained. Payment default may have occurred or is very likely in the short term unless creditors grant some relief. Loss of principal is possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Watch List - Probable Loss:** At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Liquidity is extremely limited. The prospects for improvement in the borrower's situation are sufficiently negative that loss of some or all principal is probable.

Churchill regularly monitors and, when appropriate, changes the investment rating assigned to each investment in our portfolio. Each investment team will review the investment ratings in connection with monthly or quarterly portfolio reviews.

The following table shows the investment ratings of the investments in our portfolio (dollar amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair Value** | **% of Portfolio** | **Number of Portfolio Companies** | **Fair Value** | **% of Portfolio** | **Number of Portfolio Companies** |
| 1 | $— | —% |  | $— | —% |  |
| 2 |  | —% |  |  | —% |  |
| 3 | 95983 | 4.89% | 5 | 161544 | 7.76% | 11 |
| 4 | 1510150 | 76.95% | 173 | 1653474 | 79.43% | 158 |
| 5 | 198368 | 10.11% | 24 | 144160 | 6.93% | 24 |
| 6 | 119513 | 6.09% | 17 | 73627 | 3.54% | 10 |
| 7 | 27735 | 1.41% | 5 | 46145 | 2.22% | 6 |
| 8 | 8020 | 0.41% | 2 | 2429 | 0.12% | 1 |
| 9 | 2680 | 0.14% | 1 |  | —% |  |
| 10 |  | —% |  |  | —% |  |
| **Total** | $**1962449** | **100.00%** | **227** | $**2081379** | **100.00%** | **210** |

---

As of December 31, 2025 and December 31, 2024, the weighted average Internal Risk Rating of our investment portfolio was 4.24 and 4.13, respectively. As of December 31, 2025, there were investments in four portfolio companies on non-accrual with an aggregate cost of $24.4 million, which represented approximately 1.22% of total investments at cost. As of December 31, 2024, there were investments in one portfolio company on non-accrual with an aggregate cost of $7,257, which represented approximately 0.35% of total investments at cost.

------

**Results of Operations**

Operating results for the years ended December 31, 2025, 2024 and 2023 were as follows (dollars amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Investment income:** |  |  |  |
| &nbsp;&nbsp;Interest income | $195896 | $213096 | $156868 |
| &nbsp;&nbsp;Payment-in-kind interest income | 9868 | 8299 | 3644 |
| &nbsp;&nbsp;Dividend income | 402 | 614 | 101 |
| &nbsp;&nbsp;Other income | 1692 | 2031 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 207858 | 224040 | 161756 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses | 77901 | 79879 | 61206 |
| &nbsp;&nbsp;Management fees | 19269 | 14683 | 10509 |
| &nbsp;&nbsp;Incentive fees on net investment income  | 11182 | 17447 |  |
| &nbsp;&nbsp;Professional fees | 3146 | 3100 | 3455 |
| &nbsp;&nbsp;Directors' fees | 624 | 510 | 383 |
| &nbsp;&nbsp;Administration fees | 2341 | 1861 | 1598 |
| &nbsp;&nbsp;Other general and administrative expenses | 2124 | 1068 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense support and incentive fees waived | 116587 | 118548 | 77902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support |  |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waived | (2253) | (17447) |  |
| &nbsp;&nbsp;Net expenses after expense support and incentive fees waived | 114334 | 101101 | 77744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income before excise taxes | 93524 | 122939 | 84012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise taxes | 186 | 551 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 93338 | 122388 | 84006 |
| **Realized and unrealized gain (loss) on investments:** |  |  |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | (6013) | (13198) | (7952) |
| Net change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated company investments | (21562) | 7287 | 714 |
| &nbsp;&nbsp;Income tax (provision) benefit | (149) | (154) | (830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (21711) | 7133 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gain (loss) on investments | (27724) | (6065) | (8068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $65614 | $116323 | $75938 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio.

------

*Investment income*

Investment income decreased to $207.9 million for the year ended December 31, 2025 from $224.0 million for the year ended December 31, 2024. As of December 31, 2025, the size of our portfolio decreased to $2.0 billion from $2.1 billion as of December 31, 2024, at cost. As of December 31, 2025, the weighted average yield of our debt and income producing investments decreased to 9.48% from 10.33% as of December 31, 2024, at cost, primarily due to overall tightening of spreads in newly originated investments, the refinancing or repricing of existing portfolio companies, and the decline in base interest rates. Shifts in base interest rates, such as SOFR and other applicable benchmark rates, may affect our investment income.

Investment income increased to $224.0 million for the year ended December 31, 2024 from $161.8 million for the year ended December 31, 2023, primarily due to increased investment activity driven by an increase in our deployed capital, slightly offset by a decrease in the weighted average yield of our debt and income producing investments as a result of market spread tightening and a decline in SOFR. As of December 31, 2024, the size of our portfolio increased to $2.1 billion from $1.7 billion as of December 31, 2023, at cost. As of December 31, 2024, the weighted average yield of our debt and income producing investments decreased to 10.33% from 11.60% as of December 31, 2023, at cost, primarily due to overall tightening of spreads in newly originated investments, the refinancing or repricing of existing portfolio companies, and the decline in base interest rates.

*Expenses*

Total expenses before waived incentive fees and excise tax decreased to $116.6 million for the year ended December 31, 2025, from $118.5 million for the year ended December 31, 2024.

Interest and debt financing expenses decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to a lower average interest rate, partially offset by higher average daily borrowings and one-time costs associated with debt facility refinancings completed during the first quarter of 2025, as further described below in Borrowings. Average daily borrowings increased during the year ended December 31, 2025 primarily due to the issuance of the 2030 Notes and the increase in borrowings on the Revolving Credit Facility (each defined below). For the year ended December 31, 2025, we recorded $1.4 million of non-recurring interest and debt financing expenses relating to the acceleration of deferred financing costs from these refinancing transactions. The average daily borrowings for the year ended December 31, 2025 were $1,138.7 million compared to $995.1 million, for the year ended December 31, 2024, respectively. The average annual interest rate for the year ended December 31, 2025 was 6.51%, compared to 7.61% for the year ended December 31, 2024.

In accordance with the terms of the Advisory Agreement, effective March 31, 2025, the management fee base rate increased from 0.75% to 1.00%. The increase in management fees for the year ended December 31, 2025 from the comparable period in 2024 was primarily attributable to the increase in the management fee base rate.

In addition, in accordance with the terms of the Advisory Agreement, the Adviser's waiver of incentive fees on income and on capital gains expired effective March 31, 2025. For the year ended December 31, 2025, income-based incentive fees totaled $11.2 million, of which $2.3 million was waived during the first quarter of 2025 when the fee waiver was in effect. For the year ended December 31, 2024, income-based incentive fees of $17.4 million were waived in full in accordance with the terms of the Advisory Agreement. No capital gains incentive fees were incurred during the year ended December 31, 2025 or 2024.

Total expenses before expense support and waived incentive fees and excise tax increased to $118.5 million for the year ended December 31, 2024 from $77.9 million for the year ended December 31, 2023.

Interest and debt financing expenses increased for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to higher average daily borrowings, higher average interest rates, and expenses relating to the termination of the SMBC Financing Facility (as defined below) during the period. Average daily borrowings increased in 2024 primarily due to the completion of the 2023 Debt Securitization and the 2024 Debt Securitization (each as defined below) on December 7, 2023 and March 14, 2024, respectively. Additionally, for the year ended December 31, 2024, we recorded $0.8 million of non-recurring interest and debt financing expenses relating to the acceleration of deferred financing costs on our SMBC Financing Facility in connection with its termination on November 5, 2024. The average daily borrowings for the year ended December 31, 2024 were $995.1 million compared to $816.2 million for the year ended December 31, 2023. The average interest rate for the year ended December 31, 2024 was 7.61% compared to 7.23% for the year ended December 31, 2023.

The increase in management fees for the year ended December 31, 2024 from the comparable period in 2023 was driven by our deployment of capital and our increasing invested balance.

For the year ended December 31, 2023, the Adviser was not entitled to any incentive fees under the Advisory Agreement.

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company. Administrative fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses

------

incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs. Other general and administrative expenses include insurance, filing, research, rating agencies, subscriptions and other costs. Professional, administration, and other general and administrative fees for the years ended December 31, 2025, 2024, and 2023 were $7.6 million, $6.0 million and $5.8 million, respectively.

*Net realized gain (loss) and Net change in unrealized gains (losses) on investments* 

For the year ended December 31, 2025, we recognized a net realized loss on investments of $(6.0) million, compared to a net realized loss of $(13.2) million for the year ended December 31, 2024. The net realized loss for the year ended December 31, 2025 was primarily driven by the restructuring of an underperforming debt position, partially offset by realized gains from full or partial repayments and sales of investments in portfolio companies.

We recorded a net change in unrealized loss of $(21.6) million for the year ended December 31, 2025, compared to a net change in unrealized gain of $7.3 million for the year ended December 31, 2024. The increase in total net change in unrealized losses for the year ended December 31, 2025, compared to the total net change in unrealized gains for the year ended December 31, 2024, primarily resulted from decreases in fair value of certain underperforming portfolio companies, partially offset by the reversal of unrealized loss on a debt position that was restructured during the year.

For the year ended December 31, 2024, we recognized a net realized loss on investments of $(13.2) million compared to a net realized loss of $(8.0) million for the year ended December 31, 2023. The net realized loss for the year ended December 31, 2024 was primarily driven by the restructuring of two underperforming portfolio companies, partially offset by realized gains from full or partial repayments.

We recorded a net change in unrealized gain of $7.3 million for the year ended December 31, 2024, compared to a net change in unrealized gain of $0.7 million for the year ended December 31, 2023. The increase in total net change in unrealized gains for the year ended December 31, 2024, compared to the total net change in unrealized gains for the year ended December 31, 2023, primarily resulted from the reversal of unrealized losses on underperforming portfolio companies, as well as market spread tightening.

------

**Financial Condition, Liquidity and Capital Resources**

Due to the diverse capital resources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. Our liquidity and capital resources are generated primarily from cash flows from income earned from our investments and principal repayments, net proceeds of public offerings of debt securities and equity securities (including through the ATM Program, as described below), and our net borrowings from our Revolving Credit Facility (as defined below) and CLO debt issuances (discussed further below). Due to an uncertain economic outlook and current market volatility, we regularly evaluate our overall liquidity position and take proactive steps to maintain that position based on such circumstances. The primary uses of our cash are (i) purchases of investments in portfolio companies, (ii) funding the cost of our operations (including fees paid to our Adviser), (iii) debt service, repayment and other financing costs of our borrowings, and (iv) cash distributions to the holders of our shares.

To facilitate public offerings of equity securities and debt securities, on December 20, 2024, we filed a shelf registration statement with the SEC that is effective for a three-year term, expiring on December 20, 2027. As a well-known seasoned issuer, we are permitted to register an indeterminate number of securities under the shelf registration statement and, therefore, there is no specific dollar limit on the amount of securities we may issue. The shelf registration statement permits us to offer, from time to time, our common stock, preferred stock, subscription rights to purchase shares of our common stock, debt securities or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, in one or more underwritten public offerings, at-the-market offerings, negotiated transactions, block trades, best efforts or a combination of these methods. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement at the time of any offering.

As of December 31, 2025, our debt consisted of a revolving credit facility, debt securitizations, and unsecured notes. As of December 31, 2024, our debt consisted of asset based leverage facilities, a revolving credit facility, and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, if certain requirements are met. As of December 31, 2025 and December 31, 2024, our asset coverage ratio was 178.55% and 187.03%, respectively.

Cash and cash equivalents as of December 31, 2025, taken together with our unused capacity under our Revolving Credit Facility is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of December 31, 2025, we had $259.0 million available under our Revolving Credit Facility.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

For the year ended December 31, 2025, our cash and cash equivalents balance increased by $19.2 million. During that period, $194.2 million was provided by operating activities, primarily relating to proceeds from principal repayments and sales of investments of $456.2 million offset by investment purchases of $350.7 million. During the same period, $175.0 million was used in financing activities, consisting primarily of net repayments of debt of $1.4 million, shareholder distributions of $102.3 million and repurchases of common shares of $65.7 million.

For the year ended December 31, 2024, our cash and cash equivalents balance decreased by $(24.1) million. During that period, $297.2 million was used in operating activities, primarily relating to purchases of investments of $863.6 million, offset by $430.0 million in proceeds from principal repayments and sales of investments. During the same period, $273.1 million was provided by financing activities, consisting primarily of proceeds from issuance of common shares and proceeds from debt of $241.7 million and $884.2 million, respectively, net of shareholder distributions and repayments of debt of $95.2 million and $721.1 million, respectively.

For the year ended December 31, 2023, our cash and cash equivalents balance increased by $28.1 million. During that period, $369.5 million was used in operating activities, primarily relating to purchases of investments of $589.0 million, offset by $146.4 million in proceeds from principal repayments and sales of investments. During the same period, $397.7 million was provided by financing activities, consisting primarily of proceeds from issuance of common shares and debt of $218.9 million and $810.9 million, respectively, net of shareholder distributions and repayments of debt of $63.2 million and $564.5 million, respectively.

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***Equity*** 

Our authorized stock consists of 500,000,000 shares of stock, par value $0.01 per share, all of which are initially designated as common stock.

*Initial Public Offering*

On January 29, 2024, we closed our IPO, issuing 5,500,000 shares of our common stock at a public offering price of $18.05 per share. We received total cash proceeds of $99.3 million. Our common stock began trading on the NYSE under the symbol "NCDL" on January 25, 2024.

*Private Offerings*

In connection with our Private Offerings and prior to April 28, 2023 (the final closing of the Private Offering), we entered into subscription agreements with investors, pursuant to which investors were required to fund drawdowns to purchase our shares of common stock up to the amount of their respective capital commitment each time we delivered a drawdown notice. As of January 5, 2024, all capital commitments in the amount of $906.4 million had been drawn.

*ATM Program*

On March 10, 2025, we established an equity at-the-market offering program (the "ATM Program"), pursuant to which the Company may offer and sell, from time to time, through distribution managers, or to them, as principals for their own accounts, shares of its common stock having an aggregate offering price up to $200 million. Sales of common stock made pursuant to the ATM Program may be made in negotiated transactions or transactions that are deemed to be "at-the-market" offerings as defined in Rule 415(a)(5) under the Securities Act. We intend to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, investing in accordance with its investment objective and strategies, and repaying indebtedness (which may be subject to re-borrowing).

As of December 31, 2025, we had not sold any shares of common stock through the ATM Program.

*Dividends and Distributions*

To the extent that we have taxable income, we intend to make quarterly distributions to our common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by our Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although we may decide to retain such capital gains for investment.

In connection with the IPO, our Board approved an amended and restated dividend reinvestment plan (the "Amended DRIP"), which became effective on January 29, 2024, concurrent with the consummation of the IPO.

The Amended DRIP changed the dividend reinvestment plan from an "opt in" dividend reinvestment plan to an "opt out" dividend reinvestment plan. As a result of the foregoing, if our Board authorizes, and we declare, a cash dividend or distribution, shareholders that acquired their shares in the IPO and do not "opt out" of the Amended DRIP will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Notwithstanding the foregoing, a shareholder's election (or deemed election) under the dividend reinvestment plan, dated December 19, 2019, will remain in effect for such shareholder and no further action is required by such shareholder with respect to their election under the Amended DRIP.

With respect to each distribution under the Amended DRIP, our Board reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market for the accounts of participants in the Amended DRIP. If newly issued shares are used to implement the Amended DRIP, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the distribution payable to such participant by the market price per share of our common stock at the close of regular trading of the NYSE on the distribution payment date, or if no sale is reported for such day, the average of the reported bid and asked prices. However, if the market price per share on the distribution payment date exceeds the most recently computed NAV per share, we will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share). If shares are purchased in the open market to implement the Amended DRIP, the number of shares to be issued to a participant will be determined by dividing the dollar amount of the distribution payable to such participant by the weighted average price per share for all shares of common stock purchased by the plan administrator in the open market in connection with the dividend or distribution. Although each participant may from time to time have an undivided fractional interest in a share, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant's account.

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The following table summarizes the Company's distributions recorded for the year ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| October 29, 2025 | December 31, 2025 | January 27, 2026 | $0.45 |
| July 30, 2025 | September 30, 2025 | October 28, 2025 | $0.45 |
| April 30, 2025 | June 30, 2025 | July 28, 2025 | $0.45 |
| February 19, 2025 | March 31, 2025 | April 28, 2025 | $0.45 |
| January 10, 2024 | February 12, 2025 | April 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |

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________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents a special dividend.

The following table summarizes the Company's distributions recorded for the year ended December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| November 4, 2024 | December 31, 2024 | January 28, 2025 | $0.45 |
| July 31, 2024 | September 30, 2024 | October 28, 2024 | $0.45 |
| May 1, 2024 | June 28, 2024 | July 29, 2024 | $0.45 |
| January 10, 2024 | November 11, 2024 | January 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | August 12, 2024 | October 28, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | May 13, 2024 | July 29, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | March 30, 2024 | April 29, 2024 | $0.45 |

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________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents a special dividend.

See <u>[Note 12](#i8046fd6cdb8747a39c39abcbe0255a61_193)</u> to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K for more information on the federal income tax characterization of distributions declared and paid.

The following table reflects the shares distributed pursuant to the dividend reinvestment plan for the year ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** <sup>(1)</sup> |
| July 30, 2025 | September 30, 2025 | October 28, 2025 | 62700 |
| April 30, 2025 | June 30, 2025 | July 28, 2025 | 52892  |
| February 19, 2025 | March 31, 2025 | April 28, 2025 | 60278  |
| January 10, 2024 | February 12, 2025 | April 28, 2025 | 35267  |
| November 4, 2024 | December 31, 2024 | January 28, 2025 | 87401  |
| January 10, 2024 | November 11, 2024 | January 28, 2025 | 5035 |

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________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Company's Amended DRIP, shares were purchased in the open market.

The following table reflects the shares issued pursuant to the dividend reinvestment for the year ended December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** <sup>(1)</sup> |
| July 31, 2024 | September 30, 2024 | October 28, 2024 | 103743  |
| January 10, 2024 | August 12, 2024 | October 28, 2024 | 22959 |
| May 1, 2024 | June 28, 2024 | July 29, 2024 | 168527 |
| January 10, 2024 | May 13, 2024 | July 29, 2024 | 37333 |
| January 10, 2024 | March 30, 2024 | April 29, 2024 | 189256  |
| December 28, 2023 | December 29, 2023 | January 10, 2024 | 185541 |

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________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;All shares issued to shareholders for the the year ended December 31, 2024 were newly issued shares under the dividend reinvestment plan.

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*Share Repurchase Plan*

On March 5, 2024, we entered into a share repurchase plan (the "Company 10b5-1 Plan"), which permitted us to purchase up to $99.3 million in the aggregate of its outstanding shares of common stock in the open market at prices below its net asset value ("NAV") per share over a specified period. Any purchase of the shares pursuant to the Company 10b5-1 Plan were conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company 10b5-1 Plan required BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share was below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by us to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent increased the volume of purchases made as the price of the shares of the our common stock declined, subject to volume restrictions. The timing and amount of any share repurchases depended on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of our common stock and trading volumes.

The Company 10b5-1 Plan became effective on March 29, 2024, commenced on April 1, 2024 and was amended on March 28, 2025, which extended the Company 10b5-1 Plan for an additional 12-month period, and amended certain terms of the Company 10b5-1 Plan as set forth in the guidelines therein. As a result of such amendment, the Company 10b5-1 Plan would terminate upon the earliest to occur of (i) 12-months from March 29, 2025 (tolled for periods during which the Company 10b5-1 Plan was suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equaled $99.3 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. On July 21, 2025, the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan reached $99.3 million and the Company 10b5-1 Plan was terminated in accordance with its terms on the same date.

The following table reflects the shares repurchased pursuant to the Company 10b5-1 Plan for each month from inception through July 21, 2025, the date the Company 10b5-1 Plan terminated (dollar amounts in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Repurchased** | **Average Price Paid per Share** | **Approximate Dollar Value of Shares that have been Purchased Under the Plan** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan** |
| April 1, 2024 - April 30, 2024 | 104075 | $17.57 | $1828 | $97447 |
| May 1, 2024 - May 31, 2024 | 96598 | 17.56 | 1696 | 95751 |
| June 1, 2024 - June 30, 2024 | 91637 | 17.73 | 1625 | 94126 |
| July 1, 2024 - July 31, 2024 | 75675 | 17.61 | 1333 | 92793 |
| August 1, 2024 - August 31, 2024 | 154668 | 17.24 | 2666 | 90127 |
| September 1, 2024 - September 30, 2024 | 109646 | 17.69 | 1940 | 88187 |
| October 1, 2024 - October 31, 2024 | 155122 | 17.27 | 2680 | 85508 |
| November 1, 2024 - November 30, 2024 | 375949 | 17.06 | 6412 | 79095 |
| December 1, 2024 - December 31, 2024 | 780004 | 17.11 | 13349 | 65746 |
| January 1, 2025 - January 31, 2025 | 972752 | 16.74 | 16289 | 49458 |
| February 1, 2025 - February 28, 2025 | 490615 | 17.44 | 8557 | 40900 |
| March 1, 2025 - March 31, 2025 | 706657 | 17.28 | 12210 | 28689 |
| April 1, 2025 - April 30, 2025 | 805272 | 15.32 | 12334 | 16356 |
| May 1, 2025 - May 31, 2025 | 602662 | 15.63 | 9417 | 6939 |
| June 1, 2025 - June 30, 2025 | 261220 | 16.27 | 4250 | 2689 |
| July 1, 2025 - July 21, 2025 | 161033 | 16.70 | 2689 |  |
| **Total** | **5943585** |  | $**99275** |  |

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*Income Taxes*

We have elected and intend to qualify annually to be treated as a RIC for U.S. federal income tax purposes under the Code. If we qualify as a RIC, we will not be taxed on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to shareholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation until realized. Dividends declared and paid by us in a year may differ from taxable income for that year as such dividends may include the distribution of current year taxable income or the distribution of prior year taxable income carried forward into and distributed in the current year. Distributions also may include returns of capital.

To qualify for RIC tax treatment, we must, among other things, distribute, with respect to each taxable year, at least 90% of our investment company net taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any). If we qualify as a RIC, we may also be subject to a U.S. federal excise tax, based on distribution requirements of our taxable income on a calendar year basis. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income.

We intend to distribute to our shareholders between 90% and 100% of our annual taxable income (which includes our taxable interest and fee income). We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. We cannot assure shareholders that they will receive any distributions or distributions at a particular level.

***Borrowings***

See <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u> to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K for more information on our borrowings.

*Wells Fargo Financing Facility*

On December 31, 2019, a wholly owned subsidiary of the Company entered into a credit agreement ("the "Wells Fargo Financing Facility" and the agreement relating thereto, as amended on October 28, 2020, March 31, 2022, March 14, 2024 and August 27, 2024, the "Wells Fargo Financing Facility Agreement"), with Wells Fargo Bank, N.A. as lender ("Wells Fargo") and administrative agent. On March 14, 2024, SPV V entered into the borrower joinder agreement to become party to the Wells Fargo Financing Facility Agreement and pledged all of its assets to the collateral agent to secure their obligations under the Wells Fargo Financing Facility. The Company and SPV V made customary representations and warranties and were required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

On January 23, 2025, the Wells Fargo Financing Facility Agreement was terminated in full, and the Company terminated the security interest over the collateral granted to Wells Fargo and the lenders pursuant to the Wells Fargo Financing Facility Agreement. The Wells Fargo Financing Facility Agreement was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.

The maximum facility amount available under the Wells Fargo Financing Facility was $225 million. Under the Wells Fargo Financing Facility Agreement, the Company paid a fee on daily undrawn amounts under the Wells Fargo Financing Facility of 0.25% per annum during the period ended June 14, 2024. For the six months following June 14, 2024, the Company paid a fee on daily undrawn amounts under the Wells Fargo Facility of 0.50% per annum. and, thereafter, paid 0.50% per annum on undrawn amounts of up to 40% of the maximum facility amount and 1.50% per annum on undrawn amounts in excess of 40% of the maximum facility amount.

*SMBC Financing Facility*

On November 24, 2020, a wholly owned subsidiary of the Company entered into a senior secured revolving credit facility (the "SMBC Financing Facility" and the agreement relating thereto, as amended on December 23, 2021, June 29, 2022 and November 21, 2023, the "SMBC Financing Facility Agreement") with SMBC, as the administrative agent, the collateral agent and the lender. On October 19, 2023, SPV IV entered into the borrower joinder agreement (the "SMBC Joinder") to become party to the SMBC Financing Facility Agreement.

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Effective December 7, 2023, following the closing of the 2023 Debt Securitization (discussed further below), the maximum facility amount available was reduced to $150 million from $300 million, subject to a subsequent increase to $250 million, in the sole discretion of the administrative agent, if so requested by the borrowers, and SPV IV began borrowing under the SMBC Financing Facility. On November 5, 2024, the Company terminated in full the SMBC Financing Facility Agreement and terminated the security interest over the collateral granted to SMBC and the lenders pursuant to the SMBC Financing Facility Agreement. The SMBC Financing Facility was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.

The interest rate for loans under the SMBC Financing Facility Agreement was either the Base Rate plus 1.65% or Term SOFR plus 2.65%. The SMBC Financing Facility Agreement provided for an unused commitment fee of 0.50% per annum on the unused commitments from February 21, 2024 through May 21, 2024 and, thereafter, 0.50% per annum on the unused commitments if such unused commitments are less than 50% of the total commitments and 1.00% per annum on the unused commitments if such unused commitments are greater than or equal to 50% of the total commitments.

*Revolving Credit Facility*

On June 23, 2023, we entered into a senior secured revolving credit agreement (as amended from time to time, the "Senior Secured Revolving Credit Agreement" and facility thereunder, the "Revolving Credit Facility" and together with the Wells Fargo Financing Facility, the "Financing Facilities") with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain of our subsidiaries that are formed or acquired in the future (collectively, the "Guarantors").

The Revolving Credit Facility was amended on April 9, 2024 and October 4, 2024. The most recent amendment on October 4, 2024, among other things: (i) extended the Commitment Termination Date and the Final Maturity Date (each as defined below); (ii) added a term loan tranche; (iii) increased the total committed facility amount from $250 million to $325 million and (iv) reduced (a) the applicable margin with respect to the SONIA borrowings from 2.125% to 2.00%, (b) the credit spread adjustment from 0.15% to 0.10% for Term SOFR borrowings with a three-month tenor and from 0.25% to 0.10% for Term SOFR borrowings with a six-month tenor and (c) the applicable margin with respect to all other permitted borrowing rates from 1.125% to 1.000%. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25 million limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on October 4, 2028 (the "Commitment Termination Date") and will mature on October 4, 2029 (the "Final Maturity Date"). During the period from the Commitment Termination Date to the Final Maturity Date, the Company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either Term SOFR plus a margin or the prime rate plus a margin. We may elect either the Term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. We also will pay a fee of 0.375% per annum on average daily undrawn amounts. As of December 31, 2025 and December 31, 2024, the Revolving Credit Facility bore interest at one-month SOFR plus 2.00% per annum.

The Senior Secured Revolving Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company's ability to make distributions to its shareholders, or to redeem, repurchase or retire shares of stock upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders' equity, as well as customary events of default.

*CLO-I*

On May 20, 2022 (the "Original Closing Date"), the Company completed a $448.3 million term debt securitization (the "2022 Debt Securitization"). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2022 Debt Securitization (the "2022 Notes") were issued by CLO-I, an indirect, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consisted of $199.0 million of AAA Class A-1 2022 Notes, which bore interest at the three-month Term SOFR plus 1.80%; $34.3 million of AAA Class A-1F 2022 Notes, which bore interest at 4.42%; $47.3 million of AA Class B 2022 Notes, which bore interest at the three-month Term SOFR plus 2.30%; $31.5 million of A Class C 2022 Notes, which bore interest at the three-month Term SOFR plus 3.15%; $27.0 million of BBB Class D 2022 Notes, which bore interest at the three-month Term SOFR plus 4.15%; and $79.3 million of Subordinated 2022 Notes, which do not bear interest. The Company directly owns all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes are eliminated in consolidation.

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As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the "CLO-I Loan Agreement") on the Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders (the "CLO-I Lenders") committed to make $30.0 million of AAA Class A-L 2022 Loans to CLO-I (the "2022 Loans" and, together with the 2022 Notes, the "2022 Debt"). The 2022 Loans bore interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions. Any CLO-I Lender may elect to convert all of the Class A-L 2022 Loans held by such CLO-I Lenders into Class A-1 2022 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2022 Debt was backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2026, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2022 Debt Securitization.

The 2022 Debt was the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt includes customary covenants and events of default. The 2022 Debt was not registered under the Securities Act, or any state "blue sky" laws.

*CLO-I Refinancing*

On March 20, 2025 (the " CLO-I Refinancing Date"), the Company completed a $458 million refinancing of the 2022 Debt Securitization (the "CLO-I Refinancing").

The notes offered in the CLO-I Refinancing (the "2025 Notes") were issued by CLO-I. The 2025 Notes consist of $1.9 million of AAA Class X 2025 Notes, which bear interest at the three-month Term SOFR plus 1.05%; $233.25 million of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $56.25 million of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $136.58 million of Subordinated 2025 Notes, which do not bear interest, and of which $79.325 million were issued on the Original Closing Date and remained outstanding on the CLO-I Refinancing Date. The Company directly retained all of the Subordinated 2025 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-I Refinancing, on the CLO-I Refinancing Date, the CLO-I also entered into an amended and restated loan agreement (the "Class A-L-R Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $30.0 million of AAA Class A-L-R 2025 Loans to CLO-I (the "Class A-L-R 2025 Loans" and, together with the 2025 Notes, the "2025 Debt"). The Class A-L-R 2025 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date. Any Class A-L-R Lender may elect to convert a portion or all of the Class A-L-R 2025 Loans held by such Class A-L-R Lender into Class A-R 2025 Notes upon written notice to CLO-I in accordance with the Class A-L-R Loan Agreement.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2030, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the CLO-I Refinancing. The 2025 Notes are due on April 20, 2038. The Class A-L-R 2025 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, April 20, 2038. The 2025 Notes may be optionally redeemed, and the Class A-L-R 2025 Loans may be optionally prepaid, on or after April 20, 2027.

The 2025 Debt is the secured obligation of CLO-I and the supplemental indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-I under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

*CLO-II*

On December 7, 2023 (the "CLO-II Closing Date"), the Company completed a $298.1 million term debt securitization (the "2023 Debt Securitization").

The notes offered in the 2023 Debt Securitization (the "2023 Notes") were issued by CLO-II, an indirect, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consist of $2.0 million of AAA Class X 2023 Notes, which bear interest at the three-month Term SOFR plus 2.00%, $100.5 million of AAA Class A-1 2023 Notes, which bear interest at the three-month Term SOFR plus 2.35%; $37.5 million of AA Class B 2023 Notes, which bear interest at three-month Term SOFR plus 3.20% and

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approximately $83.1 million of Subordinated 2023 Notes, which do not bear interest. The Company directly owns all of the Subordinated 2023 Notes and as such, these notes are eliminated in consolidation.

As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the "CLO-II Loan Agreement") on the CLO-II Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-II Loan Agreement as lenders (the "CLO-II Lenders") committed to make $25.0 million of AAA Class A-L-A 2023 Loans and $50.0 million AAA Class A-L-B 2023 Loans to CLO-II (the "2023 Loans" and, together with the 2023 Notes, the "2023 Debt"). The 2023 Loans bear interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions. Any CLO-II Lender may elect to convert all or a portion of the Class A-L-A 2023 Loans held by such CLO-II Lenders into Class A-1 2023 Notes upon written notice to CLO-II in accordance with the CLO-II Loan Agreement.

The 2023 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2028, all principal collections received on the underlying collateral may be used by CLO-II to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-II and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2023 Debt Securitization. The 2023 Notes are due on January 20, 2036. The 2023 Loans are scheduled to mature, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on January 20, 2036.

The 2023 Debt is the secured obligation of CLO-II, and the indenture and the CLO-II Loan Agreement, as applicable, governing the 2023 Debt includes customary covenants and events of default. The 2023 Debt has not been, and will not be, registered under the Securities Act, or any state "blue sky" laws.

The Company serves as collateral manager to CLO-II under a collateral management agreement (the "CLO-II Collateral Management Agreement") and has waived the management fee due to it in consideration for providing these services.

*CLO-III*

On March 14, 2024 (the "CLO-III Closing Date"), the Company completed a $297.0 million term debt securitization (the "2024 Debt Securitization").

The notes offered in the 2024 Debt Securitization (the "2024 Notes" or "2024 Debt") were issued by CLO-III, a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the "CLO-III Indenture") dated as of the CLO-III Closing Date. The 2024 Notes consist of $2.0 million of AAA Class X 2024 Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175.5 million of AAA Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37.5 million of AA Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $82.0 million of Subordinated 2024 Notes, which do not bear interest. The Company directly retained all of the Subordinated 2024 Notes and as such, these notes are eliminated in consolidation.

The 2024 Notes are backed by a diversified portfolio of senior secured and second lien loans. The CLO-III Indenture contains certain conditions pursuant to which loans can be acquired by CLO-III, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Notes. Through April 20, 2028, all principal collections received on the underlying collateral may be used by CLO-III, to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-III, and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on April 20, 2036.

The 2024 Notes are the secured obligation of CLO-III, and the CLO-III Indenture governing the 2024 Notes includes customary covenants and events of default. The 2024 Notes have not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to the 2024 Issuer under a collateral management agreement and has waived any management fee due to it in consideration for providing these services.

*Unsecured Notes*

On January 22, 2025, we issued $300 million in aggregate principal amount of the Company's 6.650% Notes due 2030 (the "2030 Notes"). The 2030 Notes bear interest at a rate of 6.650% per year payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2025. The 2030 Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company's option at any time prior to February 15, 2030, at par plus a "make-whole" premium plus accrued interest, and thereafter at par. The 2030 Notes are the direct unsecured obligations of the Company and rank pari passu with all existing and future unsubordinated unsecured indebtedness issued by the Company, senior in right of payment to any of the Company's future

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indebtedness that is expressly subordinated in right of payment to the 2030 Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's subsidiaries.

The indenture governing the 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; and to provide financial information to the holders of the 2030 Notes and the trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture.

On January 22, 2025, in connection with the issuance of the 2030 Notes, we entered into an interest rate swap agreement. See "Derivatives" below.

***Contractual Obligations***

The following tables show the contractual maturities of our debt obligations as of December 31, 2025 and December 31, 2024 (dollar amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Revolving Credit Facility | $66000 | $— | $— | $66000 | $— |
| CLO-I | 321083 |  |  |  | 321083 |
| CLO-II | 213286 |  |  |  | 213286 |
| CLO-III | 213750 |  |  |  | 213750 |
| 2030 Notes | 300000 |  |  | 300000 |  |
| **Total debt obligations** | $1114119 | $— | $— | $366000 | $748119 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2024** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Wells Fargo Financing Facility | $106000 | $— | $106000 | $— | $— |
| Revolving Credit Facility | 237750 |  |  | 237750 |  |
| CLO-I | 342000 |  |  |  | 342000 |
| CLO-II | 214429 |  |  |  | 214429 |
| CLO-III | 214750 |  |  |  | 214750 |
| **Total debt obligations** | $1114929 | $— | $106000 | $237750 | $771179 |

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**Derivatives** 

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities and may designate certain interest rate swaps to be in a hedge accounting relationship.

On January 22, 2025, in connection with the issuance of the 2030 Notes, we entered into an interest rate swap agreement with Wells Fargo for a total notional amount of $300 million that matures on March 15, 2030. Under the interest rate swap agreement for the 2030 Notes, we receive a fixed interest rate of 6.65% and pay a floating interest rate of three-month Term SOFR + 2.3015%. We have designated the interest rate swap as a hedging instrument in a qualifying fair value hedge accounting relationship.

*See the following footnotes to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K: (i) <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> for additional disclosures regarding our accounting for derivative instruments designated in a hedge accounting relationship; (ii) <u>[Note 4](#i8046fd6cdb8747a39c39abcbe0255a61_52)</u> for additional disclosures regarding these derivative instruments; and (iii) <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> for additional disclosures regarding the carrying value of our borrowings.* 

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**Related-Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CAM Sub-Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the NAM Sub-Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement.

On August 5, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the "Order"). The Order supersedes the prior exemptive order granted on June 7, 2019 and amended on October 14, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company's participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company's compliance with the conditions of the Order, and the Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

**Off-Balance Sheet Arrangements**

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in these consolidated financial statements as of December 31, 2025 and December 31, 2024. We have in the past and may in the future become obligated to fund commitments such as delayed draw commitments, revolvers, and equity investment commitments.

*For more information on our off-balance sheet arrangements, commitments and contingencies see <u>[Note 8](#i8046fd6cdb8747a39c39abcbe0255a61_64)</u> to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K.*

**Critical Accounting Policies and Estimates** 

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates, including those relating to the valuation of our portfolio investments, are described below. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes, are described below. The valuation of investments is our most significant critical estimate. The critical accounting policies and estimates should be read in connection with our risk factors as disclosed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

*Valuation of Portfolio Investments, including Derivative Instruments*

At all times, consistent with U.S. GAAP and the 1940 Act, we conduct a valuation of our assets, pursuant to which our NAV is determined.

Our assets are valued on a quarterly basis or more frequently if required under the 1940 Act. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company's valuation designee (the "Valuation Designee") to determine the fair value of the Company's investments that do not have readily available market quotations. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the "Valuation Committee") is responsible for determining the fair value of the Company's assets for which market quotations are not readily available, subject to the oversight of the Board.

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Investments for which market quotations are readily available are typically valued at those market quotations. Market quotations are obtained from independent pricing services where available. Generally investments marked in this manner will be marked at the mean of the bid and ask of the quotes obtained. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Derivative instruments, including interest rate swaps, are modeled using market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs.

With respect to investments for which market quotations are not readily available, we or an independent third-party valuation firm engaged by the Valuation Designee will take into account relevant factors in determining the fair value of our investments, including and in combination of: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information. The independent third-party valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

When an external event such as a purchase transaction, public offering or subsequent sale or paydown occurs, we use the pricing indicated by the external event to corroborate our valuation.

We apply the practical expedient relating to investments in certain portfolio companies that calculate NAV per share (or its equivalent). U.S. GAAP permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy, as described below.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. We review pricing and methodologies in order to determine if observable market information is being used as opposed to unobservable inputs.

Our accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

*For more information on the fair value hierarchies, our framework for determining fair value and the composition of our portfolio see <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> and <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> to the consolidated financial statements in <u>[Part II, Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u> of this Annual Report on Form 10-K.*

*Revenue Recognition*

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments:* Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment using the specific identification method.

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*Investment Income:* Interest income, including amortization of premium and accretion of discount on loans, are recorded on the accrual basis. We accrue interest income based on the effective yield if we expect that, ultimately, we will be able to collect such income. We may have loans in our portfolio that contain payment-in-kind ("PIK") income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Distributions from investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with our investment activities as well as any fees for managerial assistance services rendered by us to our portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-accrual:* Generally, if a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, Churchill will place the loan on non-accrual status, and we will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible, even though we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated.

*U.S. Federal Income Taxes*

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Company will be able to qualify for and maintain RIC tax status. So long as we maintain our qualification as a RIC, we generally will not be subject to U.S. federal income or U.S. federal excise taxes on any ordinary income or capital gains that we timely distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of December 31, 2025, the Company did not have any uncertain tax positions that met the recognition or measurement criteria nor did the Company have any unrecognized tax benefits.

Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

**Recent Developments** 

*SPV IV & V Dissolution*

Effective January 21, 2026, SPV IV and SPV V were dissolved.

*Dividend Declaration*

On February 12, 2026, the Board declared a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share, payable on or around April 28, 2026 to shareholders of record as of March 31, 2026.

*Share Repurchase Plan*

On February 12, 2026, the Board approved a share repurchase program (the "Company 10b5-1 Plan"), pursuant to which the Company may purchase up to $50 million in the aggregate of its outstanding shares of common stock in the open market at prices below its NAV per share over a specified period.

------

Any purchase of our shares pursuant to the Company 10b5-1 Plan will be conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company 10b5-1 Plan is designed to allow us to repurchase our shares of common stock at times when we otherwise might be prevented from doing so under insider trading laws. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of our shares of common stock and trading volumes, and no assurance can be given that any particular amount of shares of common stock will be repurchased.

*CLO II Reset*

On February 20, 2026 (the "Refinancing Date"), we completed a $299.7 million term debt securitization (the "2026 Debt Securitization Refinancing"). The term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-II, LLC (the "2026 Issuer"), our direct, wholly owned, consolidated subsidiary.

The notes offered in the 2026 Debt Securitization Refinancing (the "2026 Notes") were issued by the 2026 Issuer, pursuant to an indenture and security agreement (the "Indenture"), dated as of December 7, 2023 (the "Original Closing Date"), between the 2026 Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the "Trustee"), as amended by a supplemental indenture (the "Supplemental Indenture"), dated as of the Refinancing Date, among the 2026 Issuer and the Trustee, and consented to by us, as collateral manager, retention holder and subordinated noteholder. The 2026 Notes consist of $125.5 million of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated 2026 Notes, which do not bear interest, and of which $83.06 million were issued on the Original Closing Date and remained outstanding on the Refinancing Date. We directly retained all of the Subordinated 2026 Notes.

In connection with the issuance of the 2026 Notes, on the Refinancing Date, the 2026 Issuer entered into a Note Purchase Agreement (the "Purchase Agreement") with SG Americas Securities, LLC, as initial purchaser (in such capacity, the "Initial Purchaser"), pursuant to which the Initial Purchaser agreed to act as initial purchaser of the 2026 Notes, other than the Subordinated 2026 Notes.

As part of the 2026 Debt Securitization Refinancing, on the Refinancing Date, the 2026 Issuer also entered into an amended and restated loan agreement (the "Class A-L-R Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $50 million of AAA Class A-L-R 2026 Loans to the 2026 Issuer (the "Class A-L-R 2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The Class A-L-R 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date.

The 2026 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2031, all principal collections received on the underlying collateral may be used by the 2026 Issuer to purchase new collateral under the direction of us, in our capacity as collateral manager of the 2026 Issuer and in accordance with our investment strategy and the terms of the Indenture, allowing us to maintain the initial leverage in the 2026 Debt Securitization Refinancing. The 2026 Notes are due on January 20, 2039. The 2026 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, January 20, 2039. The 2026 Notes may be optionally redeemed, and the 2026 Loans may be optionally prepaid, on or after January 20, 2028.

The 2026 Debt is the secured obligation of the 2026 Issuer, and the Supplemental Indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2026 Debt include customary covenants and events of default. The 2026 Debt has not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

On the Refinancing Date, we amended and restated the CLO-II Collateral Management Agreement, pursuant to which we serve as collateral manager to the 2026 Issuer, and will waive any management fee due to it in consideration for providing these services.

*Director Resignation*

On February 24, 2026, David Kirchheimer notified the Board that he was resigning as a director of the Board, effective as of the same date. In submitting his resignation, Mr. Kirchheimer did not express any disagreement on any matter relating to our operations, policies or practices. In connection with Mr. Kirchheimer's resignation, the size of the Board was reduced from six (6) directors to five (5) directors.

------

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the turmoil in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy, subject to the oversight of the Board and based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

***Interest Rate Risk***

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income is also affected by fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve reduced its benchmark interest rate by 0.25% on each of September 17, 2025, October 29, 2025, and December 10, 2025, bringing the benchmark rate to the 3.50% to 3.75% range. The Federal Reserve maintained this range at its January 28, 2026 meeting. These reductions represented cumulative cuts of 75 basis points during 2025, as the Federal Reserve balanced persistent inflationary pressures against signs of labor market softness. Core inflation, while moderating from earlier levels, remains above the Federal Reserve's stated target. Given the evolving economic environment and the Federal Reserve's continued focus on monitoring both inflationary pressures and labor market conditions, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income absent a corresponding increase in interest income generated by our investment portfolio. Conversely, sustained reductions in interest rates will decrease our gross investment income and could result in lower net investment income if declines in base rates, such as SOFR or other benchmark rates, are not offset by corresponding increases in credit spreads on our portfolio investments, reductions in our operating expenses, or decreases in the interest rates on our borrowings.

As of December 31, 2025, on a fair value basis, approximately 5.93% of our debt investments bear interest at a fixed rate and approximately 94.07% of our debt investments bear interest at a floating rate. As of December 31, 2025, 99.95% of our floating rate debt and income producing investments are subject to interest rate floors. Our revolving credit facility, along with our debt issued in our collateralized loan obligations, are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates. In connection with the issuance of the 2030 Notes, we entered into a fixed-to-floating interest rate swap under a designated hedge accounting relationship, in order to align the interest rates of our liabilities with our investment portfolio.

The following table estimates the annualized impact of hypothetical base rate changes on net cash flow generated from interest income and expenses, should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held as of December 31, 2025. Interest expense is calculated based on the terms of our debt obligations using the outstanding balances as of December 31, 2025. Interest expense on our debt obligations is calculated using the interest rates as of December 31, 2025, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of December 31, 2025.

------

Actual results could differ significantly from those estimated in the table (dollar amounts in thousands).

---

| | | | |
|:---|:---|:---|:---|
| **Changes in Interest Rates** | **Interest Income** | **Interest Expense** <sup>(1)</sup> | **Net Income** <sup>(2)</sup> |
| -300 Basis Points | $(51488) | $(33424) | $(18064) |
| -200 Basis Points | $(36574) | $(22282) | $(14292) |
| -100 Basis Points | $(18299) | $(11141) | $(7158) |
| +100 Basis Points | $18312 | $11141 | $7171 |
| +200 Basis Points | $36624 | $22282 | $14342 |
| +300 Basis Points | $54935 | $33424 | $21511 |

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_____________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes the impact of the effective hedge through the interest rate swap associated with the 2030 Notes.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excludes the impact of income based incentive fees.

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**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Set forth below is an index to our financial statements attached to this Annual Report.

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| | Page |
| <u>[Report of Independent Registered Public Accounting Firm](#i8046fd6cdb8747a39c39abcbe0255a61_181)</u> (PCAOB ID 238) | <u>[91](#i8046fd6cdb8747a39c39abcbe0255a61_181)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> | <u>[93](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> |
| <u>[Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> | <u>[94](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> |
| <u>[Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> | <u>[95](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> |
| <u>[Consolidated Statements of Cash flows for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> | <u>[96](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> |
| <u>[Consolidated Schedules of Investments as of December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> | <u>[98](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> |
| <u>[Notes to Consolidated Financial Statements](#i8046fd6cdb8747a39c39abcbe0255a61_37)</u> | <u>[149](#i8046fd6cdb8747a39c39abcbe0255a61_37)</u> |

---

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Nuveen Churchill Direct Lending Corp.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedule of investments, of Nuveen Churchill Direct Lending Corp. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 and 2024 by correspondence with the custodian, portfolio company investees, fund administrators and agent banks; when replies were not received from portfolio company investees and agent banks, we performed other auditing procedures. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Valuation of Certain Level 3 Debt Investments*

As described in Note 5 to the consolidated financial statements, the Company held $1,936 million of total level 3 investments at fair value as of December 31, 2025, for which significant unobservable inputs were used in developing the fair value. The Company's level 3 debt investments represented approximately $1,904 million of total level 3 investments, and for $1,819 million of those level 3 debt investments, management determined the fair value utilizing the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. The significant unobservable input used under the yield method is a discount rate based on comparable market yields.

The principal considerations for our determination that performing procedures relating to the valuation of certain level 3 debt investments is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the certain level 3 debt investments; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management's significant unobservable inputs related to the discount rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of certain level 3 debt investments, including controls over the Company's method, data and significant unobservable inputs related to the discount rates. These procedures also included, among others, testing the completeness, accuracy and reliability of the underlying data provided by management and either (i) testing management's process for developing the fair value estimate of certain level 3 debt investments; evaluating the appropriateness of the yield method; and evaluating the reasonableness of significant unobservable inputs used by management related to the discount rates by considering external market and industry data and evidence obtained in other areas of the audit; or (ii) the involvement of professionals with specialized skill and knowledge to assist in developing an independent fair value estimate range for certain level 3 debt investments using independently developed significant unobservable inputs for the discount rates and comparison of the independently developed range of fair value estimates to management's estimates.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 25, 2026

We have served as the Company's auditor since 2019.

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**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(dollars in thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated company investments, at fair value (cost of $2,001,207 and $2,098,575, respectively) | $1962449 | $2081379 |
| Cash | 8554 | 2412 |
| Cash equivalents | 53927 | 40842 |
| Restricted cash |  | 50 |
| Interest receivable | 13729 | 17971 |
| Derivative asset, at fair value (<u>[Note 4](#i8046fd6cdb8747a39c39abcbe0255a61_52)</u>) | 14965 |  |
| Receivable for investments sold | 518 | 1024 |
| Other assets | 327 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2054469 | $2143725 |
| **Liabilities** |  |  |
| Debt (net of $8,511 and $6,668 deferred financing costs, respectively, and net of unamortized discount of $471 and $0, respectively) (See <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u>) | $1115052 | $1108261 |
| Payable for investments purchased |  | 14973 |
| Interest payable | 15350 | 12967 |
| Incentive fees payable | 2809 |  |
| Management fees payable | 5048 | 3956 |
| Collateral due to broker | 14750 |  |
| Distributions payable | 22224 | 29468 |
| Directors' fees payable | 156 | 128 |
| Accounts payable and accrued expenses | 3900 | 3652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1179289 | 1173405 |
| **Commitments and contingencies (See <u>[Note 8](#i8046fd6cdb8747a39c39abcbe0255a61_64)</u>)** |  |  |
| **Net Assets: (See** <u>[Note 9](#i8046fd6cdb8747a39c39abcbe0255a61_67)</u>**)** |  |  |
| Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 49,387,065 and 53,387,277 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 494 | 534 |
| Paid-in-capital in excess of par value | 930393 | 996286 |
| Total distributable earnings (loss) | (55707) | (26500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets | 875180 | 970320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and net assets | $2054469 | $2143725 |
| **Net asset value per share (See <u>[Note 11](#i8046fd6cdb8747a39c39abcbe0255a61_73)</u>)** | $17.72 | $18.18 |

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&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Consolidated Financial Statements

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**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(dollars in thousands, except share and per share data)**

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Investment income:** |  |  |  |
| Non-controlled/non-affiliated company investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $195896 | $213096 | $156868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 9868 | 8299 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 402 | 614 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1692 | 2031 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 207858 | 224040 | 161756 |
| **Expenses:** |  |  |  |
| Interest and debt financing expenses | 77901 | 79879 | 61206 |
| Management fees (See<u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>) | 19269 | 14683 | 10509 |
| Incentive fees on net investment income (See<u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>) | 11182 | 17447 |  |
| Professional fees | 3146 | 3100 | 3455 |
| Directors' fees | 624 | 510 | 383 |
| Administration fees (See<u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>) | 2341 | 1861 | 1598 |
| Other general and administrative expenses | 2124 | 1068 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before expense support and incentive fees waived | 116587 | 118548 | 77902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense support (See<u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>) |  |  | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waived (See<u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>) | (2253) | (17447) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses after expense support and incentive fees waived | 114334 | 101101 | 77744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income before excise taxes | 93524 | 122939 | 84012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excise taxes | 186 | 551 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 93338 | 122388 | 84006 |
| **Realized and unrealized gain (loss) on investments:** |  |  |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | (6013) | (13198) | (7952) |
| Net change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated company investments | (21562) | 7287 | 714 |
| &nbsp;&nbsp;Income tax (provision) benefit | (149) | (154) | (830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (21711) | 7133 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gain (loss) on investments | (27724) | (6065) | (8068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $65614 | $116323 | $75938 |
| **Per share data:** |  |  |  |
| Net investment income per share - basic and diluted | $1.86 | $2.26 | $2.52 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $1.30 | $2.15 | $2.27 |
| Weighted average common shares outstanding - basic and diluted | 50286270 | 54118379 | 33385880 |

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&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Consolidated Financial Statements

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**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(dollars in thousands, except share and per share data)**

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Increase (decrease) in net assets resulting from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $93338 | $122388 | $84006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (6013) | (13198) | (7952) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (21711) | 7133 | (116) |
| **Net increase (decrease) in net assets resulting from operations** | 65614 | 116323 | 75938 |
| **Shareholder distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared from distributable earnings | (95008) | (114278) | (81206) |
| **Net increase (decrease) in net assets resulting from shareholder distributions** | (95008) | (114278) | (81206) |
| **Capital share transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares |  | 241657 | 218542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions |  | 12262 | 9654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (65746) | (33529) |  |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (65746) | 220390 | 228196 |
| **Total increase (decrease) in net assets** | (95140) | 222435 | 222928 |
| Net assets, beginning of period | 970320 | 747885 | 524957 |
| **Net assets, end of period** | $875180 | $970320 | $747885 |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(dollars in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $65614 | $116323 | $75938 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (350739) | (863570) | (589000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments | 456201 | 429953 | 146428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (9868) | (8299) | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of (premium)/accretion of discount, net | (4239) | (3688) | (2708) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 6013 | 13198 | 7952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 21562 | (7287) | (714) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net adjustment for hedging transaction | (5050) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and original issue discount  | 3857 | 4166 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs |  |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from adviser for expense support |  |  | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 4242 | (297) | (5776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 506 | 2895 | (3200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | (34) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (280) | 127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | (14973) | 14973 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 2383 | 3130 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to adviser for expense support |  | (632) | (515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | 2809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1092 | 950 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral due to broker | 14750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable | 28 | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 248 | 863 | 206 |
| **Net cash provided by (used in) operating activities** | 194156 | (297197) | (369525) |
| **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares |  | 241657 | 218896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions | (102252) | (95231) | (63194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common shares | (65746) | (33529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 918074 | 884150 | 810900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (919460) | (721098) | (564470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (5595) | (2893) | (4482) |
| **Net cash provided by (used in) financing activities** | (174979) | 273056 | 397650 |
| **Net increase (decrease) in cash and cash equivalents and restricted cash**  | 19177 | (24141) | 28125 |
| **Cash and cash equivalents and restricted cash, beginning of period** | 43304 | 67445 | 39320 |
| **Cash and cash equivalents and restricted cash, end of period** | $62481 | $43304 | $67445 |

---

See Notes to Consolidated Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| Cash paid during the period for interest | $71824 | $72583 | $57965 |
| Taxes, including excise tax, paid during the period | $704 | $6 | $— |
| **Supplemental disclosure of non-cash flow financing activity:** |  |  |  |
| Distributions payable | $22224 | $29468 | $22683 |
| Reinvestment of shareholder distributions | $— | $12262 | $9654 |

---

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the consolidated statements of assets and liabilities to comparable amounts on the consolidated statements of cash flows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Cash | $8554 | $2412 | $2918 |
| Cash equivalents | 53927 | 40842 | 64477 |
| Restricted cash |  | 50 | 50 |
| **Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows** | $**62481** | $**43304** | $**67445** |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| **Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (12) | First Lien Debt | S + 4.75% | 8.47% | 7/25/2030 | $1551 | $1535 | $1555 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 7/25/2030 | 889 | 887 | 891 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) (12) | First Lien Debt | S + 4.75% | 8.42% | 12/21/2029 | 14739 | 14524 | 14721 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (12) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/21/2029 | 4886 | 4852 | 4880 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STS Holding, Inc. | (6) | First Lien Debt | S + 4.75% | 8.42% | 11/12/2030 | 3500 | 3471 | 3343 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (12) | Subordinated Debt | S + 9.50% | 13.38% | 3/1/2029 | 813 | 794 | 812 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (12) | Subordinated Debt | S + 9.50% | 13.32% | 3/1/2029 | 2505 | 2462 | 2502 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Intermediate, LLC | (12) | Subordinated Debt | N/A | 10.50% (Cash) 1.00% (PIK) | 11/17/2027 | 2894 | 2870 | 2875 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  |  |  | 31395 | 31579 | 3.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc. | (12) (16) | Subordinated Debt | N/A | 14.50% (PIK) | 2/20/2028 | 7562 | 7491 | 871 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC | (12) | Subordinated Debt | N/A | 9.00% (Cash) 4.00% (PIK) | 6/19/2030 | 2088 | 2052 | 2013 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEGS Automotive | (12) | First Lien Debt | S + 7.00% | 10.67% | 12/31/2029 | 1367 | 1367 | 1367 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEGS Automotive | (12) | Revolving Loan | S + 7.00% | 10.67% | 12/31/2029 | 227 | 227 | 227 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP Glass Purchaser, LLC (PGW Auto Glass) | (6) (12) | First Lien Debt | S + 4.75% | 8.63% | 4/18/2028 | 12563 | 12507 | 12532 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP Glass Purchaser, LLC (PGW Auto Glass) | (12) | First Lien Debt | S + 4.75% | 8.63% | 4/18/2028 | 2401 | 2386 | 2395 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Debt | S + 5.00% | 8.85% | 3/1/2029 | 1135 | 1129 | 1120 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) (12) | First Lien Debt | S + 5.00% | 8.85% | 3/1/2029 | 19832 | 19685 | 19565 | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 3/1/2029 | 1690 | 1690 | 1667 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 3/1/2029 | 96 | 96 | 95 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Debt | S + 5.00% | 8.85% | 3/1/2029 | 6718 | 6683 | 6628 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.73% | 11/1/2029 | 3724 | 3032 | 2976 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.73% | 11/1/2029 | 10913 | 10821 | 10749 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  |  |  | 69166 | 62205 | 7.11% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.62% | 8/1/2031 | $92 | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (11) (12) | Revolving Loan | S + 4.75% | 8.62% | 8/1/2031 | 8 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 8/11/2031 | 12588 | 12157 | 12089 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (6) | First Lien Debt | S + 4.50% | 8.54% | 8/11/2031 | 7284 | 7224 | 7215 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.24% | 11/18/2031 | 4305 | 964 | 994 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (11) (12) | Revolving Loan | S + 4.50% | 8.24% | 11/18/2031 | 1740 | (15) | 5 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (12) | First Lien Debt | S + 4.50% | 8.24% | 11/18/2031 | 8888 | 8810 | 8914 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/31/2031 | 4824 | 195 | 216 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (6) | First Lien Debt | S + 4.50% | 8.17% | 12/31/2031 | 8599 | 8522 | 8599 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compex Legal Services, Inc. | (12) | First Lien Debt | S + 5.75% | 9.72% | 3/31/2028 | 100 | 100 | 100 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumifin Corporation (Long Term Care Group) | (9) (12) | First Lien Debt | S + 6.00% | 10.13% | 9/8/2027 | 7275 | 7276 | 7024 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.37% | 11/8/2032 | 1250 |  | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (6) (9) | First Lien Debt | S + 4.50% | 8.37% | 11/8/2032 | 3750 | 3741 | 3743 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/16/2028 | 7028 | 6992 | 6939 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.59% | 11/26/2030 | 2344 | 2227 | 2189 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (6) | First Lien Debt | S + 4.75% | 8.59% | 11/26/2030 | 2893 | 2868 | 2840 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (9) (12) | First Lien Debt | S + 5.00% | 8.67% | 9/27/2031 | 3219 | 3198 | 3219 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 9/27/2031 | 52 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.67% | 4/3/2030 | 14621 | 14617 | 14529 | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  | 78876 | 78612 | 8.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) | First Lien Debt | S + 5.00% | 8.72% | 9/10/2030 | 713 | 707 | 700 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 9/10/2030 | 165 |  | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 9/10/2030 | 114 | 113 | 112 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | (12) | Subordinated Debt | S + 7.75% | 11.45% | 8/30/2027 | 9300 | 9226 | 9144 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (6) (9) (12) (14) | Subordinated Debt | S + 7.25% | 11.08% | 6/8/2029 | 6245 | 6183 | 6176 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Buyer LLC (Death Wish Coffee) | (6) (9) | First Lien Debt | S + 4.75% | 8.52% | 9/28/2028 | 9600 | 9570 | 9600 | 1.10% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (10) (12) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | $16936 | $16709 | $16844 | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (10) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | 2004 | 1992 | 1993 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.62% | 11/14/2031 | 6307 | 2065 | 2040 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (6) (12) | First Lien Debt | S + 4.75% | 8.62% | 11/14/2031 | 5867 | 5816 | 5831 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 8.50% (Cash) 5.13% (PIK) | 4/3/2029 | 4293 | 4239 | 4137 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 8.50% (Cash) 5.13% (PIK) | 4/3/2029 | 857 | 845 | 826 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 8.50% (Cash) 5.13% (PIK) | 4/3/2029 | 1014 | 998 | 978 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.19% | 12/22/2032 | 1111 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (6) | First Lien Debt | S + 4.50% | 8.19% | 12/22/2032 | 4889 | 4865 | 4865 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 4/17/2031 | 72 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC | (9) (12) | First Lien Debt | S + 5.75% | 9.42% | 4/17/2031 | 925 | 916 | 926 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (6) (12) | First Lien Debt | S + 5.75% | 9.42% | 9/18/2029 | 13048 | 12891 | 12493 | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 9/18/2029 | 3675 | 3667 | 3519 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (6) (12) | First Lien Debt | S + 4.75% | 8.35% | 12/23/2028 | 6952 | 6908 | 6815 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.35% | 12/23/2028 | 1760 | 1760 | 1726 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | (12) | First Lien Debt | S + 5.00% | 8.99% | 7/30/2027 | 10385 | 10316 | 10224 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | (6) (12) | First Lien Debt | S + 5.00% | 8.99% | 7/30/2027 | 9435 | 9355 | 9289 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 2373 | 2368 | 2373 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 3154 | 3154 | 3154 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) (12) | First Lien Debt | S + 4.75% | 8.60% | 4/30/2031 | 6295 | 6250 | 6295 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) | First Lien Debt | S + 4.75% | 8.60% | 4/30/2031 | 3211 | 3202 | 3211 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 310 | 310 | 310 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 1880 | (6) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (9) (12) | First Lien Debt | S + 4.75% | 8.60% | 4/30/2031 | 2741 | 2715 | 2741 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. (Handgards, LLC) | (6) (12) | First Lien Debt | S + 4.75% | 8.47% | 4/10/2031 | 20256 | 20090 | 20249 | 2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  |  |  | 147224 | 146563 | 16.75% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Solutions Buyer, Inc. | (6) | First Lien Debt | S + 4.50% | 8.22% | 9/9/2030 | $975 | $967 | $962 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Fastener Company, LLC (EFC International) | (12) | Subordinated Debt | N/A | 11.00% (Cash) 2.50% (PIK) | 5/1/2028 | 3352 | 3300 | 3299 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (6) | First Lien Debt | S + 4.75% | 8.42% | 6/27/2031 | 9850 | 9772 | 9786 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 6/27/2031 | 19844 | 15427 | 15315 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) (12) | First Lien Debt | S + 6.00% | 9.77% | 12/15/2026 | 6334 | 6325 | 6216 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.77% | 12/15/2026 | 5493 | 5487 | 5390 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.77% | 12/15/2026 | 2519 | 2519 | 2472 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc. | (12) | First Lien Debt | S + 4.50% | 8.44% | 8/30/2028 | 2600 | 2600 | 2490 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jetson Buyer, Inc. (E-Technologies Group, Inc.) | (6) | First Lien Debt | S + 5.50% | 9.17% | 4/9/2030 | 7204 | 7147 | 7054 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.84% | 2/4/2030 | 7838 | 7352 | 7410 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) | First Lien Debt | S + 5.00% | 8.84% | 2/4/2030 | 939 | 931 | 938 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) | First Lien Debt | S + 5.00% | 8.84% | 2/4/2030 | 7873 | 7773 | 7866 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.84% | 2/4/2030 | 1863 | 1849 | 1862 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) | First Lien Debt | S + 5.25% | 9.16% | 4/4/2029 | 9427 | 9320 | 9307 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.16% | 4/4/2029 | 1812 | 1808 | 1789 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.21% | 12/16/2032 | 914 | 616 | 612 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.21% | 12/16/2032 | 1364 |  | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (12) | First Lien Debt | S + 4.50% | 8.21% | 12/16/2032 | 2722 | 2708 | 2708 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.99% | 12/10/2032 | 36 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (12) | First Lien Debt | S + 4.25% | 7.99% | 12/10/2032 | 64 | 63 | 63 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (9) (12) | First Lien Debt | S + 4.50% | 8.42% | 7/24/2031 | 13706 | 13587 | 13586 | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.42% | 7/24/2031 | 4569 | 3758 | 3737 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (9) (11) (12) | Revolving Loan | S + 4.50% | 8.42% | 7/24/2031 | 1726 | (14) | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 103295 | 102840 | 11.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder Scientific Company, LLC | (6) | First Lien Debt | S + 4.50% | 8.49% | 12/31/2027 | 1984 | 1992 | 1983 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) | First Lien Debt | S + 4.25% | 8.09% | 4/23/2029 | 6187 | 6111 | 6106 | 0.70% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.09% | 4/23/2029 | $1366 | $1358 | $1348 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (12) | First Lien Debt | S + 7.00% | 10.74% | 3/31/2030 | 1438 | 1412 | 1438 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (9) (12) | First Lien Debt | S + 1.00% | 4.74% (Cash) 4.25% (PIK) | 9/30/2030 | 2413 | 2413 | 2365 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympic Buyer, Inc. (Ascensus) | (6) (9) (12) | First Lien Debt | S + 4.35% | 8.07% | 6/30/2028 | 9531 | 9445 | 8239 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/31/2032 | 17 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (12) | First Lien Debt | S + 4.75% | 8.42% | 12/31/2032 | 83 | 83 | 83 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics, & Rubber** |  |  |  |  |  |  | 22814 | 21562 | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt | N/A | 1.00% (Cash) 13.00% (PIK) | 4/26/2030 | 2493 | 2448 | 2344 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt (Delayed Draw) | N/A | 1.00% (Cash) 13.00% (PIK) | 4/26/2030 | 4746 | 4703 | 4462 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt (Delayed Draw) | N/A | 1.00% (Cash) 13.00% (PIK) | 4/26/2030 | 6022 | 5965 | 5661 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | &nbsp;&nbsp;&nbsp;&nbsp;13.00% (PIK) | 4/26/2030 | 2510 | (26) | (150) | (0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/13/2031 | 3160 | 1530 | 1515 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (9) | First Lien Debt | S + 4.75% | 8.42% | 10/13/2031 | 1822 | 1806 | 1806 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (9) (12) | First Lien Debt | S + 4.75% | 8.69% | 8/5/2030 | 17646 | 17429 | 17528 | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (9) (11) (12) | Revolving Loan | S + 4.75% | 8.69% | 8/5/2030 | 2131 | (25) | (14) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/9/2030 | 5689 | 5056 | 4917 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/9/2030 | 5680 | 5668 | 5529 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 8/9/2030 | 8464 | 8394 | 8239 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (6) (12) | First Lien Debt | S + 5.75% | 9.47% | 3/15/2030 | 6505 | 6456 | 6291 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.94% | 12/15/2027 | 4821 | 4804 | 4821 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.94% | 12/15/2027 | 9127 | 9058 | 9127 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.97% | 6/29/2029 | 2096 | 522 | 522 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (12) | First Lien Debt | S + 4.25% | 7.97% | 6/29/2029 | 11202 | 11052 | 11203 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.97% | 6/29/2029 | 1791 | 1786 | 1792 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 12.00% | 5/7/2030 | 191 | (1) | (6) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (12) | Subordinated Debt | N/A | 12.00% | 5/7/2030 | 2937 | 2908 | 2845 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.24% | 12/30/2030 | 3432 | 692 | 691 | 0.08% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (6) (12) | First Lien Debt | S + 4.50% | 8.24% | 12/30/2030 | $16399 | $16315 | $16252 | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 3/28/2031 | 3106 | 471 | 540 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (6) (12) | First Lien Debt | S + 4.75% | 8.42% | 3/28/2031 | 14702 | 14565 | 14996 | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (6) | First Lien Debt | S + 4.50% | 8.32% | 8/31/2029 | 6389 | 6327 | 6331 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.32% | 8/31/2029 | 4197 | 4181 | 4159 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 132084 | 131401 | 15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (6) (9) | First Lien Debt | S + 5.25% | 8.97% | 11/1/2028 | 2850 | 2850 | 2839 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Momentum Textiles, LLC | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 9/25/2029 | 5117 | 5039 | 5059 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (6) (12) | First Lien Debt | S + 5.50% | 9.34% | 9/7/2028 | 9675 | 9631 | 9675 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (6) | First Lien Debt | S + 5.75% | 9.59% | 9/7/2028 | 4924 | 4869 | 4924 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  |  |  | 22389 | 22497 | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/28/2031 | 1000 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) | First Lien Debt | S + 4.75% | 8.47% | 8/28/2031 | 3000 | 2985 | 2985 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodServices Brand Group, LLC | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 2/8/2030 | 3109 | 3036 | 3037 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) | First Lien Debt | S + 5.25% | 9.19% | 6/30/2028 | 6652 | 6621 | 6635 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.19% | 6/30/2028 | 2464 | 2453 | 2458 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (12) | First Lien Debt | S + 5.00% | 8.99% | 1/8/2030 | 12398 | 12307 | 12453 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.99% | 1/8/2030 | 3044 | 3044 | 3057 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-durable** |  |  |  |  |  |  | 30446 | 30620 | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | (6) (12) | First Lien Debt | S + 6.75% | 10.57% | 10/7/2026 | 14135 | 14128 | 13875 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | (12) | First Lien Debt | S + 6.75% | 10.57% | 10/7/2026 | 112 | 111 | 110 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (12) | First Lien Debt | S + 4.50% | 8.47% | 12/1/2027 | 8699 | 8668 | 8658 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (12) | First Lien Debt | S + 5.50% | 9.47% | 12/1/2027 | 4029 | 3999 | 4029 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (12) | First Lien Debt | S + 4.75% | 8.72% | 12/1/2027 | 14122 | 14046 | 14118 | 1.61% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (6) (10) (12) | First Lien Debt | S + 5.50% | 9.64% | 12/17/2027 | $10051 | $10030 | $10048 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (10) (12) | First Lien Debt | S + 5.50% | 9.64% | 12/17/2027 | 4321 | 4321 | 4320 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (6) (10) (12) | First Lien Debt | S + 5.50% | 9.64% | 12/17/2027 | 6757 | 6757 | 6755 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (10) (12) | First Lien Debt | S + 5.50% | 9.64% | 12/17/2027 | 3258 | 3258 | 3257 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (12) | Subordinated Debt | N/A | 11.50% (PIK) | 1/6/2029 | 2790 | 2767 | 2497 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (12) | Subordinated Debt | N/A | &nbsp;&nbsp;&nbsp;&nbsp;13.00% (PIK) | 1/6/2029 | 524 | 517 | 488 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (12) | First Lien Debt | S + 4.75% | 8.42% | 12/19/2029 | 3262 | 3239 | 3262 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/19/2029 | 402 | 200 | 200 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/19/2029 | 403 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Packaging Buyer, LLC | (6) | First Lien Debt | S + 4.50% | 8.34% | 4/15/2031 | 6977 | 6913 | 6912 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  |  |  | 78954 | 78529 | 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Electricity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.07% | 10/1/2031 | 1481 | (11) | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (6) | First Lien Debt | S + 5.25% | 9.07% | 10/1/2031 | 2519 | 2500 | 2502 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (10) (12) | First Lien Debt | S + 5.00% | 8.72% | 6/25/2030 | 22129 | 21951 | 22192 | 2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (10) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 6/25/2030 | 5855 | 5855 | 5872 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Electricity** |  |  |  |  |  |  | 30295 | 30556 | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 3/27/2030 | 7431 | 7373 | 7373 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 3/27/2030 | 2988 | 2983 | 2964 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 3/27/2030 | 4995 | 4486 | 4456 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (12) | First Lien Debt | S + 5.25% | 9.02% | 3/23/2029 | 6640 | 6555 | 6611 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 3102 | 3092 | 3089 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 6724 | 6703 | 6695 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt | S + 5.25% | 9.02% | 3/23/2029 | 1701 | 1679 | 1694 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) | First Lien Debt | S + 5.75% | 9.69% | 11/30/2027 | 4772 | 4758 | 4708 | 0.54% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.69% | 11/30/2027 | $8849 | $8808 | $8730 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.69% | 11/30/2027 | 4851 | 4851 | 4786 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.69% | 11/30/2027 | 555 | 555 | 547 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrition 101 Buyer, LLC (101 Inc) | (6) | First Lien Debt | S + 5.25% | 9.19% | 8/31/2028 | 6514 | 6486 | 6419 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) | First Lien Debt | S + 4.75% | 8.42% | 7/3/2029 | 8379 | 8292 | 8385 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 7/3/2029 | 6357 | 6348 | 6362 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) | First Lien Debt | S + 4.75% | 8.42% | 7/3/2029 | 1573 | 1560 | 1574 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 7/3/2029 | 13446 | 1513 | 1523 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) | First Lien Debt | S + 4.75% | 8.42% | 8/15/2030 | 11753 | 11659 | 11711 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/15/2030 | 5595 | 1103 | 1094 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Industries** |  |  |  |  |  |  | 88804 | 88721 | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (12) | First Lien Debt | S + 5.25% | 8.97% | 7/2/2031 | 1466 | 1460 | 1455 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) (12) | First Lien Debt | S + 5.25% | 8.97% | 7/2/2031 | 15516 | 15384 | 15401 | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.97% | 7/2/2031 | 2840 | 1012 | 996 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 3/18/2031 | 3629 | 2930 | 2929 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (6) (9) (12) | First Lien Debt | S + 4.75% | 8.42% | 3/18/2031 | 16241 | 16092 | 16169 | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinity Hospice Intermediate Holdings, LLC | (6) (12) | First Lien Debt | S + 4.75% | 8.52% | 12/17/2029 | 6594 | 6570 | 5096 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) (16) | Subordinated Debt | N/A | 12.75% (PIK) | 10/15/2028 | 3282 | 3283 | 1180 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) (16) | Subordinated Debt | N/A | 13.25% (PIK) | 4/15/2028 | 1972 | 1972 | 2037 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) | First Lien Debt | N/A | 4.71% (PIK) | 1/15/2028 | 559 | 559 | 559 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (11) (12) (16) | Subordinated Debt (Delayed Draw) | N/A | 13.25% (PIK) | 4/15/2028 | 2396 | 2029 | 2107 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 1222 | (18) | (36) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (12) | Subordinated Debt | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 2472 | 2400 | 2400 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/3/2032 | 1153 | (3) | 11 | —% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.42% | 2/3/2032 | $8392 | $8318 | $8469 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 12/22/2031 | 4822 | (22) | (71) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 12/22/2031 | 2743 | 2179 | 2151 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) | First Lien Debt | S + 5.25% | 8.92% | 12/22/2031 | 5755 | 5705 | 5671 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (12) (15) | First Lien Debt | S + 5.00% | 8.72% | 8/7/2031 | 13509 | 13440 | 13393 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 8/7/2031 | 521 | (1) | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (11) (12) | Revolving Loan | S + 5.00% | 8.72% | 8/7/2031 | 1246 | (10) | (11) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | (6) (9) (14) | First Lien Debt | S + 4.25% | 8.09% | 3/30/2029 | 3247 | 3217 | 3142 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (12) | First Lien Debt | S + 5.50% | 9.32% | 10/5/2029 | 7323 | 7276 | 7211 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 10/5/2029 | 2401 | 2401 | 2364 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH DMI Buyer, Inc. | (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 10/11/2030 | 1101 | 1099 | 1101 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH DMI Buyer, Inc. | (6) | First Lien Debt | S + 5.00% | 8.67% | 10/11/2030 | 1973 | 1956 | 1973 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Scientific LLC | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.72% | 9/30/2027 | 5837 | 5820 | 5336 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Scientific LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.72% | 9/30/2027 | 1528 | 1528 | 1397 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (12) | First Lien Debt | S + 5.25% | 9.24% | 12/9/2027 | 6271 | 6249 | 5960 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.24% | 12/9/2027 | 1962 | 1962 | 1864 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (12) | First Lien Debt | S + 5.25% | 9.24% | 12/9/2027 | 4882 | 4841 | 4640 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (12) | First Lien Debt | S + 5.25% | 9.24% | 12/9/2027 | 7967 | 7922 | 7572 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (12) | First Lien Debt | S + 5.25% | 9.24% | 12/9/2027 | 3704 | 3683 | 3521 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) (12) | First Lien Debt | S + 6.25% | 10.34% | 3/30/2029 | 8264 | 8160 | 8214 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (12) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.34% | 3/30/2029 | 1069 | 1050 | 1063 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) (12) | First Lien Debt | S + 4.75% | 8.42% | 10/16/2030 | 10439 | 10360 | 10394 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (12) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 3897 | 3897 | 3879 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (12) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 10734 | 10734 | 10684 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (12) | Subordinated Debt | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 2147 | 2137 | 2137 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HemaSource, Inc. | (12) | Subordinated Debt | N/A | 13.50% | 2/28/2030 | 5292 | 5188 | 5235 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 11/5/2031 | 2426 | (5) | (22) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (6) | First Lien Debt | S + 4.50% | 8.17% | 11/5/2031 | 6532 | 6475 | 6474 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 3/19/2032 | 7143 | (32) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (6) (12) | First Lien Debt | S + 4.50% | 8.17% | 3/19/2032 | 12761 | 12641 | 12761 | 1.46% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (6) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 2/13/2032 | $2092 | $2082 | $2078 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (6) | First Lien Debt | S + 4.50% | 8.34% | 2/13/2032 | 6043 | 5993 | 6004 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.90% | 10/10/2029 | 735 | 457 | 453 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (9) | First Lien Debt | S + 5.00% | 8.90% | 10/12/2029 | 2741 | 2717 | 2717 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Intermediate Holdings II, LLC (Mosaic Dental) | (12) | Subordinated Debt | N/A | 14.25% (PIK) | 2/7/2030 | 2062 | 2036 | 1692 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Intermediate Holdings II, LLC (Mosaic Dental) | (12) | Subordinated Debt (Delayed Draw) | N/A | 14.25% (PIK) | 2/7/2030 | 550 | 546 | 451 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Eye Services, LLC | (6) | First Lien Debt | S + 4.50% | 8.32% | 8/20/2027 | 8837 | 8810 | 8831 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (9) (12) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.95% | 9/1/2027 | 1416 | 1416 | 1416 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (6) (9) | First Lien Debt | S + 6.00% | 9.95% | 9/1/2027 | 8036 | 8031 | 8036 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (6) (9) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.95% | 9/1/2027 | 1252 | 1252 | 1252 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (12) | First Lien Debt | S + 5.25% | 9.07% | 5/28/2027 | 7522 | 7494 | 7477 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.07% | 5/28/2027 | 3182 | 3180 | 3163 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (12) | First Lien Debt | S + 5.25% | 9.07% | 5/28/2027 | 3182 | 3161 | 3163 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Chemistry Intermediate III, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 4/12/2032 | 3288 | 1784 | 1804 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Chemistry Intermediate III, Inc. | (11) (12) | Revolving Loan | S + 4.50% | 8.17% | 4/12/2032 | 1780 | (8) | 7 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Chemistry Intermediate III, Inc. | (6) | First Lien Debt | S + 4.50% | 8.17% | 4/12/2032 | 7397 | 7362 | 7425 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandlot Buyer, LLC (Prime Time Healthcare) | (6) (12) | First Lien Debt | S + 6.25% | 10.17% | 9/19/2028 | 7750 | 7624 | 7554 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandlot Buyer, LLC (Prime Time Healthcare) | (6) (12) | First Lien Debt | S + 6.25% | 10.25% | 9/19/2028 | 9097 | 8987 | 8866 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smile Brands Inc. | (12) | Subordinated Debt | S + 8.50% | 12.27% | 4/12/2028 | 12801 | 12792 | 10357 | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 4/12/2032 | 4928 | (11) | 22 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (11) (12) | Revolving Loan | S + 4.50% | 8.22% | 4/12/2032 | 1776 | (8) | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swoop Intermediate III, Inc. | (12) | First Lien Debt | S + 4.50% | 8.22% | 4/12/2032 | 6981 | 6948 | 7013 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.44% | 11/22/2031 | 1074 | (5) | (22) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (9) (11) (12) | Revolving Loan | S + 4.75% | 8.44% | 11/22/2030 | 1406 | (11) | (28) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (9) (12) | First Lien Debt | S + 4.75% | 8.44% | 11/22/2031 | 9150 | 9080 | 8965 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (9) (12) | First Lien Debt | S + 4.50% | 8.22% | 12/19/2029 | 15212 | 15103 | 15212 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 12/19/2029 | 4075 | 4075 | 4075 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 4/16/2030 | 1130 | 1121 | 1121 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 4/16/2030 | 15733 | 15608 | 15608 | 1.78% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (12) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | $7239 | $7205 | $7239 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 3099 | 3067 | 3099 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/22/2028 | 1539 | 1533 | 1539 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/22/2028 | 2535 | 2528 | 2535 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (12) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 1221 | 1207 | 1221 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI, LLC (Young Innovations) | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.49% | 12/3/2029 | 16221 | 16105 | 15906 | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 361099 | 353061 | 40.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.67% | 12/21/2027 | 11336 | 11318 | 11336 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (6) (9) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 12/21/2027 | 3088 | 3076 | 3088 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (9) (12) | First Lien Debt | S + 5.00% | 8.67% | 12/21/2027 | 5284 | 5252 | 5284 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.42% | 4/14/2028 | 11825 | 11770 | 11626 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (9) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 4/14/2028 | 851 | 851 | 837 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.92% | 5/28/2032 | 13 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (9) (11) (12) | Revolving Loan | S + 4.25% | 7.92% | 5/28/2032 | 14 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (9) (12) | First Lien Debt | S + 4.25% | 7.92% | 5/28/2032 | 73 | 73 | 74 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) | First Lien Debt | S + 5.25% | 9.02% | 6/1/2027 | 9435 | 9410 | 9366 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 9/30/2031 | 1481 |  | (6) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (6) | First Lien Debt | S + 4.75% | 8.42% | 9/30/2031 | 2519 | 2506 | 2508 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infobase Acquisition, Inc. | (6) | First Lien Debt | S + 5.50% | 9.35% | 6/14/2028 | 4243 | 4223 | 4243 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosci, Inc. | (6) | First Lien Debt | S + 4.50% | 8.32% | 11/18/2030 | 4733 | 4724 | 4710 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% (Cash) 1.75% (PIK) | 4/16/2029 | 745 | 744 | 688 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% (Cash) 1.75% (PIK) | 4/16/2029 | 1081 | 1078 | 998 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% (Cash) 1.75% (PIK) | 4/16/2029 | 240 | 239 | 221 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% (Cash) 1.75% (PIK) | 4/16/2029 | 3463 | 3460 | 3199 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (12) | First Lien Debt | S + 4.50% | 8.37% | 9/30/2031 | 678 | 672 | 672 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.37% | 9/30/2031 | 236 |  | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (11) (12) | Revolving Loan | S + 4.50% | 8.37% | 3/31/2031 | 79 | 21 | 21 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Wave Technologies, Inc. | (12) | First Lien Debt | S + 6.00% | 9.99% | 11/5/2026 | 8630 | 8599 | 7627 | 0.87% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | Subordinated Debt | N/A | 14.50% (PIK) | 6/30/2028 | $2051 | $2034 | $2027 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | Subordinated Debt | N/A | 14.50% (PIK) | 6/30/2028 | 883 | 875 | 873 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | Subordinated Debt (Delayed Draw) | N/A | 14.50% (PIK) | 6/30/2028 | 2349 | 2349 | 2322 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIDITY INC | (12) | First Lien Debt | S + 5.25% | 9.18% | 4/12/2032 | 100 | 99 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (6) (9) | First Lien Debt | S + 5.25% | 8.97% | 3/1/2030 | 6138 | 6094 | 6138 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.97% | 3/1/2030 | 1283 | 223 | 223 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  |  |  | 79690 | 78172 | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotel, Game & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 10/31/2031 | 1052 | 40 | 53 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (6) | First Lien Debt | S + 5.00% | 8.72% | 10/31/2031 | 3156 | 3129 | 3188 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel, Game & Leisure** |  |  |  |  |  |  | 3169 | 3241 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Acquisition, L.L.C. (Wpromote, LLC) | (6) (12) | First Lien Debt | S + 5.75% | 9.72% | 10/23/2028 | 4290 | 4243 | 4268 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (6) (9) (12) | First Lien Debt | S + 2.63% | 6.40% (Cash) 3.13% (PIK) | 12/11/2028 | 2932 | 2926 | 2794 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 2.63% | 6.40% (Cash) 3.13% (PIK) | 12/11/2028 | 1917 | 1917 | 1826 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (9) (12) | First Lien Debt (Delayed Draw) | S + 2.63% | 6.40% (Cash) 3.13% (PIK) | 12/11/2028 | 9813 | 9813 | 9351 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Advertising, Printing & Publishing** |  |  |  |  |  |  | 18899 | 18239 | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.75% (PIK) | 11/12/2027 | 3753 | 3716 | 3641 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Visions, Inc. (CVI Parent, Inc.) | (6) (12) (16) | First Lien Debt | S + 1.00% | 4.77% (Cash) 4.00% (PIK) | 8/12/2027 | 2663 | 2649 | 1254 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Visions, Inc. (CVI Parent, Inc.) | (6) (12) (16) | First Lien Debt | S + 1.00% | 4.77% (Cash) 4.00% (PIK) | 8/12/2027 | 3029 | 3020 | 1426 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (9) (12) | First Lien Debt | S + 6.00% | 9.82% | 12/9/2026 | 8267 | 8268 | 6916 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (9) (12) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.82% | 12/9/2026 | 2944 | 2944 | 2463 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (9) (12) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.82% | 12/9/2026 | 449 | 449 | 376 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  |  |  | 21046 | 16076 | 1.84% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALKU Intermediate Holdings, LLC | (12) | First Lien Debt | S + 6.25% | 9.92% | 5/23/2029 | $4428 | $4370 | $4412 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.11% | 1/23/2032 | 2385 | 562 | 550 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (6) | First Lien Debt | S + 4.25% | 8.11% | 1/23/2032 | 2840 | 2815 | 2814 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) | First Lien Debt | S + 4.75% | 8.52% | 10/8/2029 | 6793 | 6720 | 6738 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.52% | 10/8/2029 | 938 | 628 | 625 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 11/26/2032 | 25 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (9) (12) | First Lien Debt | S + 4.75% | 8.42% | 11/26/2032 | 75 | 75 | 75 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/2/2029 | 2711 | 2703 | 2711 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/2/2029 | 3505 | 3505 | 3505 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (6) (12) | First Lien Debt | S + 4.75% | 8.47% | 8/2/2029 | 5238 | 5222 | 5238 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Debt | S + 4.75% | 8.47% | 8/2/2029 | 2144 | 2137 | 2144 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc. | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.72% | 10/1/2029 | 13671 | 13640 | 13671 | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldwell & Gregory LLC | (12) | Subordinated Debt | S + 8.75% | 9.92% (Cash) 2.50% (PIK) | 3/31/2031 | 1153 | 1135 | 1163 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (12) (16) | Subordinated Debt | N/A | 13.00% (PIK) | 3/30/2027 | 3990 | 3966 | 869 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (9) (12) | First Lien Debt | S + 4.75% | 8.42% | 5/13/2032 | 100 | 99 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) (12) | First Lien Debt | S + 5.00% | 8.85% | 9/15/2028 | 7339 | 7265 | 7196 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 9/15/2028 | 2336 | 2325 | 2290 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 9/15/2028 | 1539 | 1536 | 1509 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) (12) | First Lien Debt | S + 5.00% | 8.85% | 9/15/2028 | 3396 | 3356 | 3329 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 9/15/2028 | 5094 | 4279 | 4195 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (6) (12) | First Lien Debt | S + 5.50% | 9.32% | 12/1/2027 | 3953 | 3937 | 3912 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (12) | First Lien Debt | S + 5.50% | 9.32% | 12/1/2027 | 1015 | 1011 | 1005 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 12/1/2027 | 15233 |  | (155) | (0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 12/1/2027 | 2972 | 2960 | 2942 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 12/1/2027 | 2595 | 2310 | 2284 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.60% | 12/23/2026 | 9600 | 9557 | 9586 | 1.10% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (9) (12) | First Lien Debt | S + 5.75% | 9.60% | 12/23/2026 | $6655 | $6599 | $6645 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.24% | 12/8/2031 | 33 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (9) (12) | First Lien Debt | S + 4.50% | 8.24% | 12/8/2031 | 67 | 67 | 67 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | (12) | Subordinated Debt | N/A | 14.00% (PIK) | 6/30/2029 | 2065 | 2032 | 2037 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (12) | First Lien Debt | S + 1.80% | 5.77% (Cash) 5.45% (PIK) | 1/21/2027 | 683 | 682 | 669 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) (12) | First Lien Debt | S + 1.80% | 5.77% (Cash) 5.45% (PIK) | 1/21/2027 | 9356 | 9356 | 9164 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) (12) | First Lien Debt (Delayed Draw) | S + 1.80% | 5.77% (Cash) 5.45% (PIK) | 1/21/2027 | 1559 | 1559 | 1527 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) (12) | First Lien Debt | S + 1.80% | 5.77% (Cash) 5.45% (PIK) | 1/21/2027 | 3863 | 3857 | 3783 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.58% | 11/22/2028 | 1866 | (3) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (6) (12) | First Lien Debt | S + 4.75% | 8.58% | 11/22/2028 | 5235 | 5234 | 5235 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Enagage PEO) | (6) (9) (12) | First Lien Debt | S + 4.50% | 8.34% | 8/1/2029 | 9473 | 9374 | 9401 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Enagage PEO) | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 8/1/2029 | 9218 | 9204 | 9148 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Enagage PEO) | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 8/1/2029 | 1071 | 1069 | 1063 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 7/31/2031 | 12131 | 11882 | 12057 | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (9) (12) | First Lien Debt | S + 5.25% | 8.95% | 12/17/2027 | 7169 | 7169 | 7143 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (9) (12) | First Lien Debt | S + 5.25% | 8.95% | 12/17/2027 | 7147 | 7146 | 7122 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.44% | 12/23/2032 | 769 |  | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.44% | 12/23/2032 | 4231 | 4210 | 4210 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus US Bidco LLC (Phaidon International) | (6) (10) (12) | First Lien Debt | S + 5.50% | 9.44% | 8/22/2029 | 13125 | 13048 | 12687 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (12) | First Lien Debt | S + 8.00% | 12.16% | 5/30/2028 | 155 | 155 | 155 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (12) | First Lien Debt | S + 6.25% | 10.41% | 11/30/2028 | 837 | 837 | 837 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLZ Corp (PLZ Aeroscience) | (12) | Subordinated Debt | S + 7.50% | 11.33% | 7/7/2028 | 13500 | 13311 | 12042 | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 7/31/2031 | 1111 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (6) | First Lien Debt | S + 4.50% | 8.17% | 7/31/2031 | 3889 | 3870 | 3870 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.13% | 5/24/2032 | 21 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (9) (11) (12) | Revolving Loan | S + 4.25% | 8.13% | 5/24/2032 | 11 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (9) (12) | First Lien Debt | S + 4.25% | 8.13% | 5/24/2032 | 68 | 68 | 69 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.93% | 6/15/2029 | 2955 | 2402 | 2413 | 0.28% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (6) (9) (12) | First Lien Debt | S + 5.25% | 8.93% | 6/15/2029 | $14027 | $13871 | $14027 | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.93% | 6/15/2029 | 2805 | 2789 | 2805 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 7/21/2028 | 3963 | 1041 | 938 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (6) | First Lien Debt | S + 5.00% | 8.67% | 7/21/2028 | 7032 | 6983 | 6835 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (6) (12) | First Lien Debt | S + 5.00% | 8.72% | 7/1/2030 | 4473 | 4436 | 4436 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scaled Agile, Inc. | (6) (9) (12) | First Lien Debt | S + 2.25% | 6.02% (Cash) 3.75% (PIK) | 12/15/2028 | 8076 | 8037 | 6561 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scaled Agile, Inc. | (9) (12) | First Lien Debt (Delayed Draw) | S + 2.25% | 6.02% (Cash) 3.75% (PIK) | 12/15/2028 | 394 | 394 | 320 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel Technologies, Inc | (6) | First Lien Debt | S + 4.50% | 8.35% | 11/3/2031 | 5000 | 4975 | 4978 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (11) (12) | Revolving Loan | S + 5.00% | 8.82% | 9/2/2032 | 592 | (3) | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) | First Lien Debt | S + 5.00% | 8.82% | 9/2/2032 | 4408 | 4386 | 4376 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/2/2032 | 3427 | 2247 | 2251 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (9) (11) (12) | Revolving Loan | S + 4.75% | 8.42% | 2/2/2032 | 1720 | 260 | 270 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (9) (12) | First Lien Debt | S + 4.75% | 8.42% | 2/2/2032 | 9853 | 9764 | 9821 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.80% | 6/25/2032 | 91 | 10 | 9 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (11) (12) | Revolving Loan | S + 5.00% | 8.86% | 6/25/2032 | 9 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) | First Lien Debt | S + 5.00% | 8.72% | 1/31/2029 | 6686 | 6610 | 6686 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 1/31/2029 | 3077 | 3043 | 3077 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 1/31/2029 | 10071 | 10054 | 10071 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (12) | First Lien Debt | S + 4.75% | 8.65% | 5/27/2029 | 27477 | 27353 | 27448 | 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.65% | 5/27/2029 | 1856 | 1849 | 1854 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (6) | First Lien Debt | S + 5.50% | 9.32% | 6/22/2029 | 6634 | 6596 | 6634 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 6/22/2029 | 6307 | 6257 | 6307 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (6) (12) | First Lien Debt | S + 5.50% | 9.32% | 6/22/2029 | 1852 | 1833 | 1852 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (6) (9) | First Lien Debt | S + 4.75% | 8.48% | 6/1/2029 | 8008 | 7915 | 8008 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (9) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.48% | 6/1/2029 | 822 | 817 | 822 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (6) (9) | First Lien Debt | S + 5.50% | 9.34% | 6/29/2027 | 4488 | 4473 | 4488 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (6) (9) | First Lien Debt | S + 5.50% | 9.19% | 6/29/2027 | 327 | 326 | 327 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  |  |  | 335557 | 329239 | 37.62% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (6) | First Lien Debt | S + 4.75% | 8.42% | 8/2/2028 | $3402 | $3380 | $3371 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/2/2028 | 3093 |  | (28) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (9) (12) | First Lien Debt | S + 6.00% | 10.03% | 8/16/2028 | 9724 | 9717 | 9059 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC (All My Sons) | (6) (14) | First Lien Debt | S + 4.75% | 8.68% | 10/25/2028 | 5147 | 5123 | 4973 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/24/2030 | 153 | 153 | 154 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/24/2030 | 154 | 153 | 155 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (11) (12) | Revolving Loan | S + 5.00% | 8.71% | 10/24/2029 | 55 | 14 | 15 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (12) | First Lien Debt | S + 5.00% | 8.82% | 10/24/2030 | 627 | 622 | 630 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 12.00% | 11/27/2031 | 22 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (12) | Subordinated Debt | N/A | 12.00% | 11/27/2031 | 78 | 76 | 76 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (12) | Subordinated Debt | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 908 | 891 | 877 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (12) | Subordinated Debt (Delayed Draw) | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 693 | 687 | 670 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (6) | First Lien Debt | S + 4.50% | 8.42% | 4/29/2030 | 10220 | 10154 | 10142 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.42% | 4/29/2030 | 1897 | (10) | (14) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 11/10/2031 | 100 |  | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 13.25% (PIK) | 11/10/2032 | 47 | (1) | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (12) | Subordinated Debt | N/A | 13.25% (PIK) | 11/10/2032 | 53 | 52 | 52 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (12) | First Lien Debt | S + 4.50% | 8.17% | 11/10/2031 | 17546 | 17486 | 17434 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Buyer, Inc. (Liberty Group) | (6) (9) (12) | First Lien Debt | S + 5.75% | 9.49% | 6/15/2028 | 3849 | 3832 | 3735 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Buyer, Inc. (Liberty Group) | (9) (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.49% | 6/15/2028 | 289 | 289 | 281 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 10.00% (Cash) 3.00% (PIK) | 3/18/2029 | 643 |  | (98) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 3/18/2029 | 644 | 644 | 546 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt | N/A | 10.00% (Cash) 2.00% (PIK) | 3/18/2029 | 734 | 725 | 623 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt | N/A | 10.00% (Cash) 1.00% (PIK) | 3/18/2029 | 2690 | 2663 | 2281 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt (Delayed Draw) | N/A | 10.00% (Cash) 1.00% (PIK) | 3/18/2029 | 232 | 232 | 197 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 3.50% (PIK) | 5/17/2029 | 5032 | 3965 | 3892 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 3.50% (PIK) | 5/17/2029 | 4498 | 4498 | 4433 | 0.51% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 3.50% (PIK) | 5/17/2029 | $6489 | $6489 | $6396 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (6) | First Lien Debt | S + 5.75% | 9.49% | 6/8/2026 | 2450 | 2450 | 2450 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (6) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.49% | 6/8/2026 | 212 | 212 | 212 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (12) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.49% | 6/8/2026 | 3248 | 3245 | 3248 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.19% | 12/23/2032 | 5288 |  | (26) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (9) | First Lien Debt | S + 4.50% | 8.19% | 12/23/2032 | 7246 | 7210 | 7211 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  |  |  | 84951 | 82945 | 9.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Buyer, LLC (LMI Consulting, LLC) | (6) (12) | First Lien Debt | S + 5.25% | 8.94% | 7/18/2028 | 12010 | 11935 | 12010 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  |  |  | 11935 | 12010 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (6) | First Lien Debt | S + 4.50% | 8.43% | 11/17/2027 | 5649 | 5649 | 5649 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.43% | 11/17/2027 | 1789 | 1789 | 1789 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (9) (12) | First Lien Debt | S + 5.00% | 8.92% | 4/16/2027 | 1037 | 1030 | 1042 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) | First Lien Debt | S + 5.00% | 8.92% | 4/16/2027 | 1791 | 1779 | 1799 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) (12) | First Lien Debt | S + 5.00% | 8.92% | 4/16/2027 | 9847 | 9826 | 9847 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) | First Lien Debt | S + 5.00% | 8.92% | 4/16/2027 | 1288 | 1278 | 1288 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.69% | 10/16/2029 | 1653 | 209 | 201 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (12) | First Lien Debt | S + 4.75% | 8.69% | 10/16/2029 | 18135 | 17964 | 18048 | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.69% | 10/16/2029 | 4271 | 4250 | 4251 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Telecom, Inc. | (6) (12) | First Lien Debt | S + 5.00% | 8.67% | 6/27/2029 | 18847 | 18728 | 18866 | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyto Athene, LLC | (6) (12) | First Lien Debt | S + 4.75% | 8.88% | 4/3/2028 | 7125 | 7094 | 6833 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | 69596 | 69613 | 7.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (9) (12) | First Lien Debt | S + 2.50% | 6.64% (Cash) 4.25% (PIK) | 2/3/2028 | 262 | 262 | 219 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (6) (9) | First Lien Debt | S + 2.50% | 6.64% (Cash) 4.25% (PIK) | 2/3/2028 | 908 | 907 | 759 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (9) (12) | First Lien Debt | S + 2.50% | 6.64% (Cash) 4.25% (PIK) | 2/3/2028 | 184 | 183 | 153 | 0.02% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (9) (12) | First Lien Debt | S + 2.50% | 6.64% (Cash) 4.25% (PIK) | 2/3/2028 | $4433 | $4433 | $3703 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (9) (12) | First Lien Debt | S + 2.50% | 6.64% (Cash) 4.25%(PIK) | 2/3/2028 | 1380 | 1375 | 1153 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Midco, LLC (Armstrong Transport Group) | (12) | Subordinated Debt | N/A | 17.00% (PIK) | 6/30/2027 | 1311 | 1300 | 1299 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Transport Group, LLC | (12) | Subordinated Debt | N/A | 7.00% (Cash) 7.00% (PIK) | 6/30/2027 | 8173 | 8093 | 8090 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (6) (12) | First Lien Debt | S + 6.25% | 10.24% | 12/23/2026 | 9102 | 9057 | 8972 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (12) | First Lien Debt | S + 4.50% | 8.54% | 11/15/2029 | 21660 | 21534 | 21562 | 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 11/15/2029 | 3581 | 3561 | 3565 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 11/15/2029 | 4111 | (30) | (19) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC (RoadOne) | (12) | Subordinated Debt | N/A | 8.75% (Cash) 5.00% (PIK) | 6/30/2029 | 5200 | 5112 | 5074 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 10.00% | 14.20% | 11/27/2029 | 73 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (9) (12) | First Lien Debt | S + 10.00% | 14.20% | 11/27/2029 | 130 | 130 | 130 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (12) | First Lien Debt | S + 10.00% | 14.20% | 11/27/2029 | 467 | 460 | 467 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (12) | First Lien Debt | S + 10.00% | 14.20% | 5/27/2030 | 1746 | 1746 | 1436 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Acquisition NC, LLC | (6) | First Lien Debt | S + 4.25% | 7.92% | 3/19/2027 | 2723 | 2696 | 2723 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  |  |  | 60819 | 59286 | 6.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. | (6) (12) | First Lien Debt | S + 4.50% | 8.23% | 2/14/2031 | 10480 | 10400 | 10430 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.23% | 2/14/2031 | 3040 |  | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  |  |  | 10400 | 10415 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (12) | First Lien Debt | S + 4.75% | 8.47% | 8/27/2031 | 10355 | 10268 | 10380 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/27/2031 | 2615 | (11) | 6 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (11) (12) | Revolving Loan | S + 4.75% | 8.47% | 8/27/2031 | 1925 | (16) | 5 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.37% | 10/21/2032 | 63 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (12) | First Lien Debt | S + 4.50% | 8.37% | 10/21/2032 | 37 | 37 | 37 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/14/2030 | 21 |  |  | —% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (9) (12) | First Lien Debt | S + 5.00% | 8.67% | 8/14/2030 | $79 | $79 | $79 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (9) (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 4/28/2032 | 517 |  | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (9) (11) (12) | Revolving Loan | S + 4.75% | 8.42% | 4/28/2032 | 352 | (1) | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (9) (12) | First Lien Debt | S + 4.75% | 8.42% | 4/28/2032 | 2581 | 2573 | 2572 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.12% | 4/3/2030 | 1636 |  | (77) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) | First Lien Debt | S + 6.25% | 10.12% | 4/3/2030 | 6212 | 6129 | 5920 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (12) | First Lien Debt (Delayed Draw) | S +6.25% | 10.12% | 4/3/2030 | 1972 | 1965 | 1879 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 9/30/2032 | 1231 | (3) | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) (12) | First Lien Debt | S + 4.50% | 8.22% | 9/30/2032 | 6752 | 6719 | 6716 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  |  |  | 27740 | 27507 | 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) | First Lien Debt | S + 4.75% | 8.57% | 2/21/2031 | 7758 | 7700 | 7759 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (11) (12) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% | 2/21/2031 | 3025 | 2029 | 2029 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  |  |  | 9729 | 9788 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (12) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.47% | 1/19/2029 | 1951 | 1930 | 1923 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (6) | First Lien Debt | S + 5.50% | 9.47% | 1/19/2029 | 11475 | 11357 | 11306 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Debt | S + 5.75% | 9.59% | 12/7/2028 | 6393 | 6323 | 6239 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.59% | 12/7/2028 | 3329 | 3321 | 3249 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  |  |  | 22931 | 22717 | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $1953303 | $1917994 | 219.15% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPC Kodiak LLC (Turbine Engine Specialists) | (8) (10) (12) | Class A-1 Units | 9/1/2023 | 1530000 | $1530 | $1939 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  | 1530 | 1939 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 998311 | 402 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 1836884 | 404 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 998311 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc. | (8) (12) | LP Interests | 8/20/2021 | 768 | 768 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBB Parent, LLC (High Bar Brands) | (8) (12) | LP Interests | 12/19/2023 | 303000 | 303 | 324 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus Aggregator Holdings LP (S&S Truck Parts) | (8) (12) | LP Interests | 12/31/2024 | 7 | 668 | 567 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Topco Holdings LP (S&S Truck Parts) | (8) (12) | Partnership Interests | 6/3/2024 | 1000 | 974 | 1228 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Topco Holdings LP (S&S Truck Parts) | (8) (12) | Warrants | 6/3/2024 | 1000 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  | 3520 | 2119 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | (8) (12) | Common Units | 7/13/2022 | 15373 | 2008 | 1983 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCP Tech24 Co-Invest Aggregator LP (Tech24) | (8) (12) (17) | Company Unit | 10/5/2023 | 954 | 954 | 808 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (8) (12) | Class B Common Units | 10/3/2022 | 698 | 5 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (8) (12) | Class A Preferred Units | 10/3/2022 | 698 | 698 | 266 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  | 3665 | 3057 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATL GSE Holdings, LP | (8) (12) | Class A Units | 12/16/2025 | 63 | 63 | 63 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC (Crete) | (8) (12) | Equity Co-Investment | 5/19/2022 | 24 | 249 | 710 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) (12) | Class A Common Units | 3/1/2023 | 148 | 60 | 22 | —% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) (12) | Series A Preferred Units | 3/1/2023 | 148 | $148 | $185 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | (8) (12) | Partnership Interests | 5/22/2024 | 1000000 | 1000 | 887 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | (8) (12) | Common Units | 10/5/2022 | 3750000 | 3750 | 8153 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  | 5270 | 10020 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (8) (12) | Common Units | 6/6/2025 | 315000 | 1595 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics & Rubber** |  |  |  |  | 1595 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreyLion TGNL Holdings | (8) (12) (17) | Limited Partnership Interests | 5/2/2025 | 846770 | 865 | 854 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceansound Partners Co-Invest II, LP (Gannett Fleming) | (8) (12) | Series F Units | 5/26/2023 | 1272139 | 1272 | 1824 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Gannett Aggregator, LP (Gannett Fleming) | (8) (10) (12) | Limited Partnership Interests | 12/20/2022 | 894607 | 895 | 1283 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPI Investments LP (Rose Paving) | (8) (12) | Class A Units | 11/27/2024 | 690 | 100 | 68 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  | 3132 | 4029 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LH Equity Investors, L.P. | (8) (12) (17) | Limited Partnership Interests | 9/3/2025 | 1500000 | 1445 | 2029 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  | 1445 | 2029 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBG Holdings LLC | (8) (12) | Common Units | 8/8/2025 | 66 | 512 | 511 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultima Health Holdings, LLC | (8) (12) | Preferred Units | 9/12/2022 | 15 | 170 | 381 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-durable** |  |  |  |  | 682 | 892 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Holdings, L.P. (Specialized Packaging Group) | (8) (10) (12) | Class A Units | 12/17/2020 | 147708 | 148 | 191 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (8) (12) | Class A Units | 4/22/2025 | 283 | 14 | 15 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (8) (12) | Class A Common Units | 7/6/2022 | 11916 | 1131 | 234 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  | 1293 | 440 | 0.05% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMA Equity, LP (Health Management Associates) | (8) (12) | AA Equity Co-Invest | 3/30/2023 | 399904 | $400 | $406 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Group Holdings, LP (Mosaic Dental) | (8) (12) | AA Equity Co-Invest | 2/7/2023 | 245 | 245 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NP/BF Holdings, L.P. | (8) (12) | AA Equity Co-Invest | 4/30/2025 | 1000 | 1000 | 1000 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP Nats Co-Investment Fund LP | (8) (12) (17) | Limited Partnership Interests | 3/17/2025 | 1000000 | 1003 | 1304 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AAD, L.P. (Anne Arundel) | (8) (12) | AA Equity Co-Invest | 10/16/2020 | 12175 | 880 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP HS Holdings, LLC (HemaSource) | (8) (12) | LP Interests | 8/31/2023 | 577000 | 577 | 784 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Select Fund 3, L.P. | (8) (12) (17) | Limited Partnership Interests | 9/10/2025 | 483000 | 495 | 595 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  | 4600 | 4089 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS Holdings, LLC | (8) (12) | LP Interests | 10/1/2025 | 60 | 60 | 60 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Rivers Co-Investment, L.P. | (8) (12) (17) | LP Interests | 11/7/2025 | 500000 | 501 | 500 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Group Holdings, L.P. (Solve Industrial) | (8) (12) | LP Interests | 6/30/2021 | 313 | 313 | 265 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  | 874 | 825 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (8) (12) | Series A-3 Preferred Units | 10/4/2022 | 56899 | 853 | 253 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  | 853 | 253 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BayPine Monarch Co-Invest, LP | (8) (12) (17) | Limited Partnership Interests | 6/3/2025 | 100000 | 101 | 99 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (8) (12) | Common Equity | 9/30/2021 | 624 | 624 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (8) (12) | Series B Limited Partnership Units | 10/23/2023 | 222 | 22 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concord FG Holdings, LP (E78) | (8) (12) | Class A Common Units | 12/1/2021 | 816 | 860 | 489 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geds Equity Investors, LP (Esquire Deposition Services) | (8) (12) | Class A Common Units | 7/1/2024 | 2424 | 320 | 271 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKEMP Blocked Co-Invest, LP | (8) (12) | Limited Partnership Interests | 7/15/2025 | 1000 | 1000 | 1108 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Co-Invest Holdings, L.P. (Riveron) | (8) (12) (17) | Class A Common Units | 7/17/2023 | 790 | 790 | 1104 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Group Holdings,LLC | (8) (12) | Common Equity | 12/23/2025 | 2998 | 300 | 300 | 0.03% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMS VONA Case Management Acquisition, LP | (8) (12) (17) | Class A Common Units | 11/25/2025 | 2793 | $1500 | $1500 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMSEF II Holdings I, L.P. | (8) (12) (17) | Limited Partnership Interests | 9/29/2025 | 483000 | 485 | 483 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Terrapin IntermediateCo, LLC (Apex Companies) | (8) (12) | Class A Common Units | 1/31/2023 | 1173 | 117 | 156 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSG Topco Holdings, LLC (Output Services Group, Inc.) | (8) (12) | Class A Units | 11/30/2023 | 47021 | 833 | 481 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Topco L.P. | (8) (12) | Class A Units | 7/31/2025 | 86080 | 86 | 90 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schill Blocker Agg, LLC | (8) (12) (17) | Limited Partnership Interests | 12/12/2025 | 3000000 | 3000 | 3000 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STech Investors, LP | (8) (12) | Class A Units | 11/3/2025 | 961 | 96 | 96 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  | 10134 | 9177 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Investors, LLC | (8) (12) | Class B Units | 5/27/2025 | 576 | 83 | 74 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (8) (12) | Class B Units | 7/31/2023 | 997000 | 1117 | 1164 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS NU Investors, LP (NearU) | (8) (9) (12) | Class B Units | 8/11/2022 | 2432 | 243 | 138 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (8) (12) | Class B Units | 1/9/2023 | 121 | 14 | 16 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (8) (12) | Class B Units | 1/9/2023 | 4907 | 491 | 656 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repipe Aggregator, LLC (Repipe Specialists) | (8) (11) (12) | Purchased Units | 3/31/2022 | 282 | 282 | 63 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  | 2230 | 2111 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Ren Partners I-A LP (LMI Consulting, LLC) | (8) (11) (12) | Limited Partnership Interests | 6/30/2022 | 633980 | 634 | 1605 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  | 634 | 1605 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Griffin TopCo, LLC (Seko Global Logistics LLC) | (8) (12) | Partnership Units | 11/27/2024 | 778 | 2820 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Griffin TopCo, LLC (Seko Global Logistics LLC) | (8) (12) | Partnership Units | 11/27/2024 | 409 | 1481 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP RO Coinvest IV-A, LP (RoadOne) | (8) (11) (12) | Partnership Units | 12/29/2022 | 938576 | 939 | 603 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  | 5240 | 603 | 0.07% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | (8) (12) | Subject Partnership Units | 4/3/2023 | 279687 | $280 | $104 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  | 280 | 104 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAW Parent LLC (USA Water) | (8) (12) | Common Units | 2/21/2024 | 4781 | 478 | 714 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  | 478 | 714 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (8) (12) | Common Units | 11/20/2025 | 4000 | 400 | 400 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (8) | Common Units | 12/5/2025 | 486 | 49 | 49 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  | 449 | 449 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  | $**47904** | $**44455** | **5.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  | $**2001207** | $**1962449** | **224.23%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Interest Rate** | **Shares/Units** | **Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund - Institutional Class | 3.64% | 51278977 | $51279 | $51279 | 5.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class Z | 3.64% | 2648293 | 2648 | 2648 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  | $**53927** | $**53927** | **6.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  | $**2055134** | $**2016376** | **230.39%** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Footnotes** | **Hedged Instrument** | **Company Receives** | **Company Pays**  | **Maturity Date** | **Notional Amount** | **Fair Value** | **Unrealized Appreciation (Depreciation)** | **Upfront Payments/Receipts** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives - Interest Rate Swaps** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank, N.A. | (13) (14) | 2030 Notes | 6.65% | S + 2.3015% | 3/15/2030 | $300000 | $14965 | $14965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives - Interest Rate Swaps** |  |  |  |  |  |  | $**14965** | $**14965** | **—** |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollars in thousands, except share amounts)**

_______________

(1)Unless otherwise indicated, all investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities.

(2)Refer to <u>[Note 3](#i8046fd6cdb8747a39c39abcbe0255a61_49)</u> "Investments" for the geographic composition of investments at cost and fair value.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which generally reset periodically. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate ("P"). For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $875,180 as of December 31, 2025.

(6)Denotes that all or a portion of the assets are owned by CLO-I, CLO-II and/or CLO-III (each as defined in<u>[Note 1](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> "Organization"), which serve as collateral for the Company's debt securitizations. See <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u> "Borrowings" for more information.

(7)As of December 31, 2025, there were no portfolio investments that represented greater than 5% of our total assets.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of December 31, 2025, the Company held seventy restricted securities with an aggregate fair value of $44,455, or 5.08% of the Company's net assets.

(9)Investment is a unitranche position.

(10)The investment is considered a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 4.25% of the Company's total assets calculated in accordance with the 1940 Act.

(11)Position or portion thereof is an unfunded loan or equity commitment. For unfunded loan commitments, no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See <u>[Note 8](#i8046fd6cdb8747a39c39abcbe0255a61_64)</u> "Commitments and Contingencies".

(12)Denotes that all or a portion of the assets are owned by the Company or NCDL Equity Holdings (each as defined in <u>[Note 1](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> "Organization"). The Company entered into a senior secured revolving credit agreement (the "Revolving Credit Facility"). The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future. See <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u> "Borrowings" for more information.

(13)Instrument is used in a qualifying hedge accounting relationship. The associated change in fair value is recorded with the change in fair value of the hedged item within interest and debt financing expense on the consolidated statements of operations. Refer to <u>[Note 4](#i8046fd6cdb8747a39c39abcbe0255a61_52)</u> "Derivatives" for more information.

(14)Investments valued using observable inputs (Level 2). See <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> "Fair Value Measurements" for more information.

(15)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(16)Loan was on non-accrual status as of December 31, 2025.

(17)Investments measured at net asset value ("NAV"). See <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u>"Significant Accounting Policies – Valuation of Portfolio Investments" for more information.

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| **Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arotech Corporation | (6) (12) | First Lien Term Loan | S + 6.00% | 10.69% | 10/22/2026 | $14965 | $14459 | $14965 | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arotech Corporation | (6) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.45% | 10/22/2026 | 728 | 705 | 728 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueHalo Global Holdings, LLC (AEgis Technologies) | (6) (12) (13) | First Lien Term Loan | S + 6.00% | 10.41% | 10/31/2025 | 19949 | 19888 | 19852 | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (12) | First Lien Term Loan | S + 5.00% | 9.36% | 7/25/2030 | 1567 | 1548 | 1549 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 7/25/2030 | 898 | 743 | 735 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) (13) | First Lien Term Loan | S + 5.25% | 9.58% | 12/21/2029 | 14889 | 14628 | 14836 | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.58% | 12/21/2029 | 4936 | 4894 | 4918 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signia Aerospace, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 3.00% | 7.40% | 12/11/2031 | 122 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signia Aerospace, LLC | (6) (9) | First Lien Term Loan | S + 3.00% | 7.40% | 12/11/2031 | 1470 | 1466 | 1467 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STS Holding, Inc. | (6) | First Lien Term Loan | S + 4.75% | 9.08% | 10/31/2030 | 3865 | 3827 | 3829 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (12) | Subordinated Debt | S + 9.50% | 13.96% | 3/1/2029 | 2530 | 2478 | 2530 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Intermediate, LLC | (12) | Subordinated Debt | N/A | 10.50% (Cash) 1.00% (PIK) | 11/17/2027 | 2865 | 2830 | 2823 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  |  |  | 67466 | 68232 | 7.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc. | (12) | Subordinated Debt | N/A | 10.00% (Cash) 0.75% (PIK) | 2/20/2028 | 7534 | 7454 | 6701 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC | (12) | Subordinated Debt | N/A | 13.00% | 6/19/2030 | 2088 | 2043 | 2061 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 13.00% | 6/19/2030 | 596 | (6) | (8) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEGS Automotive | (12) | Revolving Loan | S + 6.00% | 11.33% | 12/22/2029 | 203 | 203 | 203 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEGS Automotive | (6) | First Lien Term Loan | S + 6.00% | 11.33% | 12/22/2029 | 1222 | 1222 | 1222 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP Glass Purchaser, LLC (PGW Auto Glass) | (6) (13) | First Lien Term Loan | S + 5.00% | 9.39% | 4/18/2028 | 12563 | 12485 | 12484 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEP Glass Purchaser, LLC (PGW Auto Glass) | (12) | First Lien Term Loan | S + 5.00% | 9.39% | 4/18/2028 | 2425 | 2403 | 2410 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (9) (12) (13) | First Lien Term Loan | S + 5.00% | 9.57% | 11/1/2028 | 11025 | 10865 | 10908 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.57% | 11/1/2028 | 3744 | 1108 | 1068 | 0.11% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Term Loan | S + 5.00% | 9.62% | 3/1/2029 | $7935 | $7883 | $7830 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.46% | 3/1/2029 | 97 | 97 | 96 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.61% | 3/1/2029 | 1707 | 1707 | 1685 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RA Parent Holdings LP (S&S Truck Parts) | (6) (12) (13) | First Lien Term Loan | S + 5.00% | 9.46% | 3/1/2029 | 20033 | 19849 | 19767 | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  |  |  | 67313 | 66427 | 6.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management Group, Inc. (f/k/a RSC Acquisition Inc) | (6) (9) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 11/1/2029 | 9744 | 9744 | 9620 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (12) (13) | First Lien Term Loan | S + 4.50% | 8.86% | 8/11/2031 | 7358 | 7286 | 7289 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 8.86% | 8/11/2031 | 12642 | (60) | (119) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | P + 3.50% | 11.00% | 11/18/2031 | 4305 | (21) | (41) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (11) (12) | Revolving Loan | P + 3.50% | 11.00% | 11/18/2031 | 1740 | (17) | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (12) | First Lien Term Loan | P + 3.50% | 11.00% | 11/18/2031 | 8955 | 8866 | 8869 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 8.83% | 12/31/2031 | 4825 | (24) | (48) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (12) | First Lien Term Loan | S + 4.50% | 8.83% | 12/31/2031 | 8685 | 8599 | 8599 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumifin Corporation (Long Term Care Group) | (6) (9) (12) | First Lien Term Loan | S + 3.27% | 11.88% | 9/8/2027 | 7274 | 7257 | 6650 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.48% | 10/16/2028 | 7100 | 7052 | 7091 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.23% | 11/26/2030 | 2351 | (6) | (23) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (6) | First Lien Term Loan | S + 4.75% | 9.11% | 11/26/2030 | 2915 | 2886 | 2887 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (9) (12) | First Lien Term Loan | S + 5.00% | 9.34% | 9/27/2031 | 2733 | 2708 | 2718 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.65% | 9/27/2031 | 567 | (3) | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Insurance Associates, LLC | (6) (9) (12) | First Lien Term Loan | S + 6.00% | 10.33% | 4/3/2028 | 14731 | 14720 | 14716 | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  | 68987 | 68188 | 7.03% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) | First Lien Term Loan | S + 5.00% | 9.36% | 9/10/2030 | $720 | $713 | $713 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 9/10/2030 | 165 |  | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 9/10/2030 | 115 | 114 | 114 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | (12) | Subordinated Debt | S + 7.75% | 12.96% | 8/30/2027 | 9300 | 9188 | 9221 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (6) (9) (12) (14) | Subordinated Debt | S + 7.25% | 11.72% | 6/8/2029 | 9000 | 8891 | 8359 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (6) (10) (13) (14) | First Lien Term Loan | S + 4.00% | 8.47% | 6/9/2028 | 10518 | 10070 | 10147 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Buyer LLC (Death Wish Coffee) | (6) (9) (13) | First Lien Term Loan | S + 5.00% | 9.43% | 9/28/2027 | 9700 | 9653 | 9700 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (10) (12) | First Lien Term Loan | S + 5.50% | 9.83% | 9/25/2029 | 17109 | 16829 | 16905 | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (10) | First Lien Term Loan | S + 5.50% | 9.99% | 9/25/2029 | 2024 | 2009 | 2000 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 11/14/2031 | 6322 | (16) | (61) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (12) | First Lien Term Loan | S + 4.75% | 9.08% | 11/14/2031 | 5927 | 5868 | 5870 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 9.16% (Cash) 5.13% (PIK) | 4/3/2029 | 4077 | 4007 | 3963 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 9.16% (Cash) 5.13% (PIK) | 4/3/2029 | 814 | 798 | 791 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (12) | Subordinated Debt | S + 4.50% | 9.16% (Cash) 5.13% (PIK) | 4/3/2029 | 963 | 943 | 937 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LHS Acquistion, LLC (Summit Hill Foods) | (6) | First Lien Term Loan | S + 5.75% | 10.26% | 11/29/2029 | 8053 | 7946 | 8024 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (6) | First Lien Term Loan | S + 5.75% | 10.08% | 9/18/2029 | 13181 | 12987 | 12986 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.24% | 9/18/2029 | 4821 | 3091 | 3035 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (6) (12) | First Lien Term Loan | S + 4.50% | 9.58% | 12/23/2028 | 7023 | 6965 | 6963 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 9.58% | 12/23/2028 | 1773 |  | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) |  | First Lien Term Loan | S + 4.50% | 9.24% | 7/30/2025 | 2820 | 2815 | 2762 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.23% | 7/5/2029 | 2374 | 573 | 578 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.77% | 7/5/2029 | 3162 | 3162 | 3162 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) (13) | First Lien Term Loan | S + 5.25% | 9.73% | 7/5/2029 | 6311 | 6256 | 6311 | 0.65% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) | First Lien Term Loan | S + 5.25% | 9.73% | 7/5/2029 | $3220 | $3205 | $3220 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.73% | 7/5/2029 | 311 | 311 | 311 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCHG Buyer, Inc. (Handgards, LLC) | (6) (12) (13) | First Lien Term Loan | S + 5.50% | 9.75% | 4/10/2031 | 24369 | 24140 | 24613 | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  |  |  | 140518 | 140607 | 14.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Solutions Buyer, Inc. | (6) | First Lien Term Loan | S + 4.50% | 8.86% | 9/9/2030 | 998 | 988 | 988 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Fastener Company, LLC (EFC International) | (12) | Subordinated Debt | N/A | 11.00% (Cash) 2.50% (PIK) | 5/1/2028 | 3269 | 3199 | 3266 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 6/27/2030 | 19984 | 6361 | 6196 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (12) (13) | First Lien Term Loan | S + 4.75% | 9.08% | 6/27/2030 | 9950 | 9857 | 9856 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) | First Lien Term Loan | S + 6.00% | 10.43% | 12/15/2026 | 6400 | 6375 | 6123 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) (13) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.43% | 12/15/2026 | 5550 | 5538 | 5310 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. (Helios Buyer, Inc.) | (6) (9) (13) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.43% | 12/15/2026 | 2545 | 2545 | 2435 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc. | (12) (13) (14) | First Lien Term Loan | S + 4.50% | 9.06% | 8/30/2028 | 2627 | 2625 | 2588 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jetson Buyer, Inc. (E-Technologies Group, Inc.) | (6) (13) | First Lien Term Loan | S + 5.50% | 9.86% | 4/9/2030 | 7277 | 7209 | 7138 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) (13) | First Lien Term Loan | S + 5.00% | 9.59% | 2/4/2030 | 7954 | 7824 | 7946 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.59% | 2/4/2030 | 1882 | 1864 | 1880 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.59% | 2/4/2030 | 7901 | (78) | (8) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (12) | First Lien Term Loan | S + 5.00% | 9.50% | 2/4/2030 | 948 | 939 | 947 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (6) (9) (12) (13) | First Lien Term Loan | S + 3.25% | 7.58% (Cash) 1.75% (PIK) | 4/9/2030 | 12276 | 12238 | 12352 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 3.25% | 7.58% (Cash) 1.75% (PIK) | 4/9/2030 | 1106 | (1) | 7 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) (12) | First Lien Term Loan | S + 5.25% | 9.79% | 4/4/2029 | 9524 | 9389 | 9456 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 10.14% | 4/4/2029 | 1831 | 1825 | 1818 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Logic Acquisition, Inc. | (6) (9) | First Lien Term Loan | S + 3.50% | 8.09% | 10/29/2027 | 7919 | 7934 | 7939 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (6) (9) (12) | First Lien Term Loan | S + 4.25% | 8.58% | 8/31/2028 | 4635 | 4633 | 4635 | 0.48% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.25% | 8.58% | 8/31/2028 | $2787 | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (9) (12) (13) | First Lien Term Loan | S + 4.75% | 9.43% | 7/24/2031 | 13706 | 13570 | 13573 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.43% | 7/24/2031 | 4569 | 1181 | 1159 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (9) (11) (12) | Revolving Loan | S + 4.75% | 9.43% | 7/24/2031 | 1726 | (16) | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 105999 | 105587 | 10.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder Scientific Company, LLC | (6) | First Lien Term Loan | S + 4.75% | 9.45% | 12/31/2027 | 2040 | 2049 | 1975 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) | First Lien Term Loan | S + 6.00% | 10.63% | 4/23/2029 | 6250 | 6153 | 6205 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.35% | 4/23/2029 | 1379 | 1370 | 1369 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympic Buyer, Inc. (Ascensus) | (6) (9) (13) | First Lien Term Loan | S + 4.35% | 8.71% | 6/30/2028 | 9631 | 9516 | 8132 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJC Spartech Acquisition Corp. | (6) (9) (12) (14) | First Lien Term Loan | S + 4.75% | 9.41% | 5/6/2028 | 14617 | 14563 | 10616 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics, & Rubber** |  |  |  |  |  |  | 33651 | 28297 | 2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 4/26/2030 | 2239 | 2187 | 2162 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt (Delayed Draw) | N/A | 10.00% (Cash) 3.00% (PIK) | 4/26/2030 | 4263 | 4213 | 4114 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athlete Buyer, LLC (Allstar Holdings) | (12) | Subordinated Debt (Delayed Draw) | N/A | 10.00% (Cash) 3.00% (PIK) | 4/26/2030 | 5409 | 5344 | 5221 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 10/13/2031 | 3165 | 137 | 123 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (9) | First Lien Term Loan | S + 4.75% | 9.08% | 10/13/2031 | 1835 | 1817 | 1818 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Construction Mid-West, LLC (Erie Construction) | (6) (13) | First Lien Term Loan | S + 4.75% | 10.09% | 7/30/2027 | 9604 | 9554 | 9604 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (9) (12) (13) | First Lien Term Loan | S + 4.75% | 9.23% | 8/5/2030 | 17824 | 17568 | 17669 | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (9) (11) (12) | Revolving Loan | S + 4.75% | 9.23% | 8/5/2030 | 2131 | (30) | (19) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 8/9/2030 | 5714 | (14) | (54) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 8/9/2030 | 5714 | (14) | (54) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) | First Lien Term Loan | S + 4.75% | 9.08% | 8/9/2030 | 8550 | 8466 | 8469 | 0.87% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (6) (13) | First Lien Term Loan | S + 5.25% | 9.58% | 3/15/2030 | $6572 | $6512 | $6511 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (6) (9) | First Lien Term Loan | S + 5.75% | 10.20% | 12/15/2027 | 9220 | 9118 | 9220 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (6) (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.39% | 12/15/2027 | 4870 | 4845 | 4870 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (12) (13) | First Lien Term Loan | S + 5.00% | 9.36% | 6/29/2029 | 11316 | 11130 | 11319 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.48% | 6/29/2029 | 1810 | 1803 | 1810 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 12.50% | 5/7/2030 | 191 | (1) | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (12) | Subordinated Debt | N/A  | 12.50% | 5/7/2030 | 2937 | 2900 | 2901 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (6) | First Lien Term Loan | S + 4.75% | 9.24% | 12/30/2027 | 5229 | 5178 | 5178 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (6) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.44% | 12/30/2027 | 4582 | 4575 | 4582 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.31% | 12/30/2027 | 3132 | 3127 | 3132 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Holdco Corporation (RMA Companies) | (6) | First Lien Term Loan | S + 5.75% | 10.44% | 12/30/2027 | 3087 | 3053 | 3087 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (6) (12) | First Lien Term Loan | S + 6.00% | 10.51% | 8/31/2029 | 6454 | 6376 | 6432 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.59% | 8/31/2029 | 4325 | 3733 | 3743 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 111577 | 111836 | 11.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Buyer, Inc. | (6) (14) | First Lien Term Loan | S + 4.50% | 8.96% | 6/30/2025 | 5607 | 5597 | 5348 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (6) (13) | First Lien Term Loan | S + 5.50% | 10.03% | 9/7/2028 | 9775 | 9713 | 9775 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (6) | First Lien Term Loan | S + 5.75% | 10.25% | 9/7/2028 | 4974 | 4900 | 4974 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  |  |  | 20210 | 20097 | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Tara Holdings, Inc. | (6) (9) (13) | First Lien Term Loan | S + 4.50% | 8.93% | 9/10/2027 | 12475 | 12415 | 12475 | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Tara Holdings, Inc. | (6) (9) | First Lien Term Loan | S + 5.75% | 10.18% | 9/10/2027 | 1706 | 1683 | 1706 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. (PIP) | (6) (13) | First Lien Term Loan | S + 4.00% | 8.47% | 12/29/2027 | 9052 | 9037 | 9052 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) | First Lien Term Loan | S + 5.25% | 9.94% | 6/30/2028 | 6720 | 6677 | 6721 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.70% | 6/30/2028 | 3118 | 912 | 931 | 0.10% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (13) | First Lien Term Loan | S + 5.00% | 9.33% | 1/8/2030 | $12525 | $12413 | $12650 | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.59% | 1/8/2030 | 3075 | 3075 | 3106 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultima Health Holdings, Inc. | (12) | Subordinated Debt | N/A | 11.00% (Cash) 1.50% (PIK) | 3/12/2029 | 1761 | 1737 | 1761 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-durable** |  |  |  |  |  |  | 47949 | 48402 | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | (6) (13) | First Lien Term Loan | S + 6.75% | 11.43% | 10/7/2026 | 14284 | 14266 | 13536 | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products, LLC (AMW Acquisition Company, Inc.) | (6) | First Lien Term Loan | S + 6.75% | 11.41% | 10/7/2026 | 113 | 112 | 107 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Star Lower Holding LLC (Five Star Packaging) | (6) (13) (14) | First Lien Term Loan | S + 4.25% | 8.68% | 5/5/2029 | 7500 | 7421 | 7468 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (13) | First Lien Term Loan | S + 4.50% | 9.16% | 12/1/2027 | 8699 | 8653 | 8699 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (12) | First Lien Term Loan | S + 5.50% | 10.16% | 12/1/2027 | 4981 | 4927 | 4981 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;good2grow LLC | (6) (13) | First Lien Term Loan | S + 4.75% | 9.41% | 12/1/2027 | 14266 | 14149 | 14408 | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (10) | First Lien Term Loan | S + 5.50% | 10.19% | 12/17/2027 | 4365 | 4336 | 4333 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (6) (10) (12) | First Lien Term Loan | S + 6.25% | 10.99% | 12/17/2027 | 6825 | 6777 | 6776 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (12) | First Lien Term Loan | S + 5.75% | 10.49% | 12/17/2027 | 3291 | 3271 | 3267 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. (Specialized Packaging Group) | (6) (13) | First Lien Term Loan | S + 5.50% | 10.19% | 12/17/2027 | 10153 | 10119 | 10080 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (12) | Subordinated Debt | N/A  | 11.00% | 1/6/2029 | 2510 | 2479 | 2366 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (12) | Subordinated Debt | N/A  | 12.50% | 1/6/2029 | 465 | 456 | 460 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (13) | First Lien Term Loan | S + 5.25% | 9.58% | 12/19/2029 | 3295 | 3267 | 3295 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.58% | 12/19/2029 | 403 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.58% | 12/19/2029 | 403 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  |  |  | 80233 | 79776 | 8.23% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Electricity** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (10) (12) (13) | First Lien Term Loan | S + 5.00% | 9.36% | 6/25/2030 | $22354 | $22142 | $22155 | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (10) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 6/25/2030 | 5912 |  | (53) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US MetalCo Holdings LLC (MGM Transformer Company) | (6) (12) | First Lien Term Loan | S + 5.50% | 10.09% | 10/31/2029 | 23376 | 23073 | 23511 | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US MetalCo Holdings LLC (MGM Transformer Company) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.83% | 10/31/2029 | 6356 | 6342 | 6393 | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Electricity** |  |  |  |  |  |  | 51557 | 52006 | 5.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (13) | First Lien Term Loan | S + 5.00% | 9.33% | 3/27/2030 | 7507 | 7437 | 7439 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.62% | 3/27/2030 | 3018 | 3011 | 2990 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.62% | 3/27/2030 | 4999 | (12) | (45) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (12) | First Lien Term Loan | S + 5.00% | 9.43% | 3/23/2029 | 6708 | 6600 | 6661 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 3/23/2029 | 3134 | 3121 | 3112 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 3/23/2029 | 6792 | 6766 | 6745 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Term Loan | S + 5.00% | 9.43% | 3/23/2029 | 1718 | 1691 | 1706 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) | First Lien Term Loan | S + 5.75% | 10.44% | 11/30/2027 | 4822 | 4799 | 4806 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) (13) | First Lien Term Loan | S + 5.75% | 10.37% | 11/30/2027 | 8950 | 8885 | 8920 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.44% | 11/30/2027 | 4902 | 4902 | 4885 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.42% | 11/30/2027 | 5026 | 561 | 544 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrition 101 Buyer, LLC (101 Inc) | (6) | First Lien Term Loan | S + 5.25% | 9.94% | 8/31/2028 | 6581 | 6541 | 6109 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) (12) | First Lien Term Loan | S + 5.50% | 9.83% | 7/3/2029 | 8464 | 8356 | 8359 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.48% | 7/3/2029 | 6405 | 4721 | 4654 | 0.48% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) | First Lien Term Loan | S + 5.50% | 9.75% | 7/3/2029 | $1589 | $1573 | $1569 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.58% | 7/3/2029 | 13446 |  | (167) | (0.02%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) | First Lien Term Loan | S + 4.75% | 9.34% | 8/15/2030 | 11872 | 11758 | 11888 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.34% | 8/15/2030 | 5601 | (13) | 7 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Industries** |  |  |  |  |  |  | 80697 | 80182 | 8.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (12) (13) | First Lien Term Loan | S + 5.25% | 9.84% | 7/2/2031 | 15673 | 15520 | 15588 | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.80% | 7/2/2031 | 2850 | 189 | 180 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) |  | First Lien Term Loan | S + 5.25% | 9.61% | 7/2/2031 | 1477 | 1470 | 1469 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinity Hospice Intermediate Holdings, LLC | (6) (12) | First Lien Term Loan | S + 4.75% | 9.18% | 12/17/2027 | 7792 | 7748 | 6531 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) (16) | Subordinated Debt | N/A  | 12.75% (PIK) | 10/16/2026 | 3282 | 3266 | 535 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) (16) | Subordinated Debt | N/A  | 13.25% (PIK) | 4/16/2026 | 1972 | 1965 | 780 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (12) | First Lien Term Loan | N/A  | 4.71% (PIK) | 1/15/2026 | 533 | 533 | 533 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC | (11) (12) (16) | Subordinated Debt | N/A  | 13.25% (PIK) | 4/16/2026 | 2396 | 2026 | 581 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.53% | 12/20/2031 | 2760 | (14) | (27) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) (12) | First Lien Term Loan | S + 5.25% | 9.53% | 12/20/2031 | 5814 | 5756 | 5756 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (12) (13) | First Lien Term Loan | S + 5.00% | 9.25% | 8/7/2031 | 12288 | 12207 | 12193 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 8/7/2031 | 1872 | (4) | (14) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (9) (11) (12) | Revolving Loan | S + 5.00% | 9.43% | 8/7/2031 | 1246 | 1079 | 1081 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Intermediate Holdings III, Inc. (Forefront Dermatology) | (6) (9) (14) | First Lien Term Loan | S + 4.25% | 8.84% | 3/30/2029 | 3281 | 3242 | 3174 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (13) | First Lien Term Loan | S + 5.50% | 9.96% | 10/5/2029 | 7398 | 7341 | 7264 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.00% | 10/5/2029 | 2425 | 2425 | 2381 | 0.25% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH DMI Buyer, Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.33% | 10/11/2030 | $1104 | $(3) | $(10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH DMI Buyer, Inc. | (6) | First Lien Term Loan | S + 5.00% | 9.33% | 10/11/2030 | 1987 | 1968 | 1969 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Scientific LLC | (6) (9) | First Lien Term Loan | S + 5.75% | 10.10% | 9/30/2027 | 5898 | 5870 | 5176 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee Scientific LLC | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.10% | 9/30/2027 | 1544 | 1544 | 1355 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) | First Lien Term Loan | S + 5.25% | 9.99% | 12/9/2027 | 6336 | 6302 | 6183 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.99% | 12/9/2027 | 1982 | 1982 | 1934 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.99% | 12/9/2027 | 1946 |  | (47) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.99% | 12/9/2027 | 648 |  | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) | First Lien Term Loan | S + 5.25% | 9.99% | 12/9/2027 | 4933 | 4870 | 4814 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (13) | First Lien Term Loan | S + 5.25% | 9.99% | 12/9/2027 | 8048 | 7979 | 7854 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHR Healthcare, LLC | (6) (9) (13) | First Lien Term Loan | S + 5.25% | 9.99% | 12/9/2027 | 3742 | 3710 | 3652 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) (12) | First Lien Term Loan | S + 6.25% | 10.82% | 3/30/2029 | 8264 | 8135 | 8264 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.25% | 10.77% | 3/30/2029 | 1497 | 715 | 742 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (11) (12) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 12/10/2027 | 3637 | 2222 | 2218 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (12) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 12/10/2027 | 10014 | 10014 | 10003 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (12) | Subordinated Debt | N/A | 7.50% (Cash) 7.00% (PIK) | 12/10/2027 | 2003 | 1984 | 2001 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Term Loan | S + 5.25% | 9.58% | 10/16/2030 | 10546 | 10452 | 10495 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HemaSource, Inc. | (12) | Subordinated Debt | N/A | 12.25% | 2/28/2030 | 5292 | 5169 | 5277 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.08% | 11/5/2031 | 2426 | (6) | (23) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (6) | First Lien Term Loan | S + 4.75% | 9.08% | 11/5/2031 | 6598 | 6533 | 6535 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infucare Rx Inc | (6) (13) | First Lien Term Loan | S + 4.25% | 8.68% | 1/4/2028 | 5788 | 5756 | 5788 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Intermediate Holdings II, LLC (Mosaic Dental) | (12) | Subordinated Debt | N/A  | 10.00% (Cash) 2.25% (PIK) | 2/7/2030 | 1789 | 1757 | 1719 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Intermediate Holdings II, LLC (Mosaic Dental) | (12) | Subordinated Debt (Delayed Draw) | N/A  | 12.25% | 2/7/2030 | 477 | 473 | 458 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Eye Services, LLC | (6) (13) | First Lien Term Loan | S + 4.50% | 8.96% | 8/20/2027 | 8929 | 8886 | 8923 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.44% | 9/1/2027 | 2868 | 1430 | 1430 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (6) (9) | First Lien Term Loan | S + 6.00% | 10.44% | 9/1/2027 | 8120 | 8077 | 8120 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.44% | 9/1/2027 | 1265 | 1262 | 1265 | 0.13% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (10) (13) | First Lien Term Loan | S + 5.25% | 9.93% | 5/28/2027 | $7601 | $7560 | $7675 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (10) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.71% | 5/28/2027 | 3215 | 3210 | 3246 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QHR Health, LLC | (6) (13) | First Lien Term Loan | S + 5.25% | 9.71% | 5/28/2027 | 3215 | 3180 | 3246 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandlot Buyer, LLC (Prime Time Healthcare) | (6) (12) | First Lien Term Loan | S + 6.25% | 10.63% | 9/19/2028 | 7833 | 7667 | 7746 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandlot Buyer, LLC (Prime Time Healthcare) | (6) (12) (13) | First Lien Term Loan | S + 6.25% | 10.80% | 9/19/2028 | 9609 | 9455 | 9502 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smile Brands Inc. | (12) | Subordinated Debt | S + 9.52% | 14.10% (PIK) | 4/12/2028 | 11396 | 11353 | 9352 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Wellness Holdings, Inc. (Solis Mammography) | (6) (12) (13) | First Lien Term Loan | S + 4.50% | 9.35% | 4/17/2028 | 13022 | 12960 | 12920 | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC | (6) (9) (13) (14) | First Lien Term Loan | S + 3.25% | 7.71% | 12/4/2031 | 9424 | 9414 | 9502 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.26% | 11/22/2031 | 2209 | (11) | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (9) (11) (12) | Revolving Loan | S + 4.75% | 9.26% | 11/22/2030 | 1406 | 71 | 71 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (9) | First Lien Term Loan | S + 4.75% | 9.26% | 11/22/2031 | 8101 | 8020 | 8023 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (9) (12) (13) | First Lien Term Loan | S + 5.25% | 9.61% | 12/19/2029 | 15367 | 15234 | 15418 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.61% | 12/19/2029 | 4085 |  | 13 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (13) | First Lien Term Loan | S + 4.75% | 9.33% | 4/16/2030 | 15892 | 15742 | 15744 | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (12) | First Lien Term Loan | S + 4.75% | 9.08% | 4/16/2030 | 1139 | 1127 | 1128 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (12) | First Lien Term Loan | S + 5.00% | 9.43% | 8/22/2028 | 7312 | 7267 | 7245 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) | First Lien Term Loan | S + 5.00% | 9.43% | 8/22/2028 | 3344 | 3298 | 3314 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 8/22/2028 | 1555 | 1547 | 1541 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.43% | 8/22/2028 | 3750 | 2547 | 2526 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (12) | First Lien Term Loan | S + 5.00% | 9.43% | 8/22/2028 | 1233 | 1215 | 1222 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI, LLC (Young Innovations) | (6) (9) (13) | First Lien Term Loan | S + 5.75% | 10.39% | 12/3/2029 | 16386 | 16249 | 16244 | 1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI, LLC (Young Innovations) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.39% | 12/3/2029 | 3448 |  | (30) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 308935 | 299711 | 30.87% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (6) (9) (13) | First Lien Term Loan | S + 5.00% | 9.33% | 12/21/2027 | $11454 | $11426 | $11363 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.33% | 12/21/2027 | 3120 | 3102 | 3095 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC (GoEngineer) | (9) | First Lien Term Loan | S + 5.00% | 9.33% | 12/21/2027 | 5338 | 5290 | 5295 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Services Group, LLC (Evergreen Services Group II) | (6) (9) (12) | First Lien Term Loan | S + 5.50% | 9.83% | 10/4/2030 | 15994 | 15780 | 15994 | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Services Group, LLC (Evergreen Services Group II) | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.83% | 10/4/2030 | 12931 | 12903 | 12931 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 10.09% | 8/2/2030 | 3830 | (17) | 25 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (9) (12) (13) | First Lien Term Loan | S + 5.00% | 10.09% | 8/2/2030 | 3830 | 3811 | 3855 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (9) (12) (13) | First Lien Term Loan | S + 5.00% | 10.09% | 8/2/2030 | 22340 | 22230 | 22489 | 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (9) (13) | First Lien Term Loan | S + 5.75% | 10.08% | 4/14/2028 | 11947 | 11871 | 11947 | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (9) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.30% | 4/14/2028 | 860 | 859 | 860 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensono, Inc. | (6) (12) (14) | First Lien Term Loan | S + 4.00% | 8.47% | 5/26/2028 | 14081 | 14046 | 14095 | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) (13) | First Lien Term Loan | S + 5.50% | 10.12% | 6/1/2027 | 9474 | 9432 | 9569 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infobase Acquisition, Inc. | (6) | First Lien Term Loan | S + 5.50% | 10.03% | 6/14/2028 | 4287 | 4259 | 4287 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven CS Acquisition, Inc. | (6) | First Lien Term Loan | S + 5.25% | 10.02% | 1/23/2025 | 5717 | 5717 | 5774 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven CS Acquisition, Inc. | (6) (12) (13) | First Lien Term Loan | S + 5.25% | 10.02% | 1/22/2027 | 22187 | 22023 | 22409 | 2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosci, Inc. | (6) | First Lien Term Loan | S + 4.50% | 8.96% | 10/21/2026 | 4733 | 4713 | 4733 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz Holding Company (Quickbase) | (6) (12) (13) | First Lien Term Loan | S + 3.50% | 7.86% | 10/2/2028 | 6833 | 6811 | 6803 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (6) (9) (13) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.49% | 4/15/2027 | 4200 | 4192 | 3934 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (6) (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.49% | 4/15/2027 | 1079 | 1074 | 1010 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revalize Inc. (f/k/a AQ Holdco Inc.) | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.49% | 4/15/2027 | 239 | 239 | 224 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (12) | First Lien Term Loan | S + 4.50% | 8.86% | 9/30/2031 | 685 | 678 | 679 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 8.86% | 9/30/2031 | 236 | (1) | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (9) (11) (12) | Revolving Loan | S + 4.50% | 8.83% | 3/31/2031 | 79 | 21 | 21 | —% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smart Wave Technologies, Inc. | (6) (12) | First Lien Term Loan | S + 6.00% | 10.74% | 11/5/2026 | $8725 | $8676 | $7579 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | Subordinated Debt | N/A  | 10.00% (Cash) 2.00% (PIK) | 6/30/2028 | 1888 | 1866 | 1787 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | Subordinated Debt | N/A | 10.00% (Cash) 2.00% (PIK) | 6/30/2028 | 811 | 800 | 779 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Industrial Motion Group LLC | (12) | First Lien Term Loan (Delayed Draw) | N/A | 10.00% (Cash) 2.00% (PIK) | 6/30/2028 | 2162 | 2162 | 2046 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (6) (9) (13) | First Lien Term Loan | S + 5.25% | 9.84% | 3/1/2030 | 6201 | 6147 | 6207 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.84% | 3/1/2030 | 1284 |  | 1 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  |  |  | 180110 | 179789 | 18.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotel, Game & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 10/31/2031 | 1052 | (3) | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (6) | First Lien Term Loan | S + 5.00% | 9.36% | 10/31/2031 | 3156 | 3125 | 3126 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel, Game & Leisure** |  |  |  |  |  |  | 3122 | 3116 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Acquisition, L.L.C. (Wpromote, LLC) | (6) | First Lien Term Loan | S + 5.75% | 10.40% | 10/23/2028 | 4335 | 4273 | 4339 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (6) (9) (12) | First Lien Term Loan | S + 5.25% | 9.68% | 12/10/2026 | 2918 | 2904 | 2886 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (6) (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.68% | 12/10/2026 | 1907 | 1907 | 1886 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinuiti Inc. | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.68% | 12/10/2026 | 9763 | 9763 | 9658 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Advertising, Printing & Publishing** |  |  |  |  |  |  | 18847 | 18769 | 1.94% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (12) | Subordinated Debt | N/A  | 10.00% (Cash) 3.75% (PIK) | 11/12/2027 | $3615 | $3568 | $3480 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Visions, Inc. (CVI Parent, Inc.) | (6) | First Lien Term Loan | S + 1.00% | 5.43% (Cash) 4.00% (PIK) | 8/12/2027 | 2583 | 2562 | 2107 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Visions, Inc. (CVI Parent, Inc.) | (6) | First Lien Term Loan | S + 1.00% | 5.43% (Cash) 4.00% (PIK) | 8/12/2027 | 2939 | 2924 | 2398 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (6) (9) (12) | First Lien Term Loan | S + 6.00% | 10.51% | 12/9/2026 | 8163 | 8137 | 7301 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (6) (9) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.51% | 12/9/2026 | 2900 | 2886 | 2594 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSM Acquisitions, Inc. (Spectrio) | (9) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 10.51% | 12/9/2026 | 442 | 441 | 396 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  |  |  | 20518 | 18276 | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) | First Lien Term Loan | S + 4.50% | 9.28% | 12/15/2027 | 5775 | 5786 | 5775 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** |  |  |  |  |  |  | 5786 | 5775 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALKU Intermediate Holdings, LLC | (12) | First Lien Term Loan | S + 6.25% | 10.50% | 5/23/2029 | 4474 | 4401 | 4512 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) | First Lien Term Loan | S + 5.00% | 9.43% | 10/8/2029 | 11333 | 11185 | 11225 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.67% | 10/8/2029 | 1096 | 298 | 294 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azalea TopCo, Inc. (Press Ganey) | (9) (12) (13) (14) | First Lien Term Loan | S + 3.25% | 7.61% | 4/30/2031 | 5840 | 5784 | 5864 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) (13) | First Lien Term Loan | S + 4.75% | 9.36% | 8/2/2027 | 5293 | 5266 | 5287 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Term Loan | S + 4.75% | 9.36% | 8/2/2027 | 2166 | 2155 | 2164 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.36% | 8/2/2027 | 2739 | 2727 | 2736 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.36% | 8/2/2027 | 3541 | 3541 | 3537 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhorn, Inc. | (6) (9) (12) (13) | First Lien Term Loan | S + 5.00% | 9.36% | 10/1/2029 | 13671 | 13606 | 13808 | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businessolver.com, Inc. | (6) (9) | First Lien Term Loan | S + 5.50% | 9.93% | 12/1/2027 | 7662 | 7621 | 7662 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Businessolver.com, Inc. | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.93% | 12/1/2027 | 1146 | 271 | 274 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldwell & Gregory LLC | (12) | Subordinated Debt | S + 9.25% | 13.86% (PIK) | 3/31/2031 | 1035 | 1016 | 1034 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (12) | Subordinated Debt | N/A | 13.00% (PIK) | 3/30/2027 | 3742 | 3711 | 2673 | 0.28% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) | First Lien Term Loan | S + 5.50% | 9.85% | 9/24/2026 | $305 | $304 | $305 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) | First Lien Term Loan | S + 5.50% | 9.85% | 9/24/2026 | 2271 | 2263 | 2271 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.85% | 9/24/2026 | 208 | 208 | 208 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) | First Lien Term Loan | S + 5.50% | 9.85% | 9/24/2026 | 3423 | 3399 | 3423 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) (13) | First Lien Term Loan | S + 5.00% | 9.50% | 9/15/2028 | 7415 | 7315 | 7342 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.62% | 9/15/2028 | 2360 | 2345 | 2337 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.81% | 9/15/2028 | 1555 | 1550 | 1540 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (6) (13) | First Lien Term Loan | S + 5.00% | 9.48% | 9/15/2028 | 3431 | 3377 | 3397 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DH United Holdings, LLC (D&H United Fueling Solutions) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.72% | 9/15/2028 | 5141 | 4318 | 4290 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (12) | First Lien Term Loan | S + 5.50% | 9.96% | 12/1/2027 | 5543 | 5511 | 5543 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) |  | First Lien Term Loan | S + 5.50% | 9.96% | 12/1/2027 | 1423 | 1414 | 1423 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.05% | 12/1/2027 | 15233 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.96% | 12/1/2027 | 4168 | 4144 | 4168 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element 78 Partners, LLC (E78) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.97% | 12/1/2027 | 3524 | 3118 | 3118 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (6) (9) | First Lien Term Loan | S + 6.25% | 10.75% | 12/23/2026 | 9700 | 9637 | 9700 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | (9) (12) (13) | First Lien Term Loan | S + 6.75% | 11.25% | 12/23/2026 | 6723 | 6613 | 6794 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | (12) | Subordinated Debt | N/A | 14.00% (PIK) | 6/30/2029 | 1800 | 1760 | 1765 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (12) | First Lien Term Loan | S + 6.25% | 10.73% | 9/21/2026 | 663 | 657 | 653 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) (13) | First Lien Term Loan | S + 6.25% | 10.91% | 9/21/2026 | 9096 | 9068 | 8954 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) (13) | First Lien Term Loan (Delayed Draw) | S + 6.25% | 10.91% | 9/21/2026 | 1515 | 1515 | 1492 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Partners, LLC | (6) (9) | First Lien Term Loan | S + 6.25% | 10.91% | 9/21/2026 | 3755 | 3741 | 3696 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ImageFirst Holdings, LLC | (6) (12) (13) | First Lien Term Loan | S + 4.25% | 8.58% | 4/27/2028 | 8442 | 8427 | 8442 | 0.87% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 8.97% | 11/22/2028 | $3598 | $(9) | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (12) | First Lien Term Loan | S + 4.50% | 8.97% | 11/22/2028 | 3551 | 3547 | 3551 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (9) | First Lien Term Loan | S + 5.00% | 9.36% | 8/1/2029 | 9570 | 9446 | 9483 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 8/1/2029 | 9285 | 4127 | 4061 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 8/1/2029 | 1074 | (2) | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (12) (13) | First Lien Term Loan | S + 5.75% | 10.08% | 7/6/2029 | 10656 | 10407 | 10556 | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.08% | 7/6/2029 | 1598 | 1582 | 1583 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (9) | First Lien Term Loan | S + 6.50% | 10.93% | 12/17/2025 | 7246 | 7228 | 7193 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (9) (12) | First Lien Term Loan | S + 6.50% | 10.93% | 12/17/2025 | 7222 | 7189 | 7170 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. (Dohmen) | (6) (12) (13) (14) | First Lien Term Loan | S + 4.50% | 8.97% | 12/16/2028 | 9911 | 9871 | 9991 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCM System One Buyer CTB, LLC (System One) | (6) (12) | First Lien Term Loan | S + 3.75% | 8.08% | 3/2/2028 | 3204 | 3204 | 3204 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus US Bidco LLC (Phaidon International) | (6) (10) (13) | First Lien Term Loan | S + 5.50% | 9.96% | 8/22/2029 | 13260 | 13165 | 13025 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (10) (12) | First Lien Term Loan | S + 8.00% | 12.86% | 5/30/2028 | 155 | 155 | 155 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (12) | First Lien Term Loan | S + 6.25% | 11.11% | 11/30/2028 | 837 | 837 | 837 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLZ Corp (PLZ Aeroscience) | (12) | Subordinated Debt | S + 7.50% | 11.97% | 7/7/2028 | 13500 | 13252 | 12272 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (6) (9) (12) | First Lien Term Loan | S + 6.25% | 10.68% | 6/15/2029 | 11845 | 11672 | 11845 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 6.25% | 10.68% | 6/15/2029 | 2834 | 2813 | 2834 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (12) (13) | First Lien Term Loan | S + 4.75% | 9.08% | 7/21/2028 | 7103 | 7037 | 7018 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (12) (13) | First Lien Term Loan | S + 5.00% | 9.36% | 7/1/2030 | 4793 | 4747 | 4748 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scaled Agile, Inc. | (6) (9) | First Lien Term Loan | S + 5.50% | 9.93% | 12/15/2028 | 7855 | 7804 | 7079 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scaled Agile, Inc. | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.25% | 12/15/2028 | 386 | 386 | 348 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (6) | First Lien Term Loan | S + 5.50% | 10.24% | 6/22/2029 | 6703 | 6654 | 6703 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.05% | 6/22/2029 | 6359 | 4862 | 4922 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (6) (12) | First Lien Term Loan | S + 5.50% | 10.24% | 6/22/2029 | 1871 | 1848 | 1871 | 0.19% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) | First Lien Term Loan | S + 5.00% | 9.36% | 1/31/2029 | $6755 | $6657 | $6749 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.37% | 1/31/2029 | 3108 | 2642 | 2683 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.45% | 1/31/2029 | 10173 | 10149 | 10164 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (12) (13) | First Lien Term Loan | S + 5.50% | 10.31% | 5/25/2029 | 27756 | 27599 | 27584 | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.22% | 5/25/2029 | 1875 | 1866 | 1863 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (6) (9) | First Lien Term Loan | S + 4.75% | 9.13% | 6/1/2029 | 8091 | 7975 | 8127 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.30% | 6/1/2029 | 830 | 825 | 834 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (6) (9) | First Lien Term Loan | S + 5.50% | 10.35% | 6/29/2027 | 4535 | 4508 | 4489 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRC Companies, LLC (Vital Records Control) | (6) (9) | First Lien Term Loan | S + 5.75% | 10.27% | 6/29/2027 | 331 | 328 | 329 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | (6) (9) | First Lien Term Loan | S + 4.75% | 9.08% | 7/13/2029 | 4939 | 4917 | 4989 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  |  |  | 341554 | 340181 | 35.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (13) | First Lien Term Loan | S + 5.00% | 9.36% | 8/2/2028 | 3438 | 3408 | 3438 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 8/2/2028 | 3093 |  |  | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (6) (9) (12) (13) | First Lien Term Loan | S + 6.00% | 11.03% | 8/16/2028 | 9307 | 9268 | 8862 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 11.03% | 8/16/2028 | 709 |  | (34) | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.00% | 11.03% | 8/16/2028 | 1427 |  | (68) | (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC (All My Sons) | (6) | First Lien Term Loan | S + 5.00% | 9.47% | 10/25/2028 | 5204 | 5172 | 5175 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.50% | 10/24/2030 | 154 | 44 | 43 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.51% | 10/24/2030 | 155 | 155 | 154 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (11) (12) | Revolving Loan | S + 5.00% | 9.51% | 10/24/2029 | 55 | 37 | 37 | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (9) (12) | First Lien Term Loan | S + 5.00% | 9.51% | 10/24/2030 | 633 | 627 | 627 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (12) | Subordinated Debt | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 872 | 853 | $845 | 0.09% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (12) | Subordinated Debt (Delayed Draw) | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | $666 | $659 | $645 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. | (6) (13) | First Lien Term Loan | S + 5.25% | 9.58% | 4/27/2029 | 9850 | 9766 | 9826 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.83% | 4/27/2029 | 2371 | 459 | 474 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC |  | First Lien Term Loan | S + 5.25% | 9.75% | 1/9/2029 | 2934 | 2905 | 2921 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (12) (13) | First Lien Term Loan | S + 5.25% | 9.73% | 1/9/2029 | 10059 | 9908 | 10015 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.77% | 1/9/2029 | 4688 | 4672 | 4668 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Buyer, Inc. (Liberty Group) | (6) (9) | First Lien Term Loan | S + 5.75% | 10.11% | 6/15/2028 | 3889 | 3865 | 3842 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Buyer, Inc. (Liberty Group) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.93% | 6/15/2028 | 741 | 292 | 283 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt | N/A  | 3.33% (Cash) 9.17% (PIK) | 3/18/2029 | 2611 | 2577 | 2200 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Renovations LLC (Repipe Specialists) | (12) | Subordinated Debt (Delayed Draw) | N/A | 3.33% (Cash) 9.17% (PIK) | 3/18/2029 | 226 | 226 | 190 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (6) | First Lien Term Loan | S + 4.75% | 10.25% | 3/14/2025 | 5284 | 5281 | 5284 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (6) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 10.25% | 3/14/2025 | 693 | 693 | 693 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.58% | 3/14/2025 | 884 | 884 | 884 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NJEye LLC | (6) | First Lien Term Loan | S + 4.75% | 9.39% | 3/14/2025 | 881 | 881 | 881 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (12) | Subordinated Debt | N/A  | 8.00% (Cash) 5.00% (PIK) | 5/17/2029 | 2908 | 2852 | 2869 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 5.00% (PIK) | 5/17/2029 | 6681 | 6681 | 6592 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Fairway Buyer, LLC (Fairway Lawns) | (11) (12) | Subordinated Debt (Delayed Draw) | N/A  | 8.00% (Cash) 5.00% (PIK) | 5/17/2029 | 6276 | 4637 | 4554 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (6) | First Lien Term Loan | S + 5.75% | 10.18% | 6/8/2026 | 2477 | 2476 | 2477 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (6) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.34% | 6/8/2026 | 215 | 215 | 215 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco LLC | (11) (13) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.34% | 6/8/2026 | 3260 | (7) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One World Fitness PFF, LLC | (6) | First Lien Term Loan | S + 5.25% | 10.68% | 11/26/2025 | 3881 | 3882 | 3781 | 0.39% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) | First Lien Term Loan | S + 5.50% | 10.11% | 9/7/2029 | $6665 | $6586 | $6732 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 10.11% | 9/7/2029 | 5965 | 5958 | 6024 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wrench Group LLC | (6) (9) | First Lien Term Loan | S + 4.00% | 8.59% | 10/30/2028 | 9975 | 9959 | 9959 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  |  |  | 105871 | 105088 | 10.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Buyer, LLC (LMI Consulting, LLC) | (6) (12) (13) | First Lien Term Loan | S + 5.50% | 9.88% | 7/18/2028 | 12132 | 12033 | 12162 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  |  |  | 12033 | 12162 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (6) | First Lien Term Loan | S + 4.50% | 8.89% | 11/17/2027 | 5713 | 5713 | 5713 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (6) | First Lien Term Loan (Delayed Draw) | S + 4.50% | 8.96% | 11/17/2027 | 1808 | 1808 | 1808 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) | First Lien Term Loan | S + 6.25% | 11.09% | 4/16/2027 | 1810 | 1788 | 1828 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) (13) | First Lien Term Loan | S + 5.75% | 10.59% | 4/16/2027 | 9950 | 9910 | 9950 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBS Holdings, Inc. | (6) (9) | First Lien Term Loan | S + 6.50% | 11.34% | 4/16/2027 | 1301 | 1284 | 1314 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (12) | First Lien Term Loan | S + 5.25% | 9.86% | 10/16/2029 | 18320 | 18110 | 18466 | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.25% | 9.86% | 10/16/2029 | 5965 | 1102 | 1186 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Telecom, Inc. | (6) (12) (13) | First Lien Term Loan | S + 5.00% | 9.33% | 6/27/2029 | 19043 | 18867 | 19187 | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyto Athene, LLC | (6) (12) | First Lien Term Loan | S + 4.75% | 9.49% | 4/3/2028 | 7157 | 7114 | 6952 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | 65696 | 66404 | 6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Midco, LLC (Armstrong Transport Group) | (12) | Subordinated Debt | N/A  | 17.00% (PIK) | 6/30/2027 | 1108 | 1091 | 1083 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Transport Group, LLC | (12) | Subordinated Debt | N/A  | 7.00% (Cash) 7.00% (PIK) | 6/30/2027 | 7618 | 7494 | 7450 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (6) (9) | First Lien Term Loan | S + 2.50% | 7.24% (Cash) 4.25% (PIK) | 8/3/2026 | 258 | 257 | 240 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (6) (9) | First Lien Term Loan | S + 2.50% | 7.24% (Cash) 4.25% (PIK) | 8/3/2026 | 895 | 894 | 832 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (6) (9) | First Lien Term Loan | S + 2.50% | 7.24% (Cash) 4.25% (PIK) | 8/3/2026 | 181 | 181 | 168 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (6) (9) | First Lien Term Loan | S + 2.50% | 7.24% (Cash) 4.25% (PIK) | 8/3/2026 | 4369 | 4361 | 4060 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc. (Quantix SCS, LLC) | (9) | First Lien Term Loan | S + 2.50% | 7.24% (Cash) 4.25% (PIK) | 8/3/2026 | 1359 | 1355 | 1263 | 0.13% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (6) (13) | First Lien Term Loan | S + 6.00% | 10.74% | 12/23/2026 | $9775 | $9675 | $9510 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (12) (13) | First Lien Term Loan | S + 4.25% | 8.99% | 11/15/2029 | 21883 | 21724 | 22073 | 2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.25% | 8.99% | 11/15/2029 | 3839 | (25) | 33 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.25% | 8.99% | 11/15/2029 | 4111 | (37) | 36 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 Holdings, LLC (RoadOne) | (12) | Subordinated Debt | N/A  | 8.75% (Cash) 5.00% (PIK) | 6/30/2029 | 4944 | 4839 | 4815 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (12) | First Lien Term Loan | S + 8.00% | 12.52% | 11/27/2029 | 427 | 418 | 427 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEKO Global Logistics Network, LLC | (12) | First Lien Term Loan | S + 12.00% | 16.52% | 5/27/2030 | 1630 | 1630 | 1630 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TI Acquisition NC, LLC | (6) | First Lien Term Loan | S + 4.75% | 9.03% | 3/19/2027 | 2751 | 2706 | 2751 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  |  |  | 56563 | 56371 | 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Student Transportation Partners, Inc. | (12) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 9/11/2029 | 2264 | 2217 | 2212 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (6) (9) (12) (13) | First Lien Term Loan | S + 5.50% | 9.86% | 2/14/2031 | 10560 | 10465 | 10464 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.50% | 9.86% | 2/14/2031 | 3040 |  | (28) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  |  |  | 12682 | 12648 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (12) (13) | First Lien Term Loan | S + 5.00% | 9.36% | 8/27/2031 | 10460 | 10358 | 10488 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.00% | 9.36% | 8/27/2031 | 2615 | (12) | 7 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (9) (11) (12) | Revolving Loan | S + 5.00% | 9.36% | 8/27/2031 | 1925 | 848 | 872 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DMC Holdco, LLC (DMC Power) | (6) | First Lien Term Loan | S + 5.75% | 10.15% | 7/13/2029 | 4950 | 4889 | 4979 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DMC Holdco, LLC (DMC Power) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.15% | 7/13/2029 | 1671 | (3) | 10 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) | First Lien Term Loan | S + 6.25% | 10.81% | 4/3/2030 | 6268 | 6167 | 6168 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.25% | 10.94% | 4/3/2030 | 3626 | 1362 | 1325 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  |  |  | 23609 | 23849 | 2.46% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (7)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (12) | First Lien Term Loan | S + 4.75% | 9.34% | 2/21/2031 | $7837 | $7767 | $7837 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 4.75% | 9.34% | 2/21/2031 | 3036 | 333 | 333 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  |  |  | 8100 | 8170 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (6) (13) | First Lien Term Loan | S + 6.50% | 11.24% | 1/19/2029 | 7881 | 7766 | 7890 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (11) (12) | First Lien Term Loan (Delayed Draw) | S + 6.50% | 11.24% | 1/19/2029 | 1979 | (27) | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Term Loan | S + 5.75% | 10.34% | 12/7/2028 | 6459 | 6365 | 6344 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Term Loan (Delayed Draw) | S + 5.75% | 10.34% | 12/7/2028 | 3363 | 3352 | 3303 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micronics Filtration Holdings, Inc. | (12) | Subordinated Debt | S + 5.50% | 13.18% | 2/17/2027 | 2450 | 2416 | 2413 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC Wire & Cable Corp. | (12) | Subordinated Debt | N/A  | 11.00% (Cash) 1.50% (PIK) | 2/16/2028 | 2269 | 2253 | 2249 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC Wire & Cable Corp. | (12) | Subordinated Debt (Delayed Draw) | N/A  | 11.00% (Cash) 1.50% (PIK) | 2/16/2028 | 929 | 928 | 920 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPC Wire & Cable Corp. | (12) | Subordinated Debt (Delayed Draw) | N/A  | 11.00% (Cash) 1.50% (PIK) | 2/16/2028 | 1730 | 1730 | 1714 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  |  |  | 24783 | 24835 | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | 2064366 | 2044781 | 210.74% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPC Kodiak LLC (Turbine Engine Specialists) | (8) (12) (15) | Class A-1 Units | 9/1/2023 | 1530000 | $1530 | $1775 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  | 1530 | 1775 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covercraft Parent III, Inc. | (8) (12) | LP Interests | 8/20/2021 | 768 | 768 | 86 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 998311 | 402 | 399 | 0.04% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 1836884 | $404 | $404 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Group Holdings, L.P. (JEGS Automotive) | (8) (9) (12) | LP Interests | 12/31/2024 | 998311 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBB Parent, LLC (High Bar Brands) | (8) (10) (12) | LP Interests | 12/19/2023 | 303000 | 303 | 376 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus Aggregator Holdings LP (S&S Truck Parts) | (8) (12) | LP Interests | 12/31/2024 | 7 | 668 | 644 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Topco Holdings LP (S&S Truck Parts) | (8) (10) (12) | Partnership Interests | 6/3/2024 | 1000 | 974 | 1052 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Topco Holdings LP (S&S Truck Parts) | (8) (10) (12) | Warrants | 6/3/2024 | 1000 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  | 3520 | 2961 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bardstown PPC Buyer LLC (Bardstown Bourbon Company) | (8) (10) (12) | Common Units | 7/13/2022 | 14777 | 1860 | 2497 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCP Tech24 Co-Invest Aggregator LP (Tech24) | (8) (12) | Company Unit | 10/5/2023 | 954 | 954 | 957 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (8) (12) | Class B Common Units | 10/3/2022 | 698 | 5 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (8) (12) | Class A Preferred Units | 10/3/2022 | 698 | 698 | 581 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  | 3517 | 4035 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG HoldCo, LLC (Crete) | (8) (12) | Equity Co-Investment | 5/19/2022 | 24 | 249 | 858 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) (10) (12) | Class A Common Units | 3/1/2023 | 148 | 60 | 129 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) (10) (12) | Series A Preferred Units | 3/1/2023 | 148 | 148 | 172 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Tech Holdings partnership, L.P. (E-Technologies Group, Inc.) | (8) (12) | Partnership Interests | 5/22/2024 | 1000000 | 1000 | 714 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lapmaster Co-Investment, LLC (Precision Surfacing Solutions) | (8) (10) (12) | Common Units | 10/5/2022 | 3750000 | 3750 | 6214 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  | 5207 | 8087 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Construction, LLC (Erie Construction) | (8) (10) (12) | Common Units | 9/3/2021 | 166 | 166 | 535 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceansound Partners Co-Invest II, LP (Gannett Fleming) | (8) (12) | Series F Units | 5/26/2023 | 1272139 | 1272 | 1678 | 0.17% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Gannett Aggregator, LP (Gannett Fleming) | (8) (12) (15) | Limited Partnership Interests | 12/20/2022 | 894607 | $895 | $1180 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPI Investments LP (Rose Paving) | (8) (12) | Limited Partnership Interests | 11/27/2024 | 690 | 100 | 100 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  | 2433 | 3493 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Parent Holding, LLC (FoodScience LLC) | (8) (12) | Class B Units | 3/1/2021 | 5168 | 5 | 5 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Parent Holding, LLC (FoodScience LLC) | (8) (12) | Class A Units | 3/1/2021 | 98 | 98 | 98 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultima Health Holdings, LLC | (8) (12) | Preferred Units | 9/12/2022 | 15 | 170 | 212 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-durable** |  |  |  |  | 273 | 315 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion Holdings, L.P. (Specialized Packaging Group) | (8) (10) (12) | Class A Units | 12/17/2020 | 147708 | 148 | 165 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (8) (12) | Class A Common Units | 7/12/2022 | 11916 | 1131 | 673 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  | 1279 | 838 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMA Equity, LP (Health Management Associates) | (8) (12) | AA Equity Co-Invest | 3/30/2023 | 399904 | 400 | 547 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDC Group Holdings, LP (Mosaic Dental) | (8) (10) (12) | AA Equity Co-Invest | 2/7/2023 | 245 | 245 | 191 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP Coinvest III AAD, L.P. (Anne Arundel) | (8) (12) | AA Equity Co-Invest | 10/16/2020 | 12175 | 880 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP HS Holdings, LLC (HemaSource) | (8) (12) | LP Interests | 8/31/2023 | 577000 | 577 | 795 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  | 2102 | 1533 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solve Group Holdings, L.P. (Solve Industrial) | (8) (12) | LP Interests | 6/30/2021 | 313 | 313 | 154 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  | 313 | 154 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (8) (12) | Series A-3 Preferred Units | 10/4/2022 | 56899 | 853 | 665 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  | 853 | 665 | 0.07% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (8) (12) | Common Equity | 9/30/2021 | 624 | $624 | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDL Marketing Group, LLC (Career Now) | (8) (12) | Series B Limited Partnership Units | 10/23/2023 | 222 | 22 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concord FG Holdings, LP (E78) | (8) (10) (12) | Class A Common Units | 12/1/2021 | 816 | 860 | 921 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geds Equity Investors, LP (Esquire Deposition Services) | (8) (12) | Class A Common Units | 7/1/2024 | 2424 | 320 | 300 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Co-Invest Holdings, L.P. (Riveron) | (8) (12) | Class A Common Units | 7/17/2023 | 790 | 790 | 697 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Terrapin IntermediateCo, LLC (Apex Companies) | (8) (10) (12) | Class A Common Units | 1/31/2023 | 1173 | 117 | 127 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSG Topco Holdings, LLC (Output Services Group, Inc.) | (8) (10) (12) | Class A Units | 11/30/2023 | 47021 | 833 | 768 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  | 3566 | 2813 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (8) (12) | Class B Units | 7/31/2023 | 997000 | 1117 | 1026 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS NU Investors, LP (NearU) | (8) (9) (12) | Class B Units | 8/11/2022 | 2432 | 243 | 159 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (8) (12) | Class B Units | 1/9/2023 | 4907 | 491 | 647 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Investors LLC (Perennial Services Group) | (8) (10) (12) | Class A Units | 9/8/2023 | 7784 | 778 | 894 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repipe Aggregator, LLC (Repipe Specialists) | (8) (10) (12) | Purchased Units | 3/31/2022 | 253 | 253 | 48 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  | 2882 | 2774 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Ren Partners I-A LP (LMI Consulting, LLC) | (8) (12) | Limited Partnership Interests | 6/30/2022 | 633980 | 634 | 1104 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  | 634 | 1104 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REP RO Coinvest IV-A, LP (RoadOne) | (8) (12) | Partnership Units | 12/29/2022 | 938576 | 939 | 809 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Griffin TopCo, LLC (Seko Global Logistics LLC) | (8) (12) | Partnership Units | 11/27/2024 | 778 | 2820 | 2820 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Griffin TopCo, LLC (Seko Global Logistics LLC) | (8) (12) | Partnership Units | 11/27/2024 | 409 | 1481 | 1481 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  | 5240 | 5110 | 0.51% |

---

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASTP Holdings CO-Investment LP (American Student Transportation Partners) | (8) (12) | Limited Partnership Interest | 9/11/2023 | 102475 | $102 | $162 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  | 102 | 162 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | (8) (12) | Subject Partnership Units | 4/3/2023 | 279687 | 280 | 213 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  | 280 | 213 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAW Parent LLC (USA Water) | (8) (10) | Common Units | 2/21/2024 | 4781 | 478 | 566 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  | 478 | 566 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  | 34209 | 36598 | 3.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Interest Rate** <sup>(3)</sup> | **Shares/Units** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund - Institutional Class | 4.27% | 40812 | $40812 | $40812 | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class Z | 4.28% | 30 | 30 | 30 | **— %** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  | $**40842** | $**40842** | **4.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  | $**2139417** | $**2122221** | **218.71%** |

---

_____________

(1)Unless otherwise indicated, all investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and "controlled" when the Company owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities.

(2)Refer to <u>[Note 3](#i8046fd6cdb8747a39c39abcbe0255a61_49)</u> "Investments" for the geographic composition of investments at cost and fair value.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2024. As of December 31, 2024, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.33%, 4.31%, 4.25%, and 4.18%, respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3). See <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $970,320 as of December 31, 2024.

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(dollar amounts in thousands, including share data)**

(6)Denotes that all or a portion of the assets are owned by CLO-I, CLO-II and/or CLO-III (each as defined in <u>[Note 1](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> "Organization"), which serve as collateral for the 2022 Debt Securitization, the 2023 Debt Securitization, and the 2024 Debt Securitization (each as defined in the Notes). See <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u> "Secured Borrowings".

(7)As of December 31, 2024, there are no portfolio investments that represented greater than 5% of our total assets.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of December 31, 2024, the Company held fifty-two restricted securities with an aggregate fair value of 36,598, or 3.77% of the Company's net assets.

(9)Investment is a unitranche position.

(10)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, total non-qualifying assets at fair value represented 4.71% of the Company's total assets calculated in accordance with the 1940 Act.

(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See <u>[Note 8](#i8046fd6cdb8747a39c39abcbe0255a61_64)</u> "Commitments and Contingencies". The investment may be subject to unused commitment fees.

(12)Denotes that all or a portion of the assets are owned by the Company or NCDL Equity Holdings (each as defined in <u>[Note 1](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> "Organization"). The Company entered into a senior secured revolving credit agreement (the "Revolving Credit Facility"). The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future.

(13)Denotes that all or a portion of the assets are owned by SPV V (as defined in <u>[Note 1](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> "Organization"). SPV V has entered into a senior secured revolving credit facility (the "Wells Fargo Financing Facility"). The lenders of the Wells Fargo Financing Facility have a first lien security interest in substantially all of the assets of SPV V. Accordingly, such assets are not available to other creditors of the Company.

(14)Investments valued using observable inputs (Level 2). See <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 5](#i8046fd6cdb8747a39c39abcbe0255a61_55)</u> "Fair Value Measurements" for more information.

(15)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(16)Loan was on non-accrual status as of December 31, 2024.

See Notes to Consolidated Financial Statements

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

**1. ORGANIZATION**

Nuveen Churchill Direct Lending Corp., a Maryland corporation (the "Company", which refers to either Nuveen Churchill Direct Lending Corp. or Nuveen Churchill Direct Lending Corp. together with its consolidated subsidiaries, as the context may require), is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company's investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not the Company's primary strategy, the Company also opportunistically invests in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities.

The Company entered into the Advisory Agreement with Churchill DLC Advisor LLC (the "Adviser"), under which the Adviser has delegated substantially all of its day-to-day portfolio management obligations through the CAM Sub-Advisory Agreement with Churchill Asset Management LLC ("Churchill"). In addition, the Adviser and Churchill have entered into the NAM Sub-Advisory Agreement with Nuveen Asset Management, LLC ("Nuveen Asset Management" and, together with the Adviser and Churchill, the "Advisers"), pursuant to which Nuveen Asset Management may manage a portion of the Company's portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments, subject to the pace and amount of investment activity in the middle market investment program. Under the Administration Agreement, the Company is provided with certain services by an administrator, Churchill BDC Administration LLC (the "Administrator"). The Advisers and Administrator are all affiliates and subsidiaries of Nuveen, LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). See <u>[Note 6](#i8046fd6cdb8747a39c39abcbe0255a61_58)</u>, Related Party Transactions.

Churchill NCDLC CLO-I, LLC ("CLO-I"), Churchill NCDLC CLO-II, LLC ("CLO-II"), Churchill NCDLC CLO-III, LLC ("CLO-III"), Nuveen Churchill BDC SPV IV, LLC ("SPV IV"), Nuveen Churchill BDC SPV V, LLC ("SPV V") and NCDL Equity Holdings LLC ("NCDL Equity Holdings") are wholly owned subsidiaries of the Company and are consolidated in these financial statements commencing from the date of their respective formation, in accordance with the Company's consolidation policy discussed in <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u>. CLO-I, CLO-II and CLO-III have completed term debt securitizations. SPV IV and SPV V primarily invest in first-lien senior secured debt and unitranche loans. NCDL Equity Holdings was formed to hold certain equity-related securities.

Beginning with its initial closing in March 2020, the Company conducted private offerings ("Private Offerings") of its shares of common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company held its final closing on April 28, 2023.

On January 29, 2024, the Company closed its initial public offering ("IPO"). The Company's common stock began trading on the New York Stock Exchange ("NYSE") under the symbol "NCDL" on January 25, 2024.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC 946"), and pursuant to Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed herein.

***Consolidation***

As provided under ASC 946, the Company generally will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

Accordingly, the consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates based on assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***Cash, Cash Equivalents and Restricted Cash***

Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, cash equivalents, and restricted cash are carried at cost, which approximates fair value. As of December 31, 2025, the Company did not hold any restricted cash and held $53,927 of cash equivalents. As of December 31, 2024, the Company held $50 of restricted cash and $40,842 of cash equivalents.

***Valuation of Portfolio Investments***

Investments, including derivative instruments, are valued in accordance with the fair value principles established by FASB ASC Topic 820, *Fair Value Measurement* ("ASC Topic 820"), and in accordance with the 1940 Act. ASC Topic 820's definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market's normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.

Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets and are classified as Level 2. The Company's valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Derivative instruments, including interest rate swaps, are modeled using market prices for reference securities, yield curves, volatility assumptions and correlations of such inputs.

The Company applies the practical expedient provided by ASC Topic 820 relating to investments in certain investment companies that calculate net asset value ("NAV") per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, calculate NAV per share or its equivalent for which the fair value is not readily determinable, and measure the fair value of such investments on the basis of NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Pursuant to Rule 2a-5 under the 1940 Act, the Company's board of directors (the "Board") has designated the Adviser as the Company's valuation designee (the "Valuation Designee") to determine the fair value of the Company's investments that do not have readily available market quotations. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the "Valuation Committee") is responsible for determining the fair value of the Company's assets for which market quotations are not readily available, subject to the oversight of the Board.

With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Company to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Company to provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management's preliminary valuation and recommendation of fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determines the fair value of each investment in good faith based on the Company's valuation policy, subject to the oversight of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Company's valuation policy in connection with each quarterly Board meeting, complies with the periodic Board reporting requirements set forth in the Company's valuation policy, and discusses with the Board its determination of the fair value of each investment in good faith.

The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company's credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee also may base its valuation of an investment on recent transactions of investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are discussed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, the Valuation Designee may utilize third-party sources.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The Board is responsible for overseeing the Valuation Designee's process for determining the fair value of the Company's assets for which market quotations are not readily available, taking into account the Company's valuation risks. To facilitate the Board's oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee's determination of fair value. As part of the Board's oversight role, the Board may request and review additional information to be informed of the Valuation Designee's process for determining the fair value of the Company's investments.

The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

***Investment Transactions and Revenue Recognition***

Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received from repayments and sales and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Company accrues interest income if it expects that ultimately it will be able to collect such income.

The Company may have loans in its portfolio that contain payment-in-kind ("PIK") income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid to shareholders in the form of distributions in order for the Company to maintain its tax treatment as a RIC, even though the Company has not yet collected cash. For the years ended December 31, 2025, 2024 and 2023, the Company earned $9,868, $8,299 and $3,644 respectively, in PIK income provisions, representing 4.75%, 3.70% and 2.25% of total investment income, respectively.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the years ended December 31, 2025, 2024 and 2023, the Company earned $402, $614 and $101 respectively, of dividend income on its equity investments.

Distributions from investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company's investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the years ended December 31, 2025, 2024 and 2023 the Company earned other income of $1,692, $2,031 and $1,143 respectively, primarily related to prepayment and amendment fees.

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Company will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of December 31, 2025, the Company had investments in four portfolio companies on non-accrual status with an aggregate fair value of $9,744 which represented approximately 0.50% of total investments at fair value. As of December 31, 2024, the Company had investments in one portfolio company on non-accrual status with an aggregate fair value of $1,896, which represented approximately 0.09% of total investments at fair value.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

***Derivative Instruments and Hedging***

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815, *Derivatives and Hedging*, further clarified by the FASB's issuance of Accounting Standards Update ("ASU") No. 2017-12, *Derivatives and Hedging*. The Company uses an interest rate swap to hedge the 2030 Notes (as defined in <u>[Note 7](#i8046fd6cdb8747a39c39abcbe0255a61_61)</u>) and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, are recognized as components of interest expense in the consolidated statements of operations. The Company designated its interest rate swap as a hedging instrument in a qualifying fair value hedge accounting relationship and, as a result, the net change in the fair value of the hedging instrument is recorded in the same line item of the consolidated statements of operations as the hedged item.

Derivative instruments are expressed in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments, including market liquidity and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations.

***Equity Offering Costs***

Equity offering costs include registration expenses related to any shelf registration statement filed by the Company. These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. Upon the completion of an equity offering, the deferred expenses are charged to additional paid-in capital. The Adviser paid the offering costs associated with the IPO on behalf of the Company. The Company is not obligated to reimburse any such offering costs paid by the Adviser.

***Income Taxes***

For U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Company will be able to qualify for and maintain RIC tax status. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally subject to U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute.

The minimum distribution requirements applicable to RICs generally require the Company to timely distribute (or be deemed to distribute) to its shareholders at least 90% of its investment company taxable income ("ICTI"), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a nondeductible 4% U.S. federal excise tax on undistributed income unless the Company distributes (or is deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of the amount by which the Company's capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ended October 31 in that calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax is considered to have been distributed. The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, the Company may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company incurred $186, $551, and $6 of excise tax expense, respectively.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely than not" to be sustained by the applicable tax authority. CLO-I, CLO-II, CLO-III, SPV IV and SPV V are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Company. NCDL Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense.

***Dividends and Distributions to Common Shareholders***

To the extent that the Company has taxable income, the Company intends to continue to make quarterly distributions to its common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by the Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Company may decide to retain such capital gains for investment.

In connection with the IPO, the Board approved an amended and restated dividend reinvestment plan (the "Amended DRIP"), which became effective on January 29, 2024, concurrent with the consummation of the IPO.

The Amended DRIP changed the dividend reinvestment plan from an "opt in" dividend reinvestment plan to an "opt out" dividend reinvestment plan. As a result of the foregoing, if the Board authorizes, and the Company declares, a cash dividend or distribution, shareholders that acquired their shares in the IPO and do not "opt out" of the Amended DRIP will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Notwithstanding the foregoing, a shareholder's election (or deemed election) under the dividend reinvestment plan, dated December 19, 2019, will remain in effect for such shareholder, and no further action is required by such shareholder with respect to their election under the Amended DRIP.

With respect to each distribution under the Amended DRIP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market for the accounts of participants in the Amended DRIP. If newly issued shares are used to implement the Amended DRIP, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the distribution payable to such participant by the market price per share of the Company's common stock at the close of regular trading of the NYSE on the distribution payment date, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the distribution payment date exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share). If shares are purchased in the open market to implement the Amended DRIP, the number of shares to be issued to a participant will be determined by dividing the dollar amount of the distribution payable to such participant by the weighted average price per share for all shares of common stock purchased by the plan administrator in the open market in connection with the dividend or distribution. Although each participant may from time to time have an undivided fractional interest in a share, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant's account.

***Functional Currency***

The functional currency of the Company is the U.S. Dollar and all transactions were in U.S. Dollars.

***Segment Reporting***

The Company is externally managed by Churchill and operates as a single reportable segment in accordance with ASC Topic 280, *Segment Reporting* ("ASC 280"). The Company's sole business activity is deriving investment income from its portfolio of investments. The Company's accounting policies are described in <u>[Note 2](#i8046fd6cdb8747a39c39abcbe0255a61_43)</u>, Significant Accounting Policies. The Company's chief operating decision makers ("CODM") are the investment committee, comprised of senior investment personnel from the Churchill investment teams, and the Chief Executive Officer and Chief Financial Officer. The CODM assess the Company's performance based on: (i) net investment income, (ii) net realized and unrealized gains (losses) from investments, and (iii) net increase (decrease) in net assets resulting from operations, all of which are reported in the consolidated statements of operations. The CODM also may evaluate performance through industry benchmarking analyses using metrics disclosed in <u>[Note 11](#i8046fd6cdb8747a39c39abcbe0255a61_73)</u>, Consolidated Financial Highlights. Subject to the Board's oversight, Churchill manages the Company's day-to-day operations and provides investment advisory and management services. All investment decisions require unanimous approval from the investment committee members. The operating expense categories and information presented in the consolidated statements of operations fully reflect the significant expense categories and amounts regularly provided to the CODM for decision-making purposes.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring public business entities to disclose specific categories in the rate reconciliation, provide additional information for reconciling items that meet a quantitative threshold, and present disaggregated information about income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, although retrospective application is permitted. As the Company has elected to be treated as a RIC under the Code, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed to shareholders, provided it satisfies certain requirements, including minimum distribution requirements. Accordingly, the Company generally does not incur significant federal income tax liability and the enhanced disclosure requirements under ASU 2023-09 related to the federal income tax rate reconciliation are not applicable to the Company. The Company is, however, subject to a federal excise tax and certain state and local taxes. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on the consolidated financial statements.

In November 2024, the FASB issued Accounting Standard Update ("ASU") No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information currently is not generally presented in the consolidated financial statements. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

**3. INVESTMENTS**

As of December 31, 2025 and December 31, 2024, the Company's investments consisted of the following (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **% of Fair Value** | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $1773647 | $1756620 | 89.51% | $1893409 | $1885643 | 90.59% |
| Subordinated Debt<sup>1</sup> | 179656 | 161374 | 8.22% | 170957 | 159138 | 7.65% |
| Equity Investments | 47904 | 44455 | 2.27% | 34209 | 36598 | 1.76% |
| **Total** | $**2001207** | $**1962449** | **100.00%** | $**2098575** | $**2081379** | **100.00%** |

---

____________________

<sup>1</sup>As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and structured debt of $2,479; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $78,960, mezzanine debt of $96,113 and structured debt of $4,583.

As of December 31, 2024, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $67,780, mezzanine debt of $89,740 and structured debt of $1,618; Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $71,622, mezzanine debt of $94,978 and structured debt of $4,357.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The industry composition of the Company's portfolio as a percentage of fair value as of December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Industry** | **December 31, 2025** | **December 31, 2024** |
| Aerospace & Defense | 1.71% | 3.36% |
| Automotive | 3.28% | 3.33% |
| Banking, Finance, Insurance & Real Estate | 4.01% | 3.28% |
| Beverage, Food & Tobacco | 7.62% | 6.95% |
| Capital Equipment | 5.75% | 5.46% |
| Chemicals, Plastics & Rubber | 1.10% | 1.36% |
| Construction & Building | 6.90% | 5.54% |
| Consumer Goods: Durable | 1.25% | 0.97% |
| Consumer Goods: Non-durable | 1.61% | 2.34% |
| Containers, Packaging & Glass | 4.02% | 3.87% |
| Energy: Electricity | 1.56% | 2.50% |
| Environmental Industries | 4.52% | 3.85% |
| Healthcare & Pharmaceuticals | 18.19% | 14.47% |
| High Tech Industries | 4.03% | 8.65% |
| Hotel, Gaming & Leisure | 0.17% | 0.15% |
| Media: Advertising, Printing & Publishing | 0.93% | 0.90% |
| Media: Diversified & Production | 0.83% | 0.91% |
| Retail | —% | 0.28% |
| Services: Business | 17.24% | 16.48% |
| Services: Consumer | 4.33% | 5.18% |
| Sovereign & Public Finance | 0.69% | 0.64% |
| Telecommunications | 3.55% | 3.19% |
| Transportation: Cargo | 3.05% | 2.95% |
| Transportation: Consumer | 0.53% | 0.62% |
| Utilities: Electric | 1.41% | 1.16% |
| Utilities: Water | 0.54% | 0.42% |
| Wholesale | 1.18% | 1.19% |
| **Total** | **100.00%** | **100.00%** |

---

The geographic composition of investments at cost and fair value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $1917138 | $1878290 | 95.71% | 214.62% |
| Canada | 43215 | 43408 | 2.21% | 4.96% |
| Germany | 27806 | 28064 | 1.43% | 3.21% |
| United Kingdom | 13048 | 12687 | 0.65% | 1.45% |
| **Total** | $**2001207** | $**1962449** | **100.00%** | **224.24%** |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2019779 | $2002726 | 96.22% | 206.40% |
| Canada | 43489 | 43526 | 2.09% | 4.49% |
| Germany | 22142 | 22102 | 1.06% | 2.28% |
| United Kingdom | 13165 | 13025 | 0.63% | 1.34% |
| **Total** | $**2098575** | $**2081379** | **100.00%** | **214.51%** |

---

As of December 31, 2025 and December 31, 2024, on a fair value basis, 94.07% and 94.68%, respectively, of the Company's debt investments earn interest at a floating rate, and 5.93% and 5.32%, respectively, of the Company's debt investments earn interest at a fixed rate.

**4. DERIVATIVES**

The Company enters into derivative instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate risk exposures.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including interest swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

On January 22, 2025, in connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement with Wells Fargo Bank, N.A. ("Wells Fargo") for a total notional amount of $300,000 that matures on March 15, 2030. Under the interest rate swap agreement for the 2030 Notes, the Company receives a fixed interest rate of 6.65% and pays a floating interest rate of three-month Term SOFR + 2.3015%. The Company held no derivative instruments as of December 31, 2024.

As of December 31, 2025, the interest rate swap was in a qualifying fair value hedge accounting relationship. For derivative instruments designated in a qualifying hedge relationship, the change in fair value of the hedging instruments and hedge items are recorded in interest and debt financing expenses on the consolidated statements of operations. For the year ended December 31, 2025, the Company recognized $29 of unrealized gains related to the interest rate swap and the hedged item, which are included in interest and debt financing expenses on the consolidated statements of operations. As of December 31, 2025, the fair value of the interest rate swap was $14,965, and is included within derivative asset, at fair value in the consolidated statements of assets and liabilities, not taking into account collateral posted, which is recorded separately. As of December 31, 2025, there was $14,750 of collateral received to cover collateral obligations under the terms of the ISDA Master Agreement, which is included in collateral due to broker on the consolidated statements of assets and liabilities.

The table below presents the carrying value of the unsecured borrowings as of December 31, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Carrying Value** | **Cumulative Hedging Adjustments** |
| 2030 Notes | $309915 | $9915 |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

**5. FAIR VALUE MEASUREMENTS**

***Fair Value Disclosures***

The following tables present fair value measurements of investments, by major class, and cash equivalents as of December 31, 2025 and December 31, 2024, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** <sup>(2)</sup> | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First-Lien Debt | $— | $8115 | $1748505 | $— | $1756620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt <sup>(1)</sup> |  | 6176 | 155198 |  | 161374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  |  | 32179 | 12276 | 44455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents | 53927 |  |  |  | 53927 |
| **Total investments and cash equivalents** | $**53927** | $**14291** | $**1935882** | $**12276** | $**2016376** |
| Derivative asset |  | 14965 |  |  | 14965 |
| **Total** | $**53927** | $**29256** | $**1935882** | $**12276** | $**2031341** |

---

______________

<sup>(1)</sup> Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $74,262, mezzanine debt of $84,633 and $2,479 of structured debt.

<sup>(2)</sup> Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First-Lien Debt | $— | $78793 | $1806850 | $1885643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt <sup>(1)</sup> |  | 8359 | 150779 | 159138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  |  | 36598 | 36598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Equivalents | 40842 |  |  | 40842 |
| **Total investments and cash equivalents** | $**40842** | $**87152** | $**1994227** | $**2122221** |

---

_______________

<sup>(1)</sup> Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $67,780, mezzanine debt of $89,740 and $1,618 of structured debt.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **First-Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| Balance as of December 31, 2024 | $1806850 | $150779 | $36598 | $1994227 |
| Purchase of investments and other adjustments to cost <sup>(1)</sup> | 319864 | 19833 | 5449 | 345146 |
| Proceeds from principal repayments and sales of investments <sup>(1)</sup> | (374078) | (16726) | (3997) | (394801) |
| Payment-in-kind interest | 2201 | 7667 |  | 9868 |
| Amortization of premium/accretion of discount, net | 3657 | 479 |  | 4136 |
| Net realized gain (loss) on investments | (9134) | 164 | 2847 | (6123) |
| Net change in unrealized appreciation (depreciation) on investments | (8884) | (6998) | (7064) | (22946) |
| Transfers out of Level 3 <sup>(2)</sup> | (5175) |  | (1654) | (6829) |
| Transfers to Level 3 <sup>(2)</sup> | 13204 |  |  | 13204 |
| **Balance as of December 31, 2025** | $**1748505** | $**155198** | $**32179** | $**1935882** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2025 | $(10085) | $(6994) | $(6520) | $(23599) |

---

_______________

<sup>(1)</sup> Includes reorganizations and restructuring of investments.

<sup>(2)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2025, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **First-Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| Balance as of December 31, 2023 | $1393011 | $174696 | $30807 | $1598514 |
| Purchase of investments and other adjustments to cost <sup>(1)</sup> | 743619 | 30366 | 9542 | 783527 |
| Proceeds from principal repayments and sales of investments <sup>(1)</sup> | (338142) | (40147) | (1993) | (380282) |
| Payment-in-kind interest | 956 | 7343 |  | 8299 |
| Amortization of premium/accretion of discount, net | 931 | 524 |  | 1455 |
| Net realized gain (loss) on investments | (5852) | (8667) | 1064 | (13455) |
| Net change in unrealized appreciation (depreciation) on investments | 14401 | (5708) | (2822) | 5871 |
| Transfers out of Level 3 <sup>(2)</sup> | (11898) | (7628) |  | (19526) |
| Transfers to Level 3 <sup>(2)</sup> | 9824 |  |  | 9824 |
| **Balance as of December 31, 2024** | $**1806850** | $**150779** | $**36598** | $**1994227** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2024 | $7551 | $(6050) | $(1301) | $200 |

---

_______________

<sup>(1)</sup> Includes reorganizations and restructuring of investments.

<sup>(2)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2024, transfers into or out of Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **First-Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| Balance as of December 31, 2022 | $1016856 | $133243 | $27313 | $1177412 |
| Purchase of investments and other adjustments to cost | 513487 | 65296 | 9110 | 587893 |
| Proceeds from principal repayments and sales of investments | (118469) | (14915) | (8667) | (142051) |
| Payment-in-kind interest | 221 | 3047 |  | 3268 |
| Amortization of premium/accretion of discount, net | 1386 | 426 | 833 | 2645 |
| Net realized gain (loss) on investments | (14339) | 238 | 6112 | (7989) |
| Net change in unrealized appreciation (depreciation) on investments | 8871 | (4191) | (3894) | 786 |
| Transfers out of Level 3 <sup>(1)</sup> | (23350) | (8448) |  | (31798) |
| Transfers to Level 3 <sup>(1)</sup> | 8348 |  |  | 8348 |
| **Balance as of December 31, 2023** | $**1393011** | $**174696** | $**30807** | $**1598514** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 | $364 | $(4167) | $2154 | $(1649) |

---

_______________

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2023, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

***Significant Unobservable Inputs***

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at December 31, 2025**  | **Valuation Techniques** | **Unobservable Inputs** | **Ranges** | **Ranges** | **Weighted Average** |
| First-Lien Debt | $1679774 | Yield Method | Market Yield Discount Rates | 7.45% | 18.14% | 9.24% |
| First-Lien Debt | 28547 | Market Approach | EBITDA Multiple | 6.00x | 10.93x | 7.93x |
| First-Lien Debt | 6483 | Market Approach | Revenue Multiple | 0.33x | 1.50x | 0.81x |
| Subordinated Debt | 139506 | Yield Method | Market Yield Discount Rates | 10.60% | 22.50% | 15.08% |
| Subordinated Debt | 10357 | Market Approach | EBITDA Multiple | 10.40x | 10.40x | 10.40x |
| Subordinated Debt | 2920 | Black-Scholes | EBITDA Multiple | 1.05x | 10.00x | 6.21x |
| Equity | 1487 | Yield Method | Market Yield Discount Rates | 8.63% | 16.41% | 15.28% |
| Equity | 29724 | Market Approach | EBITDA Multiple | 6.00x | 19.00x | 12.65x |
| **Total** | $**1898798** |  |  |  |  |  |

---

First-Lien Debt in the amount of $33,701, Subordinated Debt in the amount of $2,415 and equity investments in the amount of $968 at December 31, 2025 have been excluded from the table above, because the investments are valued using a recent transaction.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at December 31, 2024** | **Valuation Techniques** | **Unobservable Inputs** | **Ranges** | **Ranges** | **Weighted Average** |
| First-Lien Debt | $1680013 | Yield Method | Market Yield Discount Rates | 5.83% | 20.50% | 10.13% |
| First-Lien Debt | 16215 | Market Approach | EBITDA Multiple | 6.50x | 15.50x | 7.32x |
| Subordinated Debt | 143952 | Yield Method | Market Yield Discount Rates | 12.00% | 26.41% | 15.46% |
| Subordinated Debt | 2032 | Market Approach | EBITDA Multiple | 5.25x | 14.00x | 12.85x |
| Subordinated Debt | 1896 | Black-Scholes | EBITDA Multiple | 11.00x | 11.00x | 11.00x |
| Equity | 1224 | Yield Method | Market Yield Discount Rates | 8.00% | 9.25% | 9.07% |
| Equity | 35147 | Market Approach | EBITDA Multiple | 5.25x | 19.50x | 11.18x |
| Equity | 24 | Market Approach | Revenue Multiple | 0.95x | 0.95x | 0.95x |
| **Total** | $**1880503** |  |  |  |  |  |

---

First-Lien Debt in the amount of $110,622, Subordinated Debt in the amount of $2,899 and equity investments in the amount of $203 at December 31, 2024 have been excluded from the table above, because the investments are valued using a recent transaction.

Debt investments are generally valued using the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company's investment within the portfolio company's capital structure. Debt investments also may be valued using a market approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. Certain factors are considered when selecting the appropriate companies whose multiples are used in the valuation. These factors may include the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. A recent transaction, if applicable, also may be factored into the valuation if the transaction price is believed to be an indicator of value.

Equity investments are generally valued using a market approach, which utilizes market value (EBITDA or revenue) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying investment.

The significant unobservable input used under the yield method is a discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.

Alternative valuation methodologies may be used as deemed appropriate, and may include, but are not limited to, a market approach, income approach, or liquidation (recovery) approach.

Weighted average inputs are calculated based on the relative fair value of the investments.

***Financial Instruments disclosed but not carried at fair value***

The carrying value and fair value of the Company's debt obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** <sup>(1)</sup> | **Fair Value** | **Carrying Value** <sup>(1)</sup> | **Fair Value** |
| Wells Fargo Financing Facility  | $— | $— | $106000 | $106000 |
| Revolving Credit Facility | 66000 | 66000 | 237750 | 237750 |
| 2025 Debt / 2022 Debt | 321083 | 321211 | 342000 | 343766 |
| 2023 Debt | 213286 | 214003 | 214429 | 217446 |
| 2024 Debt | 213750 | 214322 | 214750 | 216611 |
| 2030 Notes | 309915 | 308049 |  |  |
| **Total** | $**1124034** | $**1123585** | $**1114929** | $**1121573** |

---

______________

(1) Carrying value on the consolidated statements of assets and liabilities are net of deferred financing, issuance costs, and unamortized discount. Carrying value of the 2030 Notes reflects the cumulative hedging adjustments.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The carrying value of the Company's credit facilities approximates their fair value. These fair value measurements were based on significant inputs that are not observable and thus represent Level 3 measurements.

The fair value of the debt securitizations and 2030 Notes were based on market quotations(s) received from broker/dealer(s). These fair value measurements were based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and thus represent Level 2 measurements.

**6. RELATED PARTY TRANSACTIONS**

***Advisory Agreements***

On December 31, 2019, immediately prior to its election to be regulated as a BDC, the Company entered into the investment advisory agreement with the Adviser. On January 29, 2024, the Company entered into an amended and restated investment advisory agreement (the "Advisory Agreement"), which became effective upon the consummation of the IPO on January 29, 2024.

On December 31, 2019, immediately prior to the Company's election to be regulated as a BDC, the Adviser entered into an investment sub-advisory agreement with Churchill, which was subsequently amended and restated on December 11, 2020, October 7, 2021, and March 8, 2022 (the "CAM Sub-Advisory Agreement"). The Adviser has delegated substantially all of its day-to-day portfolio-management obligations under the Advisory Agreement to Churchill pursuant to the CAM Sub-Advisory Agreement. The Adviser has general oversight over the investment process on behalf of the Company and manages the capital structure of the Company, including, but not limited to, asset and liability management. The Adviser also has ultimate responsibility for the Company's performance under the terms of the Advisory Agreement. The Adviser retains 32.5% of the management fee and incentive fee payable by the Company. The remaining amount is paid by the Adviser to Churchill as compensation for services provided by Churchill pursuant to the CAM Sub-Advisory Agreement.

On January 29, 2024, the Adviser and Churchill entered into an investment sub-advisory agreement with Nuveen Asset Management (the "NAM Sub-Advisory Agreement", and together with the Advisory Agreement and the CAM Sub-Advisory Agreement, the "Advisory Agreements"), pursuant to which Nuveen Asset Management may manage a portion of the Company's portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments ("Liquid Investments"), subject to the pace and amount of investment activity in the middle market investment program. The Company typically refers to an investment as liquid if the investment is, or we expect it to be, actively traded (with a typical settlement period of one month with respect to broadly syndicated loans). The percentage of the Company's portfolio allocated to the Liquid Investments strategy managed by Nuveen Asset Management is at the discretion of Churchill. The fees payable to Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement to manage the Company's Liquid Investment allocation is payable by Churchill and does not impact the advisory fees payable by the Company's shareholders. Churchill will pay Nuveen Asset Management monthly in arrears 0.375% of the daily weighted average principal amount of the Liquid Investments managed by Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement.

Advisory agreements remain in effect for an initial period of two years from its respective effective date and will remain in effect on a year-to-year basis thereafter if approved annually either by the Board or by the affirmative vote of the holders of a majority of our outstanding voting securities and, in each case, a majority of our Independent Directors. Each Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the applicable investment adviser and may be terminated by either the Company or the applicable investment adviser without penalty upon not less than 60 days' written notice to the other. The holders of a majority of our outstanding voting securities may also terminate any of the Advisory Agreements without penalty.

*Compensation of the Adviser - Management Fee* 

Under the Advisory Agreement, for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025), the management fee was calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and including assets financed using leverage ("Average Total Assets"), at the end of the two most recently completed calendar quarters, and thereafter, the management fee is calculated at an annual rate of 1.00% of Average Total Assets. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. Any management fees will be payable quarterly in arrears.

For the years ended December 31, 2025, 2024 and 2023, base management fees were $19,269, $14,683 and $10,509 respectively. As of December 31, 2025 and December 31, 2024, $5,048 and $3,956, respectively, of such base management fees, were unpaid and are included in management fees payable in the accompanying consolidated statements of assets and liabilities.

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**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

*Compensation of the Adviser - Incentive Fee* 

Under the Advisory Agreement, the Adviser waived the incentive fee on income and incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025). Following the expiration of the fee waiver, the Company pays an incentive fee to the Adviser that consists of two parts. The incentive fees are based on income and capital gains, each as described below. The portion of the incentive fee based on income is calculated subject to a cap (the "Incentive Fee Cap") and payable quarterly in arrears based on pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) (such period, the "Trailing Twelve Quarters") commencing from the beginning of the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee in any calendar quarter in which the aggregate pre-incentive fee net investment income (as defined below) in respect of the Trailing Twelve Quarters does not exceed the hurdle rate of 1.50% (6% annually) for such Trailing Twelve Quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of our aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7647% in any calendar quarter following the consummation of the IPO. The Company refers to this portion of the pre-incentive fee net investment income as the "catch-up" provision. The catch-up is meant to provide the Adviser with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.7647% multiplied by our NAV at the beginning of each applicable calendar quarter comprising of the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of the aggregate pre-incentive fee net investment income, if any, in respect of the Trailing Twelve Quarters that exceeds 1.7647%.

Under the Advisory Agreement, the incentive fee on income for a particular quarter is subject to the Incentive Fee Cap. The Incentive Fee Cap is equal to the difference between (x) 15% of the Cumulative Pre-Incentive Fee Net Return (as defined below) over the Trailing Twelve Quarters and (y) the aggregate incentive fee on income that was paid to the Adviser by the Company in respect of the first eleven calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) included in the relevant Trailing Twelve Quarters. These calculations are adjusted for any share issuances or repurchases during the applicable calendar quarter.

"Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Quarters, beginning with the calendar quarter in which the IPO was consummated, means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee on income to the Adviser in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, the Company will pay an incentive fee on income to the Adviser equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee on income that is payable to the Adviser for such quarter calculated as described above, the Company will pay an incentive fee on income to the Adviser equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

"Net Capital Loss" in respect of a particular period, beginning with the calendar quarter in which the IPO was consummated, means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the relevant calendar quarters, minus operating expenses for the relevant calendar quarters (including the management fee, any expenses payable under the Administration Agreement (as defined below), interest expense and dividends paid on any outstanding preferred shares, but excluding the incentive fee). Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred shares with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. The Adviser is not under any obligation to reimburse the Company for any part of the incentive fee it received that was based on accrued interest that the Company never received. Pre-incentive fee net investment income will not include any realized capital gains, realized capital losses or unrealized capital gains or losses. If any distributions from portfolio

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized.

Under the Advisory Agreement, the second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 15.0% of the Company's realized capital gains as of the end of the fiscal year following the IPO. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

In determining the capital gains incentive fee payable to the Adviser, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses beginning with the calendar quarter in which the IPO was consummated, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company's portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment when sold and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment when sold is less than the amortized cost of such investment beginning with the calendar quarter in which this offering is consummated. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses and less aggregate unrealized capital depreciation with respect to the Company's portfolio of investments.

While the Advisory Agreement neither includes nor contemplates the inclusion of unrealized appreciation in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized capital appreciation. This accrual reflects the incentive fees that would be payable to the Adviser if the Company's entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized capital appreciation unless and until such capital gains are actually realized.

For the years ended December 31, 2025 and 2024, income-based incentive fees were $11,182 and $17,447, respectively, of which $2,253 and $17,447, respectively, were waived in accordance with the terms of the Advisory Agreement. For the year ended December 31, 2023, the Adviser was not entitled to any incentive fees under the Advisory Agreement. As of December 31, 2025, $2,809 was payable to the Adviser related to income-based incentive fees. As of December 31, 2024, the Adviser was not entitled to any incentive fees under the Advisory Agreement.

***Administration Agreement***

On December 31, 2019, the Company entered into an administration agreement (the "Administration Agreement"), which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the required administrative services, which include, among other things, assisting the Company with the preparation of the financial records that the Company is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or Churchill, the Administrator also may provide significant managerial assistance on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance. U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), provides the Company with certain fund administration and bookkeeping services pursuant to a sub-administration agreement with the Administrator.

For the years ended December 31, 2025, 2024 and 2023, the Company incurred $2,341, $1,861 and $1,598 respectively, in fees under the Administration Agreement and sub-administration agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of December 31, 2025 and December 31, 2024, fees of $1,124 and $981, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

***Directors' Fees***

The Board consists of six members, five of whom are Independent Directors. The Board established an Audit Committee, a Nominating and Corporate Governance Committee, a Compensation Committee, and a Co-Investment Committee, each consisting solely of the Independent Directors, and may establish additional committees in the future. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $624, $510, and $383 respectively, in fees which are included in Directors' fees in the accompanying consolidated statements of operations. As of December 31, 2025 and December 31, 2024, $156 and $128, respectively, were unpaid and are included in Directors' fees payable in the accompanying consolidated statements of assets and liabilities.

***Other Related Party Transactions***

From time to time, Churchill, in its capacity as sub-adviser, and the Administrator may pay amounts owed by the Company to third-party providers of goods or services, and the Company will subsequently reimburse Churchill and the Administrator for such amounts paid on its behalf. Amounts payable to Churchill and the Administrator are settled in the normal course of business without formal payment terms. As of December 31, 2025 and December 31, 2024, the Company owed the Adviser, Churchill and/or the Administrator on an aggregate basis $938 and $1,320, respectively, for reimbursements, including the Company's allocable portion of overhead, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

**7. BORROWINGS**

The Company and its wholly owned subsidiaries are party to credit facilities or debt obligations as described below. In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowings. As of December 31, 2025 and December 31, 2024, asset coverage was 178.55% and 187.03%, respectively. Proceeds of the credit facilities or debt obligations are used for general corporate purposes, including the funding of portfolio investments. The Company and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.

*Wells Fargo Financing Facility*

On December 31, 2019, a wholly owned subsidiary of the Company entered into a credit agreement (the "Wells Fargo Financing Facility" and the agreement relating thereto, as amended on October 28, 2020, March 31, 2022, March 14, 2024 and August 27, 2024, the "Wells Fargo Financing Facility Agreement"), with Wells Fargo Bank, N.A. as lender ("Wells Fargo") and administrative agent. On March 14, 2024, SPV V entered into the borrower joinder agreement to become party to the Wells Fargo Financing Facility Agreement and pledged all of its assets to the collateral agent to secure their obligations under the Wells Fargo Financing Facility. The Company and SPV V made customary representations and warranties and were required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

On January 23, 2025, the Company and SPV V terminated in full the Wells Fargo Financing Facility Agreement and the Company terminated the security interest over the collateral granted to Wells Fargo and the lenders pursuant to the Wells Fargo Financing Facility Agreement. The Wells Fargo Financing Facility Agreement was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.

The maximum facility amount available under the Wells Fargo Financing Facility was $225,000. Under the Wells Fargo Financing Facility Agreement, the Company paid a fee on daily undrawn amounts under the Wells Fargo Financing Facility of 0.25% per annum during the period ended June 14, 2024. For the six months following June 14, 2024, the Company paid a fee on daily undrawn amounts under the Wells Fargo Facility of 0.50% per annum, and, thereafter, paid 0.50% per annum on undrawn amounts of up to 40% of the maximum facility amount and 1.50% per annum on undrawn amounts in excess of 40% of the maximum facility amount.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the Wells Fargo Financing Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** <sup>(1)</sup> | **2024** | **2023** |
| Borrowing interest expense | $396 | $7285 | $12120 |
| Unused fees | 55 | 457 | 567 |
| Amortization of deferred financing costs | 734 | 1024 | 482 |
| Total interest and debt financing expenses | $**1185** | $**8766** | $**13169** |

---

_______________

(1)Represents the period from January 1, 2025 to January 23, 2025 (date of repayment and termination of the Wells Fargo Financing Facility).

*SMBC Financing Facility*

On November 24, 2020, a wholly owned subsidiary of the Company entered into a senior secured revolving credit facility (the "SMBC Financing Facility" and the agreement relating thereto, as amended on December 23, 2021, June 29, 2022 and November 21, 2023, the "SMBC Financing Facility Agreement") with SMBC, as the administrative agent, the collateral agent and the lender. On October 19, 2023, SPV IV entered into the borrower joinder agreement (the "SMBC Joinder") to become party to the SMBC Financing Facility Agreement.

Effective December 7, 2023, following the closing of the 2023 Debt Securitization (discussed further below), the maximum facility amount available was reduced to $150,000 from $300,000, subject to a subsequent increase to $250,000, in the sole discretion of the administrative agent, if so requested by the borrowers, and SPV IV began borrowing under the SMBC Financing Facility.

On November 5, 2024, the Company terminated in full the SMBC Financing Facility Agreement and terminated the security interest over the collateral granted to SMBC and the lenders pursuant to the SMBC Financing Facility Agreement. The SMBC Financing Facility was terminated concurrent with the satisfaction of all obligations and liabilities of the Company to the lenders thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lenders.

The interest rate for loans under the SMBC Financing Facility Agreement was either the Base Rate plus 1.65% or Term SOFR plus 2.65%. The SMBC Financing Facility Agreement provided for an unused commitment fee of 0.50% per annum on the unused commitments from February 21, 2024 through May 21, 2024, and, thereafter, 0.50% per annum on the unused commitments if such unused commitments are less than 50% of the total commitments and 1.00% per annum on the unused commitments if such unused commitments are greater than or equal to 50% of the total commitments.

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the SMBC Financing Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** <sup>(1)</sup> | **2023** |
| Borrowing interest expense | $— | $6326 | $17745 |
| Unused fees |  | 215 | 110 |
| Amortization of deferred financing costs |  | 1287 | 768 |
| Total interest and debt financing expenses | $**—** | $**7828** | $**18623** |

---

_____________

(1)Represents the period from January 1, 2024 to November 5, 2024 (date of repayment and termination of the SMBC Financing Facility).

*Revolving Credit Facility* 

On June 23, 2023, the Company entered into a senior secured revolving credit agreement (as amended from time to time, the "Senior Secured Revolving Credit Agreement" and facility thereunder, the "Revolving Credit Facility") with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the "Guarantors").

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The Revolving Credit Facility was amended on April 9, 2024 and October 4, 2024. The most recent amendment on October 4, 2024, among other things, (i) extended the Commitment Termination Date and the Final Maturity Date (each as defined below); (ii) added a term loan tranche; (iii) increased the total committed facility amount from $250,000 to $325,000 and (iv) reduced (a) the applicable margin with respect to SONIA borrowings from 2.125% to 2.00%, (b) the credit spread adjustment from 0.15% to 0.10% for Term SOFR borrowings with a three-month tenor and from 0.25% to 0.10% for Term SOFR borrowings with a six-month tenor and (c) the applicable margin with respect to all other permitted borrowing rates from 1.125% to 1.000%. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.

The availability period under the Revolving Credit Facility will terminate on October 4, 2028 (the "Commitment Termination Date") and will mature on October 4, 2029 (the "Final Maturity Date"). During the period from the Commitment Termination Date to the Final Maturity Date, the Company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either Term SOFR plus a margin or the prime rate plus a margin. The Company may elect either the Term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company's option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Company also will pay a fee of 0.375% per annum on average daily undrawn amounts. As of December 31, 2025 and December 31, 2024, the Revolving Credit Facility bore interest at one-month SOFR plus 2.00% per annum.

The Senior Secured Revolving Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company's ability to make distributions to its shareholders, or to redeem, repurchase or retire shares of stock upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders' equity, as well as customary events of default.

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the Revolving Credit Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $6144 | $7559 | $2783 |
| Unused fees | 901 | 466 | 269 |
| Amortization of deferred financing costs | 474 | 487 | 220 |
| Total interest and debt financing expenses | $**7519** | $**8512** | $**3272** |

---

*CLO-I*

On May 20, 2022 (the "Original Closing Date"), the Company completed a $448,325 term debt securitization (the "2022 Debt Securitization"). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2022 Debt Securitization (the "2022 Notes") were issued by CLO-I, an indirect, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consisted of $199,000 of AAA Class A-1 2022 Notes, which bore interest at the three-month Term SOFR plus 1.80%; $34,250 of AAA Class A-1F 2022 Notes, which bore interest at 4.42%; $47,250 of AA Class B 2022 Notes, which bore interest at the three-month Term SOFR plus 2.30%; $31,500 of A Class C 2022 Notes, which bore interest at the three-month Term SOFR plus 3.15%; $27,000 of BBB Class D 2022 Notes, which bore interest at the three-month Term SOFR plus 4.15%; and $79,325 of Subordinated 2022 Notes, which do not bear interest. The Company directly owns all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes are eliminated in consolidation.

As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the "CLO-I Loan Agreement") on the Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders (the "CLO-I Lenders") committed to make $30,000 of AAA Class A-L 2022 Loans to CLO-I (the "2022 Loans" and, together with the 2022 Notes, the "2022 Debt"). The 2022 Loans bore interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions. Any CLO-I Lender may elect to convert all of the Class A-L 2022 Loans held by such CLO-I Lenders into Class A-1 2022 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The 2022 Debt was backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2026, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2022 Debt Securitization.

The 2022 Debt was the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt includes customary covenants and events of default. The 2022 Debt was not registered under the Securities Act, or any state "blue sky" laws.

*CLO-I Refinancing*

On March 20, 2025 (the "CLO-I Refinancing Date"), the Company completed a $457,975 refinancing of the 2022 Debt Securitization (the "CLO-I Refinancing").

The notes offered in the CLO-I Refinancing (the "2025 Notes") were issued by CLO-I. The 2025 Notes consist of $1,900 of AAA Class X 2025 Notes, which bear interest at the three-month Term SOFR plus 1.05%; $233,250 of AAA Class A-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $56,250 of AA Class B-R 2025 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $136,575 of Subordinated 2025 Notes, which do not bear interest, of which $79,325 were issued on the Original Closing Date and remained outstanding on the CLO-I Refinancing Date. The Company directly retained all of the Subordinated 2025 Notes and, as such, these notes are eliminated in consolidation.

As part of the CLO-I Refinancing, on the CLO-I Refinancing Date, CLO-I also entered into an amended and restated loan agreement (the "Class A-L-R Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $30,000 of AAA Class A-L-R 2025 Loans to CLO-I (the "Class A-L-R 2025 Loans" and, together with the 2025 Notes, the "2025 Debt"). The Class A-L-R 2025 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date. Any Class A-L-R Lender may elect to convert a portion or all of the Class A-L-R 2025 Loans held by such Class A-L-R Lender into Class A-R 2025 Notes upon written notice to CLO-I in accordance with the Class A-L-R Loan Agreement.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2030, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the CLO-I Refinancing. The 2025 Notes are due on April 20, 2038. The Class A-L-R 2025 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, April 20, 2038. The 2025 Notes may be optionally redeemed, and the Class A-L-R 2025 Loans may be optionally prepaid, on or after April 20, 2027.

The 2025 Debt is the secured obligation of CLO-I, and the supplemental indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2025 Debt include customary covenants and events of default. The 2025 Debt has not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-I under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the CLO-I were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $18956 | $23969 | $23572 |
| Unused fees |  |  |  |
| Amortization of deferred financing costs | 1042 | 603 | 601 |
| Total interest and debt financing expenses | $**19998** | $**24572** | $**24173** |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

*CLO-II*

On December 7, 2023 (the "Closing Date"), the Company completed a $298,060 term debt securitization (the "2023 Debt Securitization").

The notes offered in the 2023 Debt Securitization (the "2023 Notes") were issued by CLO-II, an indirect, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consist of $2,000 of AAA Class X 2023 Notes, which bear interest at the three-month Term SOFR plus 2.00%, $100,500 of AAA Class A-1 2023 Notes, which bear interest at the three-month Term SOFR plus 2.35%; $37,500 of AA Class B 2023 Notes, which bear interest at three-month Term SOFR plus 3.20% and approximately $83,060 of Subordinated 2023 Notes, which do not bear interest. The Company directly owns all of the Subordinated 2023 Notes and as such, these notes are eliminated in consolidation.

As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the "CLO-II Loan Agreement") on the Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-II Loan Agreement as lenders (the "CLO-II Lenders") committed to make $25,000 of AAA Class A-L-A 2023 Loans and $50,000 AAA Class A-L-B 2023 Loans to CLO-II (the "2023 Loans" and, together with the 2023 Notes, the "2023 Debt"). The 2023 Loans bear interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions. Any CLO-II Lender may elect to convert all or a portion of the Class A-L-A 2023 Loans held by such CLO-II Lenders into Class A-1 2023 Notes upon written notice to CLO-II in accordance with the CLO-II Loan Agreement.

The 2023 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2028, all principal collections received on the underlying collateral may be used by CLO-II to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-II and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2023 Debt Securitization. The 2023 Notes are due on January 20, 2036. The 2023 Loans are scheduled to mature, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on January 20, 2036.

The 2023 Debt is the secured obligation of CLO-II, and the indenture and the CLO-II Loan Agreement, as applicable, governing the 2023 Debt includes customary covenants and events of default. The 2023 Debt has not been, and will not be, registered under the Securities Act, or any state "blue sky" laws.

The Company serves as collateral manager to CLO-II under a collateral management agreement and has waived the management fee due to it in consideration for providing these services.

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the CLO-II were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $14548 | $16789 | $1149 |
| Unused fees |  |  |  |
| Amortization of deferred financing costs | 383 | 444 | 30 |
| Total interest and debt financing expenses | $**14931** | $**17233** | $**1179** |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

*CLO-III*

On March 14, 2024 (the "CLO-III Closing Date"), the Company completed a $296,970 term debt securitization (the "2024 Debt Securitization").

The notes offered in the 2024 Debt Securitization (the "2024 Notes" or "2024 Debt") were issued by CLO-III, a direct, wholly owned, consolidated subsidiary of the Company, pursuant to an indenture (the "CLO-III Indenture") dated as of the CLO-III Closing Date. The 2024 Notes consist of $2,000 of AAA Class X 2024 Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175,500 of AAA Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37,500 of AA Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $81,970 of Subordinated 2024 Notes, which do not bear interest. The Company directly retained all of the Subordinated 2024 Notes and as such, these notes are eliminated in consolidation.

The 2024 Notes are backed by a diversified portfolio of senior secured and second lien loans. The CLO-III Indenture contains certain conditions pursuant to which loans can be acquired by CLO-III, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Notes. Through April 20, 2028, all principal collections received on the underlying collateral may be used by CLO-III to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-III and in accordance with the Company's investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on April 20, 2036.

The 2024 Notes are the secured obligation of CLO-III, and the CLO-III Indenture governing the 2024 Notes includes customary covenants and events of default. The 2024 Notes have not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or applicable exemption from registration.

The Company serves as collateral manager to CLO-III under a collateral management agreement and has waived any management fee due to it in consideration for providing these services.

For the years ended December 31, 2025, 2024 and 2023 the components of interest expense related to the CLO-III were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $13736 | $12647 | $— |
| Unused fees |  |  |  |
| Amortization of deferred financing costs | 400 | 321 |  |
| Total interest and debt financing expenses | $**14136** | $**12968** | $**—** |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

*Unsecured Notes*

On January 22, 2025, the Company issued $300,000 in aggregate principal amount of the Company's 6.650% Notes due 2030 (the "2030 Notes"). The 2030 Notes bear interest at a rate of 6.650% per year payable semi-annually in arrears on March 15 and September 15 of each year, beginning September 15, 2025. The 2030 Notes will mature on March 15, 2030, and may be redeemed in whole or in part at the Company's option at any time prior to February 15, 2030, at par plus a "make-whole" premium plus accrued interest, and thereafter at par. The 2030 Notes are the direct unsecured obligations of the Company and rank pari passu with all existing and future unsubordinated unsecured indebtedness issued by the Company, senior in right of payment to any of the Company's future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's subsidiaries.

The indenture governing the 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; and to provide financial information to the holders of the 2030 Notes and the trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the indenture.

For the years ended December 31, 2025, 2024 and 2023, the component of interest expense related to the 2030 Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $19337 | $— | $— |
| Accretion of original issue discount  | 105 |  |  |
| Amortization of deferred issuance costs | 719 |  |  |
| Net fair value adjustment for hedging transaction | (29) |  | $**—** |
| Total interest and debt financing expenses | $**20132** | $**—** | $**—** |

---

In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement. See <u>[Note 4](#i8046fd6cdb8747a39c39abcbe0255a61_52)</u>, Derivatives for more information.

*Summary of Borrowings*

The Company's debt obligations consisted of the following as of December 31, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2030 Notes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-III** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Facility** | **Total** |
| Total Commitment | $300000 | $321083 | $213286 | $213750 | $325000 | $1373119 |
| Amount Outstanding <sup>(1)</sup> | 300000 | 321083 | 213286 | 213750 | 66000 | 1114119 |
| Unused Portion <sup>(2)</sup> |  |  |  |  | 259000 | 259000 |
| Amount Available <sup>(3)</sup> |  |  |  |  | 259000 | 259000 |

---

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing, issuance costs, and unamortized discount.

(2)The unused portion on the Revolving Credit Facility is the amount upon which commitment fees are based.

(3)Available for borrowing on the Revolving Credit Facility based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wells Fargo Financing Facility** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CLO-III** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Facility** | **Total** |
| Total Commitment | $225000 | $342000 | $214429 | $214750 | $325000 | $1321179 |
| Amount Outstanding <sup>(1)</sup> | 106000 | 342000 | 214429 | 214750 | 237750 | 1114929 |
| Unused Portion <sup>(2)</sup> | 119000 |  |  |  | 87250 | 206250 |
| Amount Available <sup>(3)</sup> | 119000 |  |  |  | 87250 | 206250 |

---

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing costs.

(2)The unused portion on the credit facilities is the amount upon which commitment fees are based.

(3)Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense and debt financing expenses were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Borrowing interest expense | $73117 | $74575 | $57980 |
| Unused fees | 956 | 1138 | 1010 |
| Accretion of original issue discount | 105 |  |  |
| Amortization of deferred financing or issuance costs | 3752 | 4166 | 2216 |
| Net fair value adjustment for hedging transaction | (29) |  |  |
| Total interest and debt financing expenses | $77901 | $79879 | $61206 |
| Average interest rate <sup>(1)</sup>  | 6.51% | 7.61% | 7.23% |
| Average daily borrowings | $1138671 | $995137 | $816221 |

---

_______________

(1)Average interest rate includes borrowing interest expense and unused fees.

***Contractual Obligations***

The following tables show the contractual maturities of the Company's debt obligations as of December 31, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Revolving Credit Facility | $66000 | $— | $— | $66000 | $— |
| CLO-I | 321083 |  |  |  | 321083 |
| CLO-II | 213286 |  |  |  | 213286 |
| CLO-III | 213750 |  |  |  | 213750 |
| 2030 Notes | 300000 |  |  | 300000 |  |
| **Total debt obligations** | $1114119 | $— | $— | $366000 | $748119 |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2024** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Wells Fargo Financing Facility | $106000 | $— | $106000 | $— | $— |
| Revolving Credit Facility | 237750 |  |  | 237750 |  |
| CLO-I | 342000 |  |  |  | 342000 |
| CLO-II | 214429 |  |  |  | 214429 |
| CLO-III | 214750 | $— |  |  | 214750 |
| **Total debt obligations** | $1114929 | $— | $106000 | $237750 | $771179 |

---

**8. COMMITMENTS AND CONTINGENCIES**

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. While future events could occur that might lead to the enforcement of these provisions against the Company, the Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of December 31, 2025 and December 31, 2024 for any such exposure.

As of December 31, 2025 and December 31, 2024, the Company had the following unfunded investment commitments:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **December 31, 2025** | **December 31, 2024** |
| 360 Holdco, Inc. (360 Training) - Delayed Draw Loan | $3093 | $3093 |
| AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan | 1822 | 2654 |
| ACP Maverick Holdings, Inc. - Delayed Draw Loan | 683 |  |
| ADPD Holdings LLC (NearU) - Delayed Draw Loan |  | 2136 |
| All4 Buyer, LLC - Delayed Draw Loan | 1812 |  |
| AmerCareRoyal, LLC - Delayed Draw Loan | 165 | 165 |
| Anne Arundel Dermatology Management, LLC - Delayed Draw Loan | 366 | 366 |
| Apex Service Partners, LLC - Delayed Draw Loan |  | 110 |
| Apex Service Partners, LLC - Revolving Loan | 41 | 18 |
| Aprio Advisory Group, LLC - Delayed Draw Loan | 92 |  |
| Aprio Advisory Group, LLC - Revolving Loan | 8 |  |
| ARC Health OPCO, LLC - Delayed Draw Loan | 1222 |  |
| Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan | 305 | 792 |
| Ascend Partner Services LLC - Delayed Draw Loan | 379 | 12642 |
| Astra Service Partners, LLC - Delayed Draw Loan | 25 |  |
| ASTP Holdings CO-Investment LP (American Student Transportation Partners) |  | 106 |
| Athlete Buyer, LLC (Allstar Holdings) - Delayed Draw Loan | 2510 |  |
| Big Apple Advisory, LLC - Delayed Draw Loan | 3324 | 4305 |
| Big Apple Advisory, LLC - Revolving Loan | 1740 | 1740 |
| Bluebird PM Buyer, Inc. - Delayed Draw Loan | 1153 |  |
| Bradford Soap International, Inc. - Delayed Draw Loan | 1000 |  |
| Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan | 5374 | 2760 |
| Businessolver.com, Inc. - Delayed Draw Loan |  | 873 |
| CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan | 500 | 4999 |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 15 | 15 |
| Cobalt Service Partners, LLC - Delayed Draw Loan | 1617 | 3012 |
| Coding Solutions Acquisition, Inc. - Delayed Draw Loan | 521 | 1872 |
| Coding Solutions Acquisition, Inc. - Revolving Loan | 1246 | 156 |
| Cohen Advisory, LLC - Delayed Draw Loan | 4608 | 4825 |
| Columbia Home Services LLC - Delayed Draw Loan | 22 |  |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan | 2615 | 2615 |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **December 31, 2025** | **December 31, 2024** |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan | 1925 | 1059 |
| Davidson Hotel Company LLC - Delayed Draw Loan | 1010 | 1052 |
| DH United Holdings, LLC (D&H United Fueling Solutions) - Delayed Draw Loan | 800 | 800 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan |  | 3830 |
| DMC Holdco, LLC (DMC Power) - Delayed Draw Loan |  | 1671 |
| Element 78 Partners, LLC (E78) - Delayed Draw Loan | 15518 | 15639 |
| Emburse, Inc. - Delayed Draw Loan | 13 |  |
| Emburse, Inc. - Revolving Loan | 14 |  |
| ERA Industries, LLC (BTX Precision) - Delayed Draw Loan |  | 153 |
| Env Automation Acquisition,LLC - Delayed Draw Loan | 33 |  |
| Environ Energy, LLC - Delayed Draw Loan | 1481 |  |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan | 3040 | 3040 |
| Excel Fitness Holdings, Inc. - Delayed Draw Loan | 1897 | 1897 |
| FH DMI Buyer, Inc. - Delayed Draw Loan |  | 1104 |
| FirstCall Mechanical Group, LLC - Delayed Draw Loan | 4400 | 13600 |
| FoodScience, LLC - Delayed Draw Loan | 4228 | 6322 |
| Force Electrical Buyerco, LLC - Delayed Draw Loan | 62 |  |
| Gannett Fleming, Inc. - Revolving Loan | 2131 | 2131 |
| GHR Healthcare, LLC - Delayed Draw Loan |  | 2594 |
| GNX HBS PARENT, LLC - Delayed Draw Loan | 1481 |  |
| GreyLion TGNL Holdings | 153 |  |
| Health Management Associates, Inc. - Delayed Draw Loan |  | 754 |
| Heartland Paving Partners, LLC - Delayed Draw Loan | 621 | 11428 |
| Heartland Veterinary Partners LLC - Delayed Draw Loan |  | 1415 |
| High Bar Brands Operating, LLC - Delayed Draw Loan |  | 596 |
| HMN Acquirer Corp. - Delayed Draw Loan | 2426 | 2426 |
| Impact Advisors, LLC - Delayed Draw Loan | 7143 |  |
| Industrial Air Flow Dynamics, Inc. - Delayed Draw Loan | 21 |  |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) - Delayed Draw Loan |  | 1979 |
| Integrated Power Services Holdings, Inc. - Delayed Draw Loan | 1866 | 3598 |
| Kenco PPC Buyer LLC - Delayed Draw Loan | 4111 | 7950 |
| KENG Acquisition, Inc. (Engage PEO) - Delayed Draw Loan |  | 6214 |
| KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan |  | 2188 |
| Knight AcquireCo, LLC - Delayed Draw Loan | 1250 |  |
| Lavie Group, Inc. - Delayed Draw Loan | 276 |  |
| Legacy Service Partners, LLC - Delayed Draw Loan | 147 |  |
| LH Equity Investors, L.P. | 56 |  |
| Liberty Buyer, Inc. (Liberty Group) - Delayed Draw Loan |  | 449 |
| Low Voltage Holdings Inc. - Delayed Draw Loan | 517 |  |
| Low Voltage Holdings Inc. - Revolving Loan | 352 |  |
| Matador US Buyer, LLC (Insulation Technology Group) - Delayed Draw Loan |  | 5912 |
| M&S Holdings Buyer, Inc. - Delayed Draw Loan | 769 |  |
| MEI Buyer LLC - Delayed Draw Loan | 1574 |  |
| Mobile Communications America, Inc. - Delayed Draw Loan | 1444 | 4826 |
| National Renovations LLC - Delayed Draw Loan | 643 |  |
| Naturpak PPC Buyer LLC - Delayed Draw Loan | 1111 |  |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **December 31, 2025** | **December 31, 2024** |
| Nellson Nutraceutical, LLC - Delayed Draw Loan | 72 |  |
| NFM & J, L.P. (The Facilities Group) - Delayed Draw Loan |  | 4465 |
| North Haven Spartan US Holdco LLC - Delayed Draw Loan |  | 3260 |
| North Haven Fairway Buyer, LLC (Fairway Lawns) - Delayed Draw Loan | 1068 | 1639 |
| Online Labels Group, LLC - Delayed Draw Loan | 605 | 806 |
| Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan | 11933 | 15117 |
| Ovation Holdings, Inc - Delayed Draw Loan | 421 | 7901 |
| Palmetto Acquisitionco, Inc. (Tech24) - Delayed Draw Loan |  | 1715 |
| Perennial Services Group, LLC - Delayed Draw Loan | 5288 |  |
| Pinnacle Supply Partners, LLC - Delayed Draw Loan | 1636 | 2242 |
| PN Buyer, Inc. - Delayed Draw Loan | 1111 |  |
| Promptcare Infusion Buyer, Inc. - Delayed Draw Loan |  | 1437 |
| PT Intermediate Holdings III, LLC - Delayed Draw Loan |  | 1106 |
| RailPros Parent, LLC - Delayed Draw Loan | 21 |  |
| RailPros Parent, LLC - Revolving Loan | 11 |  |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan | 692 | 2636 |
| Real Chemistry Intermediate III, Inc. - Delayed Draw Loan | 1496 |  |
| Real Chemistry Intermediate III, Inc. - Revolving Loan | 1780 |  |
| Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan | 542 |  |
| Refresh Buyer, LLC (Sunny Sky Products) - Delayed Draw Loan |  | 1773 |
| REP RO Coinvest IV-A, LP (RoadOne) | 235 | 235 |
| Repipe Aggregator, LLC | 17 |  |
| Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan | 236 | 236 |
| Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan | 57 | 57 |
| RMS Energy Borrower LLC - Delayed Draw Loan | 1231 |  |
| Rose Paving, LLC - Delayed Draw Loan | 191 | 191 |
| Royal Holdco Corporation (RMA Companies) - Delayed Draw Loan | 2710 |  |
| Safety Infrastructure Services Intermediate LLC - Delayed Draw Loan | 2914 |  |
| SCIC Buyer, Inc. - Delayed Draw Loan | 2628 |  |
| SEKO Global Logistics Network, LLC - Delayed Draw Loan | 73 |  |
| SI Solutions, LLC - Delayed Draw Loan | 4481 | 5601 |
| SkyMark Refuelers, LLC - Delayed Draw Loan | 1662 |  |
| Signia Aerospace, LLC - Delayed Draw Loan |  | 122 |
| Smith & Howard Advisory LLC - Delayed Draw Loan | 112 | 2351 |
| Swoop Intermediate III, Inc. - Delayed Draw Loan | 4928 |  |
| Swoop Intermediate III, Inc. - Revolving Loan | 1776 |  |
| Syndigo LLC - Revolving Loan | 592 |  |
| Tau Buyer, LLC - Delayed Draw Loan | 1165 |  |
| Tau Buyer, LLC - Revolving Loan | 1445 |  |
| TBRS, Inc. - Delayed Draw Loan | 1074 | 2209 |
| TBRS, Inc. - Revolving Loan | 1406 | 1322 |
| Thermostat Purchaser III, Inc. - Delayed Draw Loan |  | 2787 |
| Thompson Safety LLC - Delayed Draw Loan | 81 |  |
| Thompson Safety LLC - Revolving Loan | 9 |  |
| Tidi Legacy Products, Inc. - Delayed Draw Loan |  | 4085 |
| Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan |  | 422 |
| TSS Buyer, LLC (Technical Safety Services) - Delayed Draw Loan |  | 1437 |
| USA Industries Holdings LLC - Delayed Draw Loan | 36 |  |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **December 31, 2025** | **December 31, 2024** |
| USA Water Intermediate Holdings, LLC - Delayed Draw Loan | 996 | 2703 |
| Vensure Employer Services, Inc. - Delayed Draw Loan | 52 | 567 |
| Venture Buyer, LLC (Velosio) - Delayed Draw Loan | 1059 | 1284 |
| Vessco Midco Holdings, LLC - Delayed Draw Loan | 792 | 3365 |
| Vessco Midco Holdings, LLC - Revolving Loan | 1726 | 1726 |
| Watermill Express, LLC - Delayed Draw Loan | 1880 | 1796 |
| WCI-Momentum Bidco, LLC - Delayed Draw Loan | 17 |  |
| Wellspring Pharmaceutical Corporation - Delayed Draw Loan |  | 1190 |
| WSB Engineering Holdings Inc. - Delayed Draw Loan |  | 566 |
| YI, LLC (Young Innovations) - Delayed Draw Loan |  | 3448 |
| **Total Unfunded Commitments** | $**161028** | $**235678** |

---

The Company seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of December 31, 2025, the Company had adequate financial resources to satisfy its unfunded investment commitments.

**9. NET ASSETS**

*Shares Issued*

The Company has the authority to issue 500,000,000 shares of common stock, par value $0.01 per share.

On January 29, 2024, the Company closed its IPO, issuing 5,500,000 shares of its common stock at a public offering price of $18.05 per share. The Company received total cash proceeds of $99,275. The Company's common stock began trading on the NYSE under the symbol "NCDL" on January 25, 2024.

In connection with the Private Offerings and prior to April 28, 2023 (the final closing of the Private Offering), the Company entered into subscription agreements with investors, pursuant to which investors were required to fund drawdowns to purchase the Company's shares of common stock up to the amount of their respective capital commitment each time the Company delivered a drawdown notice. As of January 5, 2024, all capital commitments in the amount of $906,408 had been drawn.

*ATM Program*

On March 10, 2025, the Company established an equity at-the-market offering program (the "ATM Program"), pursuant to which the Company may offer and sell, from time to time, through distribution managers, or to them, as principals for their own accounts, shares of its common stock having an aggregate offering price up to $200,000. Sales of common stock made pursuant to the ATM Program may be made in negotiated transactions or transactions that are deemed to be "at-the-market" offerings as defined in Rule 415(a)(5) under the Securities Act. The Company intends to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, investing in accordance with its investment objective and strategies, and repaying indebtedness (which may be subject to re-borrowing).

As of December 31, 2025, the Company had not sold any shares of common stock through the ATM Program.

*Distributions*

The following table summarizes the Company's distributions recorded for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| October 29, 2025 | December 31, 2025 | January 27, 2026 | $0.45 |
| July 30, 2025 | September 30, 2025 | October 28, 2025 | $0.45 |
| April 30, 2025 | June 30, 2025 | July 28, 2025 | $0.45 |
| February 19, 2025 | March 31, 2025 | April 28, 2025 | $0.45 |
| January 10, 2024 | February 12, 2025 | April 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |

---

________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents a special dividend.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The following table summarizes the Company's distributions recorded for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| November 4, 2024 | December 31, 2024 | January 28, 2025 | 0.45 |
| July 31, 2024 | September 30, 2024 | October 28, 2024 | 0.45 |
| May 1, 2024 | June 28, 2024 | July 29, 2024 | 0.45 |
| January 10, 2024 | November 11, 2024 | January 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | August 12, 2024 | October 28, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | May 13, 2024 | July 29, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $0.10 <sup>(1)</sup> |
| January 10, 2024 | March 30, 2024 | April 29, 2024 | $0.45 |

---

________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents a special dividend.

The following table summarizes the Company's distributions recorded for the year ended December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend per Share** |
| December 28, 2023 | December 29, 2023 | January 10, 2024 | $0.50 |
| December 28, 2023 | December 29, 2023 | January 10, 2024 | $0.05 <sup>(1)</sup> |
| September 28, 2023 | September 28, 2023 | October 12, 2023 | $0.50 |
| September 28, 2023 | September 28, 2023 | October 12, 2023 | $0.05 <sup>(1)</sup> |
| June 28, 2023 | June 28, 2023 | July 12, 2023 | $0.50 |
| June 28, 2023 | June 28, 2023 | July 12, 2023 | $0.05 <sup>(1)</sup> |
| March 30, 2023 | March 30, 2023 | April 12, 2023 | $0.50 |
| March 30, 2023 | March 30, 2023 | April 12, 2023 | $0.26 <sup>(2)</sup> |
| December 29, 2022 | December 29, 2022 | January 17, 2023 | $0.50 |

---

________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents a supplemental dividend.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Represents a special dividend and a supplemental dividend.

See <u>[Note 12](#i8046fd6cdb8747a39c39abcbe0255a61_193)</u>, *Income Taxes,* for more information on the federal income tax characterization of distributions declared and paid.

The following table reflects the shares distributed pursuant to the dividend reinvestment plan for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares**<sup>(1)</sup> |
| July 30, 2025 | September 30, 2025 | October 28, 2025 | 62700  |
| April 30, 2025 | June 30, 2025 | July 28, 2025 | 52892  |
| February 19, 2025 | March 31, 2025 | April 28, 2025 | 60278  |
| January 10, 2024 | February 12, 2025 | April 28, 2025 | 35267  |
| November 4, 2024 | December 31, 2024 | January 28, 2025 | 87401  |
| January 10, 2024 | November 11, 2024 | January 28, 2025 | 5035  |

---

________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Company's Amended DRIP, shares were purchased in the open market.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The following table reflects the shares issued pursuant to the dividend reinvestment plan for the year ended December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares**<sup>(1)</sup> |
| July 31, 2024 | September 30, 2024 | October 28, 2024 | 103743 |
| January 10, 2024 | August 12, 2024 | October 28, 2024 | 22959 |
| May 1, 2024 | June 28, 2024 | July 29, 2024 | 168527 |
| January 10, 2024 | May 13, 2024 | July 29, 2024 | 37333 |
| January 10, 2024 | March 30, 2024 | April 29, 2024 | 189256 |
| December 28, 2023 | December 29, 2023 | January 10, 2024 | 185541 |

---

________________

(1)&nbsp;&nbsp;&nbsp;&nbsp;All shares issued to shareholders for the the year ended December 31, 2024 were newly issued shares under the dividend reinvestment plan.

The following table reflects the shares issued pursuant to the dividend reinvestment plan for the year ended December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares**<sup>(1)</sup> |
| September 28, 2023 | September 28, 2023 | October 12, 2023 | 158545 |
| June 28, 2023 | June 28, 2023 | July 12, 2023 | 128818 |
| March 30, 2023 | March 30, 2023 | April 12, 2023 | 150703 |
| December 29, 2022 | December 29, 2022 | January 17, 2023 | 93329 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;All shares issued to shareholders for the the year ended December 31, 2023 were newly issued shares under the dividend reinvestment plan.

*Share Repurchase Plan*

On March 5, 2024, the Company entered into a share repurchase plan (the "Company 10b5-1 Plan"), which permitted the Company to purchase up to $99,275 in the aggregate of its outstanding shares of common stock in the open market at prices below its NAV per share over a specified period. Any purchase of the shares pursuant to the Company 10b5-1 Plan were conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 under the Exchange Act. The Company 10b5-1 Plan required BofA Securities, Inc., as agent, to repurchase shares of common stock on the Company's behalf when the market price per share was below the most recently reported NAV per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced NAV per share). Under the Company 10b5-1 Plan, the agent increased the volume of purchases made as the price of the shares of the Company's common stock declined, subject to volume restrictions. The timing and amount of any share repurchases depended on the terms and conditions of the Company 10b5-1 Plan, the market price of the shares of the Company's common stock and trading volumes.

The Company 10b5-1 Plan became effective on March 29, 2024, commenced on April 1, 2024 and was amended on March 28, 2025, which extended the Company 10b5-1 Plan for an additional 12-month period and amended certain terms of the Company 10b5-1 Plan as set forth in the guidelines therein. As a result of such amendment, the Company 10b5-1 Plan would terminate upon the earliest to occur of (i) 12-months from March 29, 2025 (tolled for periods during which the Company 10b5-1 Plan was suspended), (ii) the end of the trading day on which the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan equaled $99,275 and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. On July 21, 2025, the aggregate purchase price for all shares of common stock purchased under the Company 10b5-1 Plan reached $99,275, and the Company 10b5-1 Plan was terminated in accordance with its terms on the same date.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The following table reflects the shares repurchased pursuant to the Company 10b5-1 Plan for each month from inception through July 21, 2025, the date the Company10b5-1 Plan terminated (dollar amounts in thousands, except share and per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Repurchased** | **Average Price Paid per Share** | **Approximate Dollar Value of Shares that have been Purchased Under the Plan** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan** |
| April 1, 2024 - April 30, 2024 | 104075 | $17.57 | $1828 | $97447 |
| May 1, 2024 - May 31, 2024 | 96598 | 17.56 | 1696 | 95751 |
| June 1, 2024 - June 30, 2024 | 91637 | 17.73 | 1625 | 94126 |
| July 1, 2024 - July 31, 2024 | 75675 | 17.61 | 1333 | 92793 |
| August 1, 2024 - August 31, 2024 | 154668 | 17.24 | 2666 | 90127 |
| September 1, 2024 - September 30, 2024 | 109646 | 17.69 | 1940 | 88187 |
| October 1, 2024 - October 31, 2024 | 155122 | 17.27 | 2680 | 85508 |
| November 1, 2024 - November 30, 2024 | 375949 | 17.06 | 6412 | 79095 |
| December 1, 2024 - December 31, 2024 | 780004 | 17.11 | 13349 | 65746 |
| January 1, 2025 - January 31, 2025 | 972752 | 16.74 | 16289 | 49458 |
| February 1, 2025 - February 28, 2025 | 490615 | 17.44 | 8557 | 40900 |
| March 1, 2025 - March 31, 2025 | 706657 | 17.28 | 12210 | 28689 |
| April 1, 2025 - April 30, 2025 | 805272 | 15.32 | 12334 | 16356 |
| May 1, 2025 - May 31, 2025 | 602662 | 15.63 | 9417 | 6939 |
| June 1, 2025 - June 30, 2025 | 261220 | 16.27 | 4250 | 2689 |
| July 1, 2025 - July 21, 2025 | 161033 | 16.70 | 2689 |  |
| **Total** | **5943585** |  | $**99275** |  |

---

**10. EARNINGS PER SHARE**

The following table presents the computation of basic and diluted earnings per common share for the following periods (dollar amounts in thousands, except share and per share data)**:**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net increase (decrease) in net assets resulting from operations | $65614 | $116323 | $75938 |
| Weighted average common shares outstanding - basic and diluted | 50286270 | 54118379 | 33385880 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $1.30 | $2.15 | $2.27 |

---

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

**11. CONSOLIDATED FINANCIAL HIGHLIGHTS AND SENIOR SECURITIES**

The following is a schedule of consolidated financial highlights for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020 and 2019:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **2020**<sup>(9)</sup> | **2019**<sup>(9)</sup> |
| **Per share data:** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | 18.18 | 18.13 | 18.32 | 19.39 | 18.74 | 20.00 | 19.48 |
| Net investment income <sup>(1)</sup> | 1.86 | 2.26 | 2.52 | 1.95 | 1.58 | 1.05 | 1.58 |
| Net realized gain (loss) <sup>(1)</sup> | (0.12) | (0.24) | (0.24) | (0.01) | 0.06 | 0.08 | 0.12 |
| Net change in unrealized gain (loss) <sup>(1)</sup> | (0.44) | 0.13 | (0.01) | (1.20) | 0.48 | (0.70) | 0.09 |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | 1.30 | 2.15 | 2.27 | 0.74 | 2.12 | 0.43 | 1.79 |
| Shareholder distributions <sup>(2)</sup> | (1.90) | (2.10) | (2.41) | (1.81) | (1.39) | (0.68) | (1.46) |
| Other <sup>(3)</sup>  | 0.14 |  | (0.05) |  | (0.08) | (1.01) | 0.19 |
| Net asset value, end of period | 17.72 | 18.18 | 18.13 | 18.32 | 19.39 | 18.74 | 20.00 |
| Net assets, end of period | $875180 | $970320 | $747885 | $524957 | $374051 | $157641 | $66211 |
| Shares outstanding, end of period | 49387065 | 53387277 | 41242105 | 28650548 | 19293813 | 8413970 | 3310590 |
| Per share market value, end of period | $13.34 | $16.78 | N/A | N/A | N/A | N/A | N/A |
| Total return based on market value <sup>(4)</sup> | (9.94)% | 4.77% | N/A | N/A | N/A | N/A | N/A |
| Total return based on net asset value <sup>(5)</sup> | 10.42% | 13.02% | 12.83% | 3.83% | 11.22% | (2.88)% | 10.39% |
| **Ratio/Supplemental data:** |  |  |  |  |  |  |  |
| Ratio of net expenses to average net assets before expense support and waived fees <sup>(6)</sup> | 12.88% | 12.69% | 13.04% | 8.45% | 6.63% | 9.05% | 13.92% |
| Ratio of net expenses to average net assets after expense support and waived fees <sup>(6)</sup> | 12.63% | 10.83% | 13.01% | 8.41% | 6.42% | 8.60% | 11.71% |
| Ratio of net investment income to average net assets <sup>(6)</sup> | 10.29% | 13.04% | 14.06% | 10.34% | 8.11% | 5.55% | 8.37% |
| Portfolio turnover rate <sup>(7)</sup> | 17.39% | 22.50% | 10.56% | 5.04% | 33.87% | 24.53% | 46.17% |
| Total committed capital, end of period | N/A | N/A | $906408 | $905178 | $567526 | $352555 | $100000 |
| Ratio of total contributed capital to total committed capital, end of period | N/A | N/A | 84.29% | 60.26% | 65.27% | 45.73% | 66.21% |
| Asset coverage ratio <sup>(8)</sup> | 178.55% | 187.03% | 178.57% | 174.41% | 191.22% | 182.03% | 159.90% |

---

________________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions recorded during the period.

(3)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.

(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company's dividend reinvestment plan. For the year ended December 31, 2024, the beginning market value per share is based on the initial public offering price of $18.05 per share.

(5)Total return based on NAV is calculated as the change in NAV per share during the respective period, plus distributions per share, if any, reinvested in accordance with the Company's dividend reinvestment plan effective during each relevant period divided by the beginning NAV per share.

(6)The ratio of interest and debt financing expenses to average net assets for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, and 2019 was 8.59%, 8.51%, 10.25%, 5.84%, 3.93%, 4.77% and 8.80% respectively. Average net assets is calculated utilizing quarterly net assets. Incentive fees waived is accounted for through the expiration date of the waiver and is not annualized.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

(9)Not covered by the report of the independent registered public accounting firm.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

The following is information about the Company's senior securities for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020 and 2019 ($ in thousands, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands except for per unit data)<br>Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup>  | **Asset Coverage Per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference Per Unit**<sup>(3)</sup> | **Average Market Value Per Unit**<sup>(4)</sup> |
| **Subscription Facility** | | | | |
| December 31, 2022 | $— | $1744 |  | N/A |
| December 31, 2021 | $34000 | $1912 |  | N/A |
| December 31, 2020<sup>(5)</sup> | $17500 | $1820 |  | N/A |
| **Wells Fargo Financing Facility** |  |  |  |  |
| December 31, 2024 | $106000 | $1870 |  | N/A |
| December 31, 2023 | $231000 | $1786 |  | N/A |
| December 31, 2022 | $111300 | $1744 |  | N/A |
| December 31, 2021 | $231600 | $1912 |  | N/A |
| December 31, 2020<sup>(5)</sup> | $146135 | $1820 |  | N/A |
| December 31, 2019<sup>(5)</sup> | $118435 | $1552 |  | N/A |
| **SMBC Financing Facility** |  |  |  |  |
| December 31, 2023 | $37377 | $1786 |  | N/A |
| December 31, 2022 | $252147 | $1744 |  | N/A |
| December 31, 2021 | $144447 | $1912 |  | N/A |
| December 31, 2020<sup>(5)</sup> | $28547 | $1820 |  | N/A |
| **CLO-I** |  |  |  |  |
| December 31, 2025 | $321083 | $1785 |  | N/A |
| December 31, 2024 | $342000 | $1870 |  | N/A |
| December 31, 2023 | $342000 | $1786 |  | N/A |
| December 31, 2022 | $342000 | $1744 |  | N/A |
| **CLO-II** |  |  |  |  |
| December 31, 2025 | $213286 | $1785 |  | N/A |
| December 31, 2024 | $214429 | $1870 |  | N/A |
| December 31, 2023 | $215000 | $1786 |  | N/A |
| **CLO-III** |  |  |  |  |
| December 31, 2025 | $213750 | $1785 |  | N/A |
| December 31, 2024 | $214750 | $1870 |  | N/A |
| **Revolving Credit Facility** |  |  |  |  |
| December 31, 2025 | $66000 | $1785 |  | N/A |
| December 31, 2024 | $237750 | $1870 |  | N/A |
| December 31, 2023 | $126500 | $1786 |  | N/A |
| **2030 Notes** |  |  |  |  |
| December 31, 2025 | $300000 | $1785 |  | N/A |

---

_______________

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

(5)Not covered by the report of the independent registered public accounting firm.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

 **12. INCOME TAX**

The Company elected to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code beginning with its taxable year ending December 31, 2019 and intends to continue to qualify annually as a RIC. As a result, the Company must timely distribute substantially all of its net taxable income each tax year as dividends to its shareholders. Accordingly, no provision for federal income tax has been made in the consolidated financial statements.

The Company will file income tax returns in U.S. federal and applicable state and local jurisdictions. The Company's federal income tax return is generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Company's tax positions taken for the open tax year and has concluded that no provision for income tax is required in the Company's consolidated financial statements.

Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial reporting purposes due to the timing of temporary and permanent differences in the recognition of gains and losses on investment transactions. Temporary differences do not require reclassification. For the years ended December 31, 2025 and 2024, permanent differences that resulted in reclassifications among the components of net assets resulting from operations relate primarily to paydowns, amendment fees, excise taxes, investments in partnerships, and distribution reallocations. Temporary and permanent differences have no impact on the Company's net assets.

For the years ended December 31, 2025, 2024 and 2023, the Company's cost of investments for federal income tax purposes and gross unrealized appreciation and depreciation on investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Tax cost of investments | $2010033 | $2106490 | $1665824 |
| Gross unrealized appreciation on investments | 16188 | 18503 | 13351 |
| Gross unrealized (depreciation) on investments | (64877) | (43614) | (37834) |
| Net unrealized appreciation (depreciation) on investments | $(48689) | $(25111) | $(24483) |

---

As of December 31, 2025, 2024 and 2023, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Undistributed ordinary income, net | $5418 | $14923 | $2375 |
| Undistributed long-term income, net |  |  |  |
| Total undistributed earnings | $5418 | $14923 | $2375 |
| Capital loss carryforward | (12436) | (9910) | (6679) |
| Unrealized appreciation (depreciation), net | (48689) | (25111) | (25286) |
| Other book-to-tax differences |  | (6402) | 344 |
| Total accumulated earnings (losses), net | $(55707) | $(26500) | $(29246) |

---

Capital losses in excess of capital gains earned in a tax year generally may be carried forward and used to offset capital gains, subject to certain limitations. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred after September 30, 2011 will not be subject to expiration. As of December 31, 2025, the Company had $12,436 of capital loss carryforward available for use in future tax years.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

For income tax purposes, dividends paid and distributions made to the Company's shareholders are reported by the Company to the shareholders as ordinary income, capital gains, or a combination thereof. The tax character of the distributions paid for the years ended December 31, 2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Distributions paid from: |  |  |  |
| Ordinary income | $95010 | $112712 | $81206 |
| Net long-term capital gains |  | 1566 |  |
| Total taxable distributions | $95010 | $114278 | $81206 |

---

The Company is subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. For the years ended December 31, 2025, 2024 and 2023 , the Company incurred $186, $551, and $6 respectively, in excise tax expense.

The Company's wholly owned subsidiary, NCDL Equity Holdings, is subject to U.S. federal and state corporate-level income taxes. For the year ended December 31, 2025, the provision for income tax provision (benefit) is comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Current Tax Provision (Benefit)** | **Deferred Tax Provision (Benefit)** | **Total Tax Provision (Benefit)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $539 | $121 | $660 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 135 | 28 | 163 |
| Total tax expense (benefit) | $674 | $149 | $823 |

---

The effective tax rate varies from the expected statutory tax rate for the year ended December 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| | **Amount** | **Tax rate** |
| Federal tax (benefit) at statutory rate | $903 | 21.00% |
| State tax (benefit), net of federal benefit | 137 | 3.18% |
| Adjustment to deferred tax values | (179) | (4.12)% |
| Other adjustments | (38) | (0.86)% |
| Total provision for income tax expenses (benefit) | $823 | 19.20% |

---

For the years ended December 31, 2024 and 2023, the Company recorded a net tax provision of $154 and $830, respectively, which are included in income tax (provision) benefit in the accompanying consolidated statements of operations. As a result the Company recorded a net deferred tax liability related to US GAAP to tax outside basis differences in NCDL Equity Holdings' investments in certain partnership interests of $877 and $1,008 as of December 31, 2025 and December 31, 2024, respectively, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

The Company accounts for income taxes in conformity with ASC Topic 740, Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740.

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

**13. SUBSEQUENT EVENTS** 

The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of December 31, 2025, except as discussed below.

*SPV IV & V Dissolution*

Effective January 21, 2026, SPV IV and SPV V were dissolved.

*Dividend Declaration*

On February 12, 2026, the Board declared a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share, payable on or around April 28, 2026 to shareholders of record as of March 31, 2026.

*Share Repurchase Plan*

On February 12, 2026, the Board approved a share repurchase program (the "Company 10b5-1 Plan"), pursuant to which the Company may purchase up to $50 million in the aggregate of its outstanding shares of common stock in the open market at prices below its NAV per share over a specified period.

Any purchase of the Company's shares pursuant to the Company 10b5-1 Plan will be conducted in accordance with the guidelines and conditions of Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company 10b5-1 Plan is designed to allow the Company to repurchase its shares of common stock at times when it otherwise might be prevented from doing so under insider trading laws. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company's shares of common stock and trading volumes, and no assurance can be given that any particular amount of shares of common stock will be repurchased.

*CLO II Reset*

On February 20, 2026 (the "Refinancing Date"), the Company completed a $299.7 million term debt securitization (the "2026 Debt Securitization Refinancing"). The term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-II, LLC (the "2026 Issuer"), a direct, wholly owned, consolidated subsidiary of the Company.

The notes offered in the 2026 Debt Securitization Refinancing (the "2026 Notes") were issued by the 2026 Issuer, pursuant to an indenture and security agreement (the "Indenture"), dated as of December 7, 2023 (the "Original Closing Date"), between the 2026 Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the "Trustee"), as amended by a supplemental indenture (the "Supplemental Indenture"), dated as of the Refinancing Date, among the 2026 Issuer and the Trustee, and consented to by the Company, as collateral manager, retention holder and subordinated noteholder. The 2026 Notes consist of $125.5 million of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated 2026 Notes, which do not bear interest, and of which $83.1 million were issued on the Original Closing Date and remained outstanding on the Refinancing Date. The Company directly retained all of the Subordinated 2026 Notes.

In connection with the issuance of the 2026 Notes, on the Refinancing Date, the 2026 Issuer entered into a Note Purchase Agreement (the "Purchase Agreement") with SG Americas Securities, LLC, as initial purchaser (in such capacity, the "Initial Purchaser"), pursuant to which the Initial Purchaser agreed to act as initial purchaser of the 2026 Notes, other than the Subordinated 2026 Notes.

As part of the 2026 Debt Securitization Refinancing, on the Refinancing Date, the 2026 Issuer also entered into an amended and restated loan agreement (the "Class A-L-R Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $50 million of AAA Class A-L-R 2026 Loans to the 2026 Issuer (the "Class A-L-R 2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The Class A-L-R 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date.

The 2026 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2031, all principal collections received on the underlying collateral may be used by the 2026 Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral manager of the 2026 Issuer and in accordance with the Company's investment strategy and the terms of the Indenture, allowing the Company to maintain the initial leverage in the 2026 Debt Securitization

------

**NUVEEN CHURCHILL DIRECT LENDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(dollar amounts in thousands, except share and per share data)**

Refinancing. The 2026 Notes are due on January 20, 2039. The 2026 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, January 20, 2039. The 2026 Notes may be optionally redeemed, and the 2026 Loans may be optionally prepaid, on or after January 20, 2028.

The 2026 Debt is the secured obligation of the 2026 Issuer, and the Supplemental Indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2026 Debt include customary covenants and events of default. The 2026 Debt has not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

On the Refinancing Date, the Company amended and restated the CLO-II Collateral Management Agreement, pursuant to which the Company serves as collateral manager to the 2026 Issuer (the "Amended and Restated Collateral Management Agreement") , and will waive any management fee due to it in consideration for providing these services.

*Director Resignation* 

On February 24, 2026, David Kirchheimer notified the Board that he was resigning as a director of the Board, effective as of the same date. In submitting his resignation, Mr. Kirchheimer did not express any disagreement on any matter relating to the Company's operations, policies or practices. In connection with Mr. Kirchheimer's resignation, the size of the Board was reduced from six (6) directors to five (5) directors.

------

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** 

None.

**ITEM 9A. CONTROLS AND PROCEDURES** 

**(a) Evaluation of Disclosure Controls and Procedures**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K.

Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

**(b) Management's Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of its consolidated financial statements for external reporting purposes in accordance with generally accepted accounting principles.

The Company's internal control over financial reporting includes policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of the Company's assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and the directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on its consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management (with the participation of our Chief Executive Officer and Chief Financial Officer) conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 based on the framework established in *Internal Control-Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that the Company's internal control over financial reporting as of December 31, 2025 was effective. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025 as stated in their report which is included herein.

**(c) Attestation Report of the Registered Public Accounting Firm**

Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025, as stated in their report which is included herein.

**(d) Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**ITEM 9B. OTHER INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Item 1.01. Entry into a Material Definitive Agreement.**

On February 20, 2026 (the "Refinancing Date"), the Company completed a $299.7 million term debt securitization (the "2026 Debt Securitization Refinancing"). The term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-II, LLC (the "2026 Issuer"), a direct, wholly owned, consolidated subsidiary of the Company.

The notes offered in the 2026 Debt Securitization Refinancing (the "2026 Notes") were issued by the 2026 Issuer, pursuant to an indenture and security agreement (the "Indenture"), dated as of December 7, 2023 (the "Original Closing Date"), between the 2026 Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the "Trustee"), as amended by a supplemental indenture (the "Supplemental Indenture"), dated as of the Refinancing Date, among the 2026 Issuer and the Trustee, and consented to by the Company, as collateral manager, retention holder and subordinated noteholder. The 2026 Notes consist of $125.5 million of AAA Class A-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.38%; $37.5 million of AA Class B-R 2026 Notes, which bear interest at the three-month Term SOFR plus 1.70%; and $86.7 million of Subordinated 2026 Notes, which do not bear interest, and of which $83.06 million were issued on the Original Closing Date and remained outstanding on the Refinancing Date. The Company directly retained all of the Subordinated 2026 Notes.

In connection with the issuance of the 2026 Notes, on the Refinancing Date, the 2026 Issuer entered into a Note Purchase Agreement (the "Purchase Agreement") with SG Americas Securities, LLC, as initial purchaser (in such capacity, the "Initial Purchaser"), pursuant to which the Initial Purchaser agreed to act as initial purchaser of the 2026 Notes, other than the Subordinated 2026 Notes.

As part of the 2026 Debt Securitization Refinancing, on the Refinancing Date, the 2026 Issuer also entered into an amended and restated loan agreement (the "Class A-L-R Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties thereto as lenders (the "Class A-L-R Lenders") committed to make $50 million of AAA Class A-L-R 2026 Loans to the 2026 Issuer (the "Class A-L-R 2026 Loans" and, together with the 2026 Notes, the "2026 Debt"). The Class A-L-R 2026 Loans bear interest at the three-month Term SOFR plus 1.38% and were fully drawn on the Refinancing Date.

The 2026 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2031, all principal collections received on the underlying collateral may be used by the 2026 Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral manager of the 2026 Issuer and in accordance with the Company's investment strategy and the terms of the Indenture, allowing the Company to maintain the initial leverage in the 2026 Debt Securitization Refinancing. The 2026 Notes are due on January 20, 2039. The 2026 Loans are scheduled to mature on, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on, January 20, 2039. The 2026 Notes may be optionally redeemed, and the 2026 Loans may be optionally prepaid, on or after January 20, 2028.

The 2026 Debt is the secured obligation of the 2026 Issuer, and the Supplemental Indenture and the Class A-L-R Loan Agreement, as applicable, governing the 2026 Debt include customary covenants and events of default. The 2026 Debt has not been, and will not be, registered under the Securities Act or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

On the Refinancing Date, the Company amended and restated the CLO-II Collateral Management Agreement, pursuant to which the Company serves as collateral manager to the 2026 Issuer (the "Amended and Restated Collateral Management Agreement") , and will waive any management fee due to it in consideration for providing these services.

The descriptions of the Supplemental Indenture, the Purchase Agreement, the Amended and Restated Collateral Management Agreement, and the Class A-L-R Loan Agreement contained in this Annual Report on Form 10-K do not purport to be complete and are qualified in their entirety by reference to the Supplemental Indenture, the Purchase Agreement, the Amended and Restated Collateral Management Agreement, and the Class A-L-R Loan Agreement attached hereto as Exhibits 10.15, 10.17, 10.18 and 10.19, respectively, and incorporated into this Annual Report on Form 10-K by reference.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information provided in Item 1.01 is incorporated by reference into this Item 2.03.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the fiscal quarter ended December 31, 2025, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On February 24, 2026, David Kirchheimer notified the Board that he was resigning as a director of the Board, effective as of the same date. In submitting his resignation, Mr. Kirchheimer did not express any disagreement on any matter relating to the Company's operations, policies or practices. In connection with Mr. Kirchheimer's resignation, the size of the Board was reduced from six (6) directors to five (5) directors.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** 

Not applicable.

------

**PART III.**

We will file a definitive Proxy Statement for our 2026 Annual Meeting of Shareholders (the "2026 Proxy Statement") with the SEC, pursuant to Regulation 14A, within 120 days after the end of our fiscal year-end, which was December 31, 2025. Accordingly, information required by Part III has been omitted under General Instruction G(3) to Form 10-K. Only those sections of our 2026 Proxy Statement that specifically address the items set forth herein are incorporated by reference herein.

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The information required by Item 10 is hereby incorporated by reference from our 2026 Proxy Statement to be filed with the SEC within 120 days following the end of our fiscal year-end, which was December 31, 2025.

**ITEM 11. EXECUTIVE COMPENSATION**

The information required by Item 11 is hereby incorporated by reference from our 2026 Proxy Statement to be filed with the SEC within 120 days following the end of our fiscal year-end, which was December 31, 2025.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The information required by Item 12 is hereby incorporated by reference from our 2026 Proxy Statement to be filed with the SEC within 120 days following the end of our fiscal year-end, which was December 31, 2025.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The information required by Item 13 is hereby incorporated by reference from our 2026 Proxy Statement to be filed with the SEC within 120 days following the end of our fiscal year-end, which was December 31, 2025.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required by Item 14 is hereby incorporated by reference from our 2026 Proxy Statement to be filed with the SEC within 120 days following the end of our fiscal year-end, which was December 31, 2025.

------

**PART IV.**

**ITEM 15. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Documents Filed as Part of this Report**

The following financial statements are set forth in <u>[Item 8](#i8046fd6cdb8747a39c39abcbe0255a61_178)</u>:

**Nuveen Churchill Direct Lending Corp.**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> | <u>[93](#i8046fd6cdb8747a39c39abcbe0255a61_19)</u> |
| <u>[Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> | <u>[94](#i8046fd6cdb8747a39c39abcbe0255a61_22)</u> |
| <u>[Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> | <u>[95](#i8046fd6cdb8747a39c39abcbe0255a61_25)</u> |
| <u>[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> | <u>[96](#i8046fd6cdb8747a39c39abcbe0255a61_28)</u> |
| <u>[Consolidated Schedules of Investments for the Years Ended December 31, 2025 and 2024](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> | <u>[98](#i8046fd6cdb8747a39c39abcbe0255a61_31)</u> |
| <u>[Notes to Financial Statements](#i8046fd6cdb8747a39c39abcbe0255a61_40)</u> | <u>[149](#i8046fd6cdb8747a39c39abcbe0255a61_37)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.Exhibits**

The following exhibits are filed as part of this Annual Report on Form 10-K or hereby incorporated by reference to exhibits previously filed with the United States Securities and Exchange Commission.

---

| | |
|:---|:---|
| 3.1 | <u>[Articles of Amendment and Restatement](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit32form10a.htm)</u> (1) |
| 3.2 | <u>[Articles of Amendment](https://www.sec.gov/Archives/edgar/data/1737924/000162828020008796/nuveenchurchill8-k_exhibit.htm)</u> (2) |
| 3.3 | <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit33form10a.htm)</u>(1) |
| 3.4 | <u>[Certificate of Merger of Churchill Middle Market CLO V Ltd.](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit34form10a.htm)</u> (1) |
| 4.1 | <u>[Form of Stock Certificate](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit42form10a.htm)</u> (1) |
| 4.2 | <u>[Description of Securities](https://www.sec.gov/Archives/edgar/data/1737924/000162828021004638/exhibit43descriptionofsecu.htm)</u> (4) |
| 4.3 | <u>[Indenture, dated as of January 22, 2025, by and between Nuveen Churchill Direct Lending Corp. and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1737924/000162828025002219/exhibit41-form8xk1222025.htm)</u> (17) |
| 4.4 | <u>[First Supplemental Indenture, dated as of January 22, 2025, by and between Nuveen Churchill Direct Lending Corp. and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1737924/000162828025002219/exhibit42-form8xk1222025.htm)</u> (17) |
| 4.5 | <u>[Form of Global Note with respect to the 6.650% Notes due 2030](https://www.sec.gov/Archives/edgar/data/1737924/000162828025002219/exhibit42-form8xk1222025.htm)</u> (17) |
| 10.1 | <u>[Amended and Restated Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit101-closing8xk.htm)[, dated as of January 29, 2024,](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit101-closing8xk.htm)[by and](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit101-closing8xk.htm)[between Nuveen Churchill Direct Lending Corp. and Churchill DLC Advisor LLC](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit101-closing8xk.htm)</u> (10) |
| 10.2 | <u>[Third Amended and Restated Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1737924/000162828022005765/ncdl-ex991form10xkx3arsubx.htm)[, dated as of March 8,](https://www.sec.gov/Archives/edgar/data/1737924/000162828022005765/ncdl-ex991form10xkx3arsubx.htm)[2022,](https://www.sec.gov/Archives/edgar/data/1737924/000162828022005765/ncdl-ex991form10xkx3arsubx.htm)[by and between Nuveen Churchill Advisors LLC and Churchill Asset Management LLC](https://www.sec.gov/Archives/edgar/data/1737924/000162828022005765/ncdl-ex991form10xkx3arsubx.htm)</u> (3) |
| 10.3 | <u>[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit102-closing8xk.htm)[, dated as of January 29, 2024.](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit102-closing8xk.htm)[by and among Churchill DLC Advisor LLC, Churchill Asset Management LLC, and Nuveen Asset Management, LLC](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit102-closing8xk.htm)</u> (10) |
| 10.4 | <u>[Administration Agreement between Nuveen Churchill BDC Inc. and Nuveen Churchill Administration LLC](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit103form10a.htm)</u> (1) |
| 10.5 | <u>[Custody Agreement between Nuveen Churchill BDC Inc. and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/1737924/000162828020000700/exhibit104form10a.htm)</u> (1) |
| 10.6 | <u>[Amended and Restated Dividend Reinvestment Plan](https://www.sec.gov/Archives/edgar/data/1737924/000162828024002584/exhibit103-closing8xk.htm)</u> (10) |
| 10.7 | <u>[Transfer Agency and Service Agreement between Nuveen Churchill Direct Lending Corp. and Computershare Inc., and its affiliate Computershare Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/1737924/000162828024007039/ncdl-computersharetaagreem.htm)</u> (12)  |
| 10.8 | <u>[Purchase and Placement Agreement by and among, Churchill NCDLC CLO-I LLC, Wells Fargo Securities, LLC, as initial purchaser and NatWest Markets Plc, as co-placement agent](https://www.sec.gov/Archives/edgar/data/1737924/000162828022010035/ncdlcclo-ixpurchaseandpl.htm)</u> (4) |
| 10.9 | <u>[Indenture and Security Agreement, dated as of May 20, 2022, by and between Churchill NCDLC CLO-I, LLC, as issuer, and U.S. Bank Trust Company, National Association, trustee](https://www.sec.gov/Archives/edgar/data/1737924/000162828022015373/ncdl-form8xkxex101xncdlc.htm)</u> (5) |
| 10.10 | <u>[Amended and Restated Collateral Management Agreement, dated as of March 20, 2025, by and between Churchill NCDLC CLO-I, LLC, as issuer, and Nuveen Churchill Direct Lending Corp., as collateral manager](https://www.sec.gov/Archives/edgar/data/1737924/000162828025014963/a07churchillncdlcclo-ire.htm)</u>(18) |

---

------

---

| | |
|:---|:---|
| 10.11 | <u>[Amended and Restated Class A-L-R Loan Agreement, dated as of March 20, 2025, among Churchill NCDLC CLO-I, LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and as trustee under the Indenture, and each of the Class A-L-R Lenders party thereto](https://www.sec.gov/Archives/edgar/data/1737924/000162828025014963/a10churchillncdlcclo-ixa.htm)</u>(18) |
| 10.12 | <u>[First Supplemental Indenture, dated as of March 20, 2025, by and among Churchill NCDLC CLO-I, LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1737924/000162828025014963/a04churchillncdlcclo-ire.htm)</u> (18) |
| 10.13 | <u>[Note Purchase Agreement, dated as of March 20, 2025, between Churchill NCDLC CLO-I, LLC, as issuer, and SG Americas Securities, LLC, as initial purchaser](https://www.sec.gov/Archives/edgar/data/1737924/000162828025014963/churchillncdlcclo-ireset.htm)</u> (18) |
| 10.14 | <u>[Indenture and Security Agreement, dated as of December 7, 2023, by and between Churchill NCDLC CLO-II, LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1737924/000162828023041321/exhibit101-churchillncdl.htm)</u>(8) |
| 10.15 | <u>[First Supplemental Indenture, dated as of February 20, 2026, by and between Churchill NCDLC CLO-II, LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee](exhibit1015ncdlccloiires.htm)[\*](exhibit1015ncdlccloiires.htm)</u> |
| 10.16 | <u>[Placement Agreement, dated as of December 7, 2023, by and among Churchill NCDLC CLO-II, LLC, as issuer, SMBC Nikko Securities America, Inc., as placement agent, and Capital One Securities, Inc., as co-placement agent](https://www.sec.gov/Archives/edgar/data/1737924/000162828023041321/exhibit102-smbcchurchill.htm)</u>. (9) |
| 10.17 | <u>[Note Purchase Agreement, dated as of February 20, 2026, between Churchill NCDLC CLO-II, LLC, as issuer, and SG Americas Securities, LLC, as initial purchaser](exhibit1017ncdlccloiires.htm)[\*](exhibit1017ncdlccloiires.htm)</u> |
| 10.18 | <u>[Amended and Restated Collateral Management Agreement, dated as of February 20, 2026, by and between Churchill NCDLC CLO-II, LLC, as issuer, and Nuveen Churchill Direct Lending Corp., as collateral manager](exhibit1018ncdlccloiires.htm)[\*](exhibit1018ncdlccloiires.htm)</u> |
| 10.19 | <u>[Amended and Restated Class A-L-R Loan Agreement, dated as of February 20, 2026, among Churchill NCDLC CLO-II, LLC, as borrower, U.S. Bank Trust Company, National Association, as loan agent and as trustee under the Indenture, and each of the Class A-L-R Lenders party thereto](exhibit1019ncdlccloiires.htm)[\*](exhibit1019ncdlccloiires.htm)</u> |
| 10.20 | <u>[Purchase and Placement Agreement, dated February 9, 2024, by and among Churchill NCDLC CLO-III LLC, as issuer, and Wells Fargo Securities, LLC, as initial purchaser.](https://www.sec.gov/Archives/edgar/data/1737924/000162828024005053/ncdl-ex101purchaseandplace.htm)</u> (11) |
| 10.21 | <u>[Indenture, dated as of March 14, 2024, by and between Churchill NCDLC CLO-III, LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1737924/000162828024012245/exhibit101-churchillncdlcc.htm)</u> (13) |
| 10.22 | <u>[Collateral Management Agreement, dated as of March 14, 2024, by and between Churchill NCDLC CLO-III, LLC, as issuer, and Nuveen Churchill Direct Lending Corp., as collateral manager](https://www.sec.gov/Archives/edgar/data/1737924/000162828024012245/exhibit102-churchillncdlcc.htm)</u> (13) |
| 10.23 | <u>[Senior Secured Revolving Credit Agreement, dated as of June 23, 2023, by and among Nuveen Churchill Direct Lending Corp., as the borrower, Sumitomo Mitsui Banking Corporation, as the administrative agent and the lenders.](https://www.sec.gov/Archives/edgar/data/1737924/000162828023023726/ncdl-ex101xsmbcrevolving.htm)</u> (7) |
| 10.24 | <u>[Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of April 9, 2024, by and among Nuveen Churchill Direct Lending Corp., as borrower, NCDL Equity Holdings LLC, as subsidiary guarantor, the lenders and issuing banks party thereto, Sumitomo Mitsui Banking Corporation, as administrative agent for the lenders](https://www.sec.gov/Archives/edgar/data/1737924/000162828024016233/exhibit101.htm)</u> (14) |
| 10.25 | <u>[Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of October 4, 2024, by and among Nuveen Churchill Direct Lending Corp., as borrower, NCDL Equity Holdings LLC, as subsidiary guarantor, the lenders and issuing banks party thereto, Sumitomo Mitsui Banking Corporation, as administrative agent for the lenders](https://www.sec.gov/Archives/edgar/data/1737924/000162828024042559/smbc-ncdlcxamendmentno2x.htm)</u> (16) |
| 10.26 | <u>[Form of Equity Distribution Agreement, dated March 10, 2025, by and among Nuveen Churchill Direct Lending Corp., Churchill DLC Advisor LLC, Churchill Asset Management LLC, and Churchill BDC Administration LLC, on the one hand, and each of Truist Securities, Inc., Citizens JMP Securities, LLC and Keefe, Bruyette & Woods, Inc., on the other hand](https://www.sec.gov/Archives/edgar/data/1737924/000162828025011689/exhibit101-8xk.htm)</u> (18) |
| 14.1 | <u>[Independent Director Code of Ethics of Nuveen Churchill Direct Lending Corp.](https://www.sec.gov/Archives/edgar/data/1737924/000173792426000009/exhibitr1-joint38ax1manu.htm)</u>(19) |
| 14.2 | <u>[Code of Ethics of Nuveen, LLC](https://www.sec.gov/Archives/edgar/data/1737924/000173792426000009/exhibitr2-nuveencodeofet.htm)</u> (19) |
| 19.1 | <u>[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1737924/000162828024007039/ncdl-insidertradingpolicy.htm)</u> (12) |
| 21.1 | <u>[List of Subsidiaries](ncdl-ex211xlistofsubsidiar.htm)</u>\* |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm — PricewaterhouseCoopers LLP (relating to the Consolidated Financial Statements)](ncdlex231pwcconsentdecembe.htm)</u>\* |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](ceosection302ex311december.htm)</u> \* |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](cfosection302ex312december.htm)</u> \* |
| 32 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended](a906exhibit32december312025.htm)</u> \* |
| 97.1 | <u>[Compensation Recoupment Policy](https://www.sec.gov/Archives/edgar/data/1737924/000162828024007039/ncdl-compensationrecoupmen.htm)</u> (12) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |

---

------

---

| | |
|:---|:---|
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Previously filed on January 29, 2020 with Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56133) and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Previously filed on June 2, 2020 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Previously filed on April 5, 2022 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Previously filed on March 8, 2022 with the Company's Annual Report on Form 10-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Previously filed on May 10, 2022 with the Company's Quarterly Report on Form 10-Q and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Previously filed on May 25, 2022 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Previously filed on June 28, 2023 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Previously filed on October 30, 2023 with the Company's Quarterly Report on Form 10-Q and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Previously filed on December 12, 2023 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)Previously filed on January 30, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)Previously filed on February 15, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)Previously filed on February 27, 2024 with the Company's Annual Report on Form 10-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)Previously filed on March 20, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)Previously filed on September 3, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)Previously filed on October 8, 2024 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)Previously filed on January 22, 2025 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)Previously filed on March 10, 2025 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)Previously filed on March 26, 2025 with the Company's Current Report on Form 8-K and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)Previously filed on February 25, 2026 with the Company's Registration Statement on Form N-2 and incorporated by reference herein.

------

**ITEM 16. FORM 10-K SUMMARY&nbsp;&nbsp;&nbsp;&nbsp;**

None.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| By: | /s/ Kenneth Kencel |
|  | Name: Kenneth Kencel |
|  | Title: President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Shai Vichness |
|  | Name: Shai Vichness |
|  | Title: Chief Financial Officer and Treasurer |

---

Dated: February 25, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Kenneth Kencel | President and Chief Executive Officer | February 25, 2026 |
| Kenneth Kencel |  |  |
| /s/ Shai Vichness | Chief Financial Officer and Treasurer | February 25, 2026 |
| Shai Vichness |  |  |
| /s/ Reena Aggarwal | Director | February 25, 2026 |
| Reena Aggarwal |  |  |
| /s/ Kenneth Miranda | Director | February 25, 2026 |
| Kenneth Miranda |  |  |
| /s/ Stephen Potter | Director | February 25, 2026 |
| Stephen Potter |  |  |
| /s/ James Ritchie | Director | February 25, 2026 |
| James Ritchie |  |  |

---

## Exhibit 10.15

![](exhibit1015ncdlccloiires001.jpg)

EXECUTION VERSION NA_DECHERT.34028372.4 FIRST SUPPLEMENTAL INDENTURE to the INDENTURE dated as of February 20, 2026 by and among CHURCHILL NCDLC CLO-II, LLC, as Issuer and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee This FIRST SUPPLEMENTAL INDENTURE dated as of February 20, 2026 (this "Supplemental Indenture") to the Indenture (the "Original Indenture" and, as amended by this Supplemental Indenture, the "Indenture"), dated as of December 7, 2023 (the "Closing Date"), is entered into by and between Churchill NCDLC CLO-II, LLC, a Delaware limited liability company (the "Issuer") and U.S. Bank Trust Company, National Association, as trustee (together with its successors in such capacity, the "Trustee"). Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the blackline Indenture attached hereto as Annex A. PRELIMINARY STATEMENT WHEREAS, pursuant to Section 8.1(xii)(B)(y) of the Original Indenture, without the consent of the Holders of any Debt but with the written consent of the Collateral Manager at any time and from time to time, subject to Section 8.3 of the Original Indenture, and without an Opinion of Counsel being provided to the Issuer or the Trustee or each applicable Loan Agent, as applicable, as to whether any Class of Debt would be materially and adversely affected thereby, (x) the Issuer and the Trustee may enter into one or more indentures supplemental to the Indenture, in form satisfactory to the Trustee and/or (y) the Issuer and each applicable Loan Agent may enter into one or more indentures supplemental to the Class A-L Loan Agreements, in a form satisfactory to the Loan Agent, in each case, in order to, at the direction of the Collateral Manager and with the consent of the Retention Holder, permit the Issuer to issue replacement securities in connection with a Refinancing in accordance with the Indenture (including, in connection with a Refinancing of all Classes of Secured Debt in full, modifications to (a) effect an extension of the end of the Reinvestment Period, (b) establish a non-call period or prohibit a future Refinancing, (c) modify the Weighted Average Life Test, (d) provide for a stated maturity of the obligations or loans or other financial arrangements issued or entered into in connection with such Refinancing that is later than the Stated Maturity of the Secured Debt, (e) effect an extension of the Stated Maturity of the Subordinated Notes or (f) any other changes to the Transaction Documents, in the case of

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![](exhibit1015ncdlccloiires002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;- 2 - NA_DECHERT.34028372.4 each of (a) through (f), as consented to by the Collateral Manager and a Majority of the Subordinated Notes; WHEREAS, the Issuer, the Collateral Manager and the Retention Holder wish to (A) amend the Original Indenture and amend and restate the Class A-L-B Loan Agreement, among the Issuer, U.S. Bank Trust Company, National Association, as loan agent (in such capacity, the "Loan Agent") and as Trustee, and each of the Class A-L-B Lenders party thereto, dated as of the Closing Date (the "Original Loan Agreement" and, as amended and restated on the Refinancing Date, the "Amended and Restated Loan Agreement"), in each case pursuant to Sections 8.1(xii)(B)(y) and 9.2(g) of the Original Indenture, and, in the case of the Original Loan Agreement, Section 7.02(b) thereof, to effect a Refinancing of the Class X Notes, the Class A-1 Notes, the Class A-L-A Loans, the Class A-L-B Loans and the Class B Notes (collectively, the "Redeemed Debt") through (x) the issuance by the Applicable Issuers of the Class A-L-R Loans, the Class A-R Notes, the Class B-R Notes and additional Subordinated Notes (collectively, the "Replacement Debt") pursuant to this Supplemental Indenture pursuant to the amended and restated class A-L-R loan agreement entered into as of the date hereof, by and among the Issuer, as borrower, the Class A-L Lenders party thereto, the Trustee and the Loan Agent (the "Loan Agreement") and (B) make the further changes to the Indenture as indicated in Annex A hereto; WHEREAS, pursuant to Section 8.1(xii)(B)(y) of the Original Indenture, in connection with the amendments to the Original Indenture as described herein, the parties hereto wish to (A) enter into (x) the Amended and Restated Collateral Management Agreement (the "Collateral Management Agreement"), dated as of the Refinancing Date, by and between the Issuer and the Collateral Manager and (y) the Amended and Restated EU/UK Retention Agreement (the "EU/UK Retention Agreement"), dated as of the Refinancing Date, by and among the Issuer, the Retention Holder, the Trustee and the Initial Purchaser, and (B) make any other changes to the Transaction Documents in connection with the amendment of the Original Indenture, in each case, with the consent of the Collateral Manager and the Holder of all of the Subordinated Notes; WHEREAS, the conditions set forth for entry into a supplemental indenture pursuant to Sections 8.1 and 8.3 of the Original Indenture have been satisfied; WHEREAS, the conditions set forth in Section 9.2 of the Original Indenture to the redemption by Refinancing to be effected from the proceeds of the issuance and incurrence of the Replacement Debt have been satisfied; WHEREAS, pursuant to Section 8.1(xii)(B)(y) of the Original Indenture, the Holder of 100% of the Subordinated Notes has consented to this Supplemental Indenture; NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties agree as follows: 1. Amendments. Effective as of the date hereof upon satisfaction of the conditions set forth in Section 2 below, the Original Indenture (including the Schedules and Exhibits thereto) is amended pursuant to Sections 8.1(xii)(B)(y) and 9.2 of the Original Indenture, by deleting the stricken text (indicated in the same manner as the following example: stricken text) and adding

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 - NA_DECHERT.34028372.4 the inserted text (indicated in the same manner as the following example: inserted text) as set forth on the pages of the draft Indenture attached as Annex A hereto. 2. Terms of the Replacement Debt. (a) The redemption and repayment of the Redeemed Debt and the issuance and incurrence of the Replacement Debt shall each occur on February 20, 2026 (the "Refinancing Date"). (b) The Subordinated Notes shall remain Outstanding following the Refinancing; provided that additional Subordinated Notes shall be issued in connection with the Refinancing and the Stated Maturity of the Subordinated Notes shall be extended as set forth on Annex A hereto. 3. Conditions Precedent. The modifications to be effected pursuant to Section 1 above shall become effective as of the date first written above upon receipt by the Trustee of each of the following: (i) a Responsible Officer's certificate of the Issuer (A) evidencing the authorization by Issuer Resolution of the execution and delivery of this Supplemental Indenture, the Collateral Management Agreement, the EU/UK Retention Agreement, the Loan Agreement, and the execution, authentication and delivery of the Replacement Debt applied for by it and specifying the Stated Maturity, principal amount and Interest Rate of each Class of Replacement Debt to be authenticated and delivered, and (B) certifying that (1) the attached copy of the Issuer Resolution is a true and complete copy thereof, (2) such Issuer Resolution has not been rescinded and is in full force and effect on and as of the Refinancing Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon; (ii) from the Issuer either (A) a certificate of the Issuer or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or consent of any governmental body is required for the valid issuance or incurrence of the Replacement Debt, or (B) an Opinion of Counsel of the Issuer that no other authorization, approval or consent of any governmental body is required for the valid issuance or incurrence of such Replacement Debt except as have been given (provided that the opinions delivered pursuant to clause (iii) below may satisfy the requirement); (iii) opinions of (i) Dechert LLP, special U.S. counsel to the Issuer and the Collateral Manager, (ii) Nixon Peabody LLP, counsel to the Trustee, and (iii) Richards, Layton & Finger, P.A., Delaware counsel to the Issuer, in each case dated the Refinancing Date, in form and substance satisfactory to the Issuer; (iv) a Responsible Officer's certificate of the Issuer stating that, to the best of the signing Responsible Officer's knowledge, the Issuer is not in default under the Original Indenture and that the issuance and incurrence of the Replacement Debt applied for by it shall not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any

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&nbsp;&nbsp;&nbsp;&nbsp;- 4 - NA_DECHERT.34028372.4 Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in the Original Indenture and this Supplemental Indenture relating to the authentication and delivery of the Replacement Debt applied for by it have been complied with; that all expenses due or accrued with respect to the offering of the Replacement Debt or relating to actions taken on or in connection with the Refinancing Date have been paid or reserves therefor have been made; and, with respect to the Issuer, that all of its representations and warranties contained in the Original Indenture are true and correct as of the Refinancing Date. (v) a letter signed by each Rating Agency confirming that the Class A-R Notes are rated "AAA (sf)" by S&P, the Class A-L-R Loans are rated "AAA (sf)" by S&P and the Class B- R Notes are rated at least "AA (sf)" by S&P; and (vi) an Issuer Order by the Issuer directing the Trustee to authenticate the Replacement Debt in the amounts and names set forth therein and to apply the proceeds thereof to redeem the Redeemed Debt issued or incurred on the Closing Date at the applicable Redemption Prices therefor on the Refinancing Date. 4. Consents and Waivers. (a) Consent of the Holders of the Replacement Debt. Each Holder or beneficial owner of any Replacement Debt, by its acquisition thereof on the Refinancing Date, shall be deemed to agree to the terms of and the execution of the parties thereto, as applicable, of the Indenture including the amendments set forth in this Supplemental Indenture, the Loan Agreement, the Collateral Management Agreement, the EU/UK Retention Agreement, and any other amendments to the Transaction Documents entered into on the Refinancing Date. (b) Consent of the Collateral Manager. The Collateral Manager hereby consents to the amendments set forth in this Supplemental Indenture, the Loan Agreement, the Collateral Management Agreement, the EU/UK Retention Agreement, and any other amendments to the Transaction Documents entered into on the Refinancing Date. (c) Consent and Waiver of the Holder of the Subordinated Notes. The undersigned Holder of all of the Subordinated Notes hereby (i) consents to the amendments set forth in this Supplemental Indenture, the Loan Agreement, the Collateral Management Agreement, the EU/UK Retention Agreement, and any other amendments to the Transaction Documents entered into on the Refinancing Date and (ii) waives any notice of supplemental indenture required pursuant to section 8.3(e) of the Original Indenture. (d) Consent of the Retention Holder. The Retention Holder hereby consents to the amendments set forth in this Supplemental Indenture. 5. Payments on the Refinancing Date. The Issuer hereby directs the Trustee to (1) first, apply the proceeds of the Refinancing Debt received on the Refinancing Date to pay the Redemption Price (without duplication of any payments received by the Holders of the Debt being redeemed pursuant to the Priority of Interest Proceeds or the Special Priority of Payments) of the Redeemed Debt in accordance with the Debt Payment Sequence; (2) second, apply any remaining proceeds of the Refinancing Debt received

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&nbsp;&nbsp;&nbsp;&nbsp;- 5 - NA_DECHERT.34028372.4 on the Refinancing Date to pay Administrative Expenses related to the Refinancing (regardless of the Administrative Expense Cap), including the reasonable fees, costs, charges and expenses incurred by the Trustee, the Loan Agent, the Collateral Administrator and the Collateral Manager (including reasonable attorneys' fees and expenses) in accordance with Section 9.2(e) of the Indenture and (3) third, acquire additional Collateral Obligations from the Retention Holder pursuant to the Master Transfer Agreement, (4) fourth, deposit $5,019,310.30 in the Principal Collection Subaccount as Principal Proceeds, (5) fifth, deposit $1,425,374.04 in the Expense Reserve Account for use pursuant to Section 10.3(d) of the Indenture, (6) sixth, deposit in the Interest Collection Subaccount as Interest Proceeds or the Principal Collection Subaccount as Principal Proceeds, as directed by the Collateral Manager, any remaining proceeds of the Refinancing Debt received on the Refinancing Date, (7) seventh, apply available Interest Proceeds pursuant to Section 11.1(a)(i) of the Indenture and (8) eighth, apply all Principal Proceeds on deposit in the Principal Collection Subaccount pursuant to 11.1(a)(ii) of the Indenture. For purposes of the Distribution Report related to the Refinancing Date and the distribution of amounts on the Refinancing Date, the related Collection Period shall end on the seventh Business Day prior to the Refinancing Date (provided that, for the avoidance of doubt, the related Refinancing Proceeds shall be deemed to have been received in such Collection Period). 6. Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED IN ALL RESPECTS (WHETHER IN CONTRACT OR IN TORT) BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS. 7. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Supplemental Indenture by electronic means (including email or telecopy) will be effective as delivery of a manually executed counterpart of this Supplemental Indenture. 8. Concerning the Trustee. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness. Except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;- 6 - NA_DECHERT.34028372.4 9. Non-Petition; Limited Recourse. The parties hereto agree to the provisions set forth in Sections 2.7(i), 5.4(d) and 13.1(c) of the Indenture, and such provisions are incorporated in this Supplemental Indenture, mutatis mutandis. 10. No Other Changes. Except as provided herein, including Annex A hereto, the Original Indenture shall remain unchanged and in full force and effect, and each reference to the Indenture and words of similar import in the Indenture, as amended hereby, shall be a reference to the Indenture as amended hereby and as the same may be further amended, supplemented and otherwise modified and in effect from time to time. This Supplemental Indenture may be used to create a conformed amended and restated Indenture for the convenience of administration by the parties hereto. 11. Execution, Delivery and Validity. The Issuer represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 12. Binding Effect. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 13. Direction to the Trustee. Each of the Issuer and the Collateral Manager hereby direct the Trustee to execute this Supplemental Indenture and acknowledge and agree that the Trustee will be fully protected in relying upon the foregoing direction.

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Supplemental Indenture IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written. CHURCHILL NCDLC CLO-II, LLC, as Issuer By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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Supplemental Indenture Acknowledged and consented to: NUVEEN CHURCHILL DIRECT LENDING CORP., as Collateral Manager By: Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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Supplemental Indenture NUVEEN CHURCHILL DIRECT LENDING CORP., as Retention Holder By: Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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Supplemental Indenture NUVEEN CHURCHILL DIRECT LENDING CORP., as Holder of all of the Subordinated Notes By: Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNEX A [Attached]

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BUSINESS.30544778.20 EXECUTION VERSION Conformed through First Supplemental Indenture, dated February 20, 2026 INDENTURE AND SECURITY AGREEMENT by and between CHURCHILL NCDLC CLO-II, LLC, Issuer and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, Trustee Dated as of December 7, 2023 NA_DECHERT.34028373.7

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BUSINESS.30544778.20 **TABLE OF CONTENTS** Page -i- ARTICLE I DEFINITIONS Section 1.1 Definitions 2 Section 1.2 Usage of Terms 7774 Section 1.3 Assumptions as to Assets 7874 ARTICLE II THE DEBT Section 2.1 Forms Generally 8178 Section 2.2 Forms of Notes 8178 Section 2.3 Authorized Amount; Stated Maturity; Denominations 8379 Section 2.4 Execution, Authentication, Delivery and Dating. 8480 Section 2.5 Registration, Registration of Transfer and Exchange. 8581 Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen Note. 9490 Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved 9490 Section 2.8 Persons Deemed Owners 9793 Section 2.9 Cancellation 9793 Section 2.10 DTC Ceases to be Depository 9894 Section 2.11 Non-PermittedNon-Permitted Holders. (a) 9995 Section 2.12 Tax Treatment and Tax Certifications 10096 Section 2.13 Additional Issuance. 10399 Section 2.14 Conversion of Class A-L-A Loans to Class A-1 Notes. 105 ARTICLE III CONDITIONS PRECEDENT Section 3.1 Conditions to Issuance of Debt on Closing Date. 106[Reserved]. 101 Section 3.2 Conditions to Additional Issuance. 109101 Section 3.3 Custodianship; Delivery of Collateral Obligations and Eligible Investments. 111103

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BUSINESS.30544778.20 **TABLE OF CONTENTS** (continued) Page -ii- ARTICLE IV SATISFACTION AND DISCHARGE Section 4.1 Satisfaction and Discharge of Indenture. 111104 Section 4.2 Application of Deposited Money. 113105 Section 4.3 Repayment of Monies Held by Paying Agent. 113106 Section 4.4 Limitation on Obligation to Incur Administrative Expenses. 114106 ARTICLE V EVENTS OF DEFAULT; REMEDIES Section 5.1 Events of Default. 114106 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 116108 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 117109 Section 5.4 Remedies. 119111 Section 5.5 Optional Preservation of Assets. 121113 Section 5.6 Trustee May Enforce Claims Without Possession of Debt. 122114 Section 5.7 Application of Money Collected. 122114 Section 5.8 Limitation on Suits. 122114 Section 5.9 Unconditional Rights of Secured Debtholders to Receive Principal and Interest. 123115 Section 5.10 Restoration of Rights and Remedies. 123115 Section 5.11 Rights and Remedies Cumulative. 124116 Section 5.12 Delay or Omission Not Waiver. 124116 Section 5.13 Control by Majority of Controlling Class. 124116 Section 5.14 Waiver of Past Defaults. 124116 Section 5.15 Undertaking for Costs. 125117 Section 5.16 Waiver of Stay or Extension Laws. 125117 Section 5.17 Sale of Assets. 125117 Section 5.18 Action on the Debt. 126118

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BUSINESS.30544778.20 **TABLE OF CONTENTS** (continued) Page -iii- ARTICLE VI THE TRUSTEE Section 6.1 Certain Duties and Responsibilities. 126119 Section 6.2 Notice of Event of Default. 128120 Section 6.3 Certain Rights of Trustee. 129121 Section 6.4 Not Responsible for Recitals or Issuance of 133125 Section 6.5 May Hold Debt. 133125 Section 6.6 Money Held for the Benefit of the Secured Debtholders. 133125 Section 6.7 Compensation and Reimbursement. 133125 Section 6.8 Corporate Trustee Required; Eligibility. 135127 Section 6.9 Resignation and Removal; Appointment of Successor. 135127 Section 6.10 Acceptance of Appointment by Successor. 136129 Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee. 137129 Section 6.12 Co-Trustees. 137129 Section 6.13 Certain Duties of Trustee Related to Delayed Payment of Proceeds. 138130 Section 6.14 Authenticating Agents. 139131 Section 6.15 Withholding. 139132 Section 6.16 Representative for Debtholders Only; Agent for each other Secured Party. 140132 Section 6.17 Representations and Warranties of the Bank. 140132 ARTICLE VII COVENANTS Section 7.1 Payment of Principal and Interest. 141133 Section 7.2 Maintenance of Office or Agency. 141133 Section 7.3 Money for Debt Payments to be Held for the Benefit of the Holders. 142134 Section 7.4 Existence of the Issuer. 144136 Section 7.5 Protection of Assets. 144136 Section 7.6 Opinions as to Assets. 145138 Section 7.7 Performance of Obligations. 146138 Section 7.8 Negative Covenants. 146138

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BUSINESS.30544778.20 **TABLE OF CONTENTS** (continued) Page -iv- Section 7.9 Statement as to Compliance. 147140 Section 7.10 The Issuer May Consolidate, etc. 148140 Section 7.11 Successor Substituted. 149142 Section 7.12 No Other Business. 150142 Section 7.13 [Reserved]. 150142 Section 7.14 Annual Rating Review. 150142 Section 7.15 Reporting. 150142 Section 7.16 Calculation Agent. 151143 Section 7.17 Certain Tax Matters. (a) 152144 Section 7.18 Effective Date; Purchase of Additional Collateral Obligations. (a)156[Reserved]. 148 Section 7.19 Representations Relating to Security Interests in the Assets. 159148 Section 7.20 Limitation on Certain Maturity Amendments. 161151 Section 7.21 Maintenance of Listing. 161151 ARTICLE VIII SUPPLEMENTAL INDENTURES Section 8.1 Supplemental Indentures Without Consent of Holders of Debt. 162152 Section 8.2 Supplemental Indentures With Consent of Holders of Debt. 166156 Section 8.3 Execution of Supplemental Indentures. 167157 Section 8.4 Effect of Supplemental Indentures or Amendments. 170159 Section 8.5 Reference in Debt to Supplemental Indentures. Debt 170160 ARTICLE IX REDEMPTION OF DEBT Section 9.1 Mandatory Redemption. 170160 Section 9.2 Optional Redemption. 171160 Section 9.3 Tax Redemption. (a) 175164 Section 9.4 Redemption Procedures. 175165 Section 9.5 Debt Payable on Redemption Date. 177167 Section 9.6 Special Redemption. 178168 Section 9.7 Optional Re-Pricing. 178169

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BUSINESS.30544778.20 **TABLE OF CONTENTS** (continued) Page -v- Section 9.8 Clean-Up Call Redemption. 181171 ARTICLE X ACCOUNTS, ACCOUNTINGS AND RELEASES Section 10.1 Collection of Money. 182173 Section 10.2 Collection Account. 183173 Section 10.3 Transaction Accounts. 185175 Section 10.4 The Revolver Funding Account. 187176 Section 10.5 The Interest Reserve Account. 188[Reserved]. 177 Section 10.6 Contributions. 188177 Section 10.7 Reinvestment of Funds in Accounts; Reports by Trustee. 188178 Section 10.8 Accountings. 190179 Section 10.9 EU Transparency Requirements. 198187 Section 10.10 Release of Assets. 199188 Section 10.11 Reports by Independent Accountants. 200189 Section 10.12 Reports to Rating Agencies and Additional Recipients. 202191 Section 10.13 Procedures Relating to the Establishment of Accounts Controlled by the Trustee. 202191 Section 10.14 Section 3(c)(7) Procedures. 202191 ARTICLE XI APPLICATION OF MONIES Section 11.1 Disbursements of Monies from Payment Account. 205194 ARTICLE XII SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS Section 12.1 Sales of Collateral Obligations. 211200 Section 12.2 Purchase of Additional Collateral Obligations. 213202 Section 12.3 Reserved. 216205 Section 12.4 Conditions Applicable to All Sale and Purchase Transactions. 216205 Section 12.5 Hedging. 217206

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BUSINESS.30544778.20 **TABLE OF CONTENTS** (continued) Page -vi- ARTICLE XIII NOTEHOLDERSDEBTHOLDERS' RELATIONS Section 13.1 Subordination. 217206 Section 13.2 Standard of Conduct. 218207 ARTICLE XIV MISCELLANEOUS Section 14.1 Form of Documents Delivered to Trustee. 218207 Section 14.2 Acts of Holders. 220209 Section 14.3 Notices, etc. to Certain Parties. 221210 Section 14.4 Notices to Holders; Waiver. 223211 Section 14.5 Effect of Headings and **Table of Contents**. 224212 Section 14.6 Successors and Assigns. 224212 Section 14.7 Severability. 224212 Section 14.8 Benefits of Indenture. 224213 Section 14.9 Reserved. 224213 Section 14.10 GOVERNING LAW. 224213 Section 14.11 Submission to Jurisdiction. 224213 Section 14.12 WAIVER OF JURY TRIAL. 225213 Section 14.13 Counterparts. 225214 Section 14.14 Acts of Issuer. 225214 Section 14.15 Confidential Information. 226214 Section 14.16 17g-5 Information. 227216 ARTICLE XV ASSIGNMENT OF CERTAIN AGREEMENTS Section 15.1 Assignment of Collateral Management Agreement. 229218

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BUSINESS.30544778.20 -i- Schedules and Exhibits Schedule 1 [Reserved] Schedule 2 S&P Industry Classifications Schedule 3 Moody's Rating Definitions Schedule 4 S&P Recovery Rate Tables Exhibit A Forms of Notes A-1 Form of Global Secured Note A-2 Form of Certificated Secured Note A-3 Form of Certificated Subordinated Note Exhibit B Forms of Transfer and Exchange Certificates B-1 Form of Transferor Certificate for Transfer of Rule 144A Global Note or Certificated Note to Regulation S Global Note B-2 Form of Purchaser Representation Letter for the Class X Notes, the Class A-1 Notes and the Class BSecured Notes issued in the form of Certificated Notes B-3 Form of Purchaser Representation Letter for Subordinated Notes issued in the form of Certificated Notes B-4 Form of Transferor Certificate for Transfer of Regulation S Global Note or Certificated Note to Rule 144A Global Note B-5 Form of ERISA Certificate B-6 Form of Transferee Certificate for Rule 144A Global Note B-7 Form of Transferee Certificate for Regulation S Global Note Exhibit C Form of Contribution Notice Exhibit D Form of Debt Owner Certificate Exhibit E Form of Conversion Certificate

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BUSINESS.30544778.20 INDENTURE AND SECURITY AGREEMENT, dated as of December 7, 2023, between CHURCHILL NCDLC CLO-II, LLC, a Delaware limited liability company (together with its permitted successors and assigns, the "Issuer") and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (herein, together with its permitted successors and assigns in the trusts hereunder, the "Trustee"). PRELIMINARY STATEMENT The Issuer is duly authorized to execute and deliver this Indenture to provide for the Debt issuable as provided herein. The Issuer and the Trustee are entering into this Indenture for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. All things necessary to make this Indenture a valid agreement of the Issuer in accordance with the agreement's terms have been done. GRANTING CLAUSES The Issuer hereby Grants to the Trustee, for the benefit and security of the Holders of the Secured Debt, the Trustee, the Loan AgentsAgent, the Collateral Administrator, the Collateral Manager, the Bank and U.S. Bank National Association in each of their other capacities under the Transaction Documents (collectively, the "Secured Parties"), all of the Issuer's right, title and interest in, to and under, in each case, whether now owned or existing on the Closing Date, or hereafterthereafter acquired or arising, (a) the Collateral Obligations, Workout Loans, Restructured Loans and Specified Equity Securities and all payments thereon or with respect thereto; (b) each of the Accounts, and any Eligible Investments on deposit in any of the Accounts, and all income from the investment of funds therein, (c) each Transaction Document, (d) all Cash or Money owned by the Issuer, (e) any Equity Securities received by the Issuer, (f) all accounts (including health-care-insurance receivables), chattel paper (whether tangible or electronic), commercial tort claims, deposit accounts, documents (including, if applicable, electronic documents), financial assets, general intangibles (including all payment intangibles), goods (including inventory and equipment), instruments, investment property, letters of credit, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), promissory notes and other supporting obligations relating to the foregoing (in each case as defined in the UCC), (g) any other property of the Issuer (whether or not constituting Collateral Obligations or Eligible Investments), and

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BUSINESS.30544778.20 -2- (h) all proceeds with respect to the foregoing (the assets referred to in (a) through (h) are collectively referred to as the "Assets"). The above Grant is made to secure the Secured Debt and certain other amounts payable by the Issuer as described herein. Except as set forth in the Priority of Payments and Article XIII of this Indenture, the Secured Debt is secured by the Grant equally and ratably without prejudice, priority or distinction between any Secured Debt and any other Secured Debt by reason of difference in time of issuance or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments and Article XIII of this Indenture, (i) the payment of all amounts due on the Secured Debt in accordance with its terms, (ii) the payment of all other sums (other than in respect of the Subordinated Notes) payable under this Indenture, (iii) the payment of amounts owing by the Issuer under the Class A-L Loan AgreementsAgreement, the Collateral Management Agreement, the Securities Account Control Agreement, and the Collateral Administration Agreement and (iv) compliance with the provisions of this Indenture, all as provided herein. The foregoing Grant shall, for the purpose of determining the property subject to the lien of this Indenture, be deemed to include any securities and any investments granted to the Trustee by or on behalf of the Issuer, whether or not such securities or investments satisfy the criteria set forth in the definitions of "Collateral Obligation" or "Eligible Investments", as the case may be. The Trustee acknowledges such Grant and agrees to perform the duties herein in accordance with the terms hereof. ARTICLE I DEFINITIONS Section 1.1 DefinitionsDefinitions. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word "including" shall mean "including without limitation". All references herein to designated "Articles", "Sections", "sub-sections" and other subdivisions are to the designated articles, sections, sub-sections and other subdivisions of this Indenture. The words "herein", "hereof", "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular article, section, sub-section or other subdivision. "17g-5 Information": The meaning specified in Section 14.16. "17g-5 Website": A password- protected website which shall initially be located at https://www.structuredfn.com. Any change of the 17g-5-5 Website shall only occur after notice has been delivered by the Issuer to the Trustee, the Collateral Manager, the Collateral Administrator, the Placement Agent, the Co-Placement AgentInitial Purchaser and S&P setting the date of change and new location of the 17g-5-5 Website.

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BUSINESS.30544778.20 -3- "1940 Act": The United States Investment Company Act of 1940, as amended from time to time. "25% Limitation": The meaning specified in Section 2.5(b). "Accountants' Effective Date Comparison AUP Report": The meaning specified in Section 7.18(c). "Accountants' Effective Date Recalculation AUP Report": The meaning specified in Section 7.18(c). "Accountants' Report": A certificate of the firm or firms appointed by the Issuer pursuant to Section 10.11(a). "Accounts": (i) The Payment Account, (ii) the Collection Account, (iii) the Ramp-UpRevolver Funding Account, (iv) the Revolver FundingCustodial Account, (v) the CustodialExpense Reserve Account, (vi) the Expense Reserve Account, (vii) the Interest Reserve Account, (viii) the Permitted Use Account, (ix) the Class A-L-A Loan Account and (x) the Class A-L-BPermitted Use Account and (vii) the Class A-L Loan Account. "Accredited Investor": The meaning specified in Rule 501(a) under the Securities Act. "Act": The meaning specified in Section 14.2. "Adjusted Class Break-even Default Rate": The rate equal to (a)(i) the Class Break-even Default Rate multiplied by (ii)(x) the Target Initial Par Amount divided by (y) the S&P Collateral Principal Amount plus (b)(i)(x) the S&P Collateral Principal Amount minus (y) the Target Initial Par Amount, divided by (ii)(x) the S&P Collateral Principal Amount multiplied by (y) 1 minus the Weighted Average S&P Recovery Rate. "Adjusted Collateral Principal Amount": As of any date of determination: (a) the Aggregate Principal Balance of the Collateral Obligations (other than Defaulted Obligations, Deferring Obligations (other than Permitted Deferrable Obligations),, Discount Obligations and Long Dated Obligations), plus (b) without duplication, the amounts on deposit in the Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds, plus (c) the aggregate of the Defaulted Obligation Balances for each Defaulted Obligation (except forand Deferring Obligations)Obligation, plus (d) the aggregate of the purchase prices for each Discount Obligation, excluding accrued interest, expressed as a percentage of par and multiplied by the Principal Balance thereof, for such Discount Obligation, plus

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![](exhibit1015ncdlccloiires024.jpg)

BUSINESS.30544778.20 -4- (e) the sum of, with respect to each Deferring Obligation (other than a Permitted Deferrable Obligation), the S&P Collateral Value for such Deferring Obligation; plus (e) (f) the sum of, with respect to each Long Dated Obligation, the lesser of (i) the product of 70% multiplied by the Principal Balance thereof, for and (ii) the Market Value of such Long Dated Obligation; provided that the Aggregatesolely for purposes of this clause (e), the Principal Balance will be zero for any Long Dated Obligation that matures more than 24 months after the earliest Stated Maturity of the Debt; minus (f) (g) the Excess CCC Adjustment Amount; provided that, with respect to any Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation, Deferring Obligation, Discount Obligation or Long Dated Obligation or any asset that falls into the Excess CCC Adjustment Amount, such Collateral Obligation shall, for the purposes of this definition, be treated as belonging to the category of Collateral Obligations which results in the lowest Adjusted Collateral Principal Amount on any date of determination. "Administrative Excess Amount": An amount equal on any Payment Date to (i) the Administrative Expense Cap (disregarding the proviso in such definition) on such Payment Date minus (ii) the aggregate amount of any Administrative Expenses paid pursuant to clause (A)(2) of Section 11.1(a)(i) on such Payment Date. "Administrative Expense Cap": An amount equal on any Payment Date (when taken together with any Administrative Expenses paid during the period since the preceding Payment Date or in the case of the first Payment Date following the Refinancing Date, the period since the ClosingRefinancing Date), to the sum of (a) 0.025% per annum (prorated for the related Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount on the Determination Date relating to the immediately preceding Payment Date (or, in the case of the first Payment Date following the Refinancing Date, the ClosingRefinancing Date) and (b) U.S.$200,000 per annum (prorated for the related Interest Accrual Period on the basis of a 360-day year consisting of twelve 30 day months); provided that (1) in respect of any Payment Date after the third Payment Date following the ClosingRefinancing Date, if the aggregate amount of Administrative Expenses paid pursuant to Section 11.1(a)(i)(A), Section 11.1(a)(ii)(A) and Section 11.1(a)(iii)(A)(2) (including any excess applied in accordance with this proviso) on the three immediately preceding Payment Dates and during the related Collection Periods is less than the stated Administrative Expense Cap (without regard to any excess applied in accordance with this proviso) in the aggregate for such three preceding Payment Dates, then the excess may be applied to the Administrative Expense Cap with respect to the then-current Payment Date; and (2) in respect of the third Payment Date following the ClosingRefinancing Date, such excess amount shall be calculated based on the Payment Dates preceding such Payment Date. "Administrative Expenses": The fees, expenses (including fees and costs of counsel and indemnities) and other amounts due or accrued with respect to any Payment Date (including, with respect to any Payment Date, any such amounts that were due and not paid on

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![](exhibit1015ncdlccloiires025.jpg)

BUSINESS.30544778.20 -5- any prior Payment Date in accordance with the Priority of Payments) and payable in the following order by the Issuer: first, to the Trustee pursuant to Section 6.7 and the other provisions of this Indenture, second, to the Bank, U.S. Bank National Association and any of their respective Affiliates in any of their respective other capacities under the Transaction Documents, third, on a pro rata basis, the following amounts (excluding indemnities) to the following parties: (i) the Independent Review Party, if any, Independent accountants (including tax accountants), agents (other than the Collateral Manager) and counsel of the Issuer for fees and expenses; (ii) S&P for fees and expenses (including any annual fee, amendment fees and surveillance fees) in connection with any rating of the Debt or in connection with the rating of (or provision of credit estimates in respect of) any Collateral Obligations; (iii) the Collateral Manager under this Indenture and the Collateral Management Agreement, including without limitation reasonable expenses of the Collateral Manager (including fees for its accountants, agents and counsel) incurred in connection with the purchase or sale of any Collateral Obligations, any other expenses incurred in connection with the Collateral Obligations and any other amounts payable pursuant to the Collateral Management Agreement but excluding the Aggregate Collateral Management Fees; (iv) the independent manager of the Issuer for fees and expenses; (v) any person in respect of any governmental fee, charge or tax; and (vi) any other Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant to or in connection with this Indenture (including without limitation the payment of all legal and other fees and expenses incurred in connection with the purchase or sale of any Collateral Obligations and any other expenses incurred in connection with the Collateral Obligations) and the Debt, including but not limited to, amounts owed to the Issuer pursuant to this Indenture, any amounts due in respect of the listing of the Debt on any stock exchange or trading system, any Re-Pricing, redemption, Refinancing or additional issuance of Debt; fourth, on a pro rata basis to any Person (including the Collateral Manager) in connection with satisfying the EU/UK Risk Retention Requirements and the EU Transparency Requirements in connection with the transaction contemplated hereunder, including any costs or fees related to additional due diligence or reporting requirements; and and fourthfifth, on a pro rata basis, indemnities payable to any Person pursuant to any Transaction Document or the Warehouse Agreement; provided that, for the avoidance of doubt, (x) amounts due in respect of actions taken on or before the ClosingRefinancing Date (other than indemnities payable under the Warehouse Agreement or any amounts payable with respect to actions taken underowing to the Bank or any Affiliate in any of their respective capacities under any Transaction Document or the Posting Agent Letter Agreement) shall not be payable as Administrative Expenses but shall be payable only from the Expense Reserve Account pursuant

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![](exhibit1015ncdlccloiires026.jpg)

BUSINESS.30544778.20 -6- to Section 10.3(d) and (y) amounts that are expressly payable to any Person under the Priority of Payments in respect of an amount that is stated to be payable as an amount other than as Administrative Expenses (including, without limitation, interest and principal in respect of the Debt) shall not constitute Administrative Expenses. "Affected Class": Any Class of Debt that, as a result of the occurrence of a Tax Event, has not received or will not receive 100% of the aggregate amount of principal and interest that would otherwise be due and payable to such Class on any Payment Date. "Affiliate": With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer, employee or general partner (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, "control" of a Person shall mean the power, direct or indirect, (x) to vote more than 50% (or, solely for purposes of determining control in connection with a Portfolio Company, 35%) of the securities or other interests having ordinary voting power for the election of directors of such Person or (y) other than for purposes of certain limits on the ability of the Issuer to sell Collateral Obligations to its Affiliates, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. For purposes of this definition, Obligors in respect of Collateral Obligations shall be deemed not to be Affiliates if they have distinct corporate family ratings and/or distinct issuer ratings. "Agent Members": Members of, or participants in, DTC, Euroclear or Clearstream. "Aggregate Collateral Management Fee": Without duplication, all accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Cumulative Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including accrued interest). "Aggregate Coupon": As of any Measurement Date, the sum of the products obtained by multiplying, in the case of each Fixed Rate Obligation (other than a Defaulted Obligation) (including, for any Permitted Deferrable Obligation that is a Fixed Rate Obligation, only the required current cash interest required by the Underlying Documents thereon and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation, in each case, that is a Fixed Rate Obligation), (i) the stated coupon on such Collateral Obligation expressed as a percentage and (ii) the principal balancePrincipal Balance of such Collateral Obligation. "Aggregate Funded Spread": As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (other than a Defaulted Obligation) that bears interest at a spread over a Reference Rate-based index (including, for any Permitted Deferrable Obligation, only the excess of the required current cash pay interest required by the Underlying Documents thereon over the applicable index and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation), (i) the stated interest rate spread on such Collateral Obligation above such index multiplied by (ii) the outstanding principal balance of such Collateral Obligation; provided that, with respect to any Reference Rate Floor

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![](exhibit1015ncdlccloiires027.jpg)

BUSINESS.30544778.20 -7- Obligation, the stated interest rate spread on such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest rate spread over the applicable index and (y) the excess, if any, of the specified "floor" rate relating to such Collateral Obligation over the applicable Reference Rate; and (b) in the case of each Floating Rate Obligation (other than a Defaulted Obligation) (including, for any Permitted Deferrable Obligation, only the required current cash pay interest required by the Underlying Documents thereon and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index other than a Reference Rate-based index, (i) the excess of the sum of such spread and such index over the Reference Rate as of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the outstanding principal balance of each such Collateral Obligation. "Aggregate Outstanding Amount": With respect to any of the Debt as of any date, the aggregate unpaid principal amount of such Debt Outstanding on such date. "Aggregate Principal Balance": When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively. "Aggregate Unfunded Spread": As of any Measurement Date, the sum of the products obtained by multiplying (i) for each Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation as of such date. "Alternative Method": The meaning specified in Section 7.17(m). "Alternative Rate": The Fallback Rate or Benchmark Replacement Rate selected by the Collateral Manager to replace the then current Reference Rate pursuant to a Reference Rate Amendment. "ARRC": The Alternative Reference Rates Committee. "Asset-backed Commercial Paper": Commercial paper or other short-term obligations of a program that primarily issues externally rated commercial paper backed by assets or exposures held in a bankruptcy-remote, special purpose entity. "Assets": The meaning specified in the Granting Clauses. "Assumed Reinvestment Rate": The Term SOFR Rate (as determined on the most recent Interest Determination Date relating to an Interest Accrual Period beginning on a Payment Date or the ClosingRefinancing Date) minus 0.25% per annum; provided that the Assumed Reinvestment Rate shall not be less than 0.00%. "Authenticating Agent": With respect to the Debt or a Class of the Debt, the Person designated by the Trustee or the applicable Loan Agent, as applicable, to authenticate

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![](exhibit1015ncdlccloiires028.jpg)

BUSINESS.30544778.20 -8- such Debt on behalf of the Trustee pursuant to Section 6.14 hereof or on behalf of such Loan Agent pursuant to the applicable Class A-L Loan Agreement. "Average Life": On any date of determination with respect to any Collateral Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled Distribution of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions by (ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation. "Balance": On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current balance of Cash, demand deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate and government securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial paper. "Bank": U.S. Bank Trust Company, National Association, in its individual capacity and not as Trustee, or any successor thereto. "Bankruptcy Code": The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time. "Benchmark Replacement Conforming Changes": With respect to the implementation of any Benchmark Replacement Rate, any technical, administrative or operational changes (including, but not limited to, changes to the definition of "Interest Accrual Period") that the Collateral Manager (on behalf of the Issuer) decides may be appropriate to reflect the adoption of such Benchmark Replacement Rate in a manner substantially consistent with market practice (or, if the Collateral Manager (on behalf of the Issuer) decides that adoption of any portion of such market practice is not administratively feasible or if the Collateral Manager (on behalf of the Issuer) determines that no market practice for use of the Benchmark Replacement Rate exists, in such other manner as the Collateral Manager (on behalf of the Issuer) determines is reasonably necessary). "Benchmark Replacement Date": The earlier to occur of the following events with respect to the Reference Rate and each date thereafter designated by the Collateral Manager following the occurrence of any of the following events: (i) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (x) the date of the public statement or publication of information referenced therein and (y) the date on which the administrator of the Reference Rate permanently or indefinitely ceases to provide the Reference Rate; (ii) in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein; or

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![](exhibit1015ncdlccloiires029.jpg)

BUSINESS.30544778.20 -9- (iii) in the case of clause (d) of the definition of "Benchmark Transition Event," the date on which the Collateral Manager in its sole discretion has notified the Trustee and the Calculation Agent that a "Benchmark Replacement Date" has occurred. "Benchmark Replacement Rate": The reference rate that the Collateral Manager determines in its sole discretion as a replacement for the base rate component applicable to the Secured Debt as of the applicable Benchmark Replacement Date meets each of clauses (i) and (ii) below: (i) the first applicable alternative set forth in the order below that also meets clause (ii) below: (1) the sum of: (a) Daily Simple SOFR and (b) in the case of an Unadjusted Benchmark Replacement Rate, the Benchmark Replacement Rate Adjustment; (2) the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body or the LSTA as the replacement for then current Reference Rate for the applicable Corresponding Tenor with respect to quarterly pay floating rate Loans of the type included in the Assets and (b) the Benchmark Replacement Rate Adjustment; and (3) the sum of: (a) the alternate rate of interest identified by the Collateral Manager as expected to be used in a majority of the quarterly pay Floating Rate Obligations included in the Assets or a majority of the new issue collateralized loan obligation transactions priced in the six months prior to the applicable Benchmark Replacement Date and (b) in the case of an Unadjusted Benchmark Replacement Rate, the Benchmark Replacement Rate Adjustment; and (ii) used in a majority of the quarterly pay Floating Rate Obligations included in the Assets or a majority of the new issue collateralized loan obligation transactions priced in the six months prior to the applicable Benchmark Replacement Date as determined by the Collateral Manager in its sole discretion. "Benchmark Replacement Rate Adjustment": With respect to any replacement of the Reference Rate with an Unadjusted Benchmark Replacement Rate, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Collateral Manager in the following order: (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Reference Rate with the applicable Unadjusted Benchmark Replacement Rate by the Relevant Governmental Body or the LSTA or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Reference Rate with the applicable Unadjusted Benchmark Replacement Rate for Dollar-denominated collateralized loan obligation securitization transactions at such time.

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![](exhibit1015ncdlccloiires030.jpg)

BUSINESS.30544778.20 -10- "Benchmark Transition Event": The occurrence of one or more of the following events with respect to the Reference Rate, as determined by the Collateral Manager: (a) public statement or publication of information by or on behalf of the administrator of the Reference Rate announcing that such administrator has ceased or will cease to provide such Reference Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Reference Rate; (b) a public statement or publication of information by the regulatory supervisor for the administrator of the Reference Rate, the Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Reference Rate, a resolution authority with jurisdiction over the administrator for the Reference Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Reference Rate, which states that the administrator of the Reference Rate has ceased or will cease to provide the Reference Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Reference Rate; (c) a public statement or publication of information by the regulatory supervisor for the administrator of the Reference Rate announcing that the Reference Rate is no longer representative; or (d) if at any time after the occurrence of a Benchmark Transition Event set forth in clauses (a) – (c) the Reference Rate is a rate that does not satisfy clause (ii) of the definition of Benchmark Replacement Rate, the Collateral Manager determines in its sole discretion to replace the then current Reference Rate with a rate that satisfies clause (ii) of the definition of Benchmark Replacement Rate. "Beneficial Ownership Certificate": The meaning specified in Section 14.2(e). "Benefit Plan Investor": A "benefit plan investor" as defined in 29 C.F.R. Section 2510.3-101 and Section 3(42) of ERISA, which includes (a) any employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) any plan (as defined in Section 4975(e)(1) of the Code) to which Section 4975 of the Code applies and (c) any entity whose underlying assets include "plan assets" by reason of such an employee benefit plan's or plan's investment in such entity. "Bond": A debt security (that is not a Loan) that is issued by a partnership, trust or any other entity. "Book Value": "Book value" within the meaning of Treasury Regulations Section 1.704-1(b)(2)(iv), adjusted (to the extent permitted under Treasury Regulations Section 1.704-1(b)(2)(iv)(f)) as necessary to reflect the relative economic interests of the beneficial owners of the Subordinated Notes (as determined for U.S. federal income tax purposes).

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![](exhibit1015ncdlccloiires031.jpg)

BUSINESS.30544778.20 -11- "Bridge Loan": Any loan or other obligation that (i) is incurred in connection with a merger, acquisition, consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (ii) by its terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other provision whereby (automatically or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Loan). "Business Day": Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate Trust Office of the Trustee or anythe Loan Agent is located or, for any final payment of principal, in the relevant place of presentation. "Calculation Agent": The meaning specified in Section 7.16. "Cash": Such funds denominated in currency of the United States as at the time shall be legal tender for payment of all public and private debts, including funds standing to the credit of an Account. "CCC Collateral Obligation": A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation) with an S&P Rating of "CCC+" or lower. "CCC Excess": An amount equal to the excess of the Principal Balance of all CCC Collateral Obligations over an amount equal to 20.0% of the Collateral Principal Amount as of such date of determination; provided that, in determining which of the CCC Collateral Obligations shall be included in the CCC Excess, the CCC Collateral Obligations with the lowest Market Value (expressed as a percentage of the outstanding Principal Balance of such Collateral Obligations as of such date of determination) shall be deemed to constitute such CCC Excess. "Certificate of Authentication": The meaning specified in Section 2.1. "Certificate of Formation": The certificate of formation the Issuer. "Certificated Note": Any Certificated Secured Note or Certificated Subordinated Note. "Certificated Secured Note": The meaning specified in Section 2.2(b)(iv). "Certificated Security": The meaning specified in Section 8-102(a)(4) of the UCC. "Certificated Subordinated Note": A definitive, fully registered note without coupons substantially in the form attached as Exhibit A-3 hereto.

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![](exhibit1015ncdlccloiires032.jpg)

BUSINESS.30544778.20 -12- "Class": In the case of (i) the Secured Debt, all of the Secured Debt having the same Interest Rate, Stated Maturity and class designation and (ii) the Subordinated Notes, all of the Subordinated Notes; provided that, solely for purposes of calculating the Interest Coverage Ratio and the Overcollateralization Ratio, the Class A Debt and the Class B Notes shall be treated as a single Class; provided further that, (x) except as provided in clause (y) of this provisoprovision, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans shall constitute, and vote together as, a single Class and (y) the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans shall be treated as separate Classes, and shall vote separately, solely for the purposes of (1) any determination as to whether a proposed supplemental indenture or amendment would have a material adverse effect on such Debt and (2) a Refinancing or a Re-Pricing. Notwithstanding the foregoing, the Class X Notes constitute a separate Class from the Class A Debt, including for purposes of exercising any rights to consent, give direction or otherwise vote (and any determination relating to whether a proposed supplemental indenture would have a material and adverse effect on a Class). "Class A Debt": The Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans, collectively. "Class A Notes": On and after the Refinancing Date, the Class A-R Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. "Class A/B Coverage Tests": The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect to the Class A Debt and the Class B Notes. "Class A-1 Notes": The Class A-1 Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. "Class A-L Lenders": The Class A-L-A Lenders and the Class A-L-B Lenders, collectively. "Class A-L Loan Agreements": The Class A-L-A Loan Agreement and the Class A-L-B Loan Agreement, collectively. "Class A-L-AA-L Lender": Each lender under the Class A-L-A Loan Agreement with respect to the Class A-L-AA-L Loans. "Class A-L-A Loan Account": The account established pursuant to the Class A-L-A Loan Agreement. "Class A-L-A Loan Agent": U.S. Bank Trust Company, National Association, as loan agent under the Class A-L-A Loan Agreement, and any successor thereto. "Class A-L-A Loan Agreement": The loan agreement entered into as of the Closing Date by the Issuer, as borrower, the Class A-L-A Lenders party thereto and the Class A-L-A Loan Agent.

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![](exhibit1015ncdlccloiires033.jpg)

BUSINESS.30544778.20 -13- "Class A-L-A Loan Register": The register of Class A-L-A Lenders maintained by the Class A-L-A Loan Agent pursuant to the Class A-L-A Loan Agreement and provided to the Trustee. "Class A-L-A Loan Registrar": U.S. Bank Trust Company, National Association, as loan registrar under the Class A-L-A Loan Agreement, and any successor thereto. "Class A-L-A Loans": The Class A-L-A Senior Secured Floating Rate Loans incurred pursuant to the Class A-L-A Loan Agreement and having the characteristics specified in Section 2.3. "Class A-L-B Lender": Each lender under the Class A-L-B Loan Agreement with respect to the Class A-L-B Loans. "Class A-L-BA-L Loan Account": The account established pursuant to the Class A-L-B Loan Agreement. "Class A-L-B Loan Agent": U.S. Bank Trust Company, National Association, as loan agent under the Class A-L-B Loan Agreement, and any successor thereto. "Class A-L-B Loan Agreement": The loan agreement entered into as of the Closing Date by the Issuer, as borrower, the Class A-L-B Lenders party thereto and the Class A-L-B Loan Agent. "Class A-L-B Loan Register": The register of Class A-L-B Lenders maintained by the Class A-L-B Loan Agent pursuant to the Class A-L-B Loan Agreement and provided to the Trustee. "Class A-L-B Loan Registrar": U.S. Bank Trust Company, National Association, as loan registrar under the Class A-L-B Loan Agreement, and any successor thereto. "Class A-L-BA-L Loans": TheOn and after the Refinancing Date, the Class A-L-BA-L-R Senior Secured Floating Rate Loans incurred pursuant to the Class A-L-B Loan Agreement and having the characteristics specified in Section 2.3. "Class B Notes": TheOn and after the Refinancing Date, the Class BB-R Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. "Class Break-even Default Rate": With respect to the Highest Ranking S&P Class: (a) prior to the S&P CDO Monitor Election Date, the rate equal to (a) 0.0704820.026165 plus (b) the product of (x) 3.4767643.461618 and (y) the Weighted Average Floating Spread plus (c) the product of (x) 1.1954481.405154 and (y) the Weighted Average S&P Recovery Rate; or

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![](exhibit1015ncdlccloiires034.jpg)

BUSINESS.30544778.20 -14- (b) on and after the S&P CDO Monitor Election Date, the maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined through application of the applicable S&P CDO Monitor chosen by the Collateral Manager in accordance with this Indenture that is applicable to the portfolio of Collateral Obligations, which, after giving effect to the assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the payment of the Highest Ranking S&P Class in full. After the S&P CDO Monitor Election Date, S&P will provide the Collateral Manager with the Class Break-even Default Rates for each S&P CDO Monitor input file based upon the S&P Minimum Floating Spread and the S&P CDO Monitor Recovery Rate to be associated with such S&P CDO Monitor input file as selected by the Collateral Manager in accordance with the definition of "S&P CDO Monitor". "Class Default Differential": With respect to the Highest Ranking S&P Class, the rate calculated by subtracting the Class Scenario Default Rate at such time from (x) prior to the S&P CDO Monitor Election Date, the Adjusted Class Break-even Default Rate or (y) on and after the S&P CDO Monitor Election Date, the Class Break-even Default Rate, in each case, at such time. "Class Scenario Default Rate": With respect to the Highest Ranking S&P Class: (a) prior to the S&P CDO Monitor Election Date, the rate at such time equal to (i) 0.247621 plus (ii) (x) the S&P Weighted Average Rating Factor divided by (y) 9162.65 minus (iii) (x) the Default Rate Dispersion divided by (y) 16757.20 minus (iv)(x) the Obligor Diversity Measure divided by (y) 7677.80 minus (v)(x) the Industry Diversity Measure divided by (y) 2177.56 minus (vi)(x) the Regional Diversity Measure divided by (y) 34.0948 plus (vii)(x) the S&P Weighted Average Life divided by (y) 27.3896; or (b) on and after the S&P CDO Monitor Election Date, an estimate of the cumulative default rate for the Current Portfolio or the Proposed Portfolio, as applicable, consistent with S&P's initial ratingthe Initial Rating of such Class or Classes of Debt, determined by application by the Collateral Manager and the Collateral Administrator of the S&P CDO Monitor at such time. "Class X Note Payment Amount": An amount equal to (i) for each of the first through the seventh Payment Dates after the Closing Date, $285,714.29, and (ii) for each Payment Date thereafter, the Aggregate Outstanding Amount, if any, of the Class X Notes as of such Payment Date. "Class X Notes": The Class X Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. "Clean-Up Call Purchase Price": The meaning specified in Section 9.8(b). "Clean-Up Call Redemption": The meaning specified in Section 9.8(a).

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![](exhibit1015ncdlccloiires035.jpg)

BUSINESS.30544778.20 -15- "Clearing Agency": An organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act. "Clearing Corporation": (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the meaning of "clearing corporation" under Section 8-102(a)(5) of the UCC. "Clearing Corporation Security": Securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee. "Clearstream": Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly known as Cedelbank, société anonyme). "Closing Date": December 7, 2023. "Closing Date Certificate": The closing certificate of the Issuer and the Collateral Manager dated as of the Closing Date. "Code": The United States Internal Revenue Code of 1986, as amended. "Collateral Administration Agreement": AnThe collateral administration agreement, dated as of the Closing Date, among the Issuer, the Collateral Manager and the Collateral Administrator, as amended from time to time, in accordance with the terms thereof. "Collateral Administrator": U.S. Bank Trust Company, National Association, in its capacity as collateral administrator under the Collateral Administration Agreement, and any successor thereto. "Collateral Interest Amount": As of any date of determination, without duplication, the aggregate amount of Interest Proceeds that has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Obligations or the deferring portion of a Permitted Deferrable Obligation, but including Interest Proceeds actually received from Defaulted Obligations or the deferring portion of a Permitted Deferrable Obligation), in each case during the Collection Period in which such date of determination occurs (or after such Collection Period but on or prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection Period). "Collateral Management Agreement": The amended and restated agreement dated as of the ClosingRefinancing Date, between the Issuer and the Collateral Manager relating to the management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended from time to time in accordance with the terms thereof. "Collateral Management Fee": The fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related Interest Accrual Period) pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 of this Indenture, in an

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![](exhibit1015ncdlccloiires036.jpg)

BUSINESS.30544778.20 -16- amount equal to 0.20% per annum (calculated on the basis of the actual number of days in the applicable Interest Accrual Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date. "Collateral Management Fee Shortfall Amount": To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Collateral Management Fee due on such Payment Date (or the unpaid portion thereof, as applicable), which shall be automatically deferred for payment on the succeeding Payment Date, with interest at the rate specified in the Collateral Management Agreement, as certified to the Trustee by the Collateral Manager, in accordance with the Priority of Payments. "Collateral Manager": Nuveen Churchill Direct Lending Corp., a Maryland corporation, until a successor Person shall have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter "Collateral Manager" shall mean such successor Person. "Collateral Manager Standard": The standard of care applicable to the Collateral Manager set forth in the Collateral Management Agreement. "Collateral Obligation": A Senior Secured Loan (including, but not limited to, interests in middle market loans acquired by way of a purchase or assignment) or Participation Interest therein, a Second Lien Loan or Participation Interest therein, or a DIP Collateral Obligation or a Participation Interest therein, that as of the date of acquisition by the Issuer: (i) is U.S. Dollar denominated and is neither convertible by the Obligor thereof into, nor payable in, any other currency; (ii) is not (A) a Defaulted Obligation or (B) a Credit Risk Obligation; (iii) is not a lease; (iv) if it is a Deferrable Obligation, it is a Permitted Deferrable Obligation; (v) provides for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by its terms provide for earlier amortization or prepayment at a price of less than par; (vi) does not constitute Margin Stock; (vii) gives rise only to payments that are not subject to withholding tax, other than withholding tax imposed on commitment fees and other similar fees, withholding imposed pursuant to FATCA and withholding tax as to which the Obligor must make additional payments so that the net amount received by the Issuer after satisfaction of such tax is the amount due to the Issuer before the imposition of any withholding tax; (viii) has an S&P Rating;

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![](exhibit1015ncdlccloiires037.jpg)

BUSINESS.30544778.20 -17- (ix) is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral Manager; (x) except for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is not an obligation pursuant to which any future advances or payments to the borrower or the Obligor thereof may be required to be made by the Issuer; provided that the Issuer may be required, as a lender under the underlying instrumentsUnderlying Documents, to make customary protective advances or provide customary indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a participation interest or other right of repayment); (xi) is not a repurchase obligation, a Bond, a Zero Coupon Bond, an Unsecured Loan, a Bridge Loan, a Commercial Real Estate Loan, a Structured Finance Obligation, a Step-Down Obligation, a Step-UpStep-Up Obligation or a note (other than a promissory note evidencing a loan); (xii) will not require the Issuer or the pool of Assets to be registered as an investment company under the 1940 Act; (xiii) is not an Equity Security or by its terms convertible into or exchangeable for an Equity Security; (xiv) is not the subject of an Offer of exchange, or tender by its Obligor, for cash, securities or any other type of consideration other than a Permitted Offer; (xv) does not have an S&P Rating that is below "CCC-"; (xvi) does not have an "f," "p," "pi," "sf" or "t" subscript assigned by S&P or an "sf" subscript assigned by any other NRSRO; (xvii) does not mature after the earliest Stated Maturity of the Debt; (xviii) other than in the case of a Fixed Rate Obligation, accrues interest at a floating rate determined by reference to (a) the Dollar prime rate, federal funds rate or SOFR or (b) a similar interbank offered rate, commercial deposit rate or any other index in respect of which the S&P Rating Condition is satisfied; (xix) if it is a "registration-required obligation" within the meaning of the Code, is Registered; (xx) is not a Synthetic Security; (xxi) does not pay interest less frequently than semi-annually; (xxii) is not a letter of credit and does not support a letter of credit; (xxiii) is not an interest in a grantor trust;

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![](exhibit1015ncdlccloiires038.jpg)

BUSINESS.30544778.20 -18- (xxiv) is purchased at a price at least equal to 65% of its outstanding principal balance; (xxv) is not issued by an Obligor Domiciled in Cyprus, Greece, Iceland, Ireland, Italy, Liechtenstein, Portugal, Russia or Spain; (xxvi) is issued by a Non-Emerging Market Obligor Domiciled in the United States, Canada, a Group I Country, a Group II Country, or a Group III Country; (xxvii) if it is a Participation Interest, the Third Party Credit Exposure Limits are satisfied with respect to the acquisition thereof; (xxviii) is not an obligation of a Portfolio Company; (xxix) it does not have attached equity warrants; (xxx) is not a commodity forward contract; (xxxi) is issued by an Obligor with a most-recently calculated (in accordance with the related Underlying Documents) EBITDA of at least $5,000,000; and (xxxii) is not an infrastructure or a project finance loan; and (xxxii) (xxxiii) is not an ESG Collateral Obligation; provided that, notwithstanding anything to the contrary contained in this Indenture, any Workout Loan designated as a Collateral Obligation by the Collateral Manager in accordance with the terms specified in the definition of "Workout Loan" shall constitute a Collateral Obligation (and not a Workout Loan) following such designation. "Collateral Principal Amount": As of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral Obligations (other than Defaulted Obligations except as otherwise expressly set forth herein), (b) without duplication, the amounts on deposit in the Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds and (c) unpaid Principal Financed Accrued Interest (other than in respect of Defaulted Obligations); provided that for purposes of calculating the Concentration Limitations, Defaulted Obligations shall be included in the Collateral Principal Amount with a Principal Balance equal to the Defaulted Obligation Balance thereof. "Collateral Quality Test": A test satisfied, as of the Effective Date and any other date thereafter on which such test is required to be determined hereunder if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the Issuer satisfy each of the tests set forth below (or, after the Effective Date, if not in compliance at the time of reinvestment, the relevant requirements must be maintained or improved as described in the Investment Criteria): (i) the S&P CDO Monitor Test;

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![](exhibit1015ncdlccloiires039.jpg)

BUSINESS.30544778.20 -19- (ii) at any time on or after the S&P CDO Monitor Election Date, the Minimum Weighted Average S&P Recovery Rate Test; (iii) the Minimum Floating Spread Test; (iv) the Minimum Weighted Average Coupon Test; and (v) the Weighted Average Life Test. "Collection Account": The account established pursuant to Section 10.2 which consists of the Principal Collection Subaccount and the Interest Collection Subaccount. "Collection Period": (i) With respect to the first Payment Date following the Refinancing Date, the period commencing on the ClosingRefinancing Date and ending at the close of business on the seventh day of the calendar month in which the first Payment Date occurs; and (ii) with respect to any other Payment Date, the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final Collection Period preceding the latest Stated Maturity of any Class of Debt, on the day of such Stated Maturity, (b) in the case of the final Collection Period preceding an Optional Redemption, Clean-Up Call Redemption or Tax Redemption in whole of the Debt, on the Redemption Date and (c) in any other case, at the close of business on the seventh day of the calendar month in which such Payment Date occurs; provided, that, in each case, if such seventh day is not a Business Day, the next succeeding Business Day. "Commercial Real Estate Loan": Any Loan for which the underlying collateral consists primarily of real property owned by the Obligor and is evidenced by a note or other evidence of indebtedness. "Competent Authority": A competent authority of any Holder or a competent authority of any potential investor in the Debt (as determined under theas such term is determined in the EU Securitization Regulations)Regulation. "Concentration Limitations": Limitations satisfied on each Measurement Date on or after the Effective Date and during the Reinvestment Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the Issuer comply with all of the requirements set forth below (or in relation to a proposed purchase after the Effective Date, if not in compliance, the relevant requirements must be maintained or improved after giving effect to the purchase), calculated in each case as required by Section 1.3 herein: (i) not less than 95.0% of the Collateral Principal Amount may consist of Senior Secured Loans, Cash and Eligible Investments; (ii) not more than 5.0% of the Collateral Principal Amount may consist of First-Lien Last-OutFirst-Lien Last-Out Loans or Second Lien Loans;

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![](exhibit1015ncdlccloiires040.jpg)

BUSINESS.30544778.20 -20- % Limit 2.5% all Group II Countries in the aggregate; 5.010.0% Country or Countries 2.5% Canada; any individual Group II Country; (iii) not more than 2.0% of the Collateral Principal Amount may consist of obligations issued by a single Obligor and its Affiliates, except that, without duplication, Collateral Obligations issued by up to five Obligors and their respective Affiliates may each constitute up to 2.5% of the Collateral Principal Amount; provided, that one Obligor shall not be considered an Affiliate of another Obligor solely because they are controlled by the same financial sponsor; provided, further, that not more than 1.5% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans and Second Lien Loans issued by a single Obligor and its Affiliates; (iv) not more than 17.5% of the Collateral Principal Amount may consist of CCC Collateral Obligations; (v) not more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate Obligations; (vi) not more than 5.0% of the Collateral Principal Amount may consist of Current Pay Obligations; (vii) not more than 10.012.5% of the Collateral Principal Amount may consist, in the aggregate, of unfunded commitments under Delayed Drawdown Collateral Obligations and unfunded and funded commitments under Revolving Collateral Obligations; (viii) (a) not more than 7.5% of the Collateral Principal Amount may consist of Participation Interests and (b) each such Participation Interest shall satisfy the Third Party Credit Exposure Limits; (ix) not more than 10.0% of the Collateral Principal Amount may have an S&P Rating derived from a Moody's Rating as provided in clause (c)(i) of the definition of the term "S&P Rating"; (x) no more than the percentage listed below of the Collateral Principal Amount may be issued by Obligors Domiciled in the country or countries set forth opposite such percentage: 1.5% all Group III Countries in the aggregate; and 5.07.5% 1.5% all countries (in the aggregate) other than the United States, Canada and the United Kingdom; any individual country other than the United States, the United Kingdom, Canada, the Netherlands, any Group II Country or any Group III Country; 10.0% 5.0% All countries (in the aggregate) other than the United States; any individual Group I Country;

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![](exhibit1015ncdlccloiires041.jpg)

BUSINESS.30544778.20 -21- (xi) not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that pay interest at least semi-annually, but less frequently than quarterly; (xii) not more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Discount Obligations; (xiii) not more than 5.07.5% of the Collateral Principal Amount may consist of Collateral Obligations that are Permitted Deferrable Obligations; (xiv) not more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations; (xv) not more than 12.5% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by Obligors that belong to any single S&P Industry Classification Group, except that (a) the largestone S&P Industry Classification Group may represent up to 20.0% of the Collateral Principal Amount, (b) the next largestone S&P Industry Classification Group may represent up to 17.5% of the Collateral Principal Amount and (c) the next two largest S&P Industry Classification Groups may each represent up to 15.0% of the Collateral Principal Amount; provided that, without duplication, the three largest S&P Industry Classification Groups in the aggregate may not represent more than 45.0% of the Collateral Principal Amount; (xvi) not more than 10.015.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Cov-Lite Loans; provided, that not more than 5.07.5% of the Collateral Principal Amount may consist of Collateral Obligations that are Cov-Lite Loans that are issued by an Obligor with a most-recently calculated EBITDA as of the date such Collateral Obligation was acquired by the Issuer (in accordance with the related Underlying Documents) of less than $40,000,00050,000,000; and (xvii) not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by Obligors that belong to the S&P Industry Classifications of Oil, Gas & Consumable Fuels or Gas Utilities; and (xvii) (xviii) not more than 7.5% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by an Obligor with a most-recently calculated (in accordance with the related Underlying Documents) EBITDA of less than $15,000,000; provided, that not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by an Obligor with a most-recently calculated (in accordance with the related Underlying Documents) EBITDA of less than $10,000,000 but greater than $5,000,000. "Confidential Information": The meaning specified in Section 14.15(b). "Constituting Document": As the context requires, (i) this Indenture (with respect to the Notes) and/or (ii) the applicable Class A-L Loan Agreement (with respect to the Class A-L-A Loans or the Class A-L-B Loans).

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![](exhibit1015ncdlccloiires042.jpg)

BUSINESS.30544778.20 -22- "Contribution": The meaning specified in Section 10.6. "Contributor": The meaning specified in Section 10.6. "Controlling Class": The Class A Debt so long as any Class A Debt is Outstanding; then the Class B Notes so long as any Class B Notes are Outstanding; and then the Subordinated Notes if no Secured Debt is Outstanding; provided that the Class X Notes shall not constitute the Controlling Class at any time. "Controlling Person": A Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of an entity or any Person who provides investment advice for a fee (direct or indirect) with respect to such assets or any affiliate of any such Person. For this purpose, an "affiliate" of a Person includes any Person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Person. "Control," with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or policies of such Person, and "Controlling" shall have the meaning correlative to the foregoing. "Conversion Date": The meaning specified in Section 2.14. "Co-Placement Agent": Capital One Securities, Inc., in its capacity as co-placement agent of the Notes under the Placement Agreement. "Corporate Trust Office": The principal corporate trust office of the Trustee at which this Indenture is administered, currently located at (a) for Note transfer purposes and for presentment and surrender of the Notes for final payment thereon, U.S. Bank Trust Company, National Association, 111 Fillmore Avenue East, St. Paul, Minnesota 55107, Attention: Bondholder Services – EP-MN-WS2N, and (b) for all other purposes, U.S. Bank Trust Company, National Association, 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC, Email: Nuveen.Churchill.BDC.SPV.IIchurchill.custody@usbank.com, with a copy to michael.strickland@usbank.com, and (ii) each Loan Agent, currently located at (a) to the extent applicable, for loan note transfer purposes and for presentment and surrender of the any such loan note for final payment thereon, U.S. Bank Trust Company, National Association, 111 Fillmore Avenue East, St. Paul, Minnesota 55107, Attention: Bondholder Services – EP-MN-WS2N and (b) for all other purposes, U.S. Bank Trust Company, National Association, 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: CDO Trust Services/ Erin Fritz, E-mail: agency.services@usbank.com, with a copy to erin.fritz@usbank.com; or in each case,or such other address as the Trustee or a Loan Agent may designate from time to time by notice to the Holders, the Collateral Manager and the Issuer or the principal corporate trust office of any successor Trustee or any successor Loan Agent, as applicable. "Corresponding Tenor": With respect to the Reference Rate or a Benchmark Replacement Rate, a tenor having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then current Reference Rate (which shall initially be three months).

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![](exhibit1015ncdlccloiires043.jpg)

BUSINESS.30544778.20 -23- "Cov-Lite Loan": A Senior Secured Loan the Underlying Documents for which do not (i) contain any financial covenants or (ii) require the borrower thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Underlying Documents); provided that, for all purposes other than the determination of the S&P Recovery Rate for such Collateral Obligation, a loan which either contains a cross-default or cross-acceleration provision to, or is pari passu with, another loan or debt obligation of the underlying Obligor that requires the underlying Obligor to comply with a Maintenance Covenant will be deemed not to be a Cov-Lite Loan. For the avoidance of doubt, for all purposes other than determining an S&P Recovery Rate, a Senior Secured Loan that is capable of satisfying the foregoing definition (not including the proviso thereto) only (x) until the expiration of a certain period of time after the initial issuance thereof or (y) for so long as there is no funded balance in respect thereof, in each case as set forth in the related Underlying Documents, shall be deemed not to be a Cov-Lite Loan. "Coverage Tests": The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class or Classes of Secured Debt (other than the Class X Notes). No Coverage Tests will be applicable to the Class X Notes.. "Covered Audit Adjustment": The meaning specified in Section 7.17(m). "Credit Amendment": The meaning specified in Section 7.20. "Credit Improved Criteria": The criteria that will be met if, with respect to any Collateral Obligation, any of the following occur: (a) such Collateral Obligation has experienced a reduction in its credit spread of 10% or more compared to the credit spread in effect as of the Cut-Off Date for such Collateral Obligation, such reduction in spread being determined by reference to an Eligible Loan Index; or (b) such Collateral Obligation has a Market Value above the higher of (i) par and (ii) the initial purchase price paid by the Issuer for such Collateral Obligation. "Credit Improved Obligation": Any Collateral Obligation, which in the Collateral Manager's reasonable commercial judgment (which judgment shall not be called into question as a result of subsequent events), has significantly improved in credit quality after it was acquired by the Issuer, which may (but need not) be based on one or more of the Credit Improved Criteria; provided that, if a Restricted Trading Period is in effect, (i) such Collateral Obligation satisfies at least one of the Credit Improved Criteria or (ii) the Collateral Manager must obtain the consent of a Majority of the Controlling Class. "Credit Risk Criteria": The criteria that will be met if, with respect to any Collateral Obligation, any of the following occur: (a) the spread over the Reference Rate or other Eligible Loan Index for such Collateral Obligation has been increased since the date of purchase by the Issuer by (A) 0.25% or more (in the case of a Collateral Obligation with a spread over the

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![](exhibit1015ncdlccloiires044.jpg)

BUSINESS.30544778.20 -24- applicable reference rate selected by the Collateral Manager in the exercise of its reasonable business judgment (prior to such increase) less than or equal to 2.00%), (B) 0.375% or more (in the case of a Collateral Obligation with a spread over the applicable reference rate selected by the Collateral Manager in the exercise of its reasonable business judgment (prior to such increase) greater than 2.00% but less than or equal to 4.00%) or (C) 0.5% or more (in the case of a Collateral Obligation with a spread over the applicable reference rate selected by the Collateral Manager in the exercise of its reasonable business judgment (prior to such increase) greater than 4.00%) due, in each case, to a deterioration in the related Obligor's financial ratios or financial results in accordance with the Underlying Documents relating to such Collateral Obligation; or (b) the Market Value of such Collateral Obligation has decreased by at least 2.5% of the price paid by the Issuer for such Collateral Obligation due to a deterioration in the related Obligor's financial ratios or financial results in accordance with the Underlying Documents relating to such Collateral Obligation. "Credit Risk Obligation": Any Collateral Obligation that, in the Collateral Manager's reasonable commercial judgment (which judgment shall not be called into question as a result of subsequent events), has a significant risk of declining in credit quality or price, which may (but need not) be based on one or more of the Credit Risk Criteria; provided that, if a Restricted Trading Period is in effect, (i) such Collateral Obligation satisfies at least one of the Credit Risk Criteria or (ii) the Collateral Manager must obtain the consent of a Majority of the Controlling Class. "Cumulative Deferred Management Fee": All or a portion of the previously deferred Collateral Management Fees or Collateral Management Fee Shortfall Amounts (including accrued interest prior to the Payment Date on which the payment of such Collateral Management Fee Shortfall Amount was deferred by the Collateral Manager), which may be declared due and payable by the Collateral Manager on any Payment Date. "Current Deferred Management Fee": With respect to a Payment Date, all or a portion of the Collateral Management Fees or Collateral Management Fee Shortfall Amounts (including accrued interest), due and owing to the Collateral Manager the payment of which is voluntarily deferred (for payment on a subsequent Payment Date), without interest, by the Collateral Manager. "Current Pay Obligation": Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager has certified to the Trustee in writing that it believes, in its reasonable business judgment, that (a) the Obligor of such Collateral Obligation is current on all interest payments, principal payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the Obligor is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts due and payable thereunder have been paid in Cash when due,

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![](exhibit1015ncdlccloiires045.jpg)

BUSINESS.30544778.20 -25- (c) the Collateral Obligation has a Market Value of at least 80% of its par value and (d) if the Debt is then rated by S&P, (A) has an S&P Rating of at least "CCC+" and a Market Value of at least 80% of its par value or (B) has an S&P Rating of at least "CCC" and its Market Value is at least 85% of its par value (Market Value being determined, solely for the purposes of clauses (c) and (d), without taking into consideration clause (iii) of the definition of the term "Market Value"). "Current Portfolio": At any time, the portfolio of Collateral Obligations and Eligible Investments representing Principal Proceeds (determined in accordance with the assumptions in this Indenture to the extent applicable) then held by the Issuer. "Custodial Account": The custodial account established pursuant to Section 10.3(b). "Custodian": The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary. "Cut-Off Date": Each date on or after the Closing Date on which a Collateral Obligation is transferred to the Issuer. "Daily Simple SOFR": For any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Collateral Manager in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for leveraged loans; provided that, if the Collateral Manager decides that any such convention is not administratively feasible for the Collateral Manager, then the Collateral Manager may establish another convention in its reasonable discretion. "Debt": Collectively, the Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans. "Debt Interest Amount": With respect to any Class of Secured Debt and any Payment Date, the amount of interest for the related Interest Accrual Period payable in respect of each U.S. $100,000 of outstanding principal amount of such Class of Secured Debt. "Debt Payment Sequence": The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds, as applicable, in the following order:. (i) (i) to the payment, pro rata based on the Aggregate Outstanding Amounts thereof, of principal of the Class XA Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans, until the Class XA Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans have been paid in full; and (ii) (ii) to the payment of principal of the Class B Notes until the Class B Notes have been paid in full. "Debtholder": With respect to any Debt, the Holder of such Debt as specified in the Note Register or the Loan Register, as applicable.

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![](exhibit1015ncdlccloiires046.jpg)

BUSINESS.30544778.20 -26- "Default": Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. "Default Rate Dispersion": As of any date of determination, the number obtained by (a) summing the products for each Collateral Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Rating Factor of such Collateral Obligation minus (y) the S&P Weighted Average Rating Factor by (ii) the outstanding principal balance at such time of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such date of all Collateral Obligations (other than Defaulted Obligations). "Defaulted Obligation": Any Collateral Obligation included in the Assets as to which: (a) a default as to the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Obligation (without regard to any grace period applicable thereto (except as otherwise provided in this clause (a)), or waiver or forbearance thereof, after the passage (in the case of a default that in the Collateral Manager's judgment, as certified to the Trustee in writing, is not due to credit-related causes) of five Business Days or seven calendar days, whichever is greater, but in no case beyond the passage of any grace period applicable thereto); (b) a default known to a Responsible Officer of the Collateral Manager as to the payment of principal and/or interest has occurred and is continuing on another debt obligation of the same Obligor which is senior or pari passu in right of payment to such Collateral Obligation (without regard to any grace period applicable thereto (except as otherwise provided in this clause (b)), or waiver or forbearance thereof, after the passage (in the case of a default that in the Collateral Manager's judgment, as certified to the Trustee in writing, is not due to credit-related causes) of five Business Days or seven calendar days, whichever is greater, but in no case beyond the passage of any grace period applicable thereto; provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or secured by the same collateral); (c) the Obligor or others have instituted proceedings to have the Obligor adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed for a period of 60 consecutive days or such Obligor has filed for protection under Chapter 11 of the Bankruptcy Code; (d) such Collateral Obligation has an S&P Rating of "SD", "D" or "CC" or lower or, in either case, had such rating immediately before such rating was withdrawn; (e) such Collateral Obligation is pari passu in right of payment as to the payment of principal and/or interest to another debt obligation of an Obligor which has an S&P Rating of "SD", "D" or "CC" or lower or, in each case, had such rating immediately before such rating was withdrawn; provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or secured by the same collateral;

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![](exhibit1015ncdlccloiires047.jpg)

BUSINESS.30544778.20 -27- (f) a Responsible Officer of the Collateral Manager has received written notice or has actual knowledge that a default has occurred under the Underlying Documents and any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the repayment of the Collateral Obligation (but only until such acceleration has been rescinded) in the manner provided in the Underlying Documents; (g) the Collateral Manager has in its reasonable commercial judgment otherwise declared such debt obligation to be a "Defaulted Obligation"; (h) [reserved]; (h) (i) such Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a Collateral Obligation, constitute a "Defaulted Obligation" or with respect to which the Selling Institution has an S&P Rating of "SD", "D" or "CC" or lower or had such rating before such rating was withdrawn; or (j) such Collateral Obligation is a Deferring Obligation (other than a Permitted Deferrable Obligation); or (i) (k) such Collateral Obligation has, since the date it was acquired by the Issuer, become subject to an amendment, waiver or modification that had the effect of reducing the principal amount of such Collateral Obligation; provided that a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to (1) clauses (b) through (e) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a Current Pay Obligation (provided that the Aggregate Principal Balance of Current Pay Obligations exceedingnot more than 5.0% of the Collateral Principal Amount will be treated asmay consist of Current Pay Obligations deemed not to constitute Defaulted Obligations pursuant to this clause (1)), (2) clauses (b), (c), (d), (e) and (ih) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a DIP Collateral Obligation and (3) clause (ki) if, since the effective date of such amendment, waiver or modification, such Collateral Obligation has received a new rating or credit estimate (or a confirmation of a prior rating or credit estimate) assigned by S&P, which rating or credit estimate must be at least "CCC". Notwithstanding anything in this Indenture to the contrary, the Collateral Manager shall give the Trustee prompt written notice should any Collateral Obligation become a Defaulted Obligation. Until so notified or until a Responsible Officer of the Trustee obtains or reasonably should have obtained actual knowledge that a Collateral Obligation has become a Defaulted Obligation, the Trustee shall not be deemed to have any notice or knowledge that a Collateral Obligation has become a Defaulted Obligation. "Defaulted Obligation Balance": For any Defaulted Obligation or Deferring Obligation, the S&P Collateral Value of such Defaulted Obligation or Deferring Obligation;

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![](exhibit1015ncdlccloiires048.jpg)

BUSINESS.30544778.20 -28- provided that the Defaulted Obligation Balance of a Defaulted Obligation will be zero if the Issuer has owned such Defaulted Obligation for more than three years after its default date. "Deferrable Obligation": A Collateral ObligationAny obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest; provided that a loan that requires, by the terms of its applicable Underlying Documents, interest to be paid in cash at a rate of (in the case of a Permitted Deferrable Obligation that is a Fixed Rate Obligation) at least 5.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Reference Rate plus 4.003.50% per annum shall be deemed not to be a Deferrable Obligation. "Deferring Obligation": A Deferrable Obligation that is not a Permitted Deferrable Obligation and that is deferring the payment of thesuch cash interest due thereon and has been so deferring the payment of such cash interest due thereon (i) with respect to Collateral Obligations that have an S&P Rating of at least "BBB-", for the shorter of two consecutive accrual periods or one year, and (ii) with respect to Collateral Obligations that have an S&P Rating of "BB+" or below, for the shorter of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination, been paid in Cash; provided, that such Deferring Obligation will cease to be a Deferring Obligation at such time as it (i) ceases to defer or capitalize the payment of interest, (ii) pays in cash all accrued and unpaid interest, including all deferred amounts, and (iii) commences payment of all current interest in cash. "Delayed Drawdown Collateral Obligation": A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero. "Deliver" or "Delivered" or "Delivery": The taking of the following steps: (i) in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest in which the underlying loan is represented by an Instrument, (a) causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; (b) causing the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the applicable Account; and (c) causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;

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![](exhibit1015ncdlccloiires049.jpg)

BUSINESS.30544778.20 -29- (ii) in the case of each Uncertificated Security (other than a Clearing Corporation Security), (a) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof to the Custodian; and (b) causing the Custodian to indicate continuously on its books and records that such Uncertificated Security is credited to the applicable Account; (iii) in the case of each Clearing Corporation Security, (a) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of the Custodian; and (b) causing the Custodian to indicate continuously on its books and records that such Clearing Corporation Security is credited to the applicable Account; (iv) in the case of each security issued or guaranteed by the United States or agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (each such security, a "Government Security"), (a) causing the creation of a Security Entitlement to such Government Security by the credit of such Government Security to the securities account of the Custodian at such Federal Reserve Bank; and (b) causing the Custodian to indicate continuously on its books and records that such Government Security is credited to the applicable Account; (v) in the case of each Security Entitlement not governed by clauses (i) through (iv) above, (a) causing a Securities Intermediary (x) to indicate on its books and records that the underlying Financial Asset has been credited to the Custodian's securities account, (y) to receive a Financial Asset from a Securities Intermediary or acquire the underlying Financial Asset for a Securities Intermediary, and in either case, accepting it for credit to the Custodian's securities account or (z) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Securities Intermediary's securities account; (b) causing such Securities Intermediary to make entries on its books and records continuously identifying such Security Entitlement as belonging to the Custodian and continuously indicating on its books and records that such Security Entitlement is credited to the Custodian's securities account; and

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![](exhibit1015ncdlccloiires050.jpg)

BUSINESS.30544778.20 -30- (c) causing the Custodian to indicate continuously on its books and records that such Security Entitlement (or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Account; (vi) in the case of Cash or Money, (a) causing the delivery of such Cash or Money to the Trustee for credit to the applicable Account or to the Custodian; (b) if delivered to the Custodian, causing the Custodian to treat such Cash or Money as a Financial Asset maintained by such Custodian for credit to the applicable Account in accordance with the provisions of Article 8 of the UCC or causing the Custodian to deposit such Cash or Money to a deposit account over which the Custodian has control (within the meaning of Section 9-104 of the UCC); and (c) causing the Custodian to indicate continuously on its books and records that such Cash or Money is credited to the applicable Account; and (vii) in the case of each general intangible (including any Participation Interest in which neither the Participation Interest nor the underlying loan is represented by an Instrument), causing the filing of a Financing Statement in the office of the Recorder of Deeds of the State of Delaware. In addition, the Collateral Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Documents relating to any general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC). "Designated Base Rate" The quarterly reference or base rate (and, if applicable, the methodology for calculating such reference rate) determined by the Collateral Manager (in its commercially reasonable discretion), which may be based on the rate acknowledged as a standard replacement in the leveraged loan market for the Term SOFR Rate by the LSTA and which may include a modifier, as determined by the Collateral Manager, applied to a reference or base rate in order to cause such rate to be comparable to the three month Term SOFR Rate, which modifier is recognized or acknowledged as being the industry standard by the LSTA and which modifier may include an addition or subtraction to such unadjusted rate. "Designated Deposit Cap": The meaning specified in Section 10.3(c). "Designated Excess Par": The meaning specified in Section 9.2(l). "Designated Principal Proceeds": The meaning specified in Section 10.3(c). "Designated Ramp-Up Proceeds": The meaning specified in Section 10.3(c). "Determination Date": The last day of each Collection Period.

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![](exhibit1015ncdlccloiires051.jpg)

BUSINESS.30544778.20 -31- "DIP Collateral Obligation": A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens. "Discount Obligation": Any Collateral Obligation forming part of the Assets which: (a) if such Collateral Obligation is a Senior Secured Loan and was purchased (as determined without averaging prices of purchases on different dates) for less than (x) 85.0% of its outstanding principal balance, if such Collateral Obligation has an S&P Rating lower than "B-," or (y) 80.0% of its outstanding principal balance, if such Collateral Obligation has an S&P Rating of "B-" or higher; provided that such Collateral Obligation shall cease to be a Discount Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Obligation) determined for such Collateral Obligation on each day during any period of 30 consecutive days since the acquisition by the Issuer of such Collateral Obligation, equals or exceeds 90% on each such day; provided further that (or (b) if such Collateral Obligation is not a Senior Secured Loan and was purchased (as determined without averaging prices of purchases on different dates) for less than (x) 85.0% of its outstanding principal balance, if such Collateral Obligation has an S&P Rating lower than "B-," or (y) 80.0% of its outstanding principal balance, if such Collateral Obligation has an S&P Rating of "B-" or higher; provided that such Collateral Obligation shall cease to be a Discount Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Obligation) determined for such Collateral Obligation on each day during any period of 30 consecutive days since the acquisition by the Issuer of such Collateral Obligation, equals or exceeds 90% on each such day; provided that (i) any Collateral Obligation that would otherwise be considered a Discount Obligation, but that is purchased in accordance with the Investment Criteria with the proceeds of a sale of a Collateral Obligation that was not a Discount Obligation at the time of its purchase will not constitute a Discount Obligation, so long as such purchased Collateral Obligation (A) is purchased or committed to be purchased within 1520 Business Days of such sale, (B) is purchased at a purchase price (expressed as a percentage of the par amount of such Collateral Obligation) equal to or greater than the sale price of the sold Collateral Obligation, (C) is purchased at a purchase price (expressed as a percentage of the par amount of such Collateral Obligation) not less than 65.0% of its outstanding principal balance and (D) has both (x) an S&P Rating equal to or greater than the S&P Rating of the sold Collateral Obligation and (y) a stated maturity that is the same or shorter than that of the sold Collateral Obligation; and (ii) clause (i) above in this proviso shall not apply to any such Collateral Obligation at any time on or after the acquisition by the Issuer of such Collateral Obligation if, as determined at the time of such acquisition, such application would result in (x) result in the Aggregate Principal Balance of all Collateral Obligations to which such clause (i) has been applied since the ClosingRefinancing Date being more than 10.0% of the Target Initial Par Amount andor (y) the Aggregate cause more than 5.0% of the Collateral Principal Balance of allAmount to consist of Collateral

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![](exhibit1015ncdlccloiires052.jpg)

BUSINESS.30544778.20 -32- Obligations to which such clause (i) has been applied to exceed 5.0% of the Collateral Principal Amount as of any date of determination. "Dissolution Expenses": The amount of expenses reasonably likely to be incurred in connection with the discharge of this Indenture, the liquidation of the Assets and the dissolution of the Issuer, as reasonably calculated by the Collateral Manager or the Issuer, based in part on expenses incurred by the Trustee and reported to the Collateral Manager or Issuer. "Distribution Report": The meaning specified in Section 10.8(b). "Diversity Score": A single number that indicates collateral concentration in terms of both issuer and industry concentration, calculated as set forth in Schedule 3. "Dodd-Frank Act": The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended. "Dollar" or "U.S.$": A dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for all debts, public and private. "Domicile" or "Domiciled": With respect to any Obligor with respect to a Collateral Obligation: (a) except as provided in clause (b) or (c) below, its country of organization; (b) if it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which, in the Collateral Manager's good faith estimate, a substantial portion of its operations are located or from which a substantial portion of its revenue is derived, in each case directly or through subsidiaries (which shall be any jurisdiction and country known at the time of designation by the Collateral Manager to be the source of the majority of revenues, if any, of such Obligor); or (c) if its payment obligations in respect of such Collateral Obligation are guaranteed by a person or entity that is organized in the United States or Canada, then the United States or Canada; provided that, such guarantee satisfies the Domicile Guarantee Criteria. "Domicile Guarantee Criteria": The following criteria: (i) the guarantee is one of payment and not of collection; (ii) the guarantee provides that the guarantor agrees to pay the guaranteed obligations on the date due and waives demand, notice and marshaling of assets; (iii) the guarantee provides that the guarantor's right to terminate or amend the guarantee is appropriately restricted; (iv) the guarantee is unconditional, irrespective of value, genuineness, validity or enforceability of the guaranteed obligations; (v) the guarantee provides that the guarantor waives any other circumstance or condition that would normally release a guarantor from its obligations; (vi) the guarantor also waives the right of set-off and counterclaim; (vii) the guarantee provides that it reinstates if any guaranteed payment made by the primary obligor is recaptured as a result of the primary obligor's bankruptcy or insolvency and (viii) the then-current applicable S&P guarantee criteria.

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![](exhibit1015ncdlccloiires053.jpg)

BUSINESS.30544778.20 -33- "DTC": The Depository Trust Company, its nominees, and their respective successors. "Due Date": Each date on which any payment is due on an Asset in accordance with its terms. "EBITDA": With respect to the last four full fiscal quarters with respect to any Collateral Obligation, the meaning of "EBITDA", "Adjusted EBITDA" or any comparable definition in the Underlying Documents for each such Collateral Obligation, and in any case that "EBITDA", "Adjusted EBITDA" or such comparable definition is not defined in such Underlying Documents, an amount, for the Obligor on such Collateral Obligation and any parent that is obligated pursuant to the Underlying Documents for such Collateral Obligation (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus (a) interest expense, (b) income taxes, (c) depreciation and amortization for such four fiscal quarter period (to the extent deducted in determining earnings from continuing operations for such period), (d) amortization of intangibles (including, but not limited to, goodwill, financing fees and other capitalized costs), other noncash charges and organization costs, (e) extraordinary losses in accordance with GAAP, (f) onetime, non-recurring or non-cash charges consistent with the applicable compliance statements and financial reporting packages provided by such Obligor, and (g) any other item the Collateral Manager deems to be appropriate; provided that with respect to any Obligor for which four full fiscal quarters of economic data are not available, EBITDA shall be determined for such Obligor based on annualizing the economic data from the reporting periods actually available. "Effective Date": The earlier to occur of (i) June 20, 2024 and (ii) the first date on which the Collateral Manager certifies to the Trustee and the Collateral Administrator that the Target Initial Par Condition has been satisfied. "Effective Date Condition": The conditions that are satisfied if (A) in connection with the Effective Date, the S&P CDO Monitor Test is being calculated in accordance with the Effective Date S&P CDO Monitor Assumptions, (B) the Collateral Manager (on behalf of the Issuer) certifies to S&P that, as of the Effective Date, the S&P CDO Monitor Test and the Target Initial Par Condition are satisfied and (C) the Issuer causes the Collateral Manager to make available to S&P (i) the Effective Date Report showing satisfaction of the S&P CDO Monitor Test and the Target Initial Par Condition and (ii) the Excel Default Model Input File. "Effective Date Report": The meaning specified in Section 7.18(c). "Effective Date S&P CDO Monitor Assumptions": If the S&P CDO Monitor Election Date has not occurred prior to the Effective Date, then, for purposes of determining compliance with the S&P CDO Monitor Test in connection with the Effective Date Conditions, the following rules of construction: (a) the Adjusted Class Break-even Default Rate will be calculated by excluding from the Collateral Principal Amount any amounts in the Ramp-Up Account and any Principal Proceeds, in each case, designated as Interest Proceeds or that may be designated as Interest Proceeds as described in Section 10.3(c) and (b) notwithstanding the definition thereof, the Aggregate Funded Spread of the Collateral Obligations will be calculated

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![](exhibit1015ncdlccloiires054.jpg)

BUSINESS.30544778.20 -34- without taking into account any applicable "floor" rate specified in the related Underlying Documents. "Effective Date Specified Tested Items": The Collateral Quality Test, the Overcollateralization Ratio Tests, the Concentration Limitations and the Target Initial Par Condition. "Eligible Investment Required Ratings": With respect to any obligation, a short-term issue rating of "A-1" or better (or, in the absence of a short-term credit rating, a long-term issue rating of "A+" or better) from S&P. "Eligible Investments": Either Cash or any Dollar investment that, at the time it is Delivered to the Trustee (directly or through an intermediary or bailee), (x) matures not later than the earlier of (A) the date that is 60 days after the date of Delivery thereof and (B) the Business Day immediately preceding the Payment Date immediately following the date of Delivery thereof (provided that Eligible Investments issued by the Trustee or any Affiliate of the Trustee in its capacity as a banking institution may mature on such Payment Date), and (y) is one or more of the following obligations or securities: (i) direct Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are expressly backed by the full faith and credit of the United States and which satisfy the Eligible Investment Required Ratings; (ii) demand and time deposits in, certificates of deposit of, bank deposit products of, trust accounts with, bankers' acceptances issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States (including the Bank and its Affiliates) or any state thereof and subject to supervision and examination by federal and/or state banking authorities, in each case payable within 183 days after issuance, so long as the commercial paper and/or the debt obligations of such depository institution or trust company at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings; (iii) commercial paper (other than extendible commercial paper or Asset-backed Commercial Paper) with the Eligible Investment Required Ratings and that either bears interest or is sold at a discount from the face amount thereof and has a maturity of not more than 183 days from its date of issuance; and (iv) registered money market funds that have, at all times, credit ratings of "AAAm" by S&P; provided that (1) Eligible Investments purchased with funds in the Accounts shall be held until maturity except as otherwise specifically provided herein and shall include only such obligations or securities as mature (or are putable at par to the issuer thereof) no later than the earlier of 60 days and the Business Day prior to the next Payment Date unless such Eligible Investments are issued by the Trustee or any Affiliate of the Trustee in its capacity as a banking institution, in

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![](exhibit1015ncdlccloiires055.jpg)

BUSINESS.30544778.20 -35- which event such Eligible Investments may mature on such Payment Date; and (2) none of the foregoing obligations or securities shall constitute Eligible Investments if (a) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (b) payments with respect to such obligations or securities or proceeds of disposition are subject to withholding taxes by any jurisdiction (other than withholding imposed pursuant to FATCA) unless the payor is required to make "gross-up" payments that cover the full amount of any such withholding tax on an after-tax basis, (c) such obligation or security is secured by real property, (d) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof, (e) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action, (f) in the Collateral Manager's judgment, such obligation or security is subject to material non-credit related risks, (g) such obligation is a Structured Finance Obligation, or (h) such obligation or security would not, as determined by the Issuer (or the Collateral Manager on its behalf) be treated as "cash equivalents" for the purposes of Section __.10(c)(8)(iii)(A) of the regulations implementing the Volcker Rule and in accordance with any applicable interpretive guidance thereunder or (i) such obligation or security has an "f," "r," "p," "pi," "q," "sf" or "t" subscript assigned by S&P. Eligible Investments may include those investments issued by or made with the Bank or an Affiliate of the Bank or for which the Bank or the Trustee or an Affiliate of the Bank or the Trustee acts as offeror or provides services and receives compensation; provided that such investments meet the foregoing requirements of this definition. "Eligible Loan Index": With respect to each Collateral Obligation that is a Senior Secured Loan or a Second Lien Loan, one of the following indices as selected by the Collateral Manager in writing delivered to the Trustee upon acquisition of such Collateral Obligation: CS Leveraged Loan Index (formerly CSFB Leveraged Loan Index), the Deutsche Bank Leveraged Loan Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index, the Banc of America Securities Leveraged Loan Index, the S&P/LSTA Leveraged Loan Indices or any other loan index for which the S&P Rating Condition has been obtained. "Enforcement Event": The meaning specified in Section 11.1(a)(iii). "Entitlement Order": The meaning specified in Section 8-102(a)(8) of the UCC. "Equity Security": Any security (other than Workout Loans or Restructured Loans) that by its terms does not provide for periodic payments of interest at a stated coupon rate and repayment of principal at a stated maturity and any other security or loan asset that is not eligible for purchase by the Issuer as a Collateral Obligation and is not an Eligible Investment; it being understood that Equity Securities may not be purchased by the Issuer (other than (i) Equity Securities acquired in connection with the exercise of any warrant or other similar right pursuant to Section 12.1(k), and (ii) Specified Equity Securities acquired pursuant to Section 12.2(g)), but may be received by the Issuer in exchange for a Collateral Obligation or a portion thereof in connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof and thus is received in lieu of a debt previously contracted.

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![](exhibit1015ncdlccloiires056.jpg)

BUSINESS.30544778.20 -36- S&P Rating BB+ 940 A+ BB 70 1350 AA+ BB- S&P Rating Factor 1766 A 10 B+ 120 2220 "Equivalent Rating Factor": For each Collateral Obligation, the number set forth to the right of the applicable S&P Rating of such Collateral Obligation: B 2720 A- B- 180 3490 AA CCC+ 4770 BBB+ 20 CCC 260 6500 AAA CCC- 8070 BBB CC 360 10000 AA- "ERISA": The United States Employee Retirement Income Security Act of 1974, as amended. "ERISA Restricted Notes": The Subordinated Notes. "ESG Collateral Obligation": Any debt obligation or debt security where the consolidated group to which the relevant obligor belongs is a group whose Primary Business Activity is any of the following: (i) (i) the production of or trade in controversial weapons or the production of or trade in components or services that have been specifically designed or designated for military purposes for the functioning of controversial weapons; (ii) (ii) firearms; (iii) firearms; (iii) the manufacturing or trade in tobacco or tobacco-related products; (iv) (iv) opioid drug manufacturing and distribution; (v) (v) the production of or trade in pornography, adult entertainment or prostitution; 1 BBB- 40 610

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![](exhibit1015ncdlccloiires057.jpg)

BUSINESS.30544778.20 -37- (vi) (vi) the extraction of thermal coal, fossilsfossil fuels from unconventional sources (including articarctic drilling, tar sands, shale oil and shale gas) or other fracking activities, or coal mining and/or coal based power generation; (vii) (vii) the oil sands and associated pipelines industry; (viii) upstream production of palm oil and palm fruits products; (ix) (ix) the provision of services relating to payday lending; and (x) (x) the trade in endangered or protected wildlife. "European Transparency Requirements": The transparency requirements under Article 7 of the EU Securitization Regulation, including Commission Implementing Regulation (EU) 2020/1225 and Commission Delegated Regulation (EU) 2020/1224 and any relevant guidance and policy statements relating to the application of such Regulations published by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority (or any of their successors) or by the European Commission, as may be amended, varied or substituted from time to time. "EU Risk Retention Requirements": The risk retention requirements set out in Article 6 of the EU Securitization Regulation. "EU Securitization Regulation": Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, as (unless otherwise stated) amended, varied or substituted from time to time). "EU Transparency Requirements": The transparency requirements set out in Article 7 of the EU Securitization Regulation": Regulation (EU) 2017/2402 of the European Parliament and of the Council. "EU/UK Retention Agreement": The amended and restated agreement entered into among the Issuer, the EU/UK Retention Holder, the Trustee, the Placement Agent and the Co-Placement AgentInitial Purchaser, dated on or about the ClosingRefinancing Date, as may be amended or supplemented from time to time. "EU/UK Retention Basis Amount": On any date of determination, an amount equal to the Collateral Principal Amount on such date with the following adjustments: (i) the proviso to the definition of "Principal Balance" shall be disregarded, (ii) Defaulted Obligations shall be included in the Collateral Principal Amount and the Principal Balances thereof shall be deemed to equal their respective outstanding principal amounts, and (iii) any Equity Security owned by the Issuer shall be included in the Collateral Principal Amount with athe Principal Balance determined as follows: (a) in the case of a debt obligation or other debt security, the principal amount outstanding of such obligation or security, (b) in the case of an equity security received upon a "debt for equity swap" in relation to a restructuring or other similar event, the principal amount outstanding of the debt which was swapped for the equity security and (c) in

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![](exhibit1015ncdlccloiires058.jpg)

BUSINESS.30544778.20 -38- the case of any other equity security, the nominal value thereof as determined by the Collateral Manager. "EU/UK Retention Deficiency": As of any date of determination, an event which occurs if the aggregate outstanding principal amount of Subordinated Notes held by the EU/UK Retention Holder is less than five percent of the EU/UK Retention Basis Amount and the EU/UK Risk Retention Requirements are not or would not be complied with as a result. "EU/UK Retention Holder": Nuveen Churchill Direct Lending Corp., a Maryland corporation, in its capacity as EU/UK retention holder. "EU/UK Retention Interest": The portion of Subordinated Notes, which shall have having an aggregate outstanding amount equal to not less than 5% (or such lower amount, including 0%, if such lower amount is required or allowed under the EU Securitization Regulation or the UK Securitization Framework, as applicable, as a result of amendment, repeal or otherwise) of the EU/UK Retention Basis Amount, that the EU/UK Retention Holder intends to purchase on the Closing Date and is required to retain pursuant to the terms of the EU/UK Retention Agreement. "EU/UK Risk Retention Requirements": Article 6 of the applicable Securitization Regulation, including any implementing regulation, technical standards and official guidance related theretoThe EU Risk Retention Requirements and the UK Risk Retention Requirements. "EU/UK Securitization Regulations": The EU Securitization Regulation and the UK Securitization Framework. "Euroclear": Euroclear Bank S.A./N.V. "Euronext Dublin": The Irish Stock Exchange plc, trading as Euronext Dublin. "Event of Default": The meaning specified in Section 5.1. "Excel Default Model Input File": An electronic spreadsheet file in Microsoft Excel format to be provided to S&P, by the Collateral Manager and which file shall include the following information (if available) with respect to each Collateral Obligation: (a) the name of the issuer thereof, the country of domicile of the issuer thereof and the particular issue held by the Issuer, (b) the CUSIP, LoanX ID or other applicable identification number associated with such Collateral Obligation, (c) the par value of such Collateral Obligation, (d) the type of issue (including, by way of example, whether such Collateral Obligation is a Senior Secured Loan, Second Lien Loan, Cov-Lite Loan, First-Lien Last-Out Loan, etc.), using such abbreviations as may be selected by the Collateral Administrator, (e) a description of the index or other applicable benchmark upon which the interest payable on such Collateral Obligation is based (including, by way of example, fixed rate, step-up rate, zero coupon and the Term SOFR Rate) and whether such Collateral Obligation is a Reference Rate Floor Obligation and the specified "floor" rate per annum related thereto, (f) the coupon (in the case of a Collateral Obligation which bears interest at a fixed rate) or the spread over the applicable index (in the case of a Collateral Obligation which bears interest at a floating rate), (g) the S&P Industry Classification for such Collateral

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![](exhibit1015ncdlccloiires059.jpg)

BUSINESS.30544778.20 -39- Obligation, (h) the stated maturity of such Collateral Obligation, (i) the S&P Rating of such Collateral Obligation or the issuer thereof, as applicable, (j) the trade date and settlement date of each Collateral Obligation and (k) in the case of any purchase which has not settled, the purchase price thereof. In addition, such file shall include a description of any Balance of Cash and other Eligible Investments. In respect of the file provided to S&P in connection with the Issuer's request to S&P to confirm its Initial Ratings of each Class of Debt pursuant to Section 7.18, such file shall include a separate breakdown of the Aggregate Principal Balance and identity of all Collateral Obligations with respect to which the Issuer has entered into a binding commitment to acquire but with respect to which no settlement has occurred. "Excepted Property": The meaning assigned in the Granting Clauses hereof. "Excess CCC Adjustment Amount": As of any date of determination, an amount equal to the excess, if any, of (a) the Aggregate Principal Balance of all Collateral Obligations included in the CCC Excess; over (b) the sum of the Market Values of all Collateral Obligations included in the CCC Excess. "Excess Par Amount": The amount, as of any date of determination, equal to the greater of (a) zero and (b)(i) the Collateral Principal Amount less (ii) the Reinvestment Target Par Balance. "Excess Weighted Average Coupon": A percentage equal as of any date of determination to a number obtained by multiplying (a) the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained by dividing the aggregate principal balance of all Fixed Rate Obligations by the aggregate principal balance of all Floating Rate Obligations. "Excess Weighted Average Floating Spread": A percentage equal as of any date of determination to a number obtained by multiplying (a) the excess, if any, of the Weighted Average Floating Spread over the S&P Minimum Floating Spread by (b) the number obtained by dividing the aggregate principal balance of all Floating Rate Obligations by the aggregate principal balance of all Fixed Rate Obligations. "Exchange": The meaning specified in Section 2.12(g)(iii). "Exchange Act": The United States Securities Exchange Act of 1934, as amended. "Exercise Notice": The meaning specified in Section 9.7(c). "Expense Reserve Account": The account established pursuant to Section 10.3(d). "Fallback Rate": The rate determined by the Collateral Manager as follows: (a) the sum of (i) the quarterly-pay rate associated with the reference rate applicable to the largest percentage of the floating rate Collateral Obligations (as determined by the Collateral Manager as of the applicable Interest Determination Date) plus (ii) the average of the daily difference between the last available three-month Term SOFR Rate and the rate determined pursuant to

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![](exhibit1015ncdlccloiires060.jpg)

BUSINESS.30544778.20 -40- clause (i) above during the 20 Business Day period immediately preceding the applicable Interest Determination Date, as calculated by the Collateral Manager, which may consist of an addition to or subtraction from such unadjusted rate and (b) if a rate cannot be determined using clause (a), the Designated Base Rate. For the avoidance of doubt, the Fallback Rate shall not be the Term SOFR Rate; provided, further, that in no case shall the Fallback Rate be the London interbank offered ratebased on Libor or a rate that is unavailable or no longer reported. "FATCA": Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in connection with such sections of the Code, any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant to any such intergovernmental agreement or any analogous provisions of non-U.S. law. "Federal Reserve Bank of New York's Website": The website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. "Federal Reserve Board": The Board of Governors of the Federal Reserve System. "Fee Basis Amount": As of any date of determination, the sum of (a) the Collateral Principal Amount, (b) the Aggregate Principal Balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed Accrued Interest and Principal Financed Capitalized Interest. "Financial Asset": The meaning specified in Section 8-102(a)(9) of the UCC. "Financing Statements": The meaning specified in Section 9-102(a)(39) of the UCC. "First Interest Determination End Date": April 20, 2024. "First-Lien Last-Out Loan": A Collateral Obligation that is a Senior Secured Loan (other than for purposes of the Concentration Limitations and the S&P Recovery Rate, for which purposes First-Lien Last-Out Loans shall not be treated as Senior Secured Loans) that, prior to an event of default under the applicable Underlying Documents, is entitled to receive payments pari passu with other senior secured loans of the same Obligor and secured by the same collateral, but following an event of default under the applicable Underlying Documents, such Collateral Obligation becomes fully subordinated to Non-Super-Priority Senior Secured Loans of the same Obligor and secured by the same collateral and is not entitled to any payments until such other senior secured loans are paid in full; provided, that a Collateral Obligation will not be treated as a First-Lien Last-Out Loan solely as a result of customary exceptions for Collateral Obligations secured by a first-priority perfected security interest, including a Super-Priority Revolving Facility (provided, however, that Collateral Obligations that would otherwise be designated as Senior Secured Loans solely because of this exception for Super-Priority Revolving Facilities in excess of 10.0% of the Collateral Principal Amount shall be treated as First-Lien Last-Out Loans).

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![](exhibit1015ncdlccloiires061.jpg)

BUSINESS.30544778.20 -41- "Fitch": Fitch Ratings, Inc. and any successor in interest. "Fitch Rating": As of any date of determination, the Fitch Rating of any Collateral Obligation, determined as follows: (a) if Fitch has issued an issuer default rating with respect to the issuer of such Collateral Obligation, or the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation, then the Fitch Rating will be such issuer default rating (regardless of whether there is a published rating by Fitch on the Collateral Obligations of such issuer held by the Issuer); (b) if Fitch has not issued an issuer default rating with respect to the issuer or guarantor of such Collateral Obligation but Fitch has issued an outstanding long-term financial strength rating with respect to such issuer, the Fitch Rating of such Collateral Obligation will be one subcategory below such rating; (c) if a Fitch Rating cannot be determined pursuant to clause (a) or (b), but: (i) Fitch has issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will equal such rating; or (ii) Fitch has not issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation but Fitch has issued a senior rating, senior secured rating or a subordinated secured rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will (x) equal such rating if such rating is "BBB-" or higher and (y) be one subcategory below such rating if such rating is "BB+" or lower; or (iii) Fitch has not issued a senior unsecured rating or a senior rating, senior secured rating or a subordinated secured rating on any obligation or security of the issuer of such Collateral Obligation but Fitch has issued a subordinated, junior subordinated or senior subordinated rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will be (x) one subcategory above such rating if such rating is "B+" or higher and (y) two subcategories above such rating if such rating is "B" or lower; provided that on the Closing Date, if any rating described above is (i) on rating watch negative or negative credit watch, the rating will be the Fitch Rating as determined above adjusted down by one subcategory or (ii) on rating watch positive, positive credit watch or outlook negative, the rating will not be adjusted; provided further that after the Closing Date, if any rating described above is on rating watch negative or negative credit watch, the rating will be adjusted down by one subcategory; provided further that the Fitch Rating may be updated by Fitch from time to time as indicated in the "Global Rating Criteria for CLOs and Corporate CDOs" report issued by Fitch and available at www.fitchratings.com. For the avoidance of doubt, the Fitch Rating takes into account adjustments for assets that are on rating watch negative or negative credit watch, as

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![](exhibit1015ncdlccloiires062.jpg)

BUSINESS.30544778.20 -42- well as negative outlook prior to determining the issue rating or in the determination of the lower of the Moody's and S&P public ratings. "Fixed Rate Obligation": Any Collateral Obligation that bears a fixed rate of interest. "Floating Rate Obligation": Any Collateral Obligation that bears a floating rate of interest. "Flowthrough Entity": The meaning specified in Section 2.12(g)(i). "GAAP": The meaning specified in Section 6.3(j). "Global Note": Any Rule 144A Global Note or Regulation S Global Note. "Governmental Authority": Whether U.S. or non-U.S., (i) any national, state, county, municipal or regional government or quasi-governmental authority or political subdivision thereof; (ii) any agency, regulator, arbitrator, board, body, branch, bureau, commission, corporation, department, master, mediator, panel, referee, system or instrumentality of any such government or quasi-government entity, or political subdivision thereof; and (iii) any court. "Grant" or "Granted": To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Assets, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Assets, and all other Monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. "Group I Country": The Netherlands, Australia, Japan, Singapore, New Zealand and the United Kingdom. "Group II Country": Germany, Sweden and Switzerland. "Group III Country": Austria, Belgium, Denmark, Finland, France, Liechtenstein, Luxembourg and Norway. "Hedge Agreement": The meaning specified in Section 12.5. "Highest Ranking S&P Class": Any Outstanding Class rated by S&P with respect to which there is no Priority Class; provided that the Class X Notes shall not constitute the Highest Ranking S&P Class at any time.

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![](exhibit1015ncdlccloiires063.jpg)

BUSINESS.30544778.20 -43- "Holder" or "holder": With respect to any Debt, the Person whose name appears in the Note Register or the Loan Register, as applicable, as the registered holder of such Debt; except where the context otherwise requires, "Holder" or "holder" will include the beneficial owner of such security. "IAI": An Institutional Accredited Investor. "IAI/QP": Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Debt is both an Institutional Accredited Investor and a Qualified Purchaser. "Incurrence Covenant": A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. "Indenture": This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. "Independent": As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions. "Independent" when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager, director or independent review party of any Person will fail to be Independent solely because such Person acts as an independent manager, independent director or independent review party thereof or of any such Person's affiliates. Any pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates. "Independent Director": The meaning specified in Section 7.8(d). "Independent Review Party": The meaning set forth in the Collateral Management Agreement. "Industry Diversity Measure": As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each S&P Industry Classification Group, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that

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![](exhibit1015ncdlccloiires064.jpg)

BUSINESS.30544778.20 -44- A-L-R Initial Target Rating (S&P) "AAA (sf)" belong to such S&P Industry Classification Group by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations). "Initial Purchaser": SG Americas Securities, LLC, in its capacity as initial purchaser of the Secured Debt under the Purchase Agreement. "Initial Rating": With respect to the Secured Debt, the rating or ratings, if any, indicated in Section 2.3. "Initial Target Rating": With respect to any Class or Classes of Outstanding Secured Debt, the applicable rating specified in the table below: B-R "AA (sf)" A-R "Institutional Accredited Investor": The meaning specified in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. "Instrument": The meaning specified in Section 9-102(a)(47) of the UCC. "Interest Accrual Period": (i) With respect to the initial Payment Date (or, in the case of a Re-Priced Class or a Class that is subject to Refinancing, the first Payment Date following the Re-Pricing Date or the Refinancing, respectively), the period from and including the ClosingRefinancing Date (or, in the case of (x) a Re-Pricing, the Re-Pricing Date and (y) a Refinancing, the date of issuance of the replacement notes or debt obligations) to but excluding such Payment Date; and (ii) with respect to each succeeding Payment Date, the period from and including the immediately preceding Payment Date to but excluding the following Payment Date until the principal of the Debt is paid or made available for payment. "Interest Collection Subaccount": The account established pursuant to Section 10.2(a). "Interest Coverage Effective Date": The Determination Date immediately preceding the second Payment Date. "Interest Coverage Ratio": For any designated Class or Classes of Secured Debt, as of any date of determination, the percentage derived from the following equation: (A – B) / C, where: A = The Collateral Interest Amount as of such date of determination; B = Amounts payable (or expected as of the date of determination to be payable) on the following Payment Date as set forth in clauses (A) and (B) in Section 11.1(a)(i); and "AAA (sf)" Class

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![](exhibit1015ncdlccloiires065.jpg)

BUSINESS.30544778.20 -45- C = Interest due and payable on the Debt of such Class or Classes and each Class of Debt that rank senior to or pari passu with such Class or Classes (excluding, in each case, the Class X Notes) on such Payment Date. For the purposes of calculating the Interest Coverage Ratio, the Class A DebtNotes and the Class B Notes shall be treated as a single Class. "Interest Coverage Test": A test that is satisfied with respect to any Class or Classes of Debt (other than the Class X Notes) as of the Interest Coverage Effective Date and any otheras of any date thereafter on which such test is required to be determined hereunder, if (i) the Interest Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for such Class or Classes or (ii) such Class or Classes of Debt are no longer outstanding. "Interest Determination Date": The second U.S. Government Securities Business Day preceding the first day of each Interest Accrual Period. "Interest Proceeds": With respect to any Collection Period or Determination Date, without duplication, the sum of: (i) all payments of interest and delayed compensation (representing compensation for delayed settlement) received in cash by the Issuer during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received in connection with a sale thereof during the related Collection Period, less any such amount that represents Principal Financed Accrued Interest or Principal Financed Capitalized Interest; (ii) all principal and interest payments received by the Issuer during the related Collection Period on Eligible Investments purchased with Interest Proceeds; (iii) unless otherwise designated by the Collateral Manager, all amendment and waiver fees, late payment fees and other fees received by the Issuer during the related Collection Period, except for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation or (b) the reduction of the par amount of the related Collateral Obligation, as determined by the Collateral Manager with notice to the Trustee; (iv) commitment fees and other similar fees received by the Issuer during such Collection Period in respect of Revolving Collateral Obligations and Delayed Drawdown Collateral Obligations; (v) any amounts deposited in the Collection Account from the Expense Reserve Account or the Interest Reserve Account that are designated as Interest Proceeds in the sole discretion of the Collateral Manager pursuant hereto in respect of the related Determination Date;

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![](exhibit1015ncdlccloiires066.jpg)

BUSINESS.30544778.20 -46- (vi) any Designated Ramp-Up Proceeds and any Designated Principal Proceeds[reserved]; and (vii) any Designated Excess Par; provided that: (a) (x) any amounts received in respect of any Defaulted Obligation (including the assets described in clause (3) in the proviso of the definition thereof and any Workout Loan received (but not purchased) by the Issuer) will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Defaulted Obligation and, if such Defaulted Obligation is a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation, any amounts transferred from the Revolver Funding Account to the Principal Collection Subaccount with respect thereto, since it became a Defaulted Obligation equals, the outstanding Principal Balance of such Collateral Obligation at the time it became a Defaulted Obligation and (y) any amounts received in respect of any Restructured Loan, Equity Security and Specified Equity Security will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Restructured Loan, Equity Security or Specified Equity Security since it was received or purchased by the Issuer equals the outstanding Principal Balance of the related Collateral Obligation or Defaulted Obligation, as applicable, at the time the Obligor thereof underwent insolvency, bankruptcy, reorganization, debt restructuring or workout (or, in the case of a related Defaulted Obligation, at the time it became a Defaulted Obligation); (b) capitalized interest shall not constitute Interest Proceeds; (c) any amounts relating to Maturity Amendments that are required to be treated as Principal Proceeds under this Indenture shall not constitute Interest Proceeds; and (d) subject to the preceding clause (a) above, any amounts (including any Sale Proceeds) received in respect of any Workout Loan will be allocated, without duplication, (1) if Principal Proceeds were used to acquire such Workout Loan, such amounts will constitute Principal Proceeds until the aggregate of all recoveries in respect of such Workout Loan, and the Collateral Obligation with respect to which such Workout Loan was acquired, equals the sum of (i) the outstanding principal balance of such Collateral Obligation or Defaulted Obligation, as applicable, at the time the related Workout Loan was acquired (or, in the case of a Defaulted Obligation, at the time such Collateral Obligation became a Defaulted Obligation), (ii) the S&P Collateral Value of such Workout Loan plus (iii) the amount of Principal Proceeds used to acquire such Workout Loan, (2) if Interest Proceeds were used to acquire such Workout Loan, such amounts shall (x) first, constitute Principal Proceeds until the aggregate of all recoveries in respect of such Workout Loan equals the S&P Collateral Value of such Workout Loan and (y) thereafter, constitute Interest Proceeds until the aggregate amount of all collections with respect to such Workout Loan equals the amount of Interest Proceeds used to

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![](exhibit1015ncdlccloiires067.jpg)

BUSINESS.30544778.20 -47- acquire such Workout Loan and (3) in the case of any Workout Loan acquired using amounts on deposit in the Permitted Use Account or Contributions, such amounts shall constitute Principal Proceeds until the aggregate of all recoveries in respect of such Workout Loan equals the S&P Collateral Value of such Workout Loan.; provided that, to the extent that any combination of Principal Proceeds, Interest Proceeds and/or amounts available for a Permitted Use were used to acquire such Workout Loan, the Collateral Manager shall ensure satisfaction of clauses (1), (2) and (3) on a pro rata basis to the extent able in its commercially reasonable discretion. Notwithstanding the foregoing, in the Collateral Manager's sole discretion (to be exercised on or before the related Determination Date), Interest Proceeds in any Collection Period may be classified as Principal Proceeds provided that such designation would not result in ana non-payment of interest deferral on any Class of Secured Debt. "Interest Rate": With respect to each Class of Secured Debt, the per annum stated interest rate payable on such Class with respect to each Interest Accrual Period, which rate shall be equal to the rate specified for such Class in Section 2.3; provided that with respect to any Interest Accrual Period during which a Re-Pricing has occurred, the applicable Interest Rate of any Re-Priced Class shall reflect the applicable Re-Pricing Rate from, and including, the applicable Re-Pricing Date. "Interest Reserve Account": The account established pursuant to Section 10.5. "Interest Reserve Amount": U.S.$0. "Investment Criteria": The criteria specified in Section 12.2. "Investor Information Services": Initially, Intex Solutions, Inc. and Bloomberg Finance L.P., and thereafter any third-party vendor that compiles and provides access to information regarding CLO transactions and is selected by the Collateral Manager (with notice to the Trustee and the Collateral Administrator) to receive copies of the Monthly Report and Distribution Report. "Investor Reports": The quarterly investor reports in the form prescribed pursuant to and in accordance with the Transparency RequirementsArticle 7 of the EU Securitization Regulation. "Irish Listing Agent": The meaning specified in Section 7.2. "IRS": The United States Internal Revenue Service. "Issuer": The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant to the applicable provisions of this Indenture, and thereafter "Issuer" shall mean such successor Person. "Issuer Order" and "Issuer Request": A written order or request (which may be a standing order or request) dated and signed in the name of the Issuer or by an Officer of the Issuer or, to the extent permitted herein, by the Collateral Manager by an Officer thereof, on

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![](exhibit1015ncdlccloiires068.jpg)

BUSINESS.30544778.20 -48- behalf of the Issuer. For the avoidance of doubt, an order or request provided in an email or other electronic communication by an Officer of the Issuer or the Collateral Manager on behalf of the Issuer shall constitute an Issuer Order, unless the Trustee otherwise requests that such Issuer Order be in writing. For purposes of Section 10.10 and Article XII of this Indenture and the release, sale or acquisition of any Assets thereunder, "Issuer Order" or "Issuer Request" shall also mean delivery to the Trustee on behalf of the Issuer (or the Collateral Manager on its behalf), by email or otherwise in writing, of a trade ticket, confirmation of trade, trade blotter, instruction to post or to commit to the trade, "SWIFT" message, message via Markit Loan Settlement Custodial Services (Markit CIDD) or any other electronic communication or language, which shall constitute a direction and certification that the transaction is in compliance with and satisfies all applicable provisions of Section 10.10 and Article XII of this Indenture. "Issuer Resolution": A resolution of the members or the designated manager of the Issuer. "Junior Class": With respect to a particular Class of Debt, each Class of Debt that is subordinated to such Class, as indicated in Section 2.3. "Junior Mezzanine Notes": The meaning specified in Section 2.13(a). "Knowledgeable Employee": Any "knowledgeable employee" as defined in Rule 3c-5 under the Investment Company Act. "Lien": Any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument filed against a Person's assets or properties). "Limited Liability Company Agreement": The Issuer's limited liability company agreement, as may be amended from time to time. "Listed Notes": Each Class of Notes specified as such in Section 2.3. "Loan": Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement or other similar credit agreement. "Loan Agent": U.S. Bank Trust Company, National Association, as loan agent under the Loan Agreement, and any successor thereto. "Loan Agreement": The amended and restated class A-L-R loan agreement entered into as of the Refinancing Date by the Issuer, as borrower, the Class A-L Lenders party thereto and the Loan Agent.

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![](exhibit1015ncdlccloiires069.jpg)

BUSINESS.30544778.20 -49- "Loan AgentsRegister": The register of Class A-L-AA-L Lenders maintained by the Loan Agent andpursuant to the Class A-L-B Loan Agent, collectivelyAgreement and provided to the Trustee. "Loan Registrar": U.S. Bank Trust Company, National Association, as loan registrar under the Loan Agreement, and any successor thereto. "Loan Report": The ongoing quarterly portfolio level disclosure in the form prescribed pursuant to and in accordance with the Transparency RequirementsArticle 7 of the EU Securitization Regulation. "Long Dated Obligation": A Collateral Obligation, the stated maturity date of which is extended to occur after the earliest Stated Maturity pursuant to an amendment or modification of its terms following its acquisition by the Issuer; provided that, if any Collateral Obligation has scheduled distributions that occur both before and after the earliest Stated Maturity, only the scheduled distributions on such Collateral Obligation occurring after the earliest Stated Maturity of the Debt will constitute a Long Dated Obligation; provided, further, that in determining the scheduled distributions on any Collateral Obligation occurring after the earliest Stated Maturity of the Secured Debt, such Collateral Obligation will be deemed to have a maturity and amortization schedule based on zero unscheduled prepayments. "LSTA": The Loan Syndications and Trading Association®. "Maintenance Covenant": A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, whether or not such borrower has taken any specified action; provided that a covenant which otherwise satisfies the definition hereof but only applies when amounts are outstanding under the related loanUnderlying Documents shall constitute a Maintenance Covenant. "Majority": With respect to any Class or Classes of Debt, the HoldersDebtholders of more than 50% of the Aggregate Outstanding Amount of the Debt of such Class or Classes, as applicable. "Mandatory Redemption": A redemption of the Debt in accordance with Section 9.1. "Margin Stock": "Margin Stock" as defined under Regulation U issued by the Federal Reserve Board, including any debt security which is by its terms convertible into "Margin Stock".

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BUSINESS.30544778.20 -50- "Market Value": With respect to any loans or other assets, the amount (determined by the Collateral Manager) equal to the product of the outstanding principal balance thereof and the price (expressed as a percentage of par) determined in the following manner: (i) the bid price, reflective of actual trading activity of such asset within the past 30 days, determined by the Loan Pricing Corporation, LoanX Inc. or Markit Group Limited; or (ii) if a price described in clause (i) is not available, (a) the average of the bid prices determined by three broker-dealers reflective of actualactive in the trading of such asset that are Independent (without giving effect to the last sentence in the definition thereof) from each other and the Issuer and the Collateral Manager; (b) if only two such bids can be obtained, the lower of the bid prices of such two bids; or (c) if only one such bid can be obtained, and such bid was obtained from a Qualified Broker/Dealer (which Qualified Broker/Dealer is Independent (without giving effect to the last sentence in the definition thereof) from the Issuer and the Collateral Manager), such bid; or (iii) if a value cannot be obtained by the Collateral Manager exercising reasonable efforts pursuant to the means contemplated by clauses (i) or (ii), the value (determined as the bid side market value) of such Collateral Obligation as reasonably determined by the Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser) consistent with the Collateral Manager Standard and certified by the Collateral Manager to the Collateral Administrator and the Trustee; provided, that solely with respect to the calculation of the CCC Excess and the Excess CCC Adjustment Amount, the Market Value of each CCC Collateral Obligation shall be the lower of (x) the amount calculated in accordance with this clause (iii) and (y) the higher of (I) 70% multiplied by the outstanding principal balance of such Collateral Obligation and (II) if such valuation has been provided, the value determined by an Independent third-party; provided further, that if such Collateral Obligation has a public rating from S&P, the Market Value of such Collateral Obligation for a period of 30 days after such date of determination shall be the lower of: (a) the bid side market value thereof as reasonably determined by the Collateral Manager consistent with the Collateral Manager Standard and certified by the Collateral Manager to the Collateral Administrator and the Trustee; and (b) the higher of (I) 70% multiplied by the outstanding principal balance of such Collateral Obligation and (II) if such valuation has been provided, the value determined by an Independent third-party,

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![](exhibit1015ncdlccloiires071.jpg)

BUSINESS.30544778.20 -51- and, if such Collateral Obligation has a public rating from S&P and if a value cannot be obtained by the Collateral Manager exercising reasonable efforts pursuant to the means contemplated by clauses (i) or (ii), following such 30-day period, the Market Value of such Collateral Obligation shall be zero; or (iv) if the Market Value of an asset is not determined in accordance with clause (i), (ii) or (iii) above, then such Market Value shall be deemed to be zero (or, with respect to clause (iii) above, the value determined by the Collateral Manager in accordance with the valuation policies that it applies to similar assets it holds for its own account) until such determination is made in accordance with clause (i), (ii) or (iii) above. "Master Transfer Agreement": That certain loan sale and contribution agreement dated as of the Closing Date, between the Collateral ManagerRetention Holder, as seller, and the Issuer, as purchaser, as amended, modified or supplemented from time to time. "Material Covenant Default": A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation. "Maturity": With respect to any Debt, the date on which the unpaid principal of such Debt becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. "Maturity Amendment": With respect to any Collateral Obligation, any waiver, modification, amendment or variance that would extend the stated maturity date of such Collateral Obligation. For the avoidance of doubt, a waiver, modification, amendment or variance that would extend the stated maturity date of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral Obligation held by the Issuer, does not constitute a Maturity Amendment. "Measurement Date": (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the date as of which the information in any Monthly Report prepared hereunder is calculated, and (iv) with five Business Days' prior written notice to the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee, any Business Day requested by S&P and (v) the Effective Date. "Member State": Any member state of the European Union. "Merging Entity": The meaning specified in Section 7.10. "Minimum Denomination": With respect to (x) the Secured Debt, U.S.$250,000 and integral multiples of U.S.$1 in excess thereof and (y) the Subordinated Notes, U.S.$1,000,000 and integral multiples of U.S.$1 in excess thereof.

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BUSINESS.30544778.20 -52- "Minimum Floating Spread Test": The test that will be satisfied on any date of determination if the Weighted Average Floating Spread plus the Excess Weighted Average Coupon equals or exceeds the S&P Minimum Floating Spread. "Minimum Weighted Average Coupon": (i) If any of the Collateral Obligations are Fixed Rate Obligations, 7.07.00% and (ii) otherwise, 0.0%. "Minimum Weighted Average Coupon Test": The test that will be satisfied on any date of determination as of which the Collateral Obligations include any Fixed Rate Obligations if the Weighted Average Coupon plus the Excess Weighted Average Floating Spread equals or exceeds the Minimum Weighted Average Coupon. "Minimum Weighted Average S&P Recovery Rate Test": The test that will be satisfied on any date of determination on and after the S&P CDO Monitor Election Date if the Weighted Average S&P Recovery Rate for the Highest Ranking S&P Class equals or exceeds the S&P CDO Monitor Recovery Rate of such Class of Secured Debt selected by the Collateral Manager in connection with the definition of "S&P CDO Monitor". "Money": The meaning specified in Section 1-201(24) of the UCC. "Monthly Report": The meaning specified in Section 10.8(a). "Monthly Report Determination Date": The meaning specified in Section 10.8(a). "Moody's": Moody's Investors Service, Inc. and any successor thereto. "Moody's Rating": With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3 hereto. "Non-Call Period": The period from the ClosingRefinancing Date to but excluding January 20, 20262028. "Non-Emerging Market Obligor": An Obligor that is Domiciled in (a) the United States or (b) any other country that has a foreign currency government bond rating of at least "AA" by S&P. "Non-Permitted ERISA Holder": The meaning specified in Section 2.11(c). "Non-Permitted Holder": The meaning specified in Section 2.11(b). "Non-Super-Priority Senior Secured Loan": A Senior Secured Loan other than a revolving credit facility that is customarily referred to as super-priority revolver. "Note Interest Amount": With respect to any Class of Secured Debt and any Payment Date, the amount of interest for the related Interest Accrual Period payable in respect of each U.S.$100,000 of outstanding principal amount of such Class of Secured Debt. "Note Register": The meaning specified in Section 2.5(a).

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![](exhibit1015ncdlccloiires073.jpg)

BUSINESS.30544778.20 -53- "Note Registrar": The meaning specified in Section 2.5(a). "Notes": Collectively, the Class X Notes, the Class A-1 Notes, the Class B Notes and the Subordinated Notes authorized by, and authenticated and delivered under, this Indenture (as specified in Section 2.3) together with any additional Notes issued pursuant to and accordance with this Indenture. "NRSRO": Any nationally-recognized statistical rating organization, other than S&P. "NRSRO Certification": A certification executed by an NRSRO in favor of the Issuer that states that such NRSRO has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(a)(3)(iii)(B) and that such NRSRO has access to the 17g-5 Website. "NRSRO": Any nationally-recognized statistical rating organization, other than S&P. "Obligor": With respect to any Collateral Obligation, any Person or Persons obligated to make payments pursuant to or with respect to such Collateral Obligation, including any guarantor thereof, but excluding, in each case, any such Person that is an obligor or guarantor that is in addition to the primary obligors or guarantors with respect to the assets, cash flows or credit on which the related Collateral Obligation is principally underwritten. "Obligor Diversity Measure": As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each Obligor, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by such Obligor by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations). "Offer": The meaning specified in Section 10.10(c). "Offering": The offering of any Notes pursuant to the relevant Offering Circular. "Offering Circular": Each offering circular relating to the offer and sale of the Notes, including any supplements thereto. "Officer": (a) With respect to any corporation, the Chairman of the Board of Directors (or, with respect to the Issuer, its members or its designated manager), the President, any Vice President, the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of such entity and (b) with respect to the Issuer and any limited liability company, any managing member or manager thereof or any person to whom the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such limited liability company.

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BUSINESS.30544778.20 -54- "Opinion of Counsel": A written opinion addressed to the Trustee, the Issuer, if applicable, and, if required by the terms hereof, S&P, in form and substance reasonably satisfactory to the Trustee (and, if so addressed, S&P), of an attorney admitted to practice, or a nationally or internationally recognized and reputable law firm one or more of the partners of which are admitted to practice, before the highest court of any State of the United States or the District of Columbia, which attorney or law firm, as the case may be, may, except as otherwise expressly provided herein, be counsel for the Issuer and which attorney or law firm, as the case may be, shall be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which opinions of other counsel shall accompany such Opinion of Counsel and shall be addressed to the Trustee (and, if required by the terms hereof, S&P) or shall state that the Trustee (and, if required by the terms hereof, S&P) shall be entitled to rely thereon. "Optional Redemption": A redemption of the Debt in accordance with Section 9.2. "Other Plan Law": Any state, local, other federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code. "Outstanding": With respect to the Debt or the Debt of any specified Class, as of any date of determination, all of the Debt or all of the Debt of such Class, as the case may be, theretofore authenticated and delivered under this Indenture (or, with respect to the Class A-L-A Loans or the Class A-L-BA-L Loans, incurred under the applicable Class A-L Loan Agreement), except: (i) (x) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation in accordance with the terms of Section 2.9 hereof and (y) Class A-L-A Loans or Class A-L-B Loansloan notes, if any, signed by the Issuer in its capacity as borrower under the Loan Agreement and delivered to the applicable Class A-L Lender canceled by the applicable Loan Agent or delivered to the applicable Loan Agent for cancellation in accordance with the applicable Class A-L Loan Agreement; (ii) Debt or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited with the Trustee or any Paying Agent for the Holders of such Debt pursuant to Section 4.1(a)(ii) hereof or the Class A-L Loan AgreementsAgreement, as applicable; provided that if such Debt or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; (iii) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof satisfactory to the Trustee is presented that any such Notes are held by a "protected purchaser" (within the meaning of Section 8-303 of the UCC); (iv) (x) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.6 and (y) loan notes,

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BUSINESS.30544778.20 -55- if any, signed by the Issuer in its capacity as borrower under a Class A-Lthe Loan Agreement and delivered to the applicable Class A-L LendersLender that are alleged to have been lost or destroyed for which replacement Class A-L-AA-L Loan or Class A-L-B Loan notesnote, as applicable, havehas been issued as provided in the applicable Class A-L Loan Agreement; and (v) Class A-L-AA-L Loans repaid, or redeemed or converted into Class A-1 Notes pursuant to the terms hereof and of the Class A-L-A Loan Agreement. and the Indenture; provided that in determining whether the Holders of the requisite Aggregate Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) Debt owned by the Issuer or (only in the case of a vote on (x) the removal of the Collateral Manager for "cause" and (y) the waiver of any event constituting "cause") Debt owned by the Collateral Manager, the Sub-Advisor, an Affiliate thereof, or an account, fund, client or portfolio established and controlled by the Collateral Manager the Sub-Advisor, or an Affiliate thereof or for which the Collateral Manager, the Sub-Advisor, or an Affiliate thereof acts as the investment adviser or with respect to which it, the Sub-Advisor or an Affiliate exercises discretionary authority shall be disregarded and deemed not to be Outstanding; provided that such disregarded Debt shall not include any Debt held by an entity managed by the Collateral Manager, the Sub-Advisor or an Affiliate thereof if such entity has retained discretionary voting authority over matters in connection with which such Debt would be disregarded for purposes of determining whether the Holders of the requisite Aggregate Outstanding Amount of Debt have given any request, demand, authorization, direction, notice, consent or waiver under this Indenture or the Collateral Management Agreement, except that, in determining whether the Trustee or the applicable Loan Agent, as applicable, shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Debt that a Trust Officer of the Trustee or the applicable Loan Agent, as applicable, actually knows to be so owned shall be so disregarded and (b) Debt so owned that have been pledged in good faith shall be regarded as Outstanding if the pledgee establishes to the reasonable satisfaction of the Trustee or the applicable Loan Agent, as applicable, the pledgee's right so to act with respect to such Debt and that the pledgee is not one of the Persons specified above. "Overcollateralization Ratio": With respect to any specified Class or Classes of Secured Debt as of any date of determination, the percentage derived from: (i) the Adjusted Collateral Principal Amount on such date divided by (ii) the Aggregate Outstanding Amount on such date of the Debt of such Class or Classes, and each Priority Class of Debt (excluding, in each case, the Aggregate Outstanding Amount of the Class X Notes). For the purposes of calculating the Overcollateralization Ratio, the Class A Debt and the Class B Notes shall be treated as a single Class. "Overcollateralization Ratio Test": A test that is satisfied with respect to any Class or Classes of Debt (other than the Class X Notes) as of the Effective Date (and any other date thereafter on which such test is required to be determined hereunder), if (i) the Overcollateralization Ratio for such Class or Classes on such date is at least equal to the Required Overcollateralization Ratio for such Class or Classes or (ii) such Class or Classes of Debt is no longer outstanding.

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BUSINESS.30544778.20 -56- "Partial Refinancing Interest Proceeds": In connection with a Refinancing of one or more Classes of Secured Debt, with respect to each such Class, Interest Proceeds up to the amount of accrued and unpaid interest on such Class, but only to the extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class on the Redemption Date (or, in the case of a Refinancing occurring on a date other than a Payment Date, only to the extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class on the next Payment Date, taking into account scheduled distributions on the Assets that are expected to be received prior to the next Determination Date). "Participation Interest": A participation interest in a loan that, at the time of acquisition, or the Issuer's commitment to acquire the same, satisfies each of the following criteria: (i) such loan would constitute a Collateral Obligation were it acquired directly, (ii) the Selling Institution is the lender on the loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the Selling Institution holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition (or, in the case of a participation in a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, at the time of the funding of such loan) without the benefit of financing from the Selling Institution or its affiliates, (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation, and (vii) such participation is documented under a LSTA, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan. "Partnership Tax Audit Rules": The meaning specified in Section 7.17(m). "Partnership Representative": The meaning specified in Section 7.17(f). "Paying Agent": Any Person authorized by the Issuer to pay the principal of or interest on any Debt on behalf of the Issuer as specified in Section 7.2. "Payment Account": The payment account of the Trustee established pursuant to Section 10.3(a). "Payment Date": (a) The 20th day of January, April, July and October of each year (or, if such day is not a Business Day, then the next succeeding Business Day), commencing on the Payment Date in July 2024April 2026, except that the final scheduled Payment Date (subject to any earlier redemption or payment of the Debt) shall be the Payment Date in January 20362039, and (b) any other date not specified in clause (a) that is a Redemption Date in connection with a redemption of the Secured Debt in whole but not in part; provided that, at any time there is no Secured Debt Outstanding, Payment Dates shall be on such dates as determined by the Collateral Manager in its reasonable discretion (as acceptable to the Trustee and with five Business Days' prior written notice to the Trustee but in no event less frequently than quarterly).

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BUSINESS.30544778.20 -57- "PBGC": The United States Pension Benefit Guaranty Corporation. "Permitted Deferrable Obligation": Any Deferrable Obligation that (or the, in accordance with its related Underlying Document of which)Documents, carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Rate plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years. "Permitted Liens": With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (iv) security interests, liens and other encumbrances, if any, which have priority over first priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or any other applicable law. "Permitted Offer": An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral Obligation) in exchange for consideration consisting solely of Cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid interest and (ii) as to which the Collateral Manager has determined in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer. "Permitted Use": With respect to (a) the proceeds of an additional issuance of additional Subordinated Notes and/or Junior Mezzanine Notes designated for a Permitted Use, (b) any amounts designated for deposit into the Permitted Use Account pursuant to Section 11.1(a)(i) or (c) any Contribution received into the Permitted Use Account, any of the following: (i) except with respect to any Contribution deposited into the Permitted Use Account, the transfer of the applicable portion of such amount to the Interest Collection Subaccount for application as Interest Proceeds; (ii) the transfer of the applicable portion of such amount to the Principal Collection Subaccount for application as Principal Proceeds; (iii) to designate such amount as Refinancing Proceeds for use in connection with a Refinancing; (iv) the transfer of the applicable portion of such amount to pay any costs or expenses associated with a Refinancing, a Re-Pricing or an additional issuance of Debt; (v) the purchase of Collateral Obligations, Restructured Loans, Workout Loans or Specified Equity Securities;

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BUSINESS.30544778.20 -58- (vi) the purchase of securities or other obligations resulting from a rights offering or the exercise of an option, warrant, right of conversion or similar right, in each case, received in connection with a workout or restructuring of a Collateral Obligation, in accordance with the documents governing any Equity Security without regard to the Investment Criteria and to make any payments required in connection with a workout or restructuring of a Collateral Obligation; provided that the Collateral Manager certifies to the Trustee and the Loan AgentsAgent (which certification will be deemed to be provided upon delivery of an issuer order in respect of such exercise) that in its reasonable business judgment, exercising the option, warrant, right of conversion or similar right is necessary for the Issuer to realize the value of the workout or restructuring of the Collateral Obligation with respect to which such instrument was received; and (vii) subject to the limitation described in clause (i) above, for any other use of funds permitted hereunder, in each case subject to the limitations set forth herein; provided, that once funds in the Permitted Use Account have been designated for a particular Permitted Use, such designation may not be changed. "Permitted Use Account": The account established pursuant to Section 10.3(e). "Person": An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. "Placement Agent": SMBC Nikko Securities America, Inc., in its capacity as placement agent for the Secured Notes under the Placement Agreement. "Placement Agreement": The placement agreement, dated as of December 7, 2023, between the Issuer, the Placement Agent and the Co-Placement Agent, as amended from time to time in accordance with the terms thereof. "Portfolio Company": Any company that is controlled by the Collateral Manager, an Affiliate thereof, or an account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof. "Posting Agent Letter Agreement": The EU/UK RR Website Direction Letter Agreement, dated as of November 2, 2023, among Nuveen Churchill BDC SPV II, LLC, the Collateral Manager and U.S. Bank Trust Company, National Association, as posting agent. "Post-Reinvestment Period Settlement Obligation": The meaning specified in Section 12.2(a). "PRASR": The meaning specified in the definition of "UK Securitization Framework".

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BUSINESS.30544778.20 -59- "Primary Business Activity": In relation to a consolidated group of companies, for the purposes of determining whether a debt obligation or debt security is an ESG Collateral Obligation, (a) other than with respect to clause (v) of the definition of "ESG Collateral Obligation," where such group derives more than 40% of its revenues from the relevant business, trade or production (as applicable) at the time of purchase of the ESG Collateral Obligation, and (b) with respect to clause (v) of the definition of "ESG Collateral Obligation," where such group derives any amount of its revenues from the relevant business, trade or production (as applicable) at the time of purchase of the ESG Collateral Obligation, in each case, as determined by the Collateral Manager. "Principal Balance": Subject to Section 1.3, with respect to (a) any Asset other than a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding any capitalized interest) and (b) any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation (excluding any capitalized interest), plus (except as expressly set forth herein) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation; provided that for all purposes the Principal Balance of (1) any Restructured Loan, Equity Security or Specified Equity Security or interest only strip shall be deemed to be zero and (2) any Defaulted Obligation that is not sold or terminated within three years after becoming a Defaulted Obligation shall be deemed to be zero. "Principal Collection Subaccount": The account established pursuant to Section 10.2(a). "Principal Financed Accrued Interest": The amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on a Collateral Obligation. "Principal Financed Capitalized Interest": The amount of Principal Proceeds, if any, applied towards the purchase of capitalized interest on a Permitted Deferrable Obligation. "Principal Proceeds": With respect to any Collection Period or Determination Date, all amounts received by the Issuer during the related Collection Period that do not constitute Interest Proceeds, Refinancing Proceeds or Partial Refinancing Interest Proceeds and any other amounts that have been designated as Principal Proceeds pursuant to the terms of this Indenture. "Priority Class": With respect to any specified Class of Debt, each Class of Debt that ranks senior to such Class, as indicated in Section 2.3. "Priority of Partial Refinancing Proceeds": The meaning specified in Section 11.1(a)(iv). "Priority of Payments": The meaning specified in Section 11.1(a).

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BUSINESS.30544778.20 -60- "Proceeding": Any suit in equity, action at law or other judicial or administrative proceeding. "Proceeds": The aggregate of Interest Proceeds and Principal Proceeds. "Proposed Portfolio": The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale, maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as the case may be. "Purchase Agreement": The note purchase agreement dated as of the Refinancing Date among the Issuer and the Initial Purchaser, as amended from time to time in accordance with the terms thereof. "QIB": A Qualified Institutional Buyer. "QIB/QP": Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Debt is both a Qualified Institutional Buyer and a Qualified Purchaser. "QP": A Qualified Purchaser. "Qualified Broker/Dealer": Any of Antares Capital; Ares Capital Corporation; Bank of America/Merrill Lynch; The Bank of Montreal; The Bank of New York Mellon; Barclays Bank plc; BNP Paribas; Broadpoint Securities; Calyon; Canadian Imperial Bank of Commerce; Capital One; Citibank, N.A.; Credit Agricole S.A.; Credit Suisse; Deutsche Bank AG; Dresdner Bank AG; Goldman Sachs & Co.; Golub Capital; Guggenheim; HSBC Bank; Imperial Capital LLC; Jefferies & Company, Inc.; JPMorgan Chase Bank, N.A.; KeyBank National Association; Lloyds TSB Bank; Madison Capital; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co.; Natixis; Northern Trust Company; NXT Capital, Inc.; Royal Bank of Canada; The Royal Bank of Scotland plc; Société Générale; SunTrust Banks, Inc.Truist Bank; The Toronto-Dominion Bank; UBS AG; U.S. Bank National Association; and Wells Fargo Bank, National Association. "Qualified Institutional Buyer": The meaning specified in Rule 144A. "Qualified Purchaser": The meaning specified in Section 2(a)(51) of the 1940 Act and Rule 2a51-2 or 2a51-3 under the 1940 Act. "Ramp-Up Account": The account established pursuant to Section 10.3(c). "Record Date": With respect to the Global Notes the Business Day before the applicable Payment Date and with respect to the Certificated Notes, the date 15 days prior to the applicable Payment Date. "Redemption Date": Any Business Day specified for a redemption of Debt pursuant to Section 9.2 or any Payment Date specified for a Tax Redemption of the Debt

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![](exhibit1015ncdlccloiires081.jpg)

BUSINESS.30544778.20 -61- pursuant to Section 9.3, and in each case, with respect to the Class A-L-A Loans or the Class A-L-BA-L Loans, pursuant to the applicable Class A-L Loan Agreement. "Redemption Price": (a) For any Secured Debt to be redeemed or re-priced (x) 100% of the Aggregate Outstanding Amount of such Secured Debt, plus (y) accrued and unpaid interest thereon (including defaulted interest and interest thereon) to the Redemption Date or Re-Pricing Date, as applicable, and (b) for each Subordinated Note, (i) if such Subordinated Note is being redeemed in connection with a liquidation of the Assets, its proportional share (based on the outstanding principal amount of such Subordinated Notes) of the amounts distributed with respect to the Subordinated Notes pursuant to the Priority of Payments on the Payment Date that is the Redemption Date therefor after redemption or repayment of the Secured Debt in full and after payment in full of (and/or creation of a reserve for) all fees, expenses and indemnities of the Issuer (including, without limitation, any Collateral Management Fees) and (ii) if such Subordinated Note is being redeemed upon the occurrence of a Refinancing of all of the Secured Debt, its proportional share (based on the outstanding principal amount of such Subordinated Notes) of the price, as determined by the Collateral Manager on or about the date of a Refinancing, equal to the following: (a) amounts on deposit in the Principal Collection Subaccount, the Interest Collection Subaccount and the Revolver Funding Account immediately prior to such Refinancing plus (b) an amount equal to the sum of the products of (x) the average of the "bid" and "ask" price for each Collateral Obligation held by the Issuer (as determined in the sole discretion of the Collateral Manager) and (y) the principal balance of each such Collateral Obligation (excluding solely for purposes of this definition the unfunded commitments under any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation) plus (c) an amount equal to the sum of the products of (x) the average of the "bid" and "ask" price of each Revolving Collateral Obligation and Delayed Drawdown Collateral Obligation minus 100% and (y) the unfunded commitments under each Revolving Collateral Obligation and Delayed Drawdown Collateral Obligation plus (d) an amount equal to the accrued interest on the Collateral Obligations (other than Defaulted Obligations) held by the Issuer immediately prior to such Refinancing plus (e) the sum of the "fair market values" (as determined in the sole discretion of the Collateral Manager) of each Asset not included in clauses (a) through (d) above minus (f) the Redemption Prices of the Secured Debt minus (g) any fees and expenses incurred in connection with such Refinancing and the associated supplemental indenture that are allocable to the redemption of the applicable Debt as determined by the Collateral Manager; provided that, in connection with any Tax Redemption, Clean-Up Call Redemption or Optional Redemption of the Secured Debt in whole, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Debt by notifying the Trustee, or the applicable Loan Agent (if applicable) and the Issuer in writing prior to such Redemption Date or Re-Pricing Date, as applicable, of such election. "Reference Rate": (a) Initially the Term SOFR Rate, (b) following a Benchmark Replacement Date, a Benchmark Replacement Rate or (c) if the Reference Rate cannot be determined pursuant to clause (a) or (b) above, the Fallback Rate; provided that if the Reference Rate with respect to the Secured Debt is less than 0%, such rate shall be deemed equal to 0% with respect to the Secured Debt; provided further, that if at any time when the Fallback Rate is effective the Collateral Manager notifies the Issuer, the Trustee, the Loan Agents Agent and the Calculation Agent that any Benchmark Replacement Rate can be determined by the Collateral

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![](exhibit1015ncdlccloiires082.jpg)

BUSINESS.30544778.20 -62- Manager, then such Benchmark Replacement Rate shall be the Reference Rate commencing with the Interest Accrual Period immediately succeeding the Interest Accrual Period during which the Collateral Manager provides such notification. Notwithstanding anything herein to the contrary, if at any time while any Secured Debt is outstanding, a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Reference Rate, then the Collateral Manager shall provide notice of such event to the Issuer, the Loan AgentsAgent, the Calculation Agent and the Trustee (which notice the Trustee shall forward to the Holders and post to its website) and shall cause the then current Reference Rate to be replaced with an Alternative Rate proposed by the Collateral Manager pursuant to a Reference Rate Amendment. With respect to any Collateral Obligation, when used in the context of such Collateral Obligation, "Reference Rate" means the London interbank offered rate, the forward-looking rate based on SOFR or the applicable benchmark rate currently in effect for such Collateral Obligation and determined in accordance with the related Underlying InstrumentDocuments. "Reference Rate Amendment": The meaning specified in Section 8.1(xxiii). "Reference Rate Floor Obligation": As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which is paid based on the Reference Rate and (b) that provides that such rate is (in effect) calculated as the greater of (i) a specified "floor" rate per annum and (ii) the Reference Rate for the applicable interest period for such Collateral Obligation. "Refinancing": A loan or an issuance of replacement securities, whose terms in each case will be negotiated by the Issuer or, upon request of the Issuer, by the Collateral Manager on behalf of the Issuer, from one or more financial institutions or purchasers to refinance the Debt in connection with an Optional Redemption. "Refinancing Date": February 20, 2026. "Refinancing Obligation": Each loan or replacement security issued in connection with a Refinancing. "Refinancing Proceeds": The net Cash proceeds from a Refinancing. "Regional Diversity Measure": As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each S&P Region Classification, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong to such S&P Region Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations). "Register": The Loan Register and/or the Note Register, as applicable. "Registered": In registered form for U.S. federal income tax purposes.

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![](exhibit1015ncdlccloiires083.jpg)

BUSINESS.30544778.20 -63- "Registered Investment Adviser": A Person duly registered as an investment adviser in accordance with and pursuant to Section 203 of the Investment Advisers Act of 1940, as amended. "Regulation S": Regulation S, as amended, under the Securities Act. "Regulation S Global Note": The meaning specified in Section 2.2(b)(i). "Reinvestment Period": The period from and including the ClosingRefinancing Date to and including the earliest of (i) the Payment Date occurring in January 2028, 2031 (ii) the date of the acceleration of the Maturity of any Class of Debt pursuant to Section 5.2 and (iii) the date on which the Collateral Manager delivers written notice to the Trustee, the Loan Agents Agent and S&P that it has reasonably determined that it can no longer reinvest in additional Collateral Obligations in accordance with the terms hereof or the Collateral Management Agreement. The Reinvestment Period may be reinstated in the case of clause (ii) and (iii) above, with the consent of the Collateral Manager, upon written notice to S&P, and, in the case of a reinstatement following a termination under clause (ii), (x) such acceleration has been subsequently rescinded and (y) no other event that would terminate the Reinvestment Period has occurred and is continuing. "Reinvestment Target Par Balance": As of any date of determination, the Target Initial Par Amount minus (i) the amount of any reduction in the Aggregate Outstanding Amount of the Debt (other than the Class X Notes) through the payment of Principal Proceeds plus (ii) the Aggregate Outstanding Amount of any additional Debt issued under and in accordance with Sections 2.13 and 3.2 or incurred in accordance with the applicable Class A-L Loan Agreement, as applicable, or, if greater, the aggregate amount of Principal Proceeds that result from the issuance of such additional Debt. "Relevant Governmental Body": The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, including the ARRC or any successor thereto. "Relevant Recipients": The meaning specified in Section 10.9(a). "Reporting Agent": An entity, other than the Collateral Administrator, that shall be appointed by the Issuer to prepare and/or make available certain reports pursuant to the Transparency RequirementsArticle 7 of the EU Securitization Regulation. "Reporting Entity": The meaning specified in Section 10.9(a). "Reporting Website": The meaning specified in Section 10.9(a). "Re-Priced Class": The meaning specified in Section 9.7(a). "Re-Pricing": The meaning specified in Section 9.7(a).

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![](exhibit1015ncdlccloiires084.jpg)

BUSINESS.30544778.20 -64- "Re-Pricing Date": The meaning specified in Section 9.7(b). "Re-Pricing Eligible Debt": With respect to any Class of Debt, the Debt specified as such in Section 2.3. "Re-Pricing Intermediary": The meaning specified in Section 9.7(a). "Re-Pricing Rate": The meaning specified in Section 9.7(b)(i). "Required Interest Coverage Ratio": For the Class A Debt and the Class B Notes, 120.00120.0%. "Required Overcollateralization Ratio": For the Class A Debt and the Class B Notes, 130.85%. "Required S&P Credit Estimate Information": S&P's "Credit FAQ: Anatomy of A Credit Estimate: What It Means And How We Do It", dated January 14, 2021 and any other available information S&P reasonably requests in order to produce a credit estimate for a particular asset. "Requisite Voting Percentage": The percentage of the Aggregate Outstanding Amount of the relevant Debt required to satisfy the relevant voting threshold, such as consents for a proposed supplemental indenture. "Responsible Officer": With respect to any Person, any duly authorized director, officer or manager of such Person with direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director, officer or manager of such Person to whom such matter is referred because of such director's, officer's or manager's knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. "Restricted Trading Period": The period during which (a) the S&P rating of any of the Class A Debt is one or more subcategories below its rating on the Closing DateInitial Target Rating or (b) the S&P rating of any of the Class B Notes is two or more subcategories below its rating on the Closing DateInitial Target Rating; provided, that such period will not be a Restricted Trading Period (i) (x) if the Aggregate Principal Balance of the Collateral Obligations plus Eligible Investments constituting Principal Proceeds is greater than or equal to the Reinvestment Target Par Balance and (y) the Coverage Tests, the Minimum Weighted Average S&P Recovery Rate Test and the Minimum Floating Spread Test are satisfied or (ii) so long as the S&P rating of any Class of Debt has not been further downgraded, withdrawn or put on watch for potential downgrade, upon the direction of the Issuer with the consent of a Majority of the Controlling Class; provided, further that no Restricted Trading Period shall restrict any sale of a Collateral Obligation entered into by the Issuer at a time when a Restricted Trading Period is not in effect regardless of whether such sale has settled.

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![](exhibit1015ncdlccloiires085.jpg)

BUSINESS.30544778.20 -65- "Restructured Loan": A bank loan acquired by the Issuer resulting from, or received in connection with, the workout or restructuring of a Collateral Obligation, which for the avoidance of doubt is not a Bond or equity security. The acquisition of Restructured Loans will not be required to satisfy the Investment Criteria.; provided that on any Business Day as of which a Restructured Loan satisfies the definition of "Collateral Obligation" or "Workout Loan" (as tested on such date), the Collateral Manager may designate (by written notice to the Issuer and the Collateral Administrator) such Restructured Loan as a "Collateral Obligation" or a "Workout Loan," respectively, and thereafter, such Restructured Loan shall be treated as a Collateral Obligation or a Workout Loan, respectively, for all purposes under the Indenture. "Retention Holder": The U.S. Retention Holder and/or EU/UK Retention Holder, as applicable. "Revised Templates": Such templates as shall be introduced for the purposes of the EuropeanEU Transparency Requirements by way of amendments to Commission Implementing Regulation (EU) 2020/1225 and Commission Delegated Regulation (EU) 2020/1224. "Revolver Funding Account": The meaning specified in Section 10.4. "Revolving Collateral Obligation": Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is a loan (including, without limitation, revolving loans), including funded and unfunded portions of revolving credit lines (including any portions thereof that may be drawn by the borrower relating to its letter of credit facilities), unfunded commitments under specific facilities and other similar loans that by its terms may require one or more future advances to be made to the borrower by the Issuer; provided that any such Collateral Obligation will be a Revolving Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced to zero. "Risk Retention Issuance": The meaning specified in Section 2.13(a)(i). "Risk Retention Rules": The U.S. Risk Retention Rules and/or the EU/UK Risk Retention Requirements, as applicable. "Rolled Senior Uptier Debt": The meaning specified in the definition of "Uptier Priming Transaction". "Rule 144A": Rule 144A, as amended, under the Securities Act. "Rule 144A Global Note": The meaning specified in Section 2.2(b)(ii). "Rule 144A Information": The meaning specified in Section 7.15. "Rule 17g-5": The meaning specified in Section 14.16. "S&P": S&P Global Ratings, a nationally recognized statistical rating organization comprised of: (a) a separately identifiable business unit within Standard & Poor's

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![](exhibit1015ncdlccloiires086.jpg)

BUSINESS.30544778.20 -66- Financial Services LLC, a Delaware limited liability company wholly owned by S&P Global Inc.; and (b) the credit ratings business operated by various other subsidiaries that are wholly-ownedwholly owned, directly or indirectly, by S&P Global Inc.; and, in each case, any successor thereto. "S&P CDO Monitor": The dynamic, analytical computer model developed by S&P and used to calculate the default frequency in terms of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Obligations consistent with a specified benchmark rating level based upon certain assumptions (including the applicable Weighted Average S&P Recovery Rate) and S&P's proprietary corporate default studies, as may be amended by S&P from time to time upon notice to the Issuer, the Trustee, the Collateral Manager and the Collateral Administrator. Each S&P CDO Monitor shall be chosen by the Collateral Manager (with notice to the Trustee and the Collateral Administrator) and associated with an S&P CDO Monitor Recovery Rate and an S&P Minimum Floating Spread chosen by the Collateral Manager; provided, that as of any date of determination the Weighted Average S&P Recovery Rate for the Highest Ranking S&P Class equals or exceeds the S&P CDO Monitor Recovery Rate for such Class chosen by the Collateral Manager and the Weighted Average Floating Spread equals or exceeds the S&P Minimum Floating Spread chosen by the Collateral Manager. "S&P CDO Monitor Benchmarks": The S&P Weighted Average Rating Factor, the Default Rate Dispersion, the Obligor Diversity Measure, the Industry Diversity Measure, the Regional Diversity Measure and the S&P Weighted Average Life. "S&P CDO Monitor Election Date": The date specified by the Collateral Manager, at any time after the ClosingRefinancing Date upon at least 5 Business Days' prior written notice to S&P, the Trustee and the Collateral Administrator, evidencing the Collateral Manager's election to utilize the S&P CDO Monitor in determining compliance with the S&P CDO Monitor Test; provided that for the avoidance of doubt, only one such election may be made. "S&P CDO Monitor Recovery Rate": As of any date of determination, the weighted average recovery rate for the Highest Ranking S&P Class. "S&P CDO Monitor Test": A test that will be satisfied on any date of determination (following receipt, at any time on or after the S&P CDO Monitor Election Date, by the Issuer, the Collateral Manager, the Trustee and the Collateral Administrator of the Class Break-even Default Rates for each S&P CDO Monitor input file (in accordance with the definition of "Class Break-even Default Rate")) if, after giving effect to a proposed sale or purchase of an additional Collateral Obligation, the Class Default Differential of the Highest Ranking S&P Class of the Proposed Portfolio is positive. The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Highest Ranking S&P Class of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio. "S&P CLO Specified Assets": The Collateral Obligations with an S&P Rating equal to or higher than "CCC-".

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![](exhibit1015ncdlccloiires087.jpg)

BUSINESS.30544778.20 -67- "S&P Collateral Principal Amount": As of any date of determination, the Collateral Principal Amount (calculated without including the Aggregate Principal Balance of any Defaulted Obligations) plus the S&P Collateral Value of all Defaulted Obligations that have been Defaulted Obligations for less than three years. "S&P Collateral Value": With respect to any Defaulted Obligation, Long Dated Obligation or Deferring Obligation as of any Measurement Date, the lesser of (i) the S&P Recovery Amount of such Defaulted Obligation, Long Dated Obligation or Deferring Obligation, respectively, as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation, Long Dated Obligation or Deferring Obligation, respectively, as of the relevant Measurement Date. "S&P Industry Classification Group": Each classification in the table set forth in Schedule 2 hereto. "S&P Minimum Floating Spread": As of any date of determination, either (x) a weighted average floating spread from Section 2 of Schedule 4 or (y) a weighted average floating spread chosen by the Collateral Manager and confirmed by S&P. "S&P Rating": With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance with the following methodology: (a) with respect to a Collateral Obligation that is not a DIP Collateral Obligation or a Current Pay Obligation (i) if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P as published by S&P, or the guarantor (subject to the then-current S&P guarantee criteria) which unconditionally and irrevocably guarantees such Collateral Obligation then the S&P Rating will be such rating (regardless of whether there is a published rating by S&P on the Collateral Obligations of such issuer held by the Issuer) or (ii) if there is no issuer credit rating of the issuer by S&P but (A) if there is a senior unsecured rating on any obligation or security of the issuer, the S&P Rating of such Collateral Obligation will equal such rating; (B) if there is a senior secured rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Obligation will be one subcategory below such rating; and (C) if there is a subordinated rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Obligation will be one subcategory above such rating; (b) with respect to any Collateral Obligation that is a DIP Collateral Obligation, the S&P Rating thereof will be the credit rating assigned to such issue by S&P, or if such DIP Collateral Obligation was assigned a point-in-time rating by S&P that was withdrawn, such withdrawn rating may be used for 12 months after the assignment of such rating (provided, that, if the Collateral Manager is or becomes aware of a Specified Amendment with respect to the DIP Collateral Obligation that, in the Collateral Manager's reasonable judgment, would have a material adverse impact on the value of the DIP Collateral Obligation, such withdrawn rating may not be used unless S&P otherwise confirms the rating or provides an updated one; provided, further, that if any such Collateral Obligation that is a DIP Collateral Obligation is newly issued and the

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![](exhibit1015ncdlccloiires088.jpg)

BUSINESS.30544778.20 -68- Collateral Manager expects an S&P credit rating within 90 days, the S&P Rating of such Collateral Obligation shall be "CCC-" until such credit rating is obtained from S&P); provided further still, that the Issuer (or the Collateral Manager on its behalf) shall notify S&P of, with respect to any DIP Collateral Obligation, (i) any modifications to the amortization schedule thereof, (ii) extensions of the maturity thereof, (iii) any reduction in the principal amount owed thereof and (iv) non-payment of timely interest or principal due thereon; (c) if there is not a rating by S&P on the issuer or on an obligation of the issuer, then the S&P Rating may be determined pursuant to clauses (i) through (iv) below: (i) if an obligation of the issuer is not a DIP Collateral Obligation or a Current Pay Obligation and is publicly rated by Moody's and/or Fitch, then the S&P Rating will be determined in accordance with the methodologies for establishing such Moody's Rating and/or Fitch Rating except that the S&P Rating of such obligation will be the lower of (x) (A) one subcategory below the S&P equivalent of the Moody's Rating if such Moody's Rating is "Baa3" or higher and (B) two subcategories below the S&P equivalent of the Moody's Rating if such Moody's Rating is "Ba1" or lower or (y) (A) one subcategory below the S&P equivalent of the Fitch Rating if such Fitch Rating is "BBB-" or higher and (B) two subcategories below the S&P equivalent of the Fitch Rating if such Fitch Rating is "BB+" or lower ; provided, that the aggregate principal balance of the Collateral Obligations that may have an S&P Rating derived from a Moody's Rating and/or a Fitch Rating as set forth in this subclause (i) may not exceed 10.0% of the Collateral Principal Amount; (ii) excluding Current Pay Obligations and DIP Collateral Obligations, the S&P Rating may be based on a credit estimate provided by S&P, and in connection therewith, the Issuer, the Collateral Manager on behalf of the Issuer or the issuer of such Collateral Obligation will, prior to or within ninety (90) days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Required S&P Credit Estimate Information in respect of such application) to S&P for a credit estimate which will be its S&P Rating; provided, that, until the receipt from S&P of such estimate, such Collateral Obligation will have an S&P Rating as determined by the Collateral Manager in its sole discretion if the Collateral Manager certifies to the Trustee and the Collateral Administrator that it believes that such S&P Rating determined by the Collateral Manager is commercially reasonable and will be at least equal to such rating; provided, further, that if such Required S&P Credit Estimate Information is not submitted within such ninety (90) day period, then, pending receipt from S&P of such estimate, the Collateral Obligation will have (A) the S&P Rating as determined by the Collateral Manager for a period of up to ninety (90) days after acquisition and (B) an S&P Rating of "CCC-" following such ninety day period; unless, during such ninety day period, the Collateral Manager has requested the extension of such period and S&P, in its sole discretion, has granted such request; and provided, further, that with respect to any Collateral Obligation for which S&P

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![](exhibit1015ncdlccloiires089.jpg)

BUSINESS.30544778.20 -69- has provided a credit estimate, such credit estimate shall expire 12 months after the receipt thereof, following which such Collateral Obligation shall have an S&P Rating of "CCC-" unless, during such 12-month period following the receipt of such credit estimate, the Issuer applies for renewal thereof in accordance with this Indenture, in which case such credit estimate shall continue to be the S&P Rating of such Collateral Obligation until S&P has confirmed or revised such credit estimate, upon which such confirmed or revised credit estimate shall be the S&P Rating of such Collateral Obligation (in each case, until expiration or confirmation on the next succeeding 12-month anniversary in accordance with this proviso); provided, further, that the Issuer will promptly notify S&P of any material events affecting any such Collateral Obligation if the Collateral Manager reasonably determines that such notice is required in accordance with S&P's published criteria for credit estimates titled "Credit FAQ: Anatomy of A Credit Estimate: What It Means And How We Do It" dated January 14, 2021 (as the same may be amended or updated from time to time); (iii) with respect to a DIP Collateral Obligation, if the S&P Rating cannot otherwise be determined pursuant to this definition, the S&P Rating of such Collateral Obligation will be "CCC-"; and (iv) with respect to a Collateral Obligation that is not a Defaulted Obligation or a Current Pay Obligation, the S&P Rating of such Collateral Obligation will at the election of the Issuer (at the direction of the Collateral Manager) be "CCC-"; provided, that (A) the Collateral Manager expects the Obligor in respect of such Collateral Obligation to continue to meet its payment obligations under such Collateral Obligation, (B) neither the issuer of such Collateral Obligation nor any of its Affiliates are subject to any bankruptcy or reorganization proceedings, (C) the issuer has not defaulted on any payment obligation in respect of any debt security or other obligation of the issuer at any time within the two year period ending on such date of determination, (D) all such debt securities and other obligations of the issuer that are pari passu with or senior to the Collateral Obligation are current and the Collateral Manager reasonably expects them to remain current and (E) after giving effect to such election, the Aggregate Principal Balance of all Collateral Obligations with respect to which such election is then in effect does not exceed 10% of the Aggregate Principal Balance; provided, further that, the Issuer shall provide S&P with all available Required S&P Credit Estimate Information with respect to any Collateral Obligation with a rating determined pursuant to this clause (c)(iv) and shall notify S&P of any material events affecting such Collateral Obligation if the Collateral Manager reasonably determines that such notice is required in accordance with S&P's published criteria for credit estimates titled "Credit FAQ: Anatomy of A Credit Estimate: What It Means And How We Do It", dated January 14, 2021 (as the same may be amended or updated from time to time); and (d) with respect to a Current Pay Obligation, the S&P Rating of such Collateral Obligation will be the higher of its issue rating and "CCC";

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![](exhibit1015ncdlccloiires090.jpg)

BUSINESS.30544778.20 -70- AA- 13.51 BBB- 63.90 540.42 S&P Rating BB+ 784.92 A+ BB 99.50 1233.63 AA+ BB- S&P Rating Factor 1565.44 A 26.75 B+ 146.35 1982.00 provided, that for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an obligor or its obligations is on "credit watch positive" by S&P, such rating will be treated as being one subcategory above such assigned rating and (y) if the applicable rating assigned by S&P to an obligor or its obligations is on "credit watch negative" by S&P, such rating will be treated as being one subcategory below such assigned rating, subject to a floor of "CCC-". "S&P Rating Condition": With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is satisfied if S&P has specifically confirmed in writing, including by electronic messages, facsimile, press release or posting to its internet website (or has declined to undertake the review of such action by such means), to the Issuer, the Trustee or the Collateral Manager that no immediate withdrawal or reduction with respect to its then current rating of any Class of Secured Debt will occur as a result of such action; provided that, notwithstanding the foregoing, with respect to any event or circumstance that requires satisfaction of the S&P Rating Condition, such S&P Rating Condition shall be deemed inapplicable if no Class of Secured Debt then rated by S&P are then Outstanding; provided, further, that such rating condition shall be deemed inapplicable with respect to such event or circumstance if (i) S&P has given written notice to the effect that it will no longer review events or circumstances of the type requiring satisfaction of the S&P Rating Condition for purposes of evaluating whether to confirm the then-current ratings (or initial ratings) of obligations rated by S&P; or (ii) S&P has given written notice to the Issuer, the Collateral Manager or the Trustee (or their counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm the then-current ratings (or initial ratings) of the Debt then rated by S&P. "S&P Rating Factor": For each Collateral Obligation, the number set forth to the right of the applicable S&P Rating of such Collateral Obligation: B 2859.50 A- B- 199.83 3610.11 AA CCC+ 4641.40 BBB+ 46.36 CCC 271.01 5293.00 AAA BBB 361.17

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![](exhibit1015ncdlccloiires091.jpg)

BUSINESS.30544778.20 -71- S&P Rating Factor CC 10,000.00 "S&P Recovery Amount": With respect to any Collateral Obligation, an amount equal to (i) the applicable S&P Recovery Rate multiplied by (ii) the outstanding principal balancePrincipal Balance of such Collateral Obligation. "S&P Recovery Rate": With respect to a Collateral Obligation, the recovery rate determined in the manner set forth in Section 1 of Schedule 4. "S&P Recovery Rating": With respect to any Collateral Obligation, the corporate recovery rating assigned by S&P (i.e., the S&P Recovery Rate) to such Collateral Obligation. "S&P Region Classification": With respect to a Collateral Obligation, the applicable classification set forth in the table titled "S&P Region Classifications" in Section 2 of Schedule 4. "S&P Weighted Average Life": As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations, the number of years following such date obtained by dividing (a) the sum of the products of (i) the number of years (rounded to the nearest one-hundredth thereof) from such date of determination to the stated maturity of each such Collateral Obligation multiplied by (ii) the outstanding principal balance of such Collateral Obligation by (b) the aggregate remaining principal balance at such time of all Collateral Obligations other than Defaulted Obligations. "S&P Weighted Average Rating Factor": The quotient equal to 'A divided by B', where: A = the sum of the products, for all S&P CLO Specified Assets of (i) the principal balance of the Collateral Obligation and (ii) the S&P Rating Factor of the Collateral Obligation; and B = the Aggregate Principal Balance of all S&P CLO Specified Assets. "Sale": The meaning specified in Section 5.17. "Sale Notice": The meaning specified in Section 5.4. "Sale Proceeds": All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales of such Assets in accordance with the restrictions described in Article XII (or Article V, if applicable) less any reasonable expenses incurred by the Collateral Manager, the Collateral Administrator, the Loan AgentsAgent or the Trustee (other than amounts payable as Administrative Expenses) in connection with such sales. Sale Proceeds will include Principal Financed Accrued Interest and Principal Financed Capitalized Interest received in respect of such sale. CCC- S&P Rating 5751.10

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![](exhibit1015ncdlccloiires092.jpg)

BUSINESS.30544778.20 -72- "Scheduled Distribution": With respect to any Collateral Obligation, each payment of principal and/or interest scheduled to be made by the related Obligor under the terms of such Collateral Obligation (determined in accordance with the assumptions specified in Section 1.3 hereof) after (a) in the case of the initial Collateral Obligations, the Closing Date or (b) in the case of Collateral Obligations added after the Closing Date, the related Cut-Off Date, as adjusted pursuant to the terms of the related Underlying Documents. "SECN": The meaning specified in the definition of "UK Securitization Framework". "Second Lien Loan": Any Loan or assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the Obligor of the Loan (other than with respect to trade claims, capitalized leases or similar obligations) but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to a Senior Secured Loan of the Obligor; (b) is secured by a valid second-priority perfected security interest or lien in, to or on specified collateral (subject to customary exceptions for permitted Liens, including, without limitation, any tax liens) securing the Obligor's obligations under the Second Lien Loan the value of which is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal or higher seniority secured by a lien or security interest in the same collateral and (c) is not secured solely or primarily by common stock or other equity interests; provided, that the limitation set forth in this clause (c) shall not apply with respect to a Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of indebtedness owing to third parties). "Secured Debt": The Class X Notes, the Class A Debt and the Class B Notes authorized by, and authenticated (if applicable) and delivered under, this Indenture (as specified in Section 2.3) or, as applicable, a Class A-L Loan Agreement, together with any additional Secured Debt issued pursuant to and in accordance with this Indenture or incurred pursuant to a Class A-L Loan Agreement. "Secured Notes": The Class X Notes, the Class A-1 Notes and the Class B Notes authorized by, and authenticated and delivered under, this Indenture (as specified in Section 2.3). "Secured Parties": The meaning specified in the Granting Clauses. "Securities Account Control Agreement": The Securities Account Control Agreementsecurities account control agreement dated as of the Closing Date among the Issuer, the Trustee and U.S. Bank National Association, as custodian. "Securities Act": The United States Securities Act of 1933, as amended. "Securities Intermediary": The meaning specified in Section 8-102(a)(14) of the UCC.

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BUSINESS.30544778.20 -73- "Securitization Regulation": The EU Securitization Regulation and/or the UK Securitization Regulation. "Security Entitlement": The meaning specified in Section 8-102(a)(17) of the UCC. "Selling Institution": The entity obligated to make payments to the Issuer under the terms of a Participation Interest. "Senior Secured Loan": Any Loan or assignment of or Participation Interest in a Loan that: (a) other than to the extent provided in the definition of "First-Lien Last-Out Loan," is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the obligor of the Loan (subject to customary exceptions for Loans secured by a first-priority perfected security interest, including for Super-Priority Revolving Facilities); (b) is secured by a valid first-priority perfected security interest or lien in, to or on specified collateral securing the obligor's obligations under the Loan (subject to customary exceptions for permitted Liens, including, without limitation, any tax liens); (c) the value of the collateral securing the Loan at the time of purchase together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal seniority secured by a first lien or security interest in the same collateral and (d) is not secured solely or primarily by common stock or other equity interests; provided, that the limitation set forth in this clause (d) shall not apply with respect to a Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of indebtedness owing to third parties). "Significant Event": A "significant event" for the purposes of Article 7(1)(g) of the EU Securitization Regulation. "Similar Law": Any federal, state, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated as assets of the investor in any Debt (or any interest therein) by virtue of its interest therein and thereby subject the Issuer or the Collateral Manager (or other Persons responsible for the investment and operation of the Issuer's assets) to Other Plan Law. "SOFR": With respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York's Website. "Special Priority of Payments": The meaning specified in Section 11.1(a)(iii). "Special Redemption": A redemption of the Secured Debt in accordance with Section 9.6.

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BUSINESS.30544778.20 -74- "Special Redemption Amount": The meaning specified in Section 9.6. "Special Redemption Date": The meaning specified in Section 9.6. "Specified Amendment": With respect to any Collateral Obligation, any amendment, waiver or modification which would: (a) modify the amortization schedule with respect to such Collateral Obligation in a manner that (i) reduces the dollar amount of any Scheduled Distribution by more than the greater of (x) 25% and (y) U.S.$250,000, (ii) postpones any Scheduled Distribution by more than two payment periods or (iii) causes the Weighted Average Life of the applicable Collateral Obligation to increase by more than 25%; (b) reduce or increase the cash interest rate payable by the Obligor thereunder by more than 100 basis points (excluding any increase in an interest rate arising by operation of a default or penalty interest clause under a Collateral Obligation or as a result of an increase in the interest rate index for any reason other than such amendment, waiver or modification); (c) extend the stated maturity date of such Collateral Obligation by more than 24 months or beyond the earliest Stated Maturity; (d) contractually or structurally subordinate such Collateral Obligation by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the underlying collateral securing such Collateral Obligation; (e) release any party from its obligations under such Collateral Obligation, if such release would have a material adverse effect on the Collateral Obligation; (f) reduce the principal amount of the applicable Collateral Obligation; (g) release any material Obligor; or (h) release any collateral securing the Collateral Obligation. "Specified Equity Securities": (i) Securities or interests (including any Margin Stock) resulting from the exercise of a warrant, option, right of conversion, pre-emptive right, rights offering, credit bid or similar right in connection with the workout or restructuring of a Collateral Obligation or (ii) an equity security or interest received in connection with the workout or restructuring of a Collateral Obligation. The acquisition of Specified Equity Securities will not be required to satisfy the Investment Criteria. "Specified Obligor Information": The meaning specified in Section 14.15(b). "Standby Directed Investment": Initially, Morgan Stanley US Dollar Liquidity – InstitutionalBLACKROCK T-FUND INST (09248U718) (which investment is, for the

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![](exhibit1015ncdlccloiires095.jpg)

BUSINESS.30544778.20 -75- avoidance of doubt, an Eligible Investment); provided that the Issuer, or the Collateral Manager on behalf of the Issuer, may by written notice to the Trustee change the Standby Directed Investment to any other Eligible Investment of the type described in clause (ii) of the definition of "Eligible Investments" maturing not later than the earlier of (i) 30 days after the date of such investment (unless putable at par to the issuer thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). "Stated Maturity": With respect to the Debt of any Class, the date specified as such in Section 2.3 or as otherwise specified herein with respect to such Class of Debt. "Step-Down Obligation": An obligation or security which by the terms of the related Underlying Documents provides for a decrease in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index or benchmark rate used to determine such interest rate) or in the spread over the applicable index or benchmark rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Down Obligation. "Step-Up Obligation": An obligation or security which by the terms of the related Underlying Documents provides for an increase in the per annum interest rate on such obligation or security, or in the spread over the applicable index or benchmark rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation. "Structured Finance Obligation": Any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgage-backed securities. "Sub-Advisor": Churchill Asset Management LLC, a Delaware limited liability company. "Subordinated Notes": The Subordinated Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. "Successor Entity": The meaning specified in Section 7.10. "Supermajority": With respect to any Class of Debt, the holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Debt of such Class. "Super-Priority Revolving Facility": With respect to a Collateral Obligation, a senior secured revolving facility incurred by the same Obligor that is prior in right of payment to such Collateral Obligation; provided that the outstanding principal balance and unfunded commitments of such senior secured revolving facility do not exceed 20% of the sum of (x) the outstanding principal balance and unfunded commitments of such revolving facility, plus (y) the outstanding principal balance of such Collateral Obligation, plus (z) the outstanding principal

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BUSINESS.30544778.20 -76- balance of any other debt for borrowed money incurred by such Obligor that is pari passu with such Collateral Obligation. "Superpriority New Money Debt": The meaning specified in the definition of "Uptier Priming Transaction". "Synthetic Security": A security or swap transaction, other than a Participation Interest, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation. "Target Initial Par Amount": U.S.$300,000,000. "Target Initial Par Condition": A condition satisfied as of the Effective Date if the Aggregate Principal Balance of Collateral Obligations (i) that are held by the Issuer and (ii) of which the Issuer has committed to purchase on such date, together with the amount of any proceeds of prepayments, maturities or redemptions of Collateral Obligations purchased by the Issuer prior to such date, without duplication, will equal or exceed the Target Initial Par Amount; provided that for purposes of this definition, any Collateral Obligation that becomes a Defaulted Obligation prior to the Determination Date preceding the first Payment Date shall be treated as having a Principal Balance equal to its S&P Collateral Value. "Tax": Any tax, levy, impost, duty, charge, assessment, deduction, withholding or fee of any nature (including interest, penalties and additions thereto) imposed by any governmental taxing authority. "Tax Event": (i)(x) Any Obligor under any Collateral Obligation being required to deduct or withhold from any payment under such Collateral Obligation to the Issuer for or on account of any Tax for whatever reason and such Obligor is not required to pay to the Issuer such additional amount as is necessary to ensure that the net amount actually received by the Issuer (free and clear of Taxes, whether assessed against such Obligor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding occurred and (y) the total amount of such deductions or withholdings on the Assets results in a payment by, or charge or tax burden to, the Issuer that results or will result in the withholding of 5% or more of Scheduled Distributions for any Collection Period, or (ii) any jurisdiction imposing net income, profits or similar Tax on the Issuer (including, for this purpose, any Tax required to be withheld under Section 1446 of the Code) in an aggregate amount in any Collection Period in excess of U.S.$1,000,000. "Tax Jurisdiction": The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands or the Channel Islands so long as each such tax advantaged jurisdiction is rated at least "A-1" by S&P and any other tax advantaged jurisdiction as may be notified by the Collateral Manager to S&P from time to time so long as each such other tax advantaged jurisdiction is rated at least "A-1" by S&P. "Tax Redemption": The meaning specified in Section 9.3(a) hereof.

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![](exhibit1015ncdlccloiires097.jpg)

BUSINESS.30544778.20 -77- AA- 20% 10% Aggregate Percentage Limit 10% "Term SOFR Administrator": CME Group Benchmark Administration Limited, or a successor administrator of the Term SOFR Reference Rate selected by the Collateral Manager with notice to the Trustee and the Collateral Administrator. "Term SOFR Rate": For any Interest Accrual Period, the greater of (a) zero and (y) the Term SOFR Reference Rate for the Corresponding Tenor, as such rate is published by the Term SOFR Administrator on the related Interest Determination Date; provided that the Term SOFR Rate for the first Interest Accrual Period shall be determined as follows: (i) with respect to the period from the Closing Date to but excluding the First Interest Determination End Date, the Term SOFR Ratefollowing the Refinancing Date shall equal the rate determined by interpolating between the rate published by the Term SOFR Administrator for the next shorter period of time for which rates are available and the rate published by the Term SOFR Administrator for the next longer period of time for which rates are available on the related Interest Determination Date and (ii) with respect to the period from the First Interest Determination End Date to the end of the first Interest Accrual Period, the Term SOFR Rate shall equal the rate published by the Term SOFR Administrator for the Corresponding Tenor on the related Interest Determination Date;; provided further, that if as of 5:00 p.m. (New York City time) on any Interest Determination Date the Term SOFR Reference Rate for the Corresponding Tenor has not been published by the Term SOFR Administrator, then the Term SOFR Rate will be (x) the Term SOFR Reference Rate for the Corresponding Tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for the Corresponding Tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than five Business Days prior to such Interest Determination Date or (y) if the Term SOFR Reference Rate cannot be determined in accordance with clause (x) of this proviso, the Term SOFR Rate shall be the Term SOFR Reference Rate as determined on the previous Interest Determination Date. "Term SOFR Reference Rate": The forward-looking term rate based on SOFR. "Third Party Credit Exposure": As of any date of determination, the principal balance of each Collateral Obligation that consists of a Participation Interest. "Third Party Credit Exposure Limits": Limits that shall be satisfied if the Third Party Credit Exposure with counterparties having the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below: A+ AA+ 5% Individual Percentage Limit 5% 10% A 10% 5% 5% Below A AA 0% AAA 0% 10% S&P's credit rating of Selling Institution 10% 20%

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![](exhibit1015ncdlccloiires098.jpg)

BUSINESS.30544778.20 -78- provided that a Selling Institution having an S&P credit rating of "A" must also have a short-term S&P rating of "A-1" otherwise its Aggregate Percentage Limit (as indicated in the table above) and Individual Percentage Limit (as indicated in the table above) shall be 0%. "Trading Plan": The meaning specified in Section 12.2(b). "Trading Plan Period": The meaning specified in Section 12.2(b). "Transaction Documents": This Indenture, the Class A-L Loan AgreementsAgreement, the Collateral Management Agreement, the Collateral Administration Agreement, the Master Transfer Agreement, the EU/UK Retention Agreement, the Securities Account Control Agreement and the PlacementPurchase Agreement. "Transfer": The meaning specified in Section 7.17(g)(ii). "Transfer Agent": The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer of Debt. "Transparency Reports": The meaning specified in Section 10.9(a). "Transparency Requirements": The European Transparency Requirements and/or the UK Transparency Requirements. "Treasury Regulations": The United States Department of Treasury regulations promulgated under the Code. "Trust Officer": When used with respect to the Trustee or anythe Loan Agent, any officer of such entity including any vice president, assistant vice president or officer of the Trustee or suchthe Loan Agent customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this transaction. When used with respect to the Collateral Administrator, any officer of such entity including any vice president, assistant vice president or officer of the Collateral Administrator customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of the Collateral Administration Agreement. "Trustee": The meaning specified in the first sentence of this Indenture. "U.S. Government Securities Business Day": Any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities as indicated on the Securities Industry and Financial Markets Association website.

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BUSINESS.30544778.20 -79- "U.S. person": The meaning specified in Regulation S. "U.S. Retention Holder": Nuveen Churchill Direct Lending Corp., a Maryland corporation, in its capacity as U.S. retention holder. "U.S. Risk Retention Rules": Section 15G of the Exchange Act and the rules and regulations promulgated thereunder. "UCC": The Uniform Commercial Code as in effect in the State of New York or, if different, the political subdivision of the United States that governs the perfection of the relevant security interest, as amended from time to time. "UK Risk Retention Requirements": The risk retention requirements set out in Article 6 of Chapter 2 of the PRASR and SECN 5. "UK Securitization Regulation": The EU Securitization Regulation (as applicable on December 31, 2020) as retained as part of the domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 (as amended), and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 (and as further amendedFramework": Together (i) the UK Securitisation Regulations 2024 (SI 2024/102), (ii) the Securitisation Sourcebook of the Financial Conduct Authority Handbook ("SECN") published by the UK's Financial Conduct Authority, (iii) the Securitisation Part of the Prudential Regulation Authority Rulebook (the "PRASR") published by the UK's Prudential Regulation Authority, and (iv) the applicable provisions of the UK Financial Services and Markets Act 2000, in each case, as (unless otherwise stated) amended, varied or substituted from time to time). "UK Transparency Requirements": The transparency requirements under Article 7 of the UK Securitization Regulation, as may be amended, varied or substituted from time to time. "Unadjusted Benchmark Replacement Rate": A Benchmark Replacement Rate that does not include a spread adjustment, or method for calculating or determining such spread adjustment. "Uncertificated Security": The meaning specified in Section 8-102(a)(18) of the UCC. "Underlying Document": The loan agreement, credit agreement, indenture or other customary agreement pursuant to which an Asset has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Asset or of which the holders of such Asset are the beneficiaries. "United States" or "U.S.": The United States of America, its territories and its possessions. "Unregistered Securities": The meaning specified in Section 5.17(c).

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BUSINESS.30544778.20 -80- "Unsecured Loan": A senior unsecured Loan obligation of any Person which is not (and by its terms is not permitted to become) subordinate in right of payment to any other debt for borrowed money incurred by the Obligor under such Loan. "Uptier Priming Debt": Any Superpriority New Money Debt and any Rolled Senior Uptier Debt acquired by the Issuer resulting from, or received in connection with an Uptier Priming Transaction. For the avoidance of doubt, any Uptier Priming Debt must satisfy the requirements of the definition of one of "Collateral Obligation", "Workout Loan" or "Restructured Loan". "Uptier Priming Transaction": Any transaction effected in connection with the bankruptcy related to, or the workout or restructuring of, a Collateral Obligation held by the Issuer, in which (x) new money priming debt is issued by the Obligor of such Collateral Obligation which will be senior in priority to all existing debt of such Obligor (including the Collateral Obligation held by the Issuer) ("Superpriority New Money Debt") and/or (y) the current secured lenders (with respect to such Collateral Obligation) that participate in the Superpriority New Money Debt have the opportunity to exchange their current secured loans for priming debt (without any requirement to pay additional amounts, other than reasonable and customary expenses, e.g., transfer costs) that will be senior in priority to all other outstanding debt of such Obligor (including the Collateral Obligation held by the Issuer), other than Superpriority New Money Debt ("Rolled Senior Uptier Debt"). "Volcker Rule": Section 619 of the Dodd-Frank Act and the related implementing regulations, as amended from time to time. "Volcker Rule Obligation": Any Collateral Obligation or Eligible Investment in respect of which the Issuer and the Collateral Manager have received an opinion of counsel of national reputation experienced in such matters that the Issuer's ownership of such Collateral Obligation or Eligible Investment would cause the Issuer to be unable to qualify as a "loan securitization" under the Volcker Rule. No Underlying Document or Eligible Investment shall be a Volcker Rule Obligation until the day on which such opinion is received by the Collateral Manager. Notwithstanding receipt of such opinion with respect to a Senior Secured Loan, Second Lien Loan or Unsecured Loan, such Senior Secured Loan, Second Lien Loan or Unsecured Loan shall not be a Volcker Rule Obligation. "Warehouse Agreement": TheMeans the amended and restated loan and servicing agreement, dated as of October 13, 2023, by and among the Issuer, as borrower, each of the other borrowers from time to time party thereto, Nuveen Churchill BDC Inc., as servicer, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian and account bank, as may be further amended, modified or supplemented from time to time. "Weighted Average Coupon": As of any Measurement Date, the number obtained by dividing: (a) the amount equal to the Aggregate Coupon; by

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![](exhibit1015ncdlccloiires101.jpg)

BUSINESS.30544778.20 -81- October 2024 January 2026 7.13 5.88 ClosingRefinancing Date April 2026 5.638.83 January 2025 8.009.00 July 2026 6.88 5.388.58 Date (ClosingRefinancing Date or Payment Date in) October 2026 5.138.33 April 2025 January 2027 6.63 4.888.08 July 2024 April 2027 Weighted Average Life Value 4.637.83 July 2025 7.38 July 2027 6.38 4.387.58 (b) an amount equal to the aggregate principal balanceAggregate Principal Balance of all Fixed Rate Obligations as of such Measurement Date (in each case including, for any Permitted Deferrable Obligation, only the required current cash interest required by the Underlying Documents thereon).excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation, in each case, that is a Fixed Rate Obligation). "Weighted Average Floating Spread": As of any Measurement Date, the number obtained by dividing: (a) the amount equal to (A) the Aggregate Funded Spread plus (B) the Aggregate Unfunded Spread by (b) an amount equal to the aggregate principal balance of all Floating Rate Obligations as of such Measurement Date. "Weighted Average Life": As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations, the number of years following such date obtained by summing the products obtained by multiplying: (a) the Average Life at such time of each such Collateral Obligation by (b) the outstanding principal balance of such Collateral Obligation and dividing such sum by: (b) the aggregate outstanding principal balance at such time of all such Collateral Obligations. "Weighted Average Life Test": A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations as of such date is less than or equal to the value in the column entitled "Weighted Average Life Value" in the table below corresponding to the immediately preceding Payment Date (or prior to the first Payment Date following the Refinancing Date, the ClosingRefinancing Date). October 2025 6.13

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![](exhibit1015ncdlccloiires102.jpg)

BUSINESS.30544778.20 -82- October 2027 0.383.58 3.636.83 October 2031 July 2029 0.133.33 Date (ClosingRefinancing Date or Payment Date in) 2.385.58 January 2032 3.08 4.137.33 April 2032 October 2029 2.83 July 2028 2.135.33 July 2032 2.58 3.386.58 October 2032 January 2030 2.33 1.885.08 January 2033 2.08 Weighted Average Life Value April 2033 April 2030 1.83 October 2028 1.634.83 July 2033 January 2028 1.58 3.136.33 October 2033 July 2030 1.33 1.384.58 January 2034 1.08 3.887.08 April 2034 October 2030 0.83 January 2029 1.134.33 July 2034 0.58 2.886.08 October 2034 January 2031 0.33 0.884.08 January 2035 0.08 January 2032April 2035 and thereafter April 2031 0.00 April 2029 "Weighted Average Rating Factor": A number (rounded up to the nearest whole number) equal to (A) the sum of the products obtained by multiplying, for each Collateral Obligation, (excluding any Defaulted Obligation or Deferring Obligation), (x) its Principal Balance by (y) its S&P Rating Factor, divided by (B) the Aggregate Principal Balance of all Collateral Obligations (excluding any Defaulted Obligation or Deferring Obligation). "Weighted Average S&P Recovery Rate": As of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the Principal Balance of each Collateral Obligation by its corresponding recovery rate as determined in accordance with Section 1 of Schedule 4 hereto, dividing such sum by the 0.633.83 April 2028 2.635.83 July 2031

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![](exhibit1015ncdlccloiires103.jpg)

BUSINESS.30544778.20 -83- Aggregate Principal Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent. "Workout Loan": Any debt obligation acquired by the Issuer resulting from, or received or issued in connection with, an insolvency, bankruptcy, reorganization, default, workout or restructuring or similar event of or with respect to an obligor or Collateral Obligation that, in each case, (x) meets the requirements of the definition of "Collateral Obligation" (other than clauses (ii), (iv), (viii), (xiv), (xv), (xvii) and, (xxi), (xxiv) and (xxxi) thereof) as determined by the Collateral Manager, (y) is no more junior in right of payment than the related Collateral Obligation that was subject to insolvency, bankruptcy, reorganization, default, workout or restructuring or similar event and (z) at the time of such acquisition (or commitment to acquire), the Collateral Manager reasonably believes (not to be called into question as a result of subsequent events) that making such investment will (i) minimize material losses in connection with the related Collateral Obligation or (ii) otherwise improve recovery prospects with respect to the related obligor or Collateral Obligation. Except to the extent provided above, the acquisition of Workout Loans will not be required to satisfy the Investment Criteria. Notwithstanding anything else to the contrary in this Indenture, a Workout Loan will be treated as a Defaulted Obligation for all purposes under this Indenture; provided that on any Business Day as of which sucha Workout Loan satisfies the definition of "Collateral Obligation" (as tested on such date and without giving effect to any carve-outs set forth in this definition), the Collateral Manager may designate (by written notice to the Issuer and the Collateral Administrator) such Workout Loan as a "Collateral Obligation," and thereafter, such Workout Loan shall be treated as a Collateral Obligation for all purposes under this Indenture. "Workout Loan Payment Condition": A condition that is satisfied on any date of determination if (i) the aggregate amount of Principal Proceeds (other than proceeds from a Contribution designated as Principal Proceeds) used to acquire a Workout Loan (other than any Uptier Priming Debt), measured cumulatively since the Closing Date (or the date of any Refinancing of all Outstanding Classes of Secured Debt in full, as applicable),Refinancing Date does not exceed 5.0% of the Target Initial Par Amount, (ii) the aggregate amount of Principal Proceeds (other than proceeds from a Contribution designated as Principal Proceeds) used to acquire a Workout Loan that is Uptier Priming Debt, measured cumulatively since the Closing Date (or the date of any Refinancing of all Outstanding Classes of Secured Debt in full, as applicable), does not exceed 2.5% of the Adjusted Collateral Principal Amount will be greater than the Reinvestment Target Initial Par AmountBalance, (iii) the aggregate amount of Principal Proceeds (other than proceeds from a Contribution designated as Principal Proceeds) used to acquire a Workout Loan does not exceed 1.52.5% per annum of the Target Initial Par Amount, and (iv) the Adjusted Collateral Principal Amount will be greater than the Reinvestment Target Par Balance and (v) all Coverage Tests are satisfied. "Zero Coupon Bond": Any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding, (b) provides for periodic payments of interest in Cash less frequently than semi-annually or (c) pays interest only at its stated maturity. Section 1.2 Usage of Terms. With respect to all terms in this Indenture, the singular includes the plural and the plural the singular; words importing any gender include the

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BUSINESS.30544778.20 -84- other genders; references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term "including" means "including without limitation." For the avoidance of doubt, (i) references to the "redemption" of Debt will be understood to refer, in the case of the Class A-L-A Loans or the Class A-L-BA-L Loans, to repayment of the Class A-L-AA-L Loans or the Class A-L-B Loans, respectively, by the Issuer and (ii) references to the "issuance" of Debt or to the "execution", "authentication" and/or "delivery" of Debt will be understood to refer, in the case of the Class A-L-A Loans or the Class A-L-BA-L Loans, to the incurrence by the Issuer of the Class A-L-A Loans or the Class A-L-BA-L Loans, respectively, pursuant to the applicable Class A-L Loan Agreement and this Indenture. Section 1.3 Assumptions as to Assets. In connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any Asset, or any payments on any other assets included in the Assets, with respect to the sale of and reinvestment in Collateral Obligations, and with respect to the income that can be earned on Scheduled Distributions on such Assets and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.3 shall be applied. The provisions of this Section 1.3 shall be applicable to any determination or calculation that is covered by this Section 1.3, whether or not reference is specifically made to Section 1.3, unless some other method of calculation or determination is expressly specified in the particular provision. (a) All calculations with respect to Scheduled Distributions on the Assets securing the Secured Debt shall be made on the basis of information as to the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished by or on behalf of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations. (b) For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made. (c) For each Collection Period and as of any date of determination, the Scheduled Distribution on any Asset (including Current Pay Obligations but excluding Defaulted Obligations, which, except as otherwise provided herein, shall be assumed to have a Scheduled Distribution of zero, except to the extent any payments have actually been received) shall be the sum of (i) the total amount of payments and collections to be received during such Collection Period in respect of such Asset (including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled, to be received during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or retained in the Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if paid as scheduled, will be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received by the Issuer in prior Collection Periods that were not disbursed on a previous Payment Date.

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BUSINESS.30544778.20 -85- (d) Each Scheduled Distribution receivable with respect to an Asset shall be assumed to be received on the applicable Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the date on which they are required to be available in the Collection Account for application, in accordance with the terms hereof, to payments of principal of or interest on the Debt or other amounts payable pursuant to this Indenture. For purposes of the applicable determinations required by Section 10.8(b)(iv), Article XII and the definition of "Interest Coverage Ratio", the expected interest on the Secured Debt and Floating Rate Obligations will be calculated using the then-current interest rates applicable thereto. For the avoidance of doubt, all amounts calculated pursuant to this Section 1.3(d) are estimates and may differ from the actual amounts available to make distributions hereunder, and no party shall have any obligation to make any payment hereunder due to the assumed amounts calculated under this Section 1.3(d) being greater than the actual amounts available. (e) References in Section 11.1(a) to calculations made on a "pro forma basis" shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or include the clause in which such calculation is made. (f) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to the Defaulted Obligation Balance. (g) If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation in the proviso to the definition of "Defaulted Obligation", then the Current Pay Obligations with the lowest Market Value (expressed as a percentage of the Principal Balance of such Current Pay Obligations as of the date of determination) shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated as a Defaulted Obligation for all purposes until such time as the aggregate principal balance of Current Pay Obligations would not exceed, on a pro forma basis including such Defaulted Obligation, the applicable percentage of the Collateral Principal Amount as set forth in the proviso to the definition of "Defaulted Obligation." (h) Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not be included in the calculation of the Collateral Quality Test. (i) For purposes of calculating compliance with the Investment Criteria, upon the direction of the Collateral Manager by notice to the Trustee and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the sale or other disposition of a Collateral Obligation shall be deemed to have the characteristics of such Collateral Obligation until reinvested in an additional Collateral Obligation. Such calculations shall be based upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations, in which case the calculations will be based

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BUSINESS.30544778.20 -86- upon the Principal Proceeds received on the disposition or sale of such Defaulted Obligation or Credit Risk Obligation. (j) For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest 0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded to the nearest ten thousandth if expressed as a percentage (other than the Reference Rate, which shall be rounded to the nearest hundred-thousandthhundred thousandth), and to the nearest one hundredth if expressed otherwise. (k) For purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery Rate equal to the S&P Recovery Rate for Senior Secured Loans. (l) Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations under this Indenture shall be in Dollars. (m) Any reference herein to an amount of the Trustee's or the Collateral Administrator's fees calculated with respect to a period at a per annum rate shall be computed on the basis of the actual number of days in the applicable Collection Period divided by 360 and shall be based on the Fee Basis Amount (but including the par amount of all Restructured Loans, Defaulted Obligations, Equity Securities, Specified Equity Securities and interest only strips), measured as of the first day of the Collection Period relating to each Payment Date. (n) For purposes of calculating compliance with any tests under this Indenture, the trade date (and not the settlement date) with respect to any acquisition or disposition of a Collateral Obligation or Eligible Investment shall be used to determine whether and when such acquisition or disposition has occurred. (o) For all purposes where expressly used in this Indenture, the "outstanding principal balance" shall exclude capitalized interest, if any. (p) Except as expressly set forth herein, the "principal balance" of a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation shall include all unfunded commitments that have not been irrevocably reduced or withdrawn. (q) For purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions, Sale Proceeds will include any Principal Financed Accrued Interest and Principal Financed Capitalized Interest received in respect of such sale. (r) To the extent of any ambiguity in the interpretation of any definition or term contained in this Indenture or to the extent more than one methodology can be used to make any of the determinations or calculations set forth therein, in each case as reasonably determined by a Trust Officer of the Collateral Administrator or the Trustee, the Collateral Administrator shall request direction from the Collateral Manager as to the interpretation and/or methodology to be used, and the Collateral Administrator shall follow such direction, and together with the Trustee, shall be entitled to conclusively rely thereon without any responsibility or liability therefor.

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BUSINESS.30544778.20 -87- (s) To the fullest extent permitted by applicable law and notwithstanding anything to the contrary contained in this Indenture, whenever in this Indenture the Collateral Manager is permitted or required to make a decision in its "sole discretion," "reasonable discretion" or "discretion" or under a grant of similar authority or latitude, the Collateral Manager shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Issuer, Holders or any other Person. The intent of granting authority to act in its "discretion" to the Collateral Manager is that no other express consent of another party is required to be obtained by the Collateral Manager when acting pursuant to such grant of authority under this Indenture; provided that any action taken pursuant to such grant of discretion is consistent with the legal, contractual and fiduciary duties owed by the Collateral Manager. (t) With respect to any notice period set forth herein, such period may be shortened with the consent of each party required to receive such notice. (u) If withholding tax is imposed on amendment fees, waiver fees, consent fees, extension fees, commitment fees or other similar fees, the calculations of the Weighted Average Floating Spread, the Weighted Average Coupon and the Interest Coverage Test (and all component calculations of such calculations and tests, including when such a component calculation is calculated independently), as applicable, will be made on a net basis after taking into account such withholding, unless the Obligor is required to make "gross-up" payments to the Issuer that cover the full amount of any such withholding tax on an after-tax basis pursuant to the Underlying Document with respect thereto. (v) All calculations related to Maturity Amendments, Collateral Obligations, Discount Obligations and the Investment Criteria (and definitions related to Maturity Amendments, Collateral Obligations, Discount Obligations and the Investment Criteria) that would otherwise be calculated cumulatively will be reset at zero on the Refinancing Date and on the date of any other Refinancing of all Outstanding Classes of Secured Debt in full. (w) The Class X Notes will not be included in the calculation of any Coverage Test. (w) (x) Any direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of any Asset may be in the form of a trade ticket, confirmation of trade, trade blotter, instruction to post or to commit to the trade or similar instrument or document or other written instruction (including by email or other electronic communication or file transfer protocol) from the Collateral Manager on which the Trustee may rely as to whether any related conditions have been satisfied. ARTICLE II THE DEBT Section 2.1 Forms GenerallyForms Generally. The Notes and the Trustee's or Authenticating Agent's certificate of authentication thereon (the "Certificate of Authentication")

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BUSINESS.30544778.20 -88- shall be in substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent herewith, determined by the Officer of the Issuer executing such Notes as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. Each Class A-L-A Loan and Class A-L-BA-L Loan will be evidenced by a physical certificate to the extent requested by the applicablea Class A-L Lender, respectively, pursuant to the Class A-L-A Loan Agreement or the Class A-L-B Loan Agreement, respectively. Section 2.2 Forms of Notes. (a) The forms of the Notes shall be as set forth in the applicable part of Exhibit A hereto. (b) Notes. (i) The Secured NotesDebt of each Class sold to Qualified Purchasers that are not U.S. Persons outside the United States in reliance on Regulation S shall each be issued initially in the form of one permanent Global Note per Class in definitive, fully registered form without interest coupons substantially in the form attached as Exhibit A-1 hereto (each, a "Regulation S Global Note"), and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered in the name of Cede & Co., a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by the Issuer and authenticated by the Trustee or the Authenticating Agent as hereinafter provided. (ii) Other than as set forth in the following sentence, the Secured NotesDebt of each Class sold to a Person that, at the time of acquisition, purported acquisition or proposed acquisition of any such Note, are QIB/QPs shall each be issued initially in the form of one or more permanent Global Note per Class in definitive, fully registered form without interest coupons substantially in the form attached as Exhibit A-1 hereto (each, a "Rule 144A Global Note") and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered in the name of Cede & Co., a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee or the Authenticating Agent as hereinafter provided. (iii) [Reserved]. (iv) The Secured NotesDebt sold to persons that are IAI/QPs (or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a QP) shall be issued in the form of one or more definitive, fully registered notes without coupons substantially in the form attached as Exhibit A-2 hereto (a "Certificated Secured Note") which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the Issuer and authenticated by the Trustee or Authenticating Agent as hereinafter provided. (v) The Subordinated Notes shall be issued in the form of one or more definitive, fully registered notes without coupons substantially in the form attached as

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BUSINESS.30544778.20 -89- Exhibit A-3 hereto (a "Certificated Subordinated Note") which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the Issuer and authenticated by the Trustee or Authenticating Agent as hereinafter provided. (vi) The aggregate principal amount of the Regulation S Global Notes and the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee or DTC or its nominee, as the case may be, as hereinafter provided. (c) Book Entry Provisions. This Section 2.2(c) shall apply only to Global Notes deposited with or on behalf of DTC. The provisions of the "Operating Procedures of the Euroclear System" of Euroclear and the "Terms and Conditions Governing Use of Participants" of Clearstream, respectively, will be applicable to the Global Notes insofar as interests in such Global Notes are held by the Agent Members of Euroclear or Clearstream, as the case may be. Agent Members shall have no rights under this Indenture with respect to any Global Notes held on their behalf by the Trustee, as custodian for DTC, and DTC may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all payment purposes whatsoever, and for all other purposes except as provided in Section 14.2(e). Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. (d) CUSIPs. As an administrative convenience or in connection with a Re-Pricing of the Notes, the Issuer or the Issuer's agent may obtain a separate CUSIP or separate CUSIPs (or similar identifying numbers) for all or a portion of any Class of Notes. Section 2.3 Authorized Amount; Stated Maturity; Denominations. The aggregate principal amount of DebtNotes that may be authenticated and delivered under this Indenture or the Class A-L Loan AgreementsAgreement is limited to U.S.$298,060,000 (including the amount of the Class A-1 Notes upon Conversion of the Class A-L-A Loans)299,700,000 (except for (i) Debt authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt pursuant to Section 2.5, Section 2.6, Section 2.12 or Section 8.5 of this Indenture and (ii) additional securities issued in accordance with Sections 2.13 and 3.2 or additional loans incurred pursuant to the Class A-L Loan AgreementsAgreement).

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BUSINESS.30544778.20 -90- None Class A-L-B A-L-R Loans None Interest Rate: None None XA-R, A-1, A-L-A, A-L-BA-L-R Class Designation XA-R, A-1A-L-R, A-L-A, A-L-B, BB-R OriginalInitial Principal Amount(1) Junior Class(es) B, Subordinate d Class B B-R Notes BB-R, Subordinated B, Subordinated U.S.$2,000,000 BB-R, Subordinated Subordinated None U.S.$100,500,000(2)125 ,500,000 Pari Passu Class(es) A-1, A-L-A, A-L-B Subordinated Notes X, A-L-A, A-L-BA-L-R Index(3Interest Rate(1) X, A-1, A-L-B U.S.$25,000,000(2) X, A-1, A-L-AA-R Reference Rate None Class X Notes None Reference Rate + 1.38% U.S.$50,000,000 Listed Notes Reference Rate No Yes Reference Rate + 1.38% N/A U.S.$37,500,000 N/A Reference Rate + 1.70% No Such Debt shall be divided into the Classes, having the designations, original principal amounts and other characteristics as follows: No N/A U.S.$83,060,00086,700, 000 Interest deferrableDeferrabl e No Type No SpreadStated Maturity (Payment Date in) No No 2.00% No Class A-1 A-R Notes N/A 2.35%January 2039 Stated MaturityExpected S&P Initial Rating Re-Pricing Eligible Debt 2.35% No Senior Secured Floating Rate No 2.35%January 2039 No Payment Date in January 2036 No 3.20%January 2039 YesNo N/A N/AJanuary 2039 Payment Date in January 2036"AAA(sf)" ERISA Restricted Debt No Senior Secured Floating Rate No Initial S&P Rating:Minimum Denominations (Integral Multiples) No Payment Date in January 2036 No "AAA (sf)" No Class A-L-A Loans Yes "AAA (sf)"U.S.$250,000 (U.S.$1.00) Payment Date in January 2036"AAA(sf)" Form "AAA (sf)" Book-Entry (Physical for IAIs) Senior Secured Floating Rate Book-Entry (Physical for IAIs) "AAA (sf)"U.S.$250,000 (U.S.$1.00) Registered Loans Payment Date in January 2036"AA(sf)" Registered Loans "AA (sf)"U.S.$250,000 (U.S.$1.00) Book-Entry (Physical for IAIs) Physical N/AU.S.$1,000,000 (U.S.$1.00) (1) As of the Closing Date. Payment Date in January 2036N/A Subordinated Notes Priority Class(es)(4)

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BUSINESS.30544778.20 -91- (2) After the Closing Date, by written notice of a holder of the Class A-L-A Loans, all or a portion of such holder's Class A-L-A Loans may be converted into Class A-1 Notes as set forth herein and under the Class A-L-A Loan Agreement. Upon such conversion, the Aggregate Outstanding Amount of the Class A-1 Notes will be increased by the current outstanding principal amount of the Class A-L-A Loans to be converted. For the avoidance of doubt, the initial principal amount of the Class A-1 Notes set forth in this table represents the principal amount of the Class A-1 Notes as of the Closing Date. For the avoidance of doubt, (i) Class A-1 Notes may not be converted into Class A-L-A Loans and (ii) the Class A-L-B Loans may not by their terms be converted into Class A-1 Notes. (31) The Reference Rate for calculating interest on the Secured Debt will initially be the Term SOFR Rate, and. The Term SOFR Rate will be calculated as set forth underin Section 2.7 hereof. An Alternative Rate may be adopted as a replacement for the Term SOFR Rate following a Benchmark Transition Event. From and after when any such Alternative Rate is adopted, all references to "the "Term SOFR Rate"" in respect of determining the Interest Rate on the Secured Debt will be deemed to be such Alternative Rate. The spread over the Reference Rate with respect to the Re-Pricing Eligible Debt may be reduced in connection with a Re-Pricing of such Class of Debt, subject to the conditions set forth in Section 9.7. (4) Interest on the Class X Notes (including the Class X Note Payment Amount) and the Class A Debt will be pari passu. Upon the occurrence and continuance of an Event of Default and an acceleration (that has not been rescinded and annulled) of the Secured Debt as provided in this Indenture, or to the extent payments are made in accordance with the Debt Payment Sequence, principal of the Class X Notes and the Class A Debt will be pari passu. At all other times, principal of the Class X Notes equal to the Class X Note Payment Amount will be paid prior to principal of the Class A Debt in accordance with the Priority of Payments. The Debt shall be held in the Minimum Denominations. Debt shall only be transferred or resold in compliance with the terms of this Indenture (and/or the Class A-L Loan Agreement, as applicable). Section 2.4 Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by one of its Officers. The signature of such Officer on the Notes mayshall be manual, facsimile or electronic. Notes bearing the manual, facsimile or electronic signatures of individuals who were at the time of execution Officers of the Issuer, shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided herein and not otherwise. Each Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the ClosingRefinancing Date shall be dated as of the ClosingRefinancing Date. All other Notes that are authenticated and delivered after the ClosingRefinancing Date for any other purpose under this Indenture shall be dated the date of their authentication. Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced, but shall represent only the current Aggregate Outstanding Amount of the Notes so transferred, exchanged or replaced. If any Note is divided into more than one Note in accordance with this Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original Aggregate Outstanding Amount of such subsequently issued Notes. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the manual signature of one of their authorized signatories, and such Certificate of

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BUSINESS.30544778.20 -92- Authentication upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. Section 2.5 Registration, Registration of Transfer and Exchange. (a) The Issuer shall cause to be kept a register (the "Note Register") at the Corporate Trust Office of the Trustee in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes (including the principal amount and stated interest thereon) and the registration of transfers of Notes. The Trustee is hereby initially appointed "Note Registrar" for the purpose of registering Notes and transfers of such Notes with respect to the Note Register maintained in the United States as herein provided. Upon any resignation or removal of the Note Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Note Registrar. If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Trustee prompt written notice of the appointment of a Note Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Officer thereof as to the names and addresses of the Holders of the Notes and the principal or face amounts and numbers of such Notes. Upon request at any time the Note Registrar shall provide to the Issuer, the Collateral Manager, the Placement Agent, the Co-Placement AgentInitial Purchaser or any Holder a current list of Holders as reflected in the Note Register. Subject to this Section 2.5 and Section 2.12, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate, or cause the Authenticating Agent to authenticate, and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal or face amount. At any time, upon request of the Issuer, the Collateral Manager, the Placement Agent or the Co-Placement AgentInitial Purchaser, the Trustee shall provide such requesting Person a list of Holders of the Notes, and each Holder is deemed to agree by acceptance of its Note that the Note Registrar shall not have any liability with respect to the release of any information with respect to such Holder to any such requesting Person. In addition, when permitted under this Indenture, the Issuer, the Trustee and the Collateral Manager shall be entitled to rely upon any certificate of ownership provided to the Trustee by a beneficial owner of a Note (including a Beneficial Ownership Certificate or a certificate in the form of Exhibit D) and/or other forms of reasonable evidence of such ownership as to the names and addresses of such beneficial owner and the Classes, principal amounts and CUSIP numbers of Notes beneficially owned thereby. At any time, upon request of the Issuer, the Collateral Manager, the Placement Agent or the Co-Placement AgentInitial Purchaser, the Trustee shall provide such requesting Person a copy of each Beneficial Ownership Certificate that the Trustee has received (unless otherwise directed by such beneficial owner). At the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for

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BUSINESS.30544778.20 -93- exchange, the Issuer shall execute, and the Trustee shall authenticate, or request the Authenticating Agent to authenticate, and deliver, the Notes that the Holder making the exchange is entitled to receive. All Notes issued, authenticated and delivered upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee or the Note Registrar may require payment of a sum sufficient to cover any transfer, tax or other governmental charge payable in connection therewith. The Trustee or the Note Registrar shall be permitted to request such evidence reasonably satisfactory to it documenting the identity, authority, and/or signatures of the transferor and transferee. (a) No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable state securities laws and will not cause either of the Issuer to become subject to the requirement that it register as an investment company under the 1940 Act. (b) No transfer of any Subordinated Note (or any interest therein) will be effective, and no such transfer will be recognized, if after giving effect to such transfer 25% or more of the Aggregate Outstanding Amount of the Subordinated Notes would be held by Persons who are Benefit Plan Investors as calculated pursuant to 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the "25% Limitation"). For purposes of these calculations and all other calculations required by this sub-section, any Notes of the Issuer held by a Person (other than a Benefit Plan Investor) who is a Controlling Person shall be disregarded and not treated as Outstanding. The Trustee shall be entitled to rely exclusively upon the information set forth on the face of the transfer certificates received pursuant to the terms of this Section 2.5 and Section 2.12 and only Notes that a Trust Officer of the Trustee actually knows to be so held shall be so disregarded. (c) [Reserved]. (d) Notwithstanding anything contained herein to the contrary, the Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise

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BUSINESS.30544778.20 -94- monitoring or determining compliance with, the registration provisions of or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code, the 1940 Act, or the terms hereof; provided that if a transfer certificate is specifically required by the terms of this Section 2.5 and Section 2.12 to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements of this Indenture and shall promptly notify the party delivering the same and the Issuer if such certificate does not comply with such terms. (e) Transfers of Global Notes shall only be made in accordance with Section 2.2(b), this Section 2.5(f) and Section 2.12. (i) Rule 144A Global Note to Regulation S Global Note. If a holder of a beneficial interest in a Rule 144A Global Note deposited with DTC wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer its interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder (provided that such holder or, in the case of a transfer, the transferee is a Qualified Purchaser that is not a U.S. person) may, subject to the immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Note Registrar of (A) instructions given in accordance with DTC's procedures from an Agent Member directing the Note Registrar to credit or request to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the Minimum Denomination applicable to such holder's Notes, in an amount equal to the beneficial interest in the Rule 144A Global Note to be exchanged or transferred, (B) a written order given in accordance with DTC's procedures containing information regarding the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate in the form of Exhibit B-1 attached hereto given by the holder of such beneficial interest stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes, including that the holder or the transferee, as applicable, is a Qualified Purchaser that is not a U.S. person and is purchasing such beneficial interest in reliance on Regulation S, and (D) a written certification in the form of Exhibit B-7 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a Qualified Purchaser that is not a U.S. person and is purchasing such beneficial interest outside the United States in reliance on Regulation S, then the Note Registrar shall confirm the instructions at DTC to reduce the principal amount of the Rule 144A Global Note and to increase the principal amount of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be exchanged or transferred, and to credit or request to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note.

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BUSINESS.30544778.20 -95- (ii) Regulation S Global Note to Rule 144A Global Note. If a holder of a beneficial interest in a Regulation S Global Note deposited with DTC wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or to transfer its interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note. Upon receipt by the Note Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Note Registrar to request to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not less than the Minimum Denomination applicable to such holder's Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the form of Exhibit B-4 attached hereto given by the holder of such beneficial interest and stating, among other things, that, in the case of a transfer, the Person transferring such interest in such Regulation S Global Note reasonably believes that the Person acquiring such interest in a Rule 144A Global Note is a QIB/QP, is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (C) a written certification in the form of Exhibit B-6 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a QIB/QP, then the Note Registrar will approve the instructions at DTC to reduce, or request to be reduced, the Regulation S Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Note Registrar shall instruct DTC, concurrently with such reduction, to credit or request to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note. (iii) Global Note to Certificated Note. Subject to Section 2.10(a), if a holder of a beneficial interest in a Global Note deposited with DTC wishes at any time to exchange its interest or transfer its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Note. Upon receipt by the Note Registrar of (A) certificates substantially in the form of Exhibit B-2 attached hereto executed by the transferee and (B) appropriate instructions from DTC, if required, the Note Registrar will confirm the instructions at DTC to reduce, or request to be reduced, the Global Note by the aggregate principal amount of the beneficial interest in the Global Note to be transferred and record the transfer in the Note Register in accordance with Section 2.5(a) and upon execution by the Issuer, authentication by the Trustee or the Authenticating Agent and delivery by the Trustee of one or more corresponding Certificated Notes,

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BUSINESS.30544778.20 -96- registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in such Global Note transferred by the transferor), and in authorized denominations. (f) Transfers of Certificated Notes shall only be made in accordance with Section 2.2(b), this Section 2.5(g) and Section 2.12. (i) Certificated Notes to Rule 144A Global Notes or Regulation S Global Notes. If a Holder of a Certificated Note wishes at any time to exchange its interest in such Certificated Note for a beneficial interest in a corresponding Rule 144A Global Note or Regulation S Global Note or to transfer such Certificated Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a corresponding Rule 144A Global Note or Regulation S Global Note, such Holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Note for a beneficial interest in a corresponding Rule 144A Global Note or Regulation S Global Note. Upon receipt by the Note Registrar of (A) a Holder's Certificated Note properly endorsed for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B-1 or Exhibit B-4 (as applicable) attached hereto executed by the transferor and a certificate substantially in the form of Exhibit B-6 or Exhibit B-7 (as applicable) attached hereto executed by the transferee, (C) instructions given in accordance with Euroclear, Clearstream or DTC's procedures, as the case may be, from an Agent Member to instruct DTC to request to be credited a beneficial interest in the applicable Rule 144A Global Notes or Regulation S Global Notes in an amount equal to the Certificated Notes to be transferred or exchanged, and (D) a written order given in accordance with DTC's procedures containing information regarding the Agent Member's account at DTC and/or Euroclear or Clearstream to be credited with such increase, the Note Registrar shall cancel such Certificated Note in accordance with Section 2.9, record the transfer in the Note Register in accordance with Section 2.5(a) and confirm the instructions at DTC, concurrently with such cancellation, to credit or request to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note or Regulation S Global Note equal to the principal amount of the Certificated Note transferred or exchanged. (ii) [Reserved]. (iii) Certificated Notes to Certificated Notes. If a Holder of a Certificated Note wishes at any time to exchange such Certificated Note for one or more Certificated Notes or to transfer such Certificated Note to a Person who wishes to take delivery thereof in the form of a Certificated Note, such Holder may exchange or transfer, or cause the exchange or transfer of, such Certificated Note. Upon receipt by the Note Registrar of (A) a Holder's Certificated Note properly endorsed for assignment to the transferee, and (B) certificates substantially in the form of Exhibit B-2 and, in the case of a transfer or exchange of ERISA Restricted Notes, Exhibit B-3 and Exhibit B-5 attached hereto executed by the transferee, the Note Registrar shall cancel such Certificated Note in

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BUSINESS.30544778.20 -97- accordance with Section 2.9, record the transfer in the Note Register in accordance with Section 2.5(a) and upon execution by the Issuer, authentication by the Trustee or the Authenticating Agent and delivery by the Trustee, deliver one or more Certificated Notes bearing the same designation as the Certificated Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Note surrendered by the transferor), and in authorized denominations. (g) If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in the applicable part of Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the applicable legend shall not be removed unless there is delivered to the Trustee and the Issuer such satisfactory evidence, which may include an Opinion of Counsel acceptable to them, as may be reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of the Securities Act, the 1940 Act, ERISA or the Code. Upon provision of such satisfactory evidence, the Trustee or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer authenticate and deliver Notes that do not bear such applicable legend. (h) Each Person who becomes a beneficial owner of Notes represented by an interest in a Global Note will be deemed to have represented and agreed as follows (except as may be expressly agreed in writing between such Person and the Issuer, if such Person is an initial purchaser, which writing shall be provided to the Trustee): (i) In connection with the purchase of such Notes: (A) none of the Issuer, the Collateral Manager, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Trustee, the Collateral Administrator or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer, the Collateral Manager, the Trustee, the Loan Agents, the Placement Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates other than any statements in the final Offering Circular for such Notes, and such beneficial owner has read and understands such final Offering Circular (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (C) such beneficial owner has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the Placement Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates; (D) such beneficial owner is either (1) (in the case of a beneficial owner of an interest in a Rule 144A Global Note) both (a) a QIB that is not a broker-dealer which owns and

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BUSINESS.30544778.20 -98- invests on a discretionary basis less than U.S.$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(d) or (a)(1)(e) of Rule 144A or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan and (b) a "qualified purchaser" for purposes of Section 3(c)(7) of the 1940 Act or an entity (other than a trust) owned exclusively by "qualified purchasers" or (2) (in the case of a beneficial owner of an interest in a Regulation S Global Note) a Qualified Purchaser and is acquiring the Notes in reliance on the exemption from registration provided by Regulation S; (E) such beneficial owner is acquiring its interest in such Notes for its own account and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (F) such beneficial owner was not formed for the purpose of investing in such Notes; (G) such beneficial owner understands that the Issuer may receive a list of participants holding interests in the Notes from one or more book-entry depositories, (H) such beneficial owner will hold and transfer at least the Minimum Denomination of such Notes; (I) such beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks; and (J) such beneficial owner will provide notice of the relevant transfer restrictions, representations, warranties and agreements to subsequent transferees. (ii) Such beneficial owner represents, warrants and agrees that for the Class A-1 Notes and the Class B Notes onlySecured Debt, (A) if it is, or is acting on behalf of, a Benefit Plan Investor, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code and (B) if such Person is a governmental, church, non-U.S. or other plan subject to any Other Plan Law, such Person's acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any such Other Plan Law. (iii) If such beneficial owner is a Benefit Plan Investor, then it is deemed to represent, warrant and agree that: (i) none of the Issuer, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Collateral Manager, the Retention Holder, the Trustee or the Collateral Administrator, nor any of their respective affiliates, has provided any individualized investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor ("Plan Fiduciary"), has relied as a primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan Investor's acquisition of Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. (iv) Such beneficial owner understands that such Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be offered, resold, pledged or otherwise

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BUSINESS.30544778.20 -99- transferred only in accordance with the provisions of this Indenture and the legend on such Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption under the Securities Act or any state securities laws for resale of such Notes. Such beneficial owner understands that none of the Issuer or the pool of Assets has been registered under the 1940 Act, and that the Issuer is exempt from registration as such by virtue of Section 3(c)(7) of the 1940 Act. (v) Such beneficial owner is aware that, except as otherwise provided herein, any Notes being sold to it in reliance on Regulation S will be represented by one or more Regulation S Global Notes and that beneficial interests therein may be held only through DTC for the respective accounts of Euroclear or Clearstream. (vi) Such beneficial owner agrees to the provisions of Section 2.12, to the extent applicable to such beneficial owner. (vii) [Reserved]. (viii) Such beneficial owner agrees not to institute or seek to commence in respect ofinstitute against the Issuer, or cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the Holders of the Debt issued pursuant to this Indenture or, if longer, the applicable preference period (plus one day) then in effect. (ix) Such beneficial owner agrees that (a)(i) the express terms of this Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (ii) this Indenture contains limitations on the rights of the holders to direct the commencement of any such Proceeding, and (iii) each beneficial owner shall comply with such express terms if it seeks to direct the commencement of any such Proceeding, (b) there are no implied rights under this Indenture to direct the commencement of any such Proceeding, and (c) notwithstanding any provision of this Indenture, or any provision of the Notes, the Collateral Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the Holders (or of any interest therein), or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral Administrator or the Calculation Agent. (x) Such beneficial owner agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to this Indenture, and if such beneficial owner is a non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of this Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfer, and agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee to effect such sale and transfers.

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BUSINESS.30544778.20 -100- (xi) Such beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the Notes of the transfer restrictions, representations, warranties and agreements set forth in this Indenture. (xii) [Reserved]. (i) Each Person who becomes an owner of a Certificated Note will be required to make the representations and agreements set forth in Exhibit B-2 or Exhibit B-3, as applicable. (j) Each purchaser or transferee of a Subordinated Note (or any interest therein) will be required to represent and warrant (A) whether or not, for so long as it holds such Notes or interest therein, it is, or is acting on behalf of, a Benefit Plan Investor or a Controlling Person and (B) that (1) if it is, or is acting on behalf of, a Benefit Plan Investor, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (2) if it is a governmental, church, non-U.S. or other plan, (i) it is not, and for so long as it holds such Notes or interestsinterest therein will not be, subject to Similar Law, and (ii) its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any Other Plan Law. (k) Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given effect for any purpose whatsoever. (l) To the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance. (m) The Note Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on the information set forth on the face of any purchaser, transferor and transferee certificate delivered pursuant to this Section 2.5 and shall be able to presume conclusively the continuing accuracy thereof, in each case without further inquiry or investigation. Notwithstanding anything in this Indenture to the contrary, the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section 2.5 if the Trustee is not notified of or in a position to know of any transfer requiring such a certificate to be presented by the proposed transferor or transferee. (n) For the avoidance of doubt, notwithstanding anything in this Indenture to the contrary, the Placement Agent or the Co-Placement AgentInitial Purchaser may hold a position in a Regulation S Global Note prior to the distribution of the applicable Notes represented by such position.

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BUSINESS.30544778.20 -101- Section 2.6 Mutilated, Defaced, Destroyed, Lost or Stolen Note. If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer, the Trustee and such Transfer Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a protected purchaser, the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate, or cause the Authenticating Agent to authenticate, and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding. If, after delivery of such new Note, a protected purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith. In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in their discretion may, instead of issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered. Upon the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. Every new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder. The provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. Section 2.7 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved. (a) The Debt of each Class shall accrue interest during each Interest Accrual Period at the applicable Interest Rate and such interest will be payable in arrears on each Payment Date on the Aggregate Outstanding Amount thereof on the first day of the related Interest Accrual Period (after giving effect to payments of principal thereof on such date)

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BUSINESS.30544778.20 -102- at the applicable Interest Rate from the ClosingRefinancing Date, and shall accrue for each period (including the first and last days thereof) specified in the definition of the term Interest Accrual Period and be payable in arrears on each Payment Date, except as otherwise set forth below. Payment of interest on each Class of Debt (other than the Class A Debt) (and payments of available Interest Proceeds to the Holders of the Subordinated Notes) will be subordinated to the payment of interest on each related Priority Class as provided in Section 11.1. Interest will cease to accrue on the Debt, or in the case of a partial repayment, on such repaid part, from the date of repayment. To the extent lawful and enforceable, interest on any interest that is not paid when due on any Class X Note, Class A Debt or Class B Notes shall accrue at the Interest Rate for such Class until paid as provided herein. (b) The principal of each Class of Secured Debt matures at par and is due and payable on the date of the Stated Maturity for the applicable Class, unless such principal has been previously repaid or unless the unpaid principal of such Secured Debt becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each Class of Secured Debt (and distributions of Principal Proceeds to the Holders of the Subordinated Notes) may only occur in accordance with the Priority of Payments. Payments of principal on any Class of Secured Debt (and distributions on Principal Proceeds to the Holders of the Subordinated Notes) which are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated Maturity of such Class of Secured Debt or any Redemption Date), because of insufficient funds therefor shall not be considered "due and payable" for purposes of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of Payments or all Priority Classes with respect to such Class have been paid in full. Payments in respect of the Class X Note Payment Amount (whether paid from Interest Proceeds or Principal Proceeds) shall reduce the principal amount of the Class X Notes. (c) Principal payments on the Debt will be made in accordance with the Priority of Payments and Article IX. (d) The Paying Agent shall require the previous delivery of properly completed and signed applicable tax certifications (generally, in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a "United States person" as defined in section 7701(a)(30) of the Code or, in the case of the Secured Debt, the appropriate IRS Form W-8 (or applicable successor form) (together with all appropriate attachments) in the case of a Person that is not a "United States person" as defined in section 7701(a)(30) of the Code) or other certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such DebtNotes or the Holder or beneficial owner of such DebtNotes under any present or future law or regulation of the United States, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation and the delivery of any information required under FATCA to determine if payments by the Issuer are subject to withholding. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the DebtNotes as a result of deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges with respect to the DebtNotes. Nothing herein shall be construed to obligate the Paying

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BUSINESS.30544778.20 -103- Agent or the Trustee to determine the duties or liabilities of the Issuer or any other paying agent with respect to any tax certification or withholding requirements, or any tax certification or withholding requirements of any jurisdiction, political subdivision or taxing authority outside the United States. (e) Payments in respect of interest on and principal of any Secured NotesDebt and any payment with respect to any Subordinated Note shall be made by the Trustee in Dollars to DTC or its designee with respect to a Global Note, to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by such Person, in immediately available funds to a Dollar account maintained by DTC or its nominee with respect to a Global Note, to the Holder or its nominee with respect to a Certificated Note; provided that in the case of a Certificated Note (1) the Holder thereof shall have provided written wiring instructions to the Trustee on or before the related Record Date and (2) if appropriate instructions for any such wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Note Register. Upon final payment due on the Maturity of any Notes, the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Trustee or at the office of any Paying Agent on or prior to such Maturity; provided that if the Trustee and the Issuer shall have been furnished such security or indemnity as may be required by them to save each of them harmless and an undertaking thereafter to surrender such certificate, then, in the absence of notice to the Issuer or the Trustee that the applicable Note has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender. None of the Issuer, the Trustee, the Loan AgentsAgent, the Collateral Manager, nor any Paying Agent will have any responsibility or liability for any aspects of the records (or for maintaining, supervising or reviewing such records) maintained by DTC, Euroclear, Clearstream or any of the Agent Members or any of their nominees relating to or for payments made thereby on account of beneficial interests in a Global Note. In the case where any final payment of principal and interest is to be made on any Debt (other than on the Stated Maturity thereof), the Trustee or Loan AgentsAgent, as applicable, in the name and at the expense of the Issuer shall prior to the date on which such payment is to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing in the applicable Register, a notice which shall specify the date on which such payment will be made and the place where such Debt may, as applicable, be presented and surrendered for such payment. (f) Payments of principal to Holders of the Secured Debt of each Class shall be made in the proportion that the Aggregate Outstanding Amount of the Secured Debt of such Class registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Secured Debt of such Class on such Record Date. Payments to the Holders of the Subordinated Notes from Interest Proceeds and Principal Proceeds shall be made in the proportion that the Aggregate Outstanding Amount of the Subordinated Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Subordinated Notes on such Record Date. (g) Interest accrued with respect to the Secured Debt shall be calculated on the basis of the actual number of days elapsed in the applicable Interest Accrual Period divided by 360.

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BUSINESS.30544778.20 -104- (h) All reductions in the principal amount of any Debt (or one or more predecessor Debt instruments, as applicable) effected by payments of installments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of such Debt and of any Debt issued or incurred upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not such payment is noted on such Debt instrument. (i) Notwithstanding any other provision of this Indenture or the Class A-L Loan AgreementsAgreement, the obligations of the Issuer under the Debt and this Indenture and the Class A-L Loan AgreementsAgreement are limited recourse obligations of the Issuer payable solely from the Assets and following realization of the Assets, and application of the proceeds thereof in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, manager, partner, member, employee, shareholder, authorized Person or incorporator of either the Issuer, the Collateral Manager or their respective affiliates, successors or assigns for any amounts payable under the Debt or this Indenture. It is understood that the foregoing provisions of this paragraph (i) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Debt or secured by this Indenture until such Assets have been realized. It is further understood that the foregoing provisions of this paragraph (i) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Debt or this Indenture or the Class A-L Loan AgreementsAgreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. The Subordinated Notes are not secured hereunder. (j) Subject to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest and principal (or other applicable amount) that were carried by such other Note. Section 2.8 Persons Deemed Owners. The Issuer, the Trustee, and any agent of the Issuer or the Trustee shall treat as the owner of any Debt the Person in whose name such Debt isare registered in the Note Register or Loan Register, as applicable, on the applicable Record Date for the purpose of receiving payments of principal of and interest on such Debt and on, other than as otherwise expressly provided in this Indenture, any other date for all other purposes whatsoever (whether or not such Debt isare overdue), and neither the Issuer nor the Trustee, or any agent of the Issuer or the Trustee shall be affected by notice to the contrary. Section 2.9 CancellationCancellation. All Debt surrendered for payment, registration of transfer, exchange or redemption, or deemed lost or stolen, shall be promptly canceled by the Trustee and may not be reissued or resold. No Debt may be surrendered (including any surrender in connection with any abandonment thereof) except for payment as provided by the Constituting Documentsthis Indenture, or for registration of transfer or exchange in accordance with this Article II or redemption in accordance with Article IX hereof (and, in the case of Special Redemption, a Mandatory Redemption, or an Optional Redemption in part by

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BUSINESS.30544778.20 -105- Class, only to the extent that such Special Redemption, Mandatory Redemption, Clean-Up Call Redemption or Optional Redemption results in payment in full of the applicable Class of Debt), or for replacement in connection with any Debt deemed lost or stolen. The Issuer may not purchase any of the Debt; provided that such prohibition shall not be deemed to limit the Issuer's rights or obligations relating to any redemption of the Debt permitted or required hereunder. Any Debt surrendered for cancellation as permitted by this Section 2.9 shall, if surrendered to any Person other than the Trustee or the applicable Loan AgentsAgent, as applicable, be delivered to the Trustee or the applicable Loan Agent, as applicable. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture or Loan Agreement. All canceled Debt held by the Trustee or athe Loan Agent shall be destroyed or held by the Trustee or suchthe Loan Agent, as applicable in accordance with its standard retention policy unless the Issuer shall direct by an Issuer Order received prior to destruction that they be returned to it. Section 2.10 DTC Ceases to be Depository. (a) Any Global Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form of a corresponding Certificated Note to the beneficial owners thereof (as instructed by DTC) only if (A) such transfer complies with Section 2.5 of this Indenture and (B) either (x)(i) DTC notifies the Issuer that it is unwilling or unable to continue as depository for such Global Note, or (ii) DTC ceases to be a Clearing Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days after receiving notice of such event or (y) an Event of Default has occurred and is continuing and such transfer is requested by any beneficial owner of an interest in such Global Note. (b) Any Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Trustee's Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee shall authenticate, or cause the Authenticating Agent to authenticate, and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized denominations. Any Certificated Note delivered in exchange for an interest in a Rule 144A Global Note or Regulation S Global Note shall, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable Exhibit A and shall be subject to the transfer restrictions referred to in such legends. (c) Subject to the provisions of sub-section (b) of this Section 2.10, the Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes. (d) In the event of the occurrence of any of the events specified in sub-section (a) of this Section 2.10, the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes. If Certificated Notes are not so issued by the Issuer to such beneficial owners of interests in Global Notes as required by sub-section (a) of this Section 2.10, the Issuer expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that the Holders

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BUSINESS.30544778.20 -106- of a Global Note would be entitled to pursue in accordance with Article V of this Indenture (but only to the extent of such beneficial owner's interest in the Global Note) as if corresponding Certificated Notes had been issued; provided that the Trustee shall be entitled to rely upon any certificate of ownership provided by such beneficial owners (including a certificate in the form of Exhibit D) and/or other forms of reasonable evidence of such ownership. Neither the Trustee nor the Note Registrar shall be liable for any delay in the delivery of directions from the DTC, as depository, and may conclusively rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes. Section 2.11 Non-Permitted Holders. (a)Non-Permitted Holders. (a) Notwithstanding anything to the contrary elsewhere herein, any transfer of a beneficial interest in any Notes to (i) a U.S. person that is not a QIB/QP (other than, solely in the case of Notes issued as Certificated Notes, a U.S. person that is an Institutional Accredited Investor and is also a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a Qualified Purchaser) and solely in the case of the Subordinated Notes, other Accredited Investors that are Knowledgeable Employees with respect to the Issuer), (ii) a non-U.S. person that is not a Qualified Purchaser or (iii) in the case of the Subordinated Notes, a person not treated as a "United States person" as defined in section 7701(a)(30) of the Code, shall in either case be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer and the Trustee for all purposes. In addition, the acquisition of Notes by a Non-Permitted Holder under Section 2.11(b) shall be null and void ab initio. (b) If any (i) U.S. person that is not a QIB/QP (other than (x) solely in the case of Notes issued as Certificated Notes, a U.S. person that is an Institutional Accredited Investor and is also a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a Qualified Purchaser) and (y) solely in the case of Subordinated Notes, a U.S. person that is an Accredited Investor that is also a Knowledgeable Employee with respect to the Issuer) or (ii) non-U.S. person that is not a Qualified Purchaser shall, in either case, become the Holder or beneficial owner of an interest in any Notes (any such Person a "Non-Permitted Holder"), the acquisition of such Notes by such Holder shall be null and void ab initio. The Issuer (or the Collateral Manager acting on behalf of the Issuer) shall, promptly after discovery that such Person is a Non-Permitted Holder by the Issuer or the Trustee (or upon notice to the Issuer from the Trustee if a Trust Officer of the Trustee obtains actual knowledge), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest in the Notes held by such Non-Permitted Holder to a Person that is not a Non-Permitted Holder within 30 days after the date of such notice. If such Non-Permitted Holder fails to so transfer such Notes, the Issuer or the Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may, but is not required to, select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes and selling such Notes

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BUSINESS.30544778.20 -107- to the highest such bidder; provided that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral Manager shall be entitled to bid in any such sale. However, the Issuer or the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any sale under this sub-Section shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. (c) If any Person shall become the beneficial owner of a Note (or any interest therein) who has made or is deemed to have made a prohibited transaction, Benefit Plan Investor, Controlling Person, Similar Law or Other Plan Law representation required by Section 2.5 that is subsequently shown to be false or misleading or whose beneficial ownership otherwise causes a violation of the 25% Limitation (any such Person a "Non-Permitted ERISA Holder"), the Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly after discovery that such Person is a Non-Permitted ERISA Holder by the Issuer or upon notice to the Issuer from the Trustee (if a Trust Officer of the Trustee obtains actual knowledge, in which case the Trustee agrees to notify the Issuer of such discovery), send notice to such Non-Permitted ERISA Holder demanding that such Non-Permitted ERISA Holder transfer all or any portion of the Notes (or any interest therein) held by such Person to a Person that is not a Non-Permitted ERISA Holder within 10 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer such Notes (or its interestsinterest therein), the Issuer shall have the right, without further notice to the Non-Permitted ERISA Holder, to sell such Non-Permitted ERISA Holder's Notes (or interestsinterest therein) to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder on such terms as the Issuer may choose. The Issuer, or the Collateral Manager on behalf of the Issuer, may, but is not required to, select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes and selling such Notes (or interestsinterest therein) to the highest such bidder. The Holder of each Note (or any interest therein), the Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted ERISA Holder, by its acceptance of the Notes (or any interest therein), agrees to cooperate with the Issuer and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted ERISA Holder. The terms and conditions of any sale under this sub-section shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee, the Loan AgentsAgent or the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. Section 2.12 Tax Treatment and Tax Certifications. . (a) Each Holder (including, for purposes of this Section 2.12, any beneficial owner of Debt) will treat the Issuer and the NotesDebt as described in the "Certain U.S. Federal

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BUSINESS.30544778.20 -108- Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. (b) Each Holder will timely furnish the Issuer, the Trustee and their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer, the Trustee and their respective agents to make payments to the Holder without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer and its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through which they receive payments, and (C) to enable the Issuer, the Trustee and their respective agents to satisfy reporting and other obligations under any applicable law or regulation (including any cost basis reporting obligation), and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. Each Holder acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to the Holder. (c) Each Holder of a Note (or interest therein) will be deemed (and may be required) to represent and agreerepresents and warrants that: (i) in the case of the Class X Notes, the Class A-1 Notes or the Class B NotesSecured Debt, if it is not a "United States person" (as defined in Section 7701(a)(30) of the Code), (A) it: (1) is not a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code); (2) is not a "10 percent shareholder" with respect to the Issuer (or, for so long as the Subordinated Notes are held by a single Holderbeneficial owner, such Holderbeneficial owner of the Subordinated Notes) within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code; and (3) is not a "controlled foreign corporation" that is related to any Holdersthe Issuer (or, for so long as the Subordinated Notes are held by a single beneficial owner, such beneficial owner of the Subordinated Notes) within the meaning of Section 881(c)(3)(C) of the Code; or (B) it has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with its conduct of a trade or business in the United States and includible in its gross income; or

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BUSINESS.30544778.20 -109- (C) it is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income tax of payments on the NotesDebt; and (ii) it will provide the Issuer and the Trustee with certifications necessary to establish that it is not subject to U.S. federal withholding tax under FATCA[reserved]; and (iii) if it is a Holder of NotesSecured Debt, for U.S. federal income tax purposes, it is not a member of an "expanded group" (as defined in Treasury Regulations Section 1.385-1(c)(4)) with respect to which a Holder of Subordinated Notes is a "covered member" (as defined in Treasury Regulations Section 1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such Holder with an express waiver of this representation; and (iv) in the case of the Subordinated Notes: (A) it is a "United States person" within the meaning of Section 7701(a)(30) of the Code, and will provide a properly completed and signed IRS Form W-9 (or applicable successor form). It understands and acknowledges that failure to provide the Issuer or the Trustee with the applicable tax certifications may result in withholding or back-up withholding from payments to it in respect of the Subordinated Notes; and (B) it acknowledges and agrees that no Subordinated Note (or interest therein) may be acquired, and no Holder of a Subordinated Note may sell, transfer, assign, participate, pledge or otherwise dispose of, transfer or convey in any manner a Subordinated Note (or any interest therein) or other equity interest in the Issuer or cause a Subordinated Note or other equity interest in the Issuer to be marketed, (1) on or through (x) a United States national, regional or local securities exchange, (y) a foreign securities exchange or (z) an interdealer quotation system that regularly disseminates firm buy or sell quotations or (2) if such acquisition would cause the combined number of Holders of Subordinated Notes and any equity interests in the Issuer to be held by more than 90 persons; and (C) it acknowledges and agrees that it will not enter into any financial instrument the payments on which are, or the value of which is, determined in whole or in part by reference to the such Notes or other equity interests in the Issuer (including the amount of distributions on the such Notes or such equity interests, the value of the Issuer's assets, or the result of the Issuer's operations), or any contract that otherwise is described in Treasury Regulations Section 1.7704-1(a)(2)(i)(B); and (D) it acknowledges and agrees that no Subordinated Note (or interest therein) may be acquired or owned by any person that is classified for U.S. federal income tax purposes as a partnership, subchapter S corporation or grantor trust unless (1)(x) none of the direct or indirect Holders of any interest in such person

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BUSINESS.30544778.20 -110- have more than 40% of the value of its interest in such person attributable to the aggregate interest of such person in the combined value of the Subordinated Notes and any other equity interests of the Issuer held by such person and (y) a principal purpose of the arrangement involving the investment of such person in any Subordinated Notes (or any other equity interests in the Issuer) is not and will not be to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the regulations under the Code; or (2) the Issuer must otherwise determine that the Holder will not cause the Issuer to be unable to rely on the "private placement" safe harbor of Treasury Regulations Section 1.7704-1(h); and (E) it may not transfer all or any portion of the Subordinated Notes unless: (1) the person to which it transfers such Subordinated Notes agrees to be bound by the restrictions, conditions, representations, warranties, and covenants set forth in this Indenture and this clause (iv), and (2) such transfer does not violate this clause (iv). Any transfer made in violation of this clause (iv), or that otherwise would cause the Issuer to be unable to rely on the "private placement" safe harbor of Treasury Regulations Section 1.7704-1(h), will be void and of no force or effect, and shall not bind or be recognized by the Issuer or any other person, and no person to which such Subordinated Notes are transferred shall become a Holder unless such person agrees to be bound by this clause (iv). However, notwithstanding the immediately preceding sentence, a transfer in violation of provisions (B), (C), (D), or (E) shall be permitted if the Issuer obtains written advice of Dechert LLP or Paul Hastings LLP, or receives an opinion of another nationally recognized tax counsel, that the transfer will not cause the Issuer to be treated as a "publicly traded partnership" taxable as a corporation for U.S. federal income tax purposes. (d) In the event such beneficial ownerHolder owns less than 100% of the Subordinated Notes, itsuch Holder will not acquire Subordinated Notes if such acquisition would cause it to own 100% of the Subordinated Notes. (e) In the event such beneficial ownerHolder owns 100% of the Subordinated Notes, such beneficial ownerHolder will not sell, transfer, assign, participate, pledge or otherwise dispose of any NoteDebt unless it obtains written advice of Dechert LLP or Paul Hastings LLP, or an opinion of another nationally recognized tax counsel, that such sale, transfer, assignment, participation, pledge or disposition will not cause the Issuer to be treated as a "publicly traded partnership" taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis. (f) Each Holder of Subordinated Notes hereby agrees to take any and all actions, and to furnish any and all information, requested by the Issuer in order to permit the Issuer to minimize any tax liability that would otherwise be imposed on the Issuer under Section 6225 of the Code, or any successor provision, including (if requested by the Issuer) by (i) filing amended tax returns to take into account any adjustment to the amount of any item of income,

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BUSINESS.30544778.20 -111- gain, loss, deduction, or credit of the Holder, or of any Person's distributive share thereof, and (ii) providing the Issuer with any information necessary for the Issuer to (x) establish the amount of any tax liability resulting from any such adjustment and (y) elect (in accordance with Section 6226 of the Code, or any successor provision) for each Holder to take any such adjustment into account directly. To the fullest extent permitted by law, each Holder of Subordinated Notes hereby agrees to indemnify the Issuer for the Holder's allocable share of any applicable tax liability of any type whatsoever (including any liability for penalties, additions to tax or interest) attributable to such Holder's share of the income of the Issuer or attributable to distributions to such Holder. (g) Each Holder of Subordinated Notes agrees that it will indemnify the Issuer, the Trustee, and their respective agents from any and all damages, cost and expenses (including any amount of taxes, fees, interest, additions to tax, or penalties) resulting from the failure by it to comply with its obligations under the Note. The indemnification will continue with respect to any period during which it held the Note, notwithstanding it ceasing to be a beneficial owner of the Note. Section 2.13 Additional Issuance. (a) At any time during the Reinvestment Period (or, in the case of a Risk Retention Issuance or an issuance solely of additional Subordinated Notes and/or Junior Mezzanine Notes, at any time), the Issuer may issue and sell (i) additional Debt of each Class other than the Class X Notes (on a pro rata basis with respect to each Class of Debt or, if additional Class A Debt is not being issued, on a pro rata basis for all Classes that are subordinate to the Class A Debt) and/or (ii) additional Subordinated Notes and/or additional debt of any one or more new classes of Debt that are fully subordinated to the existing Secured Debt (or to the most junior class of securities of the Issuer (other than the Subordinated Notes) issued pursuant to this Indenture, if any class of securities issued pursuant to this Indenture other than the Secured Debt and the Subordinated Notes is then Outstanding) (such additional notes described in clause (ii), the "Junior Mezzanine Notes"); provided that the following conditions are met: (i) (A) each of the Collateral Manager and the Retention Holder consents to such issuance and (B) such issuance is approved by a Majority of the Subordinated Notes; provided that no consent pursuant to clause (A) or (B) shall be required with respect to any additional issuance if (x) such additional issuance is effected, in the sole discretion of the Collateral Manager, in order to permit the Collateral Manager or the sponsor of the Issuer under the Risk Retention Rules to comply with the Risk Retention Rules and (y) such additional debt is held by the sponsor of the Issuer or such sponsor's majority-owned affiliate (as each such term is defined in the U.S. Risk Retention Rules) (such issuance, a "Risk Retention Issuance") (ii) except in connection with a Risk Retention Issuance, the aggregate principal amount of Debt of any Class issued in all additional issuances shall not exceed 100% of the Aggregate Outstanding Amount of the Debt of such Class on the ClosingRefinancing Date; (iii) the terms of the Debt issued must be identical to the respective terms of previously issued Debt of the applicable Class (except that the interest due on additional

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BUSINESS.30544778.20 -112- Secured Debt will accrue from the issue date of such additional Secured Debt and the spread over the Reference Rate and the price of such additional Secured Debt do not have to be identical to those of the initial Secured Debt of that Class; provided that the Interest Rate on such additional Secured Debt must not exceed the Interest Rate applicable to the initial Secured Debt of that Class unless the S&P Rating Condition is satisfied); (iv) the proceeds of any additional Secured Debt (net of fees and expenses incurred in connection with such issuance) will be treated as Principal Proceeds and the proceeds of any additional Subordinated Notes and/or Junior Mezzanine Notes (net of fees and expenses incurred in connection with such issuance and any concurrent Refinancing or Re-Pricing) will be treated as Principal Proceeds, and in each case where so treated, used to purchase additional Collateral Obligations or as otherwise permitted hereunder, or, solely with respect to the proceeds of any Junior Mezzanine Notes or any additional Subordinated Notes, be treated as Interest Proceeds (if so designated by the Collateral Manager as permitted hereunder) or applied in accordance with any other Permitted Use; (v) except in connection with a Risk Retention Issuance, the Overcollateralization Ratio with respect to each Class of Debt is not reduced after giving effect to such issuance; (vi) written advice of Paul Hastings LLP or Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters will be delivered to the Issuer (with a copy to the Trustee and the Loan AgentsAgent), in form and substance satisfactory to the Collateral Manager, to the effect that (1) such additional issuance will not result in the Issuer becoming subject to U.S. federal tax with respect to its net income (including any withholding tax liability under Section 1446 of the Code) or becoming a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (2) any additional Class A-1 Notes, Class A-L-AA-L Loans, Class A-L-B Loans and or Class B Notes will be treated as indebtedness for U.S. federal income tax purposes; provided that the opinion described above in clause (2) will not be required with respect to any additional Debt that bears a different securities identifier from the Debt of the same Class that is Outstanding at the time of the additional issuance; (vii) such issuance is accomplished in a manner that allows the Independent accountants of the Issuer to accurately provide the tax information relating to original issue discount required to be provided to the holders of Secured Debt (including the additional Notes that constitute Secured Debt); (viii) (vii) prior notice of such additional issuance has been provided by the Issuer to S&P; (ix) (viii) the Retention Holder commits to acquire such additional Subordinated Notes as may be required to satisfy the Risk Retention Rules following the additional issuance;

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BUSINESS.30544778.20 -113- (x) (ix) except in connection with a Risk Retention Issuance, no Event of Default shall have occurred and be continuing; and (xi) (x) an officer's certificate of the Issuer is delivered to the Trustee stating that the foregoing conditions (i) through (ixx) have been satisfied. (b) Unless such additional issuance is a Risk Retention Issuance, any additional DebtNotes of any Class issued as described above will, to the extent reasonably practicable, be offered first to Holders of that Class in such amounts as are necessary to preserve their pro rata holdings of Debt of such Class. (c) Notwithstanding anything set forth herein to the contrary, the Issuer may also issue additional debt in connection with a Refinancing of all Classes of Secured Debt, which issuance will not be subject to the conditions of this Section 2.13 but will be subject only to the requirements described under Section 9.2 hereof. (d) Additional Debt in the form of Class A-L-A Loans or Class A-L-BA-L Loans will be incurred under the applicable Class A-L Loan Agreement and not issued under this Indenture. Section 2.14 Conversion of Class A-L-A Loans to Class A-1 Notes. (a) Upon written notice from a Class A-L-A Lender to the Trustee, the Class A-L-A Loan Agent and the Issuer, such Class A-L-A Lender may elect a Business Day (such Business Day, the "Conversion Date") upon which all or a portion of the Aggregate Outstanding Amount of the Class A-L-A Loans made by such Class A-L-A Lender shall be converted into Class A-1 Notes subject to and in accordance with the provisions of the Class A-L-A Loan Agreement and clause (b) below; provided that (i) the Conversion Date shall be no earlier than the fifth Business Day following the date such notice is delivered (unless otherwise reasonably agreed to by the Issuer, such Class A-L-A Lender, the Class A-L-A Loan Agent, the Trustee and the Collateral Manager) and may not be between a Record Date and the related Payment Date or Redemption Date, as applicable and (ii) any Class A-1 Notes issued upon conversion of such Class A-L-A Loans into Class A-1 Notes that are not fungible for U.S. federal income tax purposes with the outstanding Class A-1 Notes will be identified with separate CUSIP numbers. (b) Upon receipt by the Note Registrar on or prior to the Conversion Date of (A) a certificate substantially in the form of Exhibit E attached hereto executed by such converting Class A-L-A Lender, (B) in the case of a conversion to Class A-1 Notes in the form of interests in a Global Note, instructions given in accordance with Euroclear, Clearstream or DTC's procedures, as the case may be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the applicable Rule 144A Global Note and/or Regulation S Global Note in an Aggregate Outstanding Amount equal to the Aggregate Outstanding Amount of the Class A-L-A Loans being converted and (C) in the case of a conversion to Class A-1 Notes in the form of interests in a Global Note, a written order given in accordance with DTC's procedures containing information regarding each applicable participant's account at DTC and/or Euroclear or Clearstream to be credited with such increase, the Class A-L-A Loan Agent shall (i) cause the Class A-L-A Loans to be converted to be cancelled pursuant to the Class A-L-A Loan

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BUSINESS.30544778.20 -114- Agreement, (ii) record the conversion in the Loan Register in accordance with the Class A-L-A Loan Agreement and (iii) notify the Issuer and the Trustee, upon which notification (x) the Issuer shall issue and the Trustee shall authenticate and deliver Class A-1 Notes in the form of a Certificated Note and/or (y) the Trustee shall approve the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of each applicable Person specified in such instructions a beneficial interest in the applicable Class A-1 Note, in each case, equal to the Aggregate Outstanding Amount of the Class A-L-A Loans converted. In each such case, the Issuer shall notify S&P of the occurrence of the foregoing. (c) Upon satisfaction of the requirements specified above, the Aggregate Outstanding Amount of the Class A-1 Notes will be increased by the current outstanding principal amount of the Class A-L-A Loans so converted and the Class A-L-A Loans so converted will cease to be Outstanding and will be deemed to have been repaid in full for all purposes under this Indenture and the Class A-L-A Loan Agreement. Interest accrued on the Class A-L-A Loans so converted since the prior Payment Date (or the Closing Date or additional incurrence date, as applicable, if no Payment Date has occurred since such date) will, as of the Conversion Date, be deemed to have been Outstanding on the corresponding Class A-1 Notes since such prior Payment Date (or the Closing Date or additional incurrence date, as applicable, if no Payment Date has occurred since such date) and will thereafter accrue at the Interest Rate applicable to the Class A-1 Notes. For the avoidance of doubt, (i) Class A-1 Notes may not be converted into Class A-L-A Loans and (ii) the Class A-L-B Loans may not by their terms be converted into Class A-1 Notes. ARTICLE III CONDITIONS PRECEDENT Section 3.1 Conditions to Issuance of Debt on Closing Date[Reserved]. The Notes to be issued on the Closing Date may be executed by the Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated by the Trustee or the Authenticating Agent and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following: (a) Officer's Certificate of the Issuer Regarding Corporate Matters. An Officer's certificate of the Issuer (i) evidencing the authorization by Issuer Resolution of the execution and delivery of this Indenture, the Class A-L Loan Agreements, the Collateral Management Agreement, the Collateral Administration Agreement and related transaction documents and the execution, authentication and delivery of the Notes applied for by it and the incurrence of the Class A-L-A Loans and the Class A-L-B Loans, (ii) specifying the Stated Maturity, principal amount and Interest Rate, as applicable, of each Class of Debt to be authenticated and delivered, and (iii) certifying that (A) the attached copy of the Issuer Resolution is a true and complete copy thereof, (B) such Issuer Resolution has not been rescinded and is in full force and effect on and as of the Closing Date and (C) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. (b) Governmental Approvals. From the Issuer either (i) a certificate of the Issuer or other official document evidencing the due authorization, approval or consent of any

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BUSINESS.30544778.20 -115- governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or consent of any governmental body is required for the valid issuance of the Debt or (ii) an Opinion of Counsel of the Issuer that no such authorization, approval or consent of any governmental body is required for the valid issuance of such Debt except as has been given. (c) Opinions. Opinions of (i) Nixon Peabody LLP, counsel to the Trustee and the Collateral Administrator, (ii) Dechert LLP, special U.S. counsel the Issuer, the Collateral Manager and the Retention Holder, and (iii) Richards, Layton & Finger, P.A., Delaware counsel to the Issuer, each dated the Closing Date. (d) Officer's Certificate of the Issuer Regarding Indenture. An Officer's certificate of the Issuer stating that, to the best of the signing Officer's knowledge, the Issuer is not in default under this Indenture and that the issuance of the Debt will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided herein relating to the authentication and delivery of the Debt applied for by it have been complied with; and that all expenses due or accrued with respect to the Offering of such Debt or relating to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer's certificate of the Issuer shall also state that, to the best of the signing Officer's knowledge, all of the Issuer's representations and warranties contained herein are true and correct as of the Closing Date. (e) Transaction Documents. An executed counterpart of each of this Indenture, the Collateral Management Agreement, the Securities Account Control Agreement, the Collateral Administration Agreement and the EU/UK Retention Agreement. (f) Certificate of the Collateral Manager. A Responsible Officer's certificate of the Collateral Manager, dated as of the Closing Date, to the effect that immediately before the Delivery of the Collateral Obligations on the Closing Date: (i) each Collateral Obligation satisfies the requirements of the definition of "Collateral Obligation"; and (ii) the Aggregate Principal Balance of the Collateral Obligations which the Issuer owns as of the Closing Date or for which the Issuer has entered into binding commitments to purchase on or prior to the Closing Date is at least the amount indicated in the Closing Date Certificate. (g) Grant of Collateral Obligations. Contemporaneously with the issuance and sale of the Debt on the Closing Date, the Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer's right, title and interest in and to the Collateral Obligations pledged to the Trustee for inclusion in the Assets on the Closing Date shall be effective, and Delivery of such Collateral Obligations (including each promissory note and all other Underlying Documents

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BUSINESS.30544778.20 -116- related thereto to the extent received by the Issuer) as contemplated by Section 3.3 shall have been effected. (h) Certificate of the Issuer Regarding Assets. An Officer's certificate of the Issuer, dated as of the Closing Date, to the effect that: (i) in the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing Date and immediately prior to the Delivery thereof (or immediately after Delivery thereof, in the case of clause (E)(2) below) on the Closing Date: (A) the Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever except for (1) those which are being released on the Closing Date; (2) those Granted pursuant to this Indenture and (3) any other Permitted Liens; (B) the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except as described in clause (A) above; (C) the Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture and the Securities Account Control Agreement; (D) the Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee; (E) (1) based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(f), each Collateral Obligation included in the Assets satisfies the requirements of the definition of "Collateral Obligation" and (2) the requirements of Section 3.1(g) have been satisfied; (F) upon the Grant by the Issuer, the Trustee has a first priority perfected security interest in the Collateral Obligations and other Assets, except as permitted by this Indenture; and (ii) based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(f), the Aggregate Principal Balance of the Collateral Obligations which the Issuer owns as of the Closing Date or for which the Issuer has entered into binding commitments to purchase on or prior to the Closing Date is at least the amount indicated in the Closing Date Certificate. (i) Rating Letter. An Officer's certificate of the Issuer to the effect that it has received a letter signed by S&P confirming that each Class of Secured Debt has been assigned the applicable Initial Rating and that such ratings are in effect on the Closing Date. (j) Accounts. Evidence of the establishment of each of the Accounts.

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BUSINESS.30544778.20 -117- (k) Issuer Order for Deposit of Funds into Accounts. An Issuer Order signed in the name of the Issuer by an Officer of the Issuer, dated as of the Closing Date, specifying the amounts to be deposited from the proceeds of the issuance of the Debt into (a) the Ramp-Up Account for use pursuant to Section 10.3(c), (b) the Expense Reserve Account for use pursuant to Section 10.3(d), (c) the Interest Reserve Account for use pursuant to Section 10.5 and (d) the Revolver Funding Account for use pursuant to Section 10.4. (l) Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause (l) shall imply or impose a duty on the part of the Trustee to require any other documents. The Trustee shall be entitled to assume the genuineness of each certificate, instrument, report, opinion and other document described in or delivered pursuant to this Section 3.1, and to assume the genuineness and due authorization of each signature, other than any signature of the Trustee, appearing thereon. Section 3.2 Conditions to Additional Issuance. Any additional Notes to be issued in accordance with Section 2.13 may be executed by the Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated by the Trustee or the Authenticating Agent and delivered by the Trustee upon Issuer Order (setting forth registration, delivery and authentication instructions) upon satisfaction of the requirements set forth in Section 2.13 and upon receipt by the Trustee of the following: (a) Officer's Certificate of the Issuer Regarding Corporate Matters. An Officer's certificate of the Issuer (i) evidencing the authorization by Issuer Resolution of the execution, authentication and delivery of the Loan Agreement and the Notes applied for by it and the incurrence of the Class A-L-AA-L Loans and the Class A-L-B Loans, as applicable, (ii) specifying the Stated Maturity, principal amount and Interest Rate of each Class of Debt to be authenticated and delivered and (ii) certifying that (A) the attached copy of the Issuer Resolution is a true and complete copy thereof, (B) such Issuer Resolution has not been rescinded and is in full force and effect on and as of the date of issuance and (C) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. (b) Governmental Approvals. From the Issuer either (i) a certificate of the Issuer or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other authorization, approval or consent of any governmental body is required for the valid issuance of the additional Debt or (ii) an Opinion of Counsel of the Issuer that no such authorization, approval or consent of any governmental body is required for the valid issuance of such additional Debt except as has been given. (c) Officer's Certificate of the Issuer Regarding Indenture. An Officer's certificate of the Issuer stating that, to the best of the signing Officer's knowledge, the Issuer is not in default under this Indenture or the Loan Agreement and that the issuance of the additional Debt applied for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents, any indenture or other

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BUSINESS.30544778.20 -118- agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that the provisions of Section 2.13 and all conditions precedent provided in this Indenture or the Loan Agreement relating to the authentication and delivery of the additional Debt applied for by it have been complied with; and that all expenses due or accrued with respect to the Offering of such Debt or relating to actions taken on or in connection with the additional issuance have been paid or reserves therefor have been made. The Officer's certificate of the Issuer shall also state that, to the best of the signing Officer's knowledge, all of the Issuer's representations and warranties contained herein are true and correct as of the date of additional issuance. (d) Supplemental Indenture. A fully executed counterpart of the supplemental indenture making such changes to this Indenture as shall be necessary to permit such additional issuance. (e) Irish Listing. If any of the Additional Debt constitutes a Class of Listed Notes, an Officer's certificate of the Issuer to the effect that attached thereto is a true and correct copy of written confirmation from either the applicable listing agent or Euronext Dublin that such Additional Debt will be accepted for listing on Euronext Dublin. (f) Rating Agency Notice. Notice shall have been provided by the Issuer to S&P. (g) Issuer Order for Deposit of Funds into Accounts. An Issuer Order signed in the name of the Issuer by an Officer of the Issuer, dated as of the date of the additional issuance, authorizing the deposit of the net proceeds of the issuance into the Principal Collection Subaccount for use pursuant to Section 10.2. (h) Evidence of Required Consents. Satisfactory evidence of the consent of the Collateral Manager and the Retention Holder to such issuance. (i) Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause (i) shall imply or impose a duty on the part of the Trustee to require any other documents. The Trustee shall be entitled to assume the genuineness of each certificate, instrument, report, opinion and other document described in or delivered pursuant to this Section 3.2, and to assume the genuineness and due authorization of each signature, other than any signature of the Trustee, appearing thereon. Section 3.3 Custodianship; Delivery of Collateral Obligations and Eligible Investments. (a) The Collateral Manager, on behalf of the Issuer, shall deliver or cause to be delivered, on or prior to the Closing Date (with respect to the initial Collateral Obligations) and within five (5) Business Days after the related Cut-Off Date (with respect to any additional Collateral Obligations) to a custodian appointed by the Issuer, which shall be a Securities Intermediary (the "Custodian") or the Trustee, as applicable, all Assets in accordance with the definition of "Deliver". The Custodian appointed hereby shall act as custodian for the Issuer and as custodian and agent for the Trustee on behalf of the Secured Parties for purposes of perfecting

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BUSINESS.30544778.20 -119- the Trustee's security interest in those Assets in which a security interest is perfected by Delivery of the related Assets to the Custodian. Initially, the Custodian shall be U.S. Bank National Association. Any successor custodian shall be a state or national bank or trust company that (i) has (A) capital and surplus of at least U.S.$200,000,000, and (B) a long term issuer rating of at least "A" and a short term issuer rating of at least "A-1" by S&P (or a long term issuer rating of at least "A+" by S&P if such institution has no short-term rating), and (ii) is a Securities Intermediary. Subject to the limited right to relocate Assets as provided in Section 7.5(b), the Trustee or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other investments purchased in accordance with this Indenture and (ii) any other property of the Issuer otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established and maintained pursuant to Article X as to which in each case the Trustee shall have entered into the Securities Account Control Agreement with the Custodian providing, inter alia, that the establishment and maintenance of such Account will be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee. (b) Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Collateral Obligation, Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Collateral Obligation, Eligible Investment or other investment is required to be, but has not already been, transferred to the relevant Account, cause the Collateral Obligation, Eligible Investment or other investment to be Delivered to the Custodian to be held in the Custodial Account (or in the case of any such investment that is not a Collateral Obligation, in the Account in which the funds used to purchase the investment are held in accordance with Article X or Section 2.04 of each Class A-L Loan Agreement, as the case may be) for the benefit of the Trustee in accordance with this Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition shall, immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee shall nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired, including all interests of the Issuer in and to any contracts related to and proceeds of such Collateral Obligation, Eligible Investment or other investment. ARTICLE IV SATISFACTION AND DISCHARGE Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of principal thereof and interest thereon, (iv) the rights, obligationsprotections, indemnities and immunities of the Trustee hereunder, (v) the rights, obligations and immunities of the Collateral Manager hereunder and under the Collateral Management Agreement, (vi) the rights, protections, indemnities and immunities of the Collateral Administrator hereunder and under the Collateral Administration Agreement, (viivi) the rights, obligationsprotections, indemnities and immunities of the Loan AgentsAgent hereunder and under the Class A-L Loan AgreementsAgreement and (viii) the rights of Holders

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BUSINESS.30544778.20 -120- as beneficiaries hereof with respect to the property deposited with the Trustee and payable to all or any of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when either: (a) (i) either: (A) all Notes theretofore authenticated and delivered to Holders (other than (1) Notes which have been mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.6 and (2) Notes for whose payment Money has theretofore irrevocably been deposited and thereafter repaid to the Issuer or discharged from such deposit, as provided in Section 7.3) have been delivered to the Trustee for cancellation and all Class A-L-AA-L Loans that have not been converted into Class A-1 Notes have been repaid in full in accordance with the Class A-L-A Loan Agreement; or (B) all Notes not theretofore delivered to the Trustee for cancellation and all Class A-L-A Loans that have not been converted into Class A-1 Notes have been repaid in full in accordance with the Class A-L-A Loan Agreement: (1) have become due and payable, or (2) will become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption pursuant to Article IX under an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.4 (and, in the case of the Class A-L-AA-L Loans that were not converted into Class A-1 Notes, prepaid in accordance with the Class A-L-A Loan Agreement) and, in each case, the Issuer has irrevocably deposited or caused to be deposited with the Trustee, for such purpose, Cash or non-callable direct obligations of the United States; provided that the obligations are entitled to the full faith and credit of the United States or are debt obligations which are rated "AAA" by S&P, in an amount sufficient, as verified by a firm of Independent certified public accountants which are nationally recognized, to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Debt which have become due and payable), or to their Stated Maturity or Redemption Date, as the case may be, and shall have Granted to the Trustee a valid perfected security interest in such Eligible Investment that is of first priority and free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel with respect thereto; provided that this sub-section (B) shall not apply if an election to act in accordance with the provisions of Section 5.5(a) shall have been made and not rescinded, it being understood that the requirements of this clause (a) may be satisfied as set forth in Section 5.7, and all Class A-L Loans have been repaid in full in accordance with the Loan Agreement; (ii) the Issuer has paid or caused to be paid all other sums then due and payable hereunder and under the Class A-L Loan AgreementsAgreement (including, without limitation, any amounts then due and payable pursuant to the Collateral Management Agreement and the Collateral Administration Agreement, without regard to the Administrative Expense Cap) by the Issuer and no other amounts are scheduled to be

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BUSINESS.30544778.20 -121- due and payable by the Issuer other than Dissolution Expenses, it being understood that the requirements of this clause (ii) may be satisfied as set forth in Section 5.7; and (iii) the Issuer has delivered to the Trustee Officer's and the Loan Agents Officer'sAgent certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; or (b) upon final disposition of all Assets and distribution of the proceeds thereof in accordance with the terms hereof, and: (i) the Trustee confirms to the Issuer that no Assets (other than (1) the Collateral Management Agreement, the Collateral Administration Agreement and the Securities Account Control Agreement and (2) Cash in an amount not greater than the Dissolution Expenses) are on deposit in or to the credit of the Accounts; (ii) the Issuer has delivered to the Trustee and the Loan AgentsAgent a certificate stating that (A) there are no Assets (other than (1) the Collateral Management Agreement, the Collateral Administration Agreement, and the Securities Account Control Agreement and (2) Cash in an amount not greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (B) all funds on deposit in the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably deposited with the Trustee for such purpose; and (iii) the Issuer has delivered to the Trustee Officer's and the Loan Agents Officer'sAgent certificates and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Loan AgentsAgent, the Collateral Manager and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1, 14.10, 14.11, and 14.12 shall survive. Section 4.2 Application of Deposited Money. All Cash and obligations deposited with the Trustee pursuant to Section 4.1 shall be held for the benefit of the Secured Parties and applied by it in accordance with the provisions of the Debt, the Class A-L Loan Agreements and this Indenture and the Loan Agreement, including, without limitation, the Priority of Payments, either directly or through any Paying Agent, as the Trustee may determine; and such Cash and obligations shall be held in a segregated account identified as being held for the benefit of the Secured Parties. Section 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Debt, all Monies then held by any Paying Agent other than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to Section 7.3 hereof and in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with respect to such Monies.

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BUSINESS.30544778.20 -122- Section 4.4 Limitation on Obligation to Incur Administrative Expenses. If at any time, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer in Cash during the current Collection Period (as certified by the Collateral Manager in its reasonable judgment) is less than the sum of Dissolution Expenses and any accrued and unpaid Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuer shall no longer be required to incur Administrative Expenses as otherwise required by this Indenture to any Person other than the Trustee, the Loan AgentsAgent, the Collateral Administrator and their respective Affiliates, and failure to pay such amounts shall not constitute a Default hereunder. ARTICLE V EVENTS OF DEFAULT; REMEDIES Section 5.1 Events of Default. "Event of Default", wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (a) a default in the payment, when due and payable, of (i) any interest on any Class X Note, Class A Debt or any Class B Note, and, in each case, the continuation of any such default for ten Business Days after a Trust Officer of the Trustee has actual knowledge or receives notice from any Holder of Debt of such payment default, or (ii) any principal of, or interest on, or any Redemption Price in respect of, any Secured Debt at itstheir Stated Maturity or any Redemption Date with respect to such Secured Debt, as applicable; provided that the failure to effect any Optional Redemption which is withdrawn by the Issuer in accordance with this Indenture or with respect to which any Refinancing fails to occur shall not constitute an Event of Default and provided, further, that, in the case of a failure to disburse funds due to an administrative error or omission by the Collateral Manager, the Trustee, the Collateral Administrator or any Paying Agent, such failure continues for ten Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge of such administrative error or omission; (b) unless otherwise permitted or required by applicable law, the failure on any Payment Date to disburse amounts available in the Payment Account in excess of U.S.$75,000100,000 in accordance with the Priority of Payments and continuation of such failure for a period of seven Business Days or, in the case of a failure to disburse due to an administrative error or omission by the Trustee, the Collateral Administrator, the Collateral Manager or any Paying Agent, such failure continues for fifteen Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge of such administrative error or omission; (c) either the Issuer or the Assets becomes an investment company required to be registered under the 1940 Act and that status continues for 45 consecutive days;

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BUSINESS.30544778.20 -123- (d) except as otherwise provided in this Section 5.1, a default in a material respect in the performance, or breach in a material respect, of any other covenant of the Issuer herein (it being understood, without limiting the generality of the foregoing, that (i) any failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not an Event of Default, except to the extent provided in clause (e) below, and (ii) the failure of the Issuer to satisfy the requirements of Section 7.18 will not constitute an Event of Default), or the failure of any material representation or warranty of the Issuer made herein or in any certificate or other writing delivered pursuant hereto or in connection herewith to be correct in each case in all material respects when the same shall have been made and such default, breach or failure has a material adverse effect on the Debtholders, and the continuation of such default, breach or failure for a period of 45 days after notice to the Issuer and the Collateral Manager by registered or certified mail or overnight delivery service, by the Trustee at the direction of the Holders of at least a Majority of the Controlling Class, specifying such default, breach or failure and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; provided that, if the Issuer (as notified to the Trustee by the Collateral Manager in writing) has commenced curing such default, breach or failure during the 45-day period specified above, such default, breach or failure shall not constitute an Event of Default under this clause (d) unless it continues for a period of 60 days (rather than, and not in addition to, such 45-day period specified above) after notice to the Issuer and the Collateral Manager by email transmission and registered or certified mail or overnight courier, by the Trustee, the Issuer or the Collateral Manager, or to the Issuer, the Collateral Manager and the Trustee by a Majority of the Controlling Class, specifying such default, breach or failure and requiring it to be remedied and stating that such notice is a "Notice of Default" under this Indenture; (e) on any Measurement Date as of which the Class A Debt is Outstanding, failure of the percentage equivalent of a fraction, (i) the numerator of which is equal to (1) the Collateral Principal Amount plus (2) the aggregate Market Value of all Defaulted Obligations on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the Class A Debt, to equal or exceed 102.5%; (f) the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuer under the Bankruptcy Code or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or (g) the institution by the shareholders of the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or insolvent, or the consent by the shareholders of the Issuer to the institution of bankruptcy or insolvency Proceedings against the Issuer, or the filing by the Issuer of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other similar applicable law, or the consent by the Issuer to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or the making by the Issuer of an assignment for the benefit of creditors, or the admission by the Issuer

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BUSINESS.30544778.20 -124- in writing of its inability to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action. Upon an Officer, Responsible Officer or Trust Officer (as applicable) obtaining knowledge of the occurrence of an Event of Default, each of (i) the Issuer, (ii) the Trustee and (iii) the Collateral Manager shall notify each other. Upon the occurrence of an Event of Default known to a Trust Officer of the Trustee, the Trustee shall promptly (and in no event later than three Business Days thereafter) notify the NoteholdersDebtholders (as their names appear in the Note Register), the Class A-L-A Lenders (as their names appear on the Class A-L-A Loan Register), the Class A-L-B Lenders (as their names appear in the Class A-L-B Loan Register)A-L Lenders, each Paying Agent and S&P of such Event of Default in writing (unless such Event of Default has been waived as provided in Section 5.14). Section 5.2 Acceleration of Maturity; Rescission and Annulment. (a) If an Event of Default occurs and is continuing (other than an Event of Default specified in Section 5.1(f) or (g)), the Trustee may, and shall, upon the written direction of a Majority of the Controlling Class, by notice to the Issuer and S&P, declare the principal of and accrued and unpaid interest on all the Secured Debt to be immediately due and payable, and upon any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable hereunder, shall become immediately due and payable. If an Event of Default specified in Section 5.1(f) or (g) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all the Debt, and other amounts payable thereunder and hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee or any Debtholder. (b) At any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the Money due has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of the Controlling Class by written notice to the Issuer and the Trustee (who shall forward such notice to S&P upon Issuer Order), may rescind and annul such declaration and its consequences if: (i) The Issuer has paid or deposited with the Trustee a sum sufficient to pay: (A) all unpaid installments of interest and principal then due on the Debt (other than any principal amounts due to the occurrence of an acceleration); (B) [reserved]; and (C) all unpaid taxes and Administrative Expenses of the Issuer and other sums paid or advanced by the Trustee hereunder or by the Collateral Administrator under the Collateral Administration Agreement or hereunder, accrued and unpaid Aggregate Collateral Management Fees then due and owing and any other amounts then payable by the Issuer hereunder prior to such Administrative Expenses and such Aggregate Collateral Management Fees; or

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BUSINESS.30544778.20 -125- (ii) It has been determined that all Events of Default, other than the nonpayment of the interest on or principal of the Debt that has become due solely by such acceleration, have: (A) been cured; and (I) in the case of an Event of Default specified in Section 5.1(e), the Holders of at least a Majority of the Class A Debt, by written notice to the Trustee, have agreed with such determination (which agreement shall not be unreasonably withheld); or (II) in the case of any other Event of Default, the Holders of at least a Majority of each Class of Secured Debt (voting separately by Class), in each case, by written notice to the Trustee, have agreed with such determination (which agreement shall not be unreasonably withheld); or (B) been waived as provided in Section 5.14. No such rescission shall affect any subsequent Default or impair any right consequent thereon. (c) Notwithstanding anything in this Section 5.2 to the contrary, the Debt will not be subject to acceleration by the Trustee solely as a result of the failure to pay any amount due on the Debt that are not of the Controlling Class other than any failure to pay interest due on the Class B Notes. Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if a default shall occur in respect of the payment of any principal of or interest when due and payable on any Debt, the Issuer will, upon demand of the Trustee, pay to the Trustee, for the benefit of the HolderDebtholder of such Debt, the whole amount, if any, then due and payable on such Debt for principal and interest with interest upon the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and shall, subject to the terms of this Indenture (including Sections 6.1(c)(iv) and 6.3(e)) upon direction of a Majority of the Controlling Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Secured Debt and collect the Monies adjudged or decreed to be payable in the manner provided by law out of the Assets.

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BUSINESS.30544778.20 -126- If an Event of Default occurs and is continuing, the Trustee may in its discretion, and shall, subject to the terms of this Indenture (including Sections 6.1(c)(iv) and 6.3(e)) upon written direction of the Majority of the Controlling Class, proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual (if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority of the Controlling Class, to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement herein or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. In case there shall be pending Proceedings relative to the Issuer or any other obligor upon the Secured Debt under the Bankruptcy Code or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or its property, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Debt, or the creditors or property of the Issuer or such other obligor, the Trustee, regardless of whether the principal of any Debt shall then be due and payable as therein expressed or by declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered, by intervention in such Proceedings or otherwise: (a) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Debt upon direction by a Majority of the Controlling Class and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or bad faith) and of the Debtholders allowed in any Proceedings relative to the Issuer or to the creditors or property of the Issuer; (b) unless prohibited by applicable law and regulations, to vote on behalf of the Debtholders upon the direction of a Majority of the Controlling Class, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and (c) to collect and receive any Monies or other property payable to or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Debtholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Debtholders to make payments to the Trustee, and, if the Trustee shall consent to the making of payments directly to the Debtholders to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.

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BUSINESS.30544778.20 -127- Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Debtholders, any plan of reorganization, arrangement, adjustment or composition affecting the Debt or any HolderDebtholder thereof, or to authorize the Trustee to vote in respect of the claim of any DebtholdersHolders, as applicable, in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. In any Proceedings brought by the Trustee on behalf of the Holders of the Debt (and any such Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Debt. Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a). Section 5.4 Remedies.Remedies. (a) If an Event of Default has occurred and is continuing, and the Debt has been declared due and payable and such declaration and its consequences have not been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, subject to the terms of this Indenture (including Sections 6.1(c)(iv) and 6.3(e)), upon written direction of a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: (i) institute Proceedings for the collection of all amounts then payable on the Debt or otherwise payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged due; (ii) sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one or more public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; (iii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Assets; (iv) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the HoldersDebtholders of the Debt hereunder (including exercising all rights of the Trustee under the Securities Account Control Agreement); and (v) exercise any other rights and remedies that may be available at law or in equity; provided that the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except according to the provisions of Section 5.5(a).

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BUSINESS.30544778.20 -128- The Trustee may, but need not, obtain and rely upon an opinion or advice of an Independent investment banking firm of national reputation (the reasonable cost of which shall be payable as an Administrative Expense) in structuring and distributing securities similar to the Debt, which may be the Placement Agent or the Co-Placement AgentInitial Purchaser, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4 and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments of principal of and interest on the Debt which opinion shall be conclusive evidence as to such feasibility or sufficiency. (b) If an Event of Default as described in Section 5.1(d) hereof shall have occurred and be continuing the Trustee may, and at the direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, subject to the terms of this Indenture (including Sections 6.1(c)(iv) and 6.3(e)), institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default under such Section, and enforce any equitable decree or order arising from such Proceeding. (c) Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party, the Sub-Advisor or any Affiliate of the Issuer may bid for and purchase the Assets or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose of such property in its or their own absolute right without accountability. If the Trustee is required, or is otherwise directed by a Majority of the Controlling Class, in accordance with the terms hereof, to sell all or any part of the Assets at a public or private sale, prior to offering such Assets for sale, the Trustee will send written notice specifying that it is required or has been directed to do so, which written notice shall set forth the date of the proposed offer of sale (such written notice, a "Sale Notice") to the Holders of the Subordinated Notes, and the Holders of a Majority of the Subordinated Notes may exercise a right of first refusal to purchase the Assets, in whole or in part as specified by such Majority of the Subordinated Notes in a notice to the Trustee delivered no later than oneten (110) Business DayDays after its receipt of the Sale Notice, at a purchase price that is not less than the greater of (i) all amounts then due (or, in the case of interest, accrued) and unpaid on the Secured Debt for principal and interest, and all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Secured Debt (including any amounts due and owing (or anticipated to be due and owing) as Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Aggregate Collateral Management Fees) and (ii) the Market Value (disregarding clause (iv) thereof) of such Assets as determined by the Collateral Manager in its commercially reasonable judgment in accordance with its internal policies and procedures; provided that, the Holders of a Majority of the Subordinated Notes shall complete such purchase no later than threeten Business Days after the date of its receipt of the Sale Notice. Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee, or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or

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BUSINESS.30544778.20 -129- their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof. Any such sale, whether under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee and the HoldersDebtholders of the Debt, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them. (d) Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties or the Debtholders may, prior to the date which is one year and one day (or if longer, any applicable preference period then in effect plus one day) after the payment in full of all Debt, institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, winding-up, moratorium or liquidation Proceedings, or other similar Proceedings under U.S. federal or state bankruptcy or similar laws. Nothing in this Section 5.4 shall preclude, or be deemed to stop, the Trustee (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee, or (ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, liquidation or similar Proceeding. Section 5.5 Optional Preservation of Assets. (a) Notwithstanding anything to the contrary herein (but subject to the right of the Collateral Manager to direct the Trustee to sell Collateral Obligations or Equity Securities in strict compliance with Section 12.1), if an Event of Default shall have occurred and be continuing, the Trustee shall retain the Assets securing the Debt intact, collect and cause the collection of the proceeds thereof and make and apply all payments at the date or dates fixed by the Trustee and deposit and maintain all accounts in respect of the Assets and the Debt in accordance with the Priority of Payments and the provisions of Article X, Article XII and Article XIII unless: (i) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of all or any portion of the Assets (after deducting the anticipated reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due (or, in the case of interest, accrued) and unpaid on the Secured Debt for principal and interest, and all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Secured Debt (including any amounts due and owing (or anticipated to be due and owing) as Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Aggregate Collateral Management Fees) and a Majority of the Controlling Class agrees with such determination; (ii) in the case of an Event of Default specified in (A) Section 5.1(a) due to failure to pay interest on the Class A Debt or the Class B Notes in accordance with Section 11.1(a)(i) or Section 11.1(a)(ii), (B) Section 5.1(e), or (C) Sections 5.1(f) or (g), the Holders of at least a Majority of the Controlling Class direct the sale and liquidation

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BUSINESS.30544778.20 -130- of the Assets (without regard to whether another Event of Default has occurred prior, contemporaneously or subsequent to such Event of Default); or (iii) in the case of any other Event of Default, the Holders of at least a Majority of each Class of Secured Debt (voting separately by Class) direct the sale and liquidation of the Assets. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i), (ii) or (iii) exist. (b) Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Assets securing the Secured Debt if the conditions set forth in clause (i), (ii) or (iii) of Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Assets securing the Secured Debt if prohibited by applicable law. (c) In determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee shall use reasonable efforts to obtain, with the cooperation of the Collateral Manager, bid prices with respect to each Asset from two nationally recognized dealers (as specified by the Collateral Manager in writing) at the time making a market in such Assets and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such Asset. In the event that the Trustee, with the cooperation of the Collateral Manager, is only able to obtain bid prices with respect to each Asset from one nationally recognized dealer at the time making a market in such Assets, the Trustee shall compute the anticipated proceeds of the sale or liquidation on the basis of such one bid price for each such Asset. In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may retain and rely on an opinion or advice of an Independent investment banking firm of national reputation or other appropriate advisors (the cost of which shall be payable as an Administrative Expense). The Trustee shall deliver to the Debtholders and the Collateral Manager a report stating the results of any determination required pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall make the determinations required by Section 5.5(a)(i) within 30 days after an Event of Default and at the request of a Majority of the Controlling Class at any time during which the Trustee retains the Assets pursuant to Section 5.5(a)(i). The Trustee shall deliver written notice to S&P upon the occurrence of the events pursuant to Section 5.5(a)(i), (ii) or (iii) to liquidate and sell the Assets. Section 5.6 Trustee May Enforce Claims Without Possession of Debt. All rights of action and claims under this Indenture or under any of the Debt may be prosecuted and enforced by the Trustee without the possession of any of the Debt or the production thereof in any trial or other Proceeding relating thereto, and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in Section 5.7 hereof.

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BUSINESS.30544778.20 -131- Section 5.7 Application of Money Collected. Any Money collected by the Trustee with respect to the Debt pursuant to this Article V and any Money that may then be held or thereafter received by the Trustee with respect to the Debt hereunder shall be applied, subject to Section 13.1 and in accordance with the provisions of Section 11.1(a)(iii), at the date or dates fixed by the Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder, the provisions of Sections 4.1(a)(i) and (ii) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article IV. Section 5.8 Limitation on Suits. No Holder of any Debt shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (a) such Holder has previously given to the Trustee written notice of an Event of Default; (b) the Holders of not less than 25% of the then-Aggregate Outstanding Amount of the Debt of the Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses (including reasonable attorneys' fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request; (c) the Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute any such Proceeding; and (d) no direction inconsistent with such written request has been given to the Trustee during such 30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of Debt shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Debt of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Debt of the same Class or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders of Debt of the same Class subject to and in accordance with Section 13.1 and the Priority of Payments. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. If all such groups represent the same percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken. Section 5.9 Unconditional Rights of Secured Debtholders to Receive Principal and Interest. Subject to Section 2.7(i), but notwithstanding any other provision of this Indenture, the Holder of any Secured Debt shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Secured Debt, as such principal, interest

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BUSINESS.30544778.20 -132- and other amounts become due and payable in accordance with the Priority of Payments and Section 13.1, as the case may be, and, subject to the provisions of Sections 5.4 and 5.8, to institute Proceedings for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. Holders of Secured Debt ranking junior to Secured Debt still Outstanding shall have no right to institute Proceedings to request the Trustee to institute proceedings for the enforcement of any such payment until such time as no Secured Debt ranking senior to such Secured Debt remainsremain Outstanding, which right shall be subject to the provisions of Sections 5.4 and 5.8, and shall not be impaired without the consent of any such Holder. Section 5.10 Restoration of Rights and Remedies. If the Trustee or any Debtholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Debtholder, then and in every such case the Issuer, the Trustee and the Debtholder shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Issuer, the Trustee and the Debtholder shall continue as though no such Proceeding had been instituted. Section 5.11 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Debtholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. Section 5.12 Delay or Omission Not Waiver. No delay or omission of the Trustee or any Holder of Secured Debt to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every right and remedy given by this Article V or by law to the Trustee or to the Holders of the Secured Debt may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of the Secured Debt. Section 5.13 Control by Majority of Controlling Class. A Majority of the Controlling Class shall have the right following the occurrence, and during the continuance of, an Event of Default to cause the institution of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee under this Indenture; provided that: (a) such direction shall not conflict with any rule of law or with any express provision of this Indenture; (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided that subject to Section 6.1, the Trustee need not

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BUSINESS.30544778.20 -133- take any action that it determines might involve it in liability or expense (unless the Trustee has received the indemnity as set forth in (c) below); (c) the Trustee shall have been provided with an indemnity reasonably satisfactory to it; and (d) notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall be by the Holders of Debt representing the requisite percentage of the Aggregate Outstanding Amount of Debt specified in Section 5.4 and/or Section 5.5. Section 5.14 Waiver of Past Defaults. Prior to the time a judgment or decree for payment of the Money due has been obtained by the Trustee, as provided in this Article V, a Majority of the Controlling Class may on behalf of the Holders of all the Debt waive any past Default or Event of Default and its consequences, except a Default or an Event of Default: (a) in the payment of the principal of any Secured Debt (which may be waived only with the consent of the Holder of such Secured Debt); (b) in the payment of interest on any Secured Debt (which may be waived only with the consent of the Holder of such Secured Debt); (c) in respect of a covenant or provision hereof that under Section 8.2 cannot be modified or amended without the waiver or consent of the Holder of any Outstanding Debt materially and adversely affected thereby (which may be waived only with the consent of each such Holder); or (d) in respect of a representation contained in Section 7.19. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Debt shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. The Trustee shall promptly forward written notice of any such waiver to S&P, the Collateral Manager and each Holder. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture. Section 5.15 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Debt by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Debtholder, or group of Debtholders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class, or to any suit instituted by any Debtholder for the enforcement of the payment of the principal of or interest on any Debt on or after the applicable Stated

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BUSINESS.30544778.20 -134- Maturity (or, in the case of redemption which has resulted in an Event of Default, on or after the applicable Redemption Date). Section 5.16 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that they may lawfully do so) that they shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in each case wherever enacted, now or at any time hereafter in force, which may affect the covenants, the performance of or any remedies under this Indenture; and the Issuer (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law or rights, and covenant that they shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted or rights created. Section 5.17 Sale of Assets. (a) The power to effect any sale (a "Sale") of any portion of the Assets pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Assets remaining unsold, but shall continue unimpaired until the entire Assets shall have been sold or all amounts secured by the Assets shall have been paid. The Trustee may upon notice to the Debtholders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee hereby expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be authorized to deduct the reasonable costs, charges and expenses (including but not limited to costs and expenses of counsel) incurred by it in connection with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7 or other applicable terms hereof. (b) The Trustee may bid for and acquire any portion of the Assets in connection with a public Sale thereof, and may pay all or part of the purchase price by crediting against amounts owing on the Secured Debt or other amounts secured by the Assets or other amounts secured by the Assets, all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses (including but not limited to costs and expenses of counsel) incurred by the Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof or other applicable terms hereof. The Secured Debt need not be produced in order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Debt. The Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law in accordance with this Indenture. (c) If any portion of the Assets consists of securities issued without registration under the Securities Act ("Unregistered Securities"), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent of a Majority of the Controlling Class, seek a no action position from the Securities and Exchange Commission or any other relevant federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered Securities. (d) The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Assets in connection with a Sale thereof,

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BUSINESS.30544778.20 -135- without recourse, representation or warranty. In addition, the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Assets in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee's authority, to inquire into the satisfaction of any conditions precedent or see to the application of any Monies. Section 5.18 Action on the Debt.Action on the Debt. The Trustee's right to seek and recover judgment on the Debt or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Debtholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Assets or upon any of the assets of the Issuer. ARTICLE VI THE TRUSTEE Section 6.1 Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default known to the Trustee: (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth herein, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided that in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform on their face to the requirements of this Indenture and shall promptly, but in any event within three Business Days in the case of an Officer's certificate furnished by the Collateral Manager, notify the party delivering the same if such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days after such notice from the Trustee, the Trustee shall so notify the Debtholders. (b) In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions, if any, from a Majority of the Controlling Class, or such other percentage as permitted by this Indenture, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

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BUSINESS.30544778.20 -136- (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: (i) this sub-section shall not be construed to limit the effect of sub-section (a) of this Section 6.1; (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that the Trustee was negligent in ascertaining the pertinent facts; (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other percentage as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the terms hereof), relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary services, including mailing of notices under this Indenture; and (v) in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even if the Trustee has been advised of the likelihood of such damages and regardless of such action. (d) For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default described in Sections 5.1(c), (d), (e), (f) or (g) unless a Trust Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Debt generally, the Issuer or this Indenture. For purposes of determining the Trustee's responsibility and liability hereunder, whenever reference is made herein to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee is deemed to have notice as described in this Section 6.1. (e) Upon the Trust Officer receiving written notice from the Collateral Manager stating that an event constituting "Cause" as defined in the Collateral Management Agreement has occurred, the Trustee shall, not later than five Business Days thereafter, forward such notice to the NoteholdersDebtholders (as their names appear in the Note Register), or the Class A-L-A Lenders (as their names appear in the Class A-L-A Loan Register) and the Class A-L-B Lenders (as their names appear in the Class A-L-B Loan Register, as applicable).

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BUSINESS.30544778.20 -137- (f) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1. (g) The Trustee shall, upon reasonable (but no less than three Business Days') prior written notice to the Trustee, permit any representative of a Holder of Debt, during the Trustee's normal business hours, to examine all books of account, records, reports and other papers of the Trustee (other than items protected by attorney-client privilege or in violation of any confidentiality provisions contained therein) relating to the Debt, to make copies and extracts therefrom (the reasonable out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Trustee by such Holder) and to discuss the Trustee's actions, as such actions relate to the Trustee's duties with respect to the Debt, with the Trust Officers and employees responsible for carrying out the Trustee's duties with respect to the Debt. Section 6.2 Notice of Event of Default. Promptly (and in no event later than three Business Days) after the occurrence of any Event of Default actually known to a Trust Officer of the Trustee or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall provide written notice to the Collateral Manager and, S&P, Euronext Dublin (for so long as any Class of Debt isListed Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require, as determined by the Issuer or the Collateral Manager on behalf of the Issuer) and all Holders (as their names and addresses appear in the Note Register and/or Loan Register, as applicable), of all Event of Defaults hereunder known to the Trustee, unless such Event of Default shall have been cured or waived. Section 6.3 Certain Rights of Trustee. Except as otherwise provided in Section 6.1: (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper, electronic communication or document believed by it to be genuine and to have been signed or presented by the proper party or parties; provided that any electronically signed document delivered via electronic mail or other transmission method from a person purporting to be an Officer shall be considered signed or executed by such Officer on behalf of the applicable Person, and the Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto; (b) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case may be; (c) whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer's certificate or Issuer Order or (ii) be

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BUSINESS.30544778.20 -138- required to determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence of bad faith on its part, rely on reports of nationally recognized accountants (which may or may not be the Independent accountants appointed by the Issuer pursuant to Section 10.11 hereunder), investment bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized dealers in Assets of the type being valued, securities quotation services, loan pricing services and loan valuation agents; (d) as a condition to the taking or omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; (e) the Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys' fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction; (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper, electronic communication or document, but the Trustee, in its discretion, may, and upon the written direction of a Majority of the Controlling Class or of S&P shall (subject to the right hereunder to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled, on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating to the Debt and the Assets, personally or by agent or attorney, during the Issuer's or the Collateral Manager's normal business hours; provided that the Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law by any regulatory, administrative or Governmental Authority and (ii) to the extent that the Trustee, in its sole discretion, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder; (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any agent appointed or attorney appointed, with due care by it hereunder; (h) the Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager;

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BUSINESS.30544778.20 -139- (i) nothing herein shall be construed to impose an obligation on the part of the Trustee to monitor, recalculate, evaluate or verify or independently determine the accuracy of any report, certificate or information received from the Issuer or Collateral Manager (unless and except to the extent otherwise expressly set forth herein); (j) to the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles (as in effect in the United States) ("GAAP"), the Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants identified in the Accountants' Report (and in the absence of its receipt of timely instruction therefrom, which may or may not be the Independent accountants appointed by the Issuer pursuant to Section 10.11 hereunder, shall be entitled to obtain from an Independent accountant at the expense of the Issuer) as to the application of GAAP in such connection, in any instance; (k) the Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager, the Issuer any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream, or any other clearing agency or depository or for the actions or omissions of any such Person (including compliance with Rule 17g-5 requirements in accordance with Section 14.16 hereunder) and without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the Collateral Manager with the terms hereof or of the Collateral Management Agreement, or to verify or independently determine the accuracy of information received by the Trustee from the Collateral Manager (or from any selling institution, agent bank, trustee or similar source) with respect to the Assets; (l) notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a "securities intermediary" as defined in the UCC) to the contrary, none of the Trustee, the Custodian or the Securities Intermediary shall be under a duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item constituting the Assets, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, or in that regard to examine any Underlying Document, in each case, in order to determine compliance with applicable requirements of and restrictions on transfer in respect of such Assets; (m) in the event the Bank (in its individual capacity or as Trustee), U.S. Bank National Association or any Affiliate is also acting in the capacity of Paying Agent, Note Registrar, Transfer Agent, Loan AgentsAgent, Custodian, Calculation Agent, Authenticating Agent, or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to this Article VI shall also be afforded to the Bank, U.S. Bank National Association or such other Affiliate acting in such capacities; provided that such rights, protections, benefits, immunities and indemnities shall be in addition to any rights, immunities and indemnities provided in the Class A-L Loan AgreementsAgreement, the Securities Account Control Agreement or any other documents to which the Bank, U.S. Bank National Association or such other Affiliate in such capacity is a party; provided, however, that the foregoing shall not be construed to impose upon the Paying Agent, Note Registrar, Transfer Agent, Loan Agents,Agent, Custodian, Calculation Agent, Authenticating Agent, or Securities Intermediary

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BUSINESS.30544778.20 -140- any of the duties or standard of care (including, without limitation, any duties of a prudent person) of the Trustee; (n) any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture shall not be construed as a duty; (o) the Trustee shall not be required to give any bond or surety in respect of the execution of this Indenture or otherwise; (p) the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust Officer has actual knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Debt generally, the Issuer, the Class A-L Loan AgreementsAgreement or this Indenture. Whenever reference is made herein to a Default or an Event of Default such reference shall, insofar as determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph; (q) the Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities, computer (hardware or software) or communication services); (r) to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as organizational documents, an offering memorandum, or other identifying documents to be provided; (s) in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm's-length basis, whether it or such Affiliate is acting as a subagent of the Trustee or for any third party or dealing as principal for its own account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder; (t) the Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee's economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7 of this Indenture; (u) the Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental indenture or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such

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BUSINESS.30544778.20 -141- recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance; (v) neither the Trustee nor the Collateral Administrator shall be responsible for determining (i) if a Collateral Obligation meets the criteria or eligibility restrictions imposed by this Indenture or (ii) if the Collateral Manager has not provided it with the information necessary for making such determination whether the conditions specified in the definition of "Deliver," "Delivered," or "Delivery" have been complied with; (w) the Collateral Administrator shall have the same rights, privileges and indemnities afforded to the Trustee in this Article VI; provided, that such rights, protections, benefits, immunities and indemnities shall be in addition to, and not in limitation of, any rights, protections, benefits, immunities and indemnities provided in the Collateral Administration Agreement; provided, however, that the foregoing shall not be construed to impose upon the Collateral Administrator any of the duties or standard of care (including, without limitation, any duties of a prudent person) of the Trustee; (x) the Trustee is hereby authorized and directed by the Issuer to execute the EU/UK Retention Agreement. For the avoidance of doubt, the Trustee has no responsibility for the contents of the EU/UK Retention Agreement or its sufficiency for any purpose. Nothing herein shall be construed to impose any liability or obligation on the part of the Trustee to monitor compliance by any person with the U.S. Risk Retention Rules or the EU/UK Risk Retention Requirements, nor will the Trustee be deemed to have any knowledge of any failure to comply with the U.S. Risk Retention Rules or the EU/UK Risk Retention Requirements unless a Trust Officer has actual knowledge thereof or unless written notice of any event which is in fact such failure to comply with the U.S. Risk Retention Rules or the EU/UK Risk Retention Requirements is received by a Trust Officer of the Trustee at the Corporate Trust Office, and such notice references this Indenture; (y) [reserved]; and (z) the Trustee and the Collateral Administrator shall be entitled to conclusively rely on the Collateral Manager with respect to whether or not a Collateral Obligation meets the criteria specified in the definition thereof and for the characterization, classification, designation or categorization of each Collateral Obligation to the extent such characterization, classification, designation or categorization is subjective or judgmental in nature or based on information not readily available to the Trustee and Collateral Administrator. Section 6.4 Not Responsible for Recitals or Issuance of Debt. The recitals contained herein and in the Debt, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Trustee's obligations hereunder), the Assets or the Debt. The Trustee shall not be accountable for the use or application by the Issuer of the Debt or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.

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BUSINESS.30544778.20 -142- Section 6.5 May Hold Debt. The Trustee, any Paying Agent, Loan AgentsAgent, Note Registrar, Loan Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Debt and/or additional Debt issued pursuant to Sections 2.13 and 3.2, if any, and may otherwise deal with the Issuer or any of their Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Loan AgentsAgent, Note Registrar, Loan Registrar or such other agent. Section 6.6 Money Held for the Benefit of the Secured Debtholders. Money held by the Trustee hereunder shall be held for the benefit of the Secured Debtholders to the extent required herein. The Trustee shall be under no liability for interest on any Money received by it hereunder except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments. Section 6.7 Compensation and Reimbursement. (a) The Issuer agrees: (a) The Issuer agrees: (i) to pay the Trustee (and the Bank, U.S. Bank National Association and any Affiliate thereof in each of their other capacities under the Transaction Documents) on each Payment Date reasonable compensation, as set forth in a separate fee schedule, for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); (ii) except as otherwise expressly provided herein, to reimburse the Trustee (and the Bank, U.S. Bank National Association and any Affiliate thereof in each of their other capacities under the Transaction Documents) in a timely manner upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Bank, U.S. Bank National Association or any Affiliate in each of their other capacities under the Transaction Documents in accordance with any provision of this Indenture or other Transaction Document (including, without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant to Section 5.4, 5.5, 6.3(c) or 10.8, except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have not been waived during a Collection Period due to the Trustee's receipt of a payment from a financial institution with respect to certain Eligible Investments, as specified by the Collateral Manager; (iii) to indemnify the Trustee, the Bank, U.S. Bank National Association and any Affiliate thereof in each of their other capacities under the Transaction Documents and their respective officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense (including reasonable attorneys' fees and expenses) incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of this Indenture or the performance of its duties hereunder or the any of the other Transaction Documents,

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BUSINESS.30544778.20 -143- including the costs and expenses of defending themselves (including reasonable attorneys' fees and costs) against any claim or liability whether brought by or involving any party to the Transaction Documents or any third party in connection with the administration exercise or performance of any of their powers or duties hereunder and under any other agreement or instrument related hereto or the enforcement of any provision under any Transaction Document; and (iv) to pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for any collection or enforcement action taken pursuant to Section 6.13 or Article V, respectively. (b) The Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it under this Indenture or in any of the Transaction Documents to which the Trustee is a party only as provided in Sections 11.1(a)(i), (ii) and (iii) but only to the extent that funds are available for the payment thereof. Subject to Section 6.9, the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee's rights under Section 6.9. No direction by the Debtholders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If, on any date when a fee or an expense shall be payable to the Trustee pursuant to this Indenture, insufficient funds are available for the payment thereof, any portion of a fee or an expense not so paid shall be deferred and payable on such later date on which a fee or an expense shall be payable and sufficient funds are available therefor. (c) The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer for the non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the payment in full of all Debt issued under this Indenture and the Class A-L Loan AgreementsAgreement. (d) The Issuer's payment obligations to the Trustee under this Section 6.7 shall be secured by the lien of this Indenture payable in accordance with the Priority of Payments, and shall survive the discharge of this Indenture and the resignation or removal of the Trustee. Section 6.8 Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be an Independent organization or entity organized and doing business under the laws of the United States or of any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, having a long term issuer rating of at least "BBB+" by S&P and having an office within the United States, and who makes the representations contained in Section 6.17; provided, that if the Trustee, or its successor's ratings at any time are below the minimum rating or combined capital and surplus requirements as set forth in this sentence, the Trustee may retain its eligibility if it obtains or has obtained (i) a confirmation from the S&P that its then-current rating of the Debt will not be downgraded or withdrawn by reason of the Trustee's rating or capitalization or (ii) a written waiver or other written acknowledgement (which may be evidenced by an exchange of electronic

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BUSINESS.30544778.20 -144- messages or facsimiles) from S&P that it will not review its then-current rating of the Debt in such circumstances. If such organization or entity publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8, the combined capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set forth in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI. Section 6.9 Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective until the acceptance of appointment by the successor Trustee under Section 6.10. (b) The Trustee may resign at any time by giving not less than 30 days' written notice thereof to the Issuer (and, subject to Section 14.3(c), the Issuer shall provide notice to S&P if S&P is still rating a Class of Secured Debt), the Collateral Manager and the Holders of the Debt. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by written instrument, in duplicate, executed by an Officer of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to each Holder of the Secured Debt, each Holder of the Subordinated Notes and the Collateral Manager; provided that such successor Trustee shall be appointed only upon the Act of a Majority of the Debt of each Class (other than the Class X Notes), voting together or, at any time when an Event of Default shall have occurred and be continuing, by an Act of a Majority of the Controlling Class. If no successor Trustee shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the requirements of Section 6.8. (c) The Trustee may be removed at any time upon 30 days' written notice by Act of a Majority of the Controlling Class, a Majority of the Subordinated Notes and a Majority of each other Class of Debt (other than the Class X Notes), voting together or, when an Event of Default shall have occurred and be continuing by an Act of a Majority of the Controlling Class, delivered to the Trustee and to the Issuer. (d) If at any time: (i) the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor by the Issuer or by any Holder; or (ii) the Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

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BUSINESS.30544778.20 -145- then, in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section 5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer shall fail to appoint a successor Trustee within 60 days after such resignation, removal or incapability or the occurrence of such vacancy, a successor Trustee may be appointed by a Majority of the Controlling Class by written instrument delivered to the Issuer and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Trustee or any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. (f) The Issuer shall give prompt notice of each resignation and removal of the Trustee and each appointment of a successor Trustee by providing notice of such event to the Collateral Manager, to S&P, to the Loan AgentsAgent, and to the Holders of the Notes (as their names and addresses appear in the Note Register) and to the Class A-L-AA-L Lenders (as their names and addresses appear in the Class A-L-A Loan Register) and the Class A-L-B Lenders (as their names and addresses appear in the Class A-L-B Loan Register). Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. If the Issuer fails to provide such notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Issuer. (g) Any resignation or removal of the Trustee under this Section 6.9 shall be an effective resignation or removal of the Bank, U.S. Bank National Association and any Affiliate thereof in each of their other capacities under this Indenture and as Collateral Administrator under the Collateral Administration Agreement and in any other applicable capacity under the Transaction Documents. Section 6.10 Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder shall meet the requirements of Section 6.8, shall make the representations and warranties contained in Section 6.17, and shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an instrument accepting such appointment. In addition, so long as the entity serving as the retiring Trustee is the same institution as the Collateral Administrator, unless otherwise agreed to in writing by the Issuer, the successor and the retiring institutions, such successor Trustee shall automatically become, and hereby so agrees to be, the Collateral Administrator pursuant to Section 7(f) of the Collateral Administration Agreement and shall assume the duties of the Collateral Administrator under the terms and conditions of the Collateral Administration Agreement in its acceptance of appointment as successor Trustee until such time, if any, as it is replaced as Collateral Administrator by the Issuer pursuant to the Collateral Administration Agreement. Upon delivery of the required

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BUSINESS.30544778.20 -146- instruments, the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or a Majority of any Class of Debt or the successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor Trustee or successor Collateral Administrator, as applicable, all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee. Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided that such organization or entity shall be otherwise qualified and eligible under this Article VI, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. Section 6.12 Co-Trustees. At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Assets may at the time be located, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee (with notice to S&P), jointly with the Trustee, of all or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right to do, subject to the other provisions of this Section 6.12. The Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall have the power to make such appointment. Should any written instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer agrees to pay, to the extent funds are available therefor under Section 11.1(a)(i)(A), for any reasonable fees and expenses in connection with such appointment.

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BUSINESS.30544778.20 -147- Every co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms: (a) the Notes shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; (b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee jointly as shall be provided in the instrument appointing such co-trustee; (c) the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; (d) no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder; (e) the Trustee shall not be liable by reason of any act or omission of a co-trustee; and (f) any Act of the Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee. Section 6.13 Certain Duties of Trustee Related to Delayed Payment of Proceeds. If the Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall promptly notify the Issuer and the Collateral Manager in writing and (b) unless within three Business Days (or the end of the applicable grace period for such payment, if any) after such notice (x) such payment shall have been received by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)), shall have made provision for such payment satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee shall, not later than the Business Day immediately following the last day of such period and in any case upon request by the Collateral Manager, request the issuer of such Asset, the trustee under the related Underlying Document or a paying agent designated by either of them, as the case may be, to make such payment not later than three Business Days after the date of such request. If such payment is not made within such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c), shall take such action as the Collateral Manager shall direct. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture. If the Issuer or the Collateral Manager requests a release of an Asset under this Indenture, such release shall be subject to Section 10.10 of this Indenture. Notwithstanding any other provision hereof, the Trustee shall deliver to the Issuer or its designee any payment with respect to any Asset received after the Due Date thereof to the

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BUSINESS.30544778.20 -148- extent the Issuer previously made provisions for such payment satisfactory to the Trustee in accordance with this Section 6.13 and such payment shall not be deemed part of the Assets. Reasonably promptly after receipt thereof, the Trustee will notify and provide to the Collateral Manager on behalf of the Issuer a copy of any documents, financial reports, legal opinions or any other information including, without limitation, any notices, reports, requests for waiver, consent requests or any other requests or communications relating to the Assets or any Obligor or to actions affecting the Assets or any Obligor. Upon reasonable request by the Collateral Manager or the Collateral Administrator, the Trustee further agrees to provide to the Collateral Manager from time to time, on a timely basis, any information in its possession relating to the Collateral Obligations, the Equity Securities and the Eligible Investments as requested so as to enable the Collateral Manager to perform its duties hereunder, under the Collateral Administration Agreement or under the Collateral Management Agreement. Section 6.14 Authenticating Agents. Upon the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes by the Trustee. Any Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor Person. Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Trustee shall, upon the written request of the Issuer, promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer. Unless the Authenticating Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent. Section 6.15 Withholding.Withholding. If any withholding tax is imposed by applicable law on the Issuer's payment (or allocations of income) under the Debt, such tax shall reduce the amount otherwise distributable to the relevant Holder. The Trustee is hereby authorized and directed to retain from amounts otherwise distributable to any Holder sufficient

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BUSINESS.30544778.20 -149- funds for the payment of any tax that is legally owed or required to be withheld by the Issuer or may be withheld because of a failure by a Holder to provide any information required under Sections 1441, 1442, 1445, 1446 and 1471-1474 of the Code or any other provisions of any applicable law and to timely remit such amounts to the appropriate taxing authority. Such authorization shall not prevent the Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings. The amount of any withholding tax imposed with respect to any Debt shall be treated as Cash distributed to the relevant Holder at the time it is withheld by the Trustee. If there is a possibility that withholding tax is payable with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax, the Trustee shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse the Trustee for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the Trustee to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Debt. Section 6.16 Representative for Debtholders Only; Agent for each other Secured Party. With respect to the security interest created hereunder, the delivery of any item of Asset to the Trustee is to the Trustee as representative of the Debtholders and agent for each other Secured Party. In furtherance of the foregoing, the possession by the Trustee of any Asset, and the endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder of the Custodial Account) are all undertaken by the Trustee in its capacity as representative of the Debtholders, and agent for each other Secured Party. Section 6.17 Representations and Warranties of the Bank. The Bank hereby represents and warrants as follows, in its individual capacity and in its capacities as described below (and any Person that becomes a successor Trustee pursuant to Sections 6.9, 6.10, or 6.11, or a co-trustee pursuant to Section 6.12, represents and warrants as follows in its individual capacity and in its capacity as Trustee where applicable): (a) Organization. The Bank has been duly organized and is validly existing as a national banking association with trust powers under the laws of the United States and has the power to conduct its business and affairs as a trustee, paying agent, registrar, transfer agent, custodian and calculation agent. (b) Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations of Trustee, Paying Agent, Note Registrar, Transfer Agent and Calculation Agent under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture, and all of the documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance with its terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable principles (whether enforcement is considered in a proceeding at law or in equity).

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BUSINESS.30544778.20 -150- (c) Eligibility. The Bank is eligible under Section 6.8 to serve as Trustee hereunder. (d) No Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions contemplated by this Indenture, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the Bank or any of its properties or assets, or (ii) will violate any provision of, result in any default or acceleration of any obligations under, result in the creation or imposition of any lien pursuant to, or require any consent under, any material agreement to which the Bank is a party or by which it or any of its property is bound. ARTICLE VII COVENANTS Section 7.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Secured Debt, in accordance with the terms of such Secured Debt, the Class A-L Loan AgreementsAgreement and this Indenture pursuant to the Priority of Payments. The Issuer will, to the extent funds are available pursuant to the Priority of Payments, duly and punctually pay all required distributions on the Subordinated Notes, in accordance with the Subordinated Notes and this Indenture. Amounts properly withheld under the Code or other applicable law by any Person from a payment under any Debt shall be considered as having been paid by the Issuer to the relevant Holder for all purposes of this Indenture and the Class A-L Loan AgreementsAgreement, as applicable. Section 7.2 Maintenance of Office or Agency. The Issuer hereby appoints the Trustee as a Paying Agent for payments on the Debt. Notes may be surrendered for registration of transfer or exchange at the Corporate Trust Office of the Trustee or its agent designated for purposes of surrender, transfer or exchange. The Issuer hereby appoints Corporation Service Company, 19 West 44th Street, Suite 200, New York, New York 10036, as agent upon whom process or demands may be served in any action arising out of or based on this Indenture or the transactions contemplated hereby. The Issuer hereby appoints, for so long as any Class of Debt isListed Notes are listed on Euronext Dublin, Maples and Calder (Ireland) LLP (the "Irish Listing Agent") as listing agent in Ireland with respect to the Listed Notes. The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes; provided, however, that the Issuer shall maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in respect of such Debt, the Class A-L Loan AgreementsAgreement and this Indenture may be served and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States

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BUSINESS.30544778.20 -151- where Notes may be presented and surrendered for payment; provided, further, that no paying agent shall be appointed in a jurisdiction which would cause payments on the Notes to be subject to aggregate withholding tax in excess of any withholding tax that was imposed on such payments immediately before the appointment. The Issuer shall at all times cause a duplicate copy of the Note Register to be maintained at the Corporate Trust Office of the Trustee. The Issuer shall give written notice as soon as reasonably practicable to the Trustee, the Holders, and S&P of the appointment or termination of any such agent and of the location and any change in the location of any such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or outside the United States, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph) at, notices and demands may be served on the Issuer, and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office, and the Issuer hereby appoints the same as their agent to receive such respective presentations, surrenders, notices and demands. Section 7.3 Money for Debt Payments to be Held for the Benefit of the Holders. All payments of amounts due and payable with respect to any Debt that are to be made from amounts withdrawn from the Payment Account shall be made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments or distributions on the Debt. When the Issuer shall have a Paying Agent that is not also the Note Registrar and the Loan Registrar, they shall furnish, or cause the Note Registrar or Loan Registrar to furnish, as applicable, no later than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders and of the certificate numbers of individual Notes (or loan notes, as applicable) held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Trustee, the Issuer shall, on or before the Business Day next preceding each Payment Date and on any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date, as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Payment Account), such sum to be held for the benefit of the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of its action or failure so to act. Any Monies deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Debt with respect to which such deposit was made shall be paid over by such Paying Agent to the Trustee for application in accordance with Article XI. The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof to the Trustee; provided that so long as the Debt of any Class is rated by S&P with respect to any additional or successor Paying Agent, either (i) such Paying Agent has a long-term issuer rating of "A+" or higher by S&P or a short-term issuer rating of "A-1" by S&P or (ii) notice shall have been provided to S&P. If such successor Paying Agent ceases to have the ratings described in

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BUSINESS.30544778.20 -152- the immediately preceding sentence, the Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or trust company subject to supervision and examination by federal and/or state banking authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions of this Section 7.3, that such Paying Agent will: (a) allocate all sums received for payment to the Holders of Debt for which it acts as Paying Agent on each Payment Date and any Redemption Date among such Persons in the proportion specified in the applicable Distribution Report to the extent permitted by applicable law; (b) hold all sums held by it for the payment of amounts due with respect to the Debt for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; (c) if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Debt if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment; (d) if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer in the making of any payment required to be made; and (e) if such Paying Agent is not the Trustee, during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held for the benefit of the Secured Parties by the Issuer or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such Money. Except as otherwise required by applicable law, any Money deposited with the Trustee, anythe Loan Agent or any Paying Agent for any payment on any Debt and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer Order; and the Holder of such Debt shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee, suchthe Loan Agent or such Paying Agent with respect to such deposited Money shall thereupon cease. The Trustee, the Loan AgentsAgent or such Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable

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BUSINESS.30544778.20 -153- means of notification of such release of payment, including, but not limited to, providing notice of such release to Holders whose Debt has been called but have not been surrendered for redemption or whose right to or interest in Monies due and payable but not claimed is determinable from the records of any Paying Agent, at the last address of record of each such Holder. Section 7.4 Existence of the Issuer.Existence of the Issuer. (a) The Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and effect their existence and rights as companies formed or organized under the laws of the State of Delaware, and shall obtain and preserve their qualification to do business as foreign corporations in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Indenture, the Class A-L Loan AgreementsAgreement, the Debt or any of the Assets. (b) The Issuer shall ensure that all corporate or other formalities regarding its existence (including, to the extent required by applicable law, holding regular board of directors', members', partners' and shareholders' or other similar meetings) are followed. The Issuer shall not take any action, or conduct its affairs in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing, (i) the Issuer shall not have any subsidiaries (except as permitted in this Indenture) and shall not permit to be enacted, or engage in, any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws), (ii) the Issuer shall not (A) have any employees (other than its directors, members or managers, as applicable, to the extent any thereof is deemed to be an employee), (B) except as contemplated by the Collateral Management Agreement, the Certificate of Formation and Limited Liability Company Agreement, engage in any transaction with any shareholder or member, as applicable, that would constitute a conflict of interest or (C) pay dividends other than in accordance with the terms of this Indenture, the Class A-L Loan AgreementsAgreement, the Certificate of Formation and Limited Liability Company Agreement and (iii) the Issuer shall (A) maintain books and records separate from any other Person, (B) maintain its accounts separate from those of any other Person, (C) not commingle its assets with those of any other Person, (D) conduct its own business in its own name, (E) maintain separate financial statements (if any), (F) pay its own liabilities out of its own funds, (G) maintain an arm's length relationship with its Affiliates, (H) use separate stationery, invoices and checks, (I) hold itself out as a separate Person and (J) correct any known misunderstanding regarding its separate identity. Section 7.5 Protection of Assets. (a) The Collateral Manager on behalf of the Issuer will cause the taking of such action within the Collateral Manager's control as is reasonably necessary in order to maintain the perfection and priority of the security interest of the Trustee in the Assets; provided that the Collateral Manager shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any Opinion of Counsel with respect to the same subject matterperfection and priority of the security interest matters delivered pursuant to Section 3.1(c)at the Closing Date to determine what actions are reasonably necessary, and shall be fully protected in so relying on such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that the procedures described in any such Opinion of Counsel are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and file or

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BUSINESS.30544778.20 -156- (iv) (A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Indenture, the Class A-L Loan AgreementsAgreement or the Debt except as may be permitted hereby or by the Collateral Management Agreement, (B) except as permitted by this Indenture, permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden any part of the Assets, any interest therein or the proceeds thereof, or (C) except as permitted by this Indenture, take any action that would permit the lien of this Indenture not to constitute a valid first priority security interest in the Assets; (v) amend the Collateral Management Agreement except pursuant to the terms thereof and Article XV of this Indenture; (vi) dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable law; (vii) pay any Cash distributions other than in accordance with the Priority of Payments; (viii) permit the formation of any subsidiaries (except as provided in this Indenture); (ix) conduct business under any name other than its own; (x) have any employees (other than its officers, if any, and managers to the extent such officers or managers might be considered employees); (xi) sell, transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of the Assets, except as expressly permitted by both this Indenture and the Collateral Management Agreement; and (xii) permit the transfer of any of its membership interests so long as any Secured Debt is Outstanding. (b) The Issuer shall not be party to any agreements without including customary "non-petition" and "limited recourse" provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any agreements related to the purchase and sale of any Assets which contain customary (as determined by the Collateral Manager in its sole discretion) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager in its sole discretion) loan trading documentation.

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BUSINESS.30544778.20 -157- (c) Notwithstanding anything contained herein to the contrary, the Issuer may not acquire any of the Notes; provided that this Section 7.8(c) shall not be deemed to limit any redemption pursuant to the terms of this Indenture. (d) The Issuer shall not fail to maintain an independent director (the "Independent Director"), which independent director, for the avoidance of doubt, shall be Independent of the Collateral Manager. Section 7.9 Statement as to Compliance.Statement as to Compliance. On or before December 7thFebruary 20 in each calendar year commencing in 20242027, or promptly after an Officer of the Issuer becomes aware thereof if there has been a Default under this Indenture or the Class A-L Loan AgreementsAgreement and prior to the issuance of any additional Debt pursuant to Section 2.13, the Issuer shall deliver to the Trustee and the Loan AgentsAgent (to be forwarded by the Trustee to the Collateral Manager, each Debtholder making a written request therefor and S&P) an Officer's certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if such Default did then exist or had existed, specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture and the Class A-L Loan AgreementsAgreement or, if such is not the case, specifying those obligations with which it has not complied. Section 7.10 The Issuer May Consolidate, etc. The Issuer (the "Merging Entity") shall not consolidate or merge with or into any other Person or, except as permitted under this Indenture, transfer or convey all or substantially all of its assets to any Person, unless permitted by Delaware law and unless: (a) the Merging Entity shall be the surviving entity, or the Person (if other than the Merging Entity) formed by such consolidation or into which the Merging Entity is merged or to which all or substantially all of the assets of the Merging Entity are transferred (the "Successor Entity") (A) if the Merging Entity is the Issuer, shall be a company organized and existing under the laws of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of incorporation pursuant to Section 7.4, and (B) shall expressly assume, by an indenture supplemental hereto and an omnibus assumption agreement, executed and delivered to the Trustee, the Loan AgentsAgent, each Holder, the Collateral Administrator and the Collateral Manager, the due and punctual payment of the principal of and interest on all Secured Debt, the payments or distributions on the Subordinated Notes and the performance and observance of every covenant of this Indenture and of each other Transaction Document on its part to be performed or observed, all as provided herein or therein, as applicable; (b) the S&P Rating Condition shall have been satisfied;

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BUSINESS.30544778.20 -158- (c) if the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed with the Trustee (i) to observe the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any of its Affiliates as are applicable to the Merging Entity with respect to its Affiliates and (ii) not to consolidate or merge with or into any other Person or, except as permitted by this Indenture, transfer or convey the Assets or all or substantially all of its assets to any other Person except in accordance with the provisions of this Section 7.10; (d) if the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered to the Trustee, the Loan AgentsAgent and S&P an Officer's certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in sub-section (a) above and to execute and deliver an indenture supplemental hereto and an omnibus assumption agreement for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of a supplemental indenture hereto and an omnibus assumption agreement for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors' rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); (e) if the Merging Entity is the Issuer, that, immediately following the event which causes such Successor Entity to become the successor to the Issuer, (i) such Successor Entity has title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture and any other Permitted Liens, to the Assets securing all of the Debt and (ii) the Trustee continues to have a valid perfected first priority security interest in the Assets securing all of the Secured Debt; and in each case as to such other matters as the Trustee, the Loan AgentsAgent or any Debtholder may reasonably require; provided that nothing in this clause shall imply or impose a duty on the Trustee to require such other documents; (f) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; (g) the Merging Entity shall have notified S&P of such consolidation, merger, transfer or conveyance and shall have delivered to the Trustee, the Loan AgentsAgent and each Debtholder an Officer's certificate and an Opinion of Counsel each stating that such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article VII and that all conditions precedent in this Article VII relating to such transaction have been complied with; (h) the Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that after giving effect to such transaction, neither of the Issuer (or, if applicable, the Successor Entity) will not be required to register as an investment company under the 1940 Act;

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BUSINESS.30544778.20 -159- (i) immediately after giving effect to such transaction, the Merging Entity or Successor Entity, as applicable, is not treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net income basis (including any withholding tax liability under Section 1446 of the Code); (j) the fees, costs and expenses of the Trustee (including any reasonable legal fees and expenses) associated with the matters addressed in this Section 7.10 shall have been paid by the Merging Entity (or, if applicable, the Successor Entity) or otherwise provided for to the satisfaction of the Trustee; and (k) if the Merging Entity is the Issuer, unanimous consent of the designated manager of the Issuer and the Independent Manager, has been obtained. Section 7.11 Successor Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Issuer in accordance with Section 7.10 in which the Merging Entity is not the surviving entity, the Successor Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Merging Entity under this Indenture with the same effect as if such Person had been named as the Issuer herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the "Issuer" in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released, without further action by any Person, from its liabilities as obligor and maker on all the Debt and from its obligations under this Indenture and the other Transaction Documents to which it is a party. Section 7.12 No Other Business.No Other Business. The Issuer shall not have any employees (other than its officers, if any, and managers to the extent such officers or managers might be considered employees) and shall not engage in any business or activity other than issuing, selling, paying, redeeming and refinancing the Debt and any additional Debt pursuant to this Indenture, incurring the Class A-L-A Loans and the Class A-L-BA-L Loans pursuant to the applicable Class A-L Loan Agreement, acquiring, holding, selling, exchanging, redeeming and pledging, solely for its own account, the Assets and other incidental activities thereto, including entering into the Transaction Documents to which it is a party. The Issuer may amend or permit the amendment of the provisions of the Certificate of Formation and Limited Liability Company Agreement of the Issuer (or any other organizational document thereof), respectively, only if such amendment would satisfy the S&P Rating Condition. Section 7.13 [Reserved]. Section 7.14 Annual Rating Review. (a) So long as any Secured Debt of any Class remain Outstanding, on or before January 20, 2025 of each year, commencing in 2027, the Issuer shall request and pay for an annual review of the rating of each such Class of Secured Debt from S&P. The Issuer shall promptly notify the Trustee, the Loan AgentsAgent and the Collateral Manager in writing (and the Trustee and the Loan AgentsAgent shall each promptly provide the applicable Holders with a copy of such notice) if at any time the Issuer is notified or

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BUSINESS.30544778.20 -160- has actual knowledge that the then-current rating of any such Class of Secured Debt has been, or is known will be, changed or withdrawn. (b) The Issuer shall request and pay for an annual review of (i) any Collateral Obligation that has an S&P Rating or an S&P Rating determined pursuant to clause (c)(ii) of the definition of "S&P Rating" and (ii) any DIP Collateral Obligation. Section 7.15 Reporting.Reporting. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of any Debt that completes a Beneficial Ownership Certificate substantially in the form of Exhibit D, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A in connection with the resale of such Note. "Rule 144A Information" shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). Section 7.16 Calculation Agent. (a) The Issuer hereby agrees that for so long as any Secured Debt remains Outstanding there will at all times be an agent appointed by the Issuer (which does not control or is not controlled or under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates) to calculate the Reference Rate for each Interest Accrual Period on the Interest Determination Date or, if the Reference Rate is not the Term SOFR Rate, the time determined by the Collateral Manager (on behalf of the Issuer) and adopted in accordance with the Benchmark Replacement Conforming Changes (the "Calculation Agent"). The Issuer hereby appoints the Collateral Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Collateral Manager, on behalf of the Issuer, at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer or the Collateral Manager, on behalf of the Issuer, the Issuer or the Collateral Manager, on behalf of the Issuer, will promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates and provide notice thereof to the Trustee and the Collateral Administrator. The Calculation Agent may not resign its duties or be removed without a successor having been duly appointed. (b) The Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation Agent does hereby agree) that, as soon as possible after 5:00 a.m. Chicago time on each Interest Determination Date, but in no event later than 5:00 p.m. New York time on the U.S. Government Securities Business Day immediately following each Interest Determination Date, the Calculation Agent will calculate the Interest Rate applicable to each Class of Secured Debt during the related Interest Accrual Period and the Debt Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward) payable on the related Payment Date in respect of such Class of Secured Debt in respect of the related Interest Accrual Period. At such time, the Calculation Agent will communicate such rates and amounts to the Issuer, the Trustee, the Loan AgentsAgent, each Paying Agent, DTC,

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BUSINESS.30544778.20 -161- the Collateral Manager, Euroclear and Clearstream. The Calculation Agent will also specify to the Issuer the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer before 5:00 p.m. New York time on every Interest Determination Date if it has not determined and is not in the process of determining any such Interest Rate or Debt Interest Amount together with its reasons therefor. The Calculation Agent's determination of the foregoing rates and amounts for any Interest Accrual Period will (in the absence of manifest error) be final and binding upon all parties. Neither the Calculation Agent nor the Loan AgentsAgent nor the Trustee shall have any responsibility or liability for the selection of an alternative base rate (including a Reference Rate, an Alternative Rate, a Fallback Rate and/or a Benchmark Replacement Rate) or determination thereof, or any liability for any failure or delay in performing its duties hereunder as a result of the unavailability of a "base rate" in accordance herewith. (c) Neither the Calculation Agent nor the Collateral Manager shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Secured Debt, including but not limited to rates published by the Federal Reserve Board and/or the Federal Reserve Bank of New York or on the Federal Reserve Bank of New York's Website. (d) The Trustee, the Paying Agent, the Collateral Administrator and the Calculation Agent shall have no obligation, responsibility or liability for (i) monitoring, determining or verifying the unavailability or cessation of the Term SOFR Rate (or other Reference Rate), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, a Benchmark Transition Event or Benchmark Replacement Date, (ii) the designation, determination, selection, identification or adoption of an Alternative Rate (including any Benchmark Replacement Rate, Designated Base Rate, Fallback Rate, SOFR, Term SOFR Rate, Benchmark Replacement Rate Adjustment or any other reference rate component or modifier thereto and any Benchmark Replacement Conforming Changes) as a successor or replacement benchmark to the Term SOFR Rate or determining whether any such rate is a Benchmark Replacement Rate or Fallback Rate or whether the conditions to the designation of such rate or the adoption of a Reference Rate Amendment have been satisfied (subject to, and except as otherwise provided in, this Indenture) and shall be entitled to rely upon any designation, determination or selection of such rate by the Collateral Manager or (iii) determining whether or what Benchmark Replacement Conforming Changes or Reference Rate Amendment, if any, are necessary or advisable in connection with any of the foregoing or, with respect to each Floating Rate Obligation, neither the Trustee nor the Collateral Administrator shall have any responsibility or liability to (w) monitor the status of the Term SOFR Rate or other applicable reference rate, (x) determine whether a substitute index or reference rate should or could be selected, (y) determine the selection of any such substitute reference rate and (z) exercise any right related to the foregoing on behalf of the Issuer, the Holders or any other Person. (e) The Trustee, the Paying Agent, the Collateral Administrator and the Calculation Agent shall have no liability for any inability, failure or delay in the performance of its duties hereunder or under the other Transaction Documents as a result of the unavailability or disruption of "Term SOFR Rate" or other Reference Rate (including any inability to calculate the Alternative Rate selected by the Collateral Manager) and absence of an alternate or replacement

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BUSINESS.30544778.20 -162- reference rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Collateral Manager, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties. (f) None of the Trustee, the Paying Agent, the Collateral Administrator or the Calculation Agent shall have any liability for any interest rate published by any publication that is the source for determining the Interest Rates of the Secured Debt, or for any rates compiled by the LSTA or ARRC or any successors thereto, or for any rates published on any publicly available source, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto. Section 7.17 Certain Tax Matters. (a)(a) The Issuer will treat the Issuer and the Debt as described in the "Certain U.S. Federal Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. (b) The Issuer will prepare and file (or will hire accountants and the accountants will prepare and file) for each taxable year of the Issuer any U.S. federal, state and local tax returns and reports required under the Code or any other applicable law, and will provide (or cause to be provided) to each Holder (including, for purposes of this Section 7.17, any beneficial owner of Debt) any information that such Holder reasonably requests in order for such Holder to comply with its U.S. federal, state or local tax return filing and information reporting obligations. (c) Notwithstanding any provision herein to the contrary, the Issuer shall take, any and all reasonable actions that may be necessary or appropriate to ensure that the Issuer satisfies any and all withholding and tax payment obligations under Code Sections 1441, 1442, 1445, 1446, 1471, 1472, and any other provision of the Code or other applicable law. Without limiting the generality of the foregoing, (i) Issuer may withhold any amount that it or any advisor retained by the Trustee on its behalf determines is required to be withheld from any amounts otherwise distributable to any Person and (ii) if reasonably able to do so, the Issuer shall deliver or cause to be delivered an IRS W-9 or successor applicable form and other properly completed and executed documentation, as it determines is necessary to permit the Issuer to receive payments without withholding or deduction or at a reduced rate of withholding or deduction. (d) Upon the Issuer's or the Trustee's receipt of a written request of a Holder or written request of a Person certifying that it is an owner of a beneficial interest in Debt, delivered in accordance with the notice procedures of Section 14.3, for the information described in United States Treasury Regulations Section 1.1275-3(b)(1)(i) that is applicable to such Holder, the Issuer shall promptly cause its Independent accountants to provide such information to the Trustee, and the Trustee shall promptly provide such information to the requesting Holder. (e) The Collateral Manager will be the initial "partnership representative" (the "Partnership Representative") (or, if not eligible under the Code to be the Partnership Representative, the agent and attorney-in-fact of the Partnership Representative) and may designate the Partnership Representative from time to time with respect to any taxable year of

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BUSINESS.30544778.20 -163- the Issuer during which the Collateral Manager holds or has held any Subordinated Notes (and if such designee is not eligible under the Code to be the Partnership Representative, it shall be the agent and attorney-in-fact of the Partnership Representative); provided, that during any other period or if the Collateral Manager declines to so designate a Partnership Representative, the Issuer (after consultation with the Collateral Manager) shall designate the Partnership Representative from among any beneficial owners of Subordinated Notes (and if such designee is not eligible under the Code to be the Partnership Representative, it shall be the agent and attorney-in-fact of the Partnership Representative). The Partnership Representative (or, if applicable, its agent and attorney in fact), shall sign the Issuer's tax returns and is authorized to make tax elections on behalf of the Issuer in its reasonable discretion, to determine the amount and characterization of any allocations or tax items described in this Indenture in its reasonable discretion, and to take all actions and do such things as required or as it shall deem appropriate under the Code, at the Issuer's sole expense, including representing the Issuer before taxing authorities and courts in tax matters affecting the Issuer and the beneficial owners of Subordinated Notes (as determined for U.S. federal income tax purposes) in their capacity as partners in the Issuer. Any action taken by the Partnership Representative in connection with audits of the Issuer under the Code will, to the extent permitted by law, be binding upon the "equity owners" (for U.S. federal income tax purposes) of the Issuer. Each such beneficial owner agrees that it will treat any Issuer item on such beneficial owner's income tax returns consistently with the treatment of the item on the Issuer's tax return and that such beneficial owner will not independently act with respect to tax audits or tax litigation affecting the Issuer, unless previously authorized to do so in writing by the Partnership Representative (or, if applicable, its agent and attorney-in-fact), which authorization may be withheld in the complete discretion of the Partnership Representative (or, if applicable, its agent and attorney in fact). The Issuer will, to the fullest extent permitted by law, reimburse and indemnify the Partnership Representative and any agent and attorney-in-fact of such Partnership Representative in connection with any expenses reasonably incurred in connection with its performance of its duties as or on behalf of the Partnership Representative. For the avoidance of doubt, any indemnity or reimbursement provided pursuant to the immediately foregoing sentence shall be treated as an Administrative Expense pursuant to the definition thereof. (f) The Partnership Representative shall establish and maintain or cause to be established and maintained on the books and records of the Issuer an individual capital account for each Holder of Subordinated Notes (which, for purposes of this Section 7.17(f) and Section 7.17(g) through (j) and (m), shall include any "partner" of the Issuer (as determined for U.S. federal income tax purposes)), in accordance with Section 704(b) of the Code and Treasury Regulations Section 1.704-1(b)(2)(iv). (g) After giving effect to Section 7.17(g) and Section 7.17(h), all Issuer items of income, gain, loss and deduction shall be allocated among the Holders of Subordinated Notes in a manner such that, after the allocation, each such Holder's capital account is equal (as nearly as possible) to the amount that such Holder would receive from the Issuer if the Issuer (i) sold all of its assets for their Book Values, (ii) applied the proceeds to discharge Issuer liabilities at face amount, and (iii) distributed the remaining proceeds in accordance with the provisions of this Indenture (other than this Section 7.17), minus the sum of such Holder's share of "partnership minimum gain" (within the meaning of Treasury Regulations Section 1.704-2(b)(2)) and "partner

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BUSINESS.30544778.20 -164- nonrecourse debt minimum gain" (within the meaning of Treasury Regulations Section 1.704-2(i)(3)). (h) This Section 7.17(h)(i) incorporates by reference, as if fully set forth herein, the "minimum gain chargeback" requirement contained in Treasury Regulations Section 1.704-2(f), the "partner minimum gain chargeback" requirement contained in Treasury Regulations Section 1.704-2(i), and the "qualified income offset" requirement contained in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). (ii) In the event that any Holder of Subordinated Notes has a deficit capital account at the end of any Issuer taxable year that is in excess of the amount such Holder is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Holder will be allocated items of Issuer income and gain in the amount of such excess as quickly as possible. Notwithstanding the foregoing, an allocation pursuant to this Section 7.17(h)(ii) will be made only if and to the extent that such Holder would have a deficit capital account in excess of such amount after all other allocations provided for in this Section 7.17 have been tentatively made as if this Section 7.17 did not include this Section 7.17(h)(ii) or the "qualified income offset" requirement of Section 7.17(h)(i). (iii) Nonrecourse deductions (within the meaning of Treasury Regulations Section 1.704-2(b)(1)) will be specially allocated to the Holders of Subordinated Notes in the same manner as if they were not nonrecourse deductions. (iv) No Holder of Subordinated Notes will be allocated items of loss or deduction under Section 7.17(g) or Section 7.17(i) if such allocation would cause or increase a deficit balance in such Holder's capital account as of the end of the Issuer taxable year to which such allocation relates, within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d). (i) It is the intent of the Issuer that, to the extent possible, all special allocations made pursuant to Section 7.17(g) be offset either with other special allocations made pursuant to Section 7.17(h) or with special allocations made pursuant to this Section 7.17(i). Therefore, notwithstanding any other provision of this Section 7.17 (other than Section 7.17(h)), offsetting special allocations of Issuer items of income, gain, loss and deduction will be made so that, after such offsetting allocations are made, the capital account balance of each Holder of Subordinated Notes is, to the extent possible, equal to the capital account balance such Holder would have had if the special allocations made pursuant to Section 7.17(h) were not part of this Section 7.17 and all Issuer items of income, gain, loss and deduction were allocated pursuant to Section 7.17(g). (j) For U.S. federal, state and local income tax purposes, items of Issuer income, gain, loss, and deduction will be allocated among the Holders of Subordinated Notes in accordance with the allocations of the corresponding items for capital account purposes under this Section 7.17(j), except that items with respect to which there is a difference between adjusted tax basis and Book Value will be allocated in accordance with Section 704(c) of the

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BUSINESS.30544778.20 -165- Code using a method chosen by the Partnership Representative as described in Treasury Regulations Section 1.704-3. (k) The Partnership Representative is authorized to amend the allocations described in this Section 7.17 as necessary to ensure that all allocations made pursuant to this Section 7.17 are treated as having "substantial economic effect" within the meaning of Section 704 of the Code. (l) In connection with a Re-Pricing or a Reference Rate Amendment constituting a significant modification for U.S. federal income tax purposes, the Issuer will, and will cause its Independent accountants to, comply with any requirements under Treasury Regulation Section 1.1273-2(f)(9) (or any successor provision), including (i) determining whether Debt of the Re-Priced Class or Debt replacing the Re-Priced Class or the Debt subject to the Reference Rate Amendment, as applicable, are traded on an established market, (ii) if so traded, causing its Independent accountants to determine the fair market value of such Debt, and (iii) making available such fair market value determination available to Holders in a commercially reasonable fashion, including by electronic publication, within 90 days of the date that the new Debt is issued. (m) If the IRS, in connection with an audit governed by the tax audit rules that apply to partnerships that are contemplated by the Bipartisan Budget Act of 2015 (the "Partnership Tax Audit Rules"), proposes an adjustment greater than $25,000 in the amount of any item of income, gain, loss, deduction or credit of the Issuer, or any partner's distributive share thereof, and such adjustment results in an "imputed underpayment" as described in Section 6225(b) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions (a "Covered Audit Adjustment"), the Partnership Representative will use commercially reasonable efforts (taking into account whether the Partnership Representative has received any needed information on a timely basis from the Holders of the Subordinated Notes), to apply the alternative method provided by Section 6226 of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions (the "Alternative Method"). In the event the proposed adjustment is equal to or less than $25,000, the Partnership Representative may in its sole discretion elect to have the Issuer pay such adjustment. To the extent that the Partnership Representative does not (or is unable to) elect the Alternative Method with respect to a Covered Audit Adjustment and such Covered Audit Adjustment is material as to the Issuer (determined in the Partnership Representative's sole discretion), the Partnership Representative shall use commercially reasonable efforts to (i) to the extent not economically or administratively burdensome or onerous, make reasonable modifications available under Sections 6225(c)(3), (4) and (5) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions, to the extent that such modifications are available (taking into account whether the Partnership Representative has received any needed information on a timely basis from the Holders of the Subordinated Notes) and would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment, and (ii) if reasonably requested by a Holder of a Subordinated Note, provide to such Holder available information allowing such Holder to file an amended U.S. federal income tax return, as described in Section 6225(c)(2) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions, to the extent that such amended return and

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BUSINESS.30544778.20 -166- payment of any related U.S. federal income taxes would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment (after taking into account any modifications described in clause (i)). Similar procedures shall be followed in connection with any state or local income tax audit governed by the Partnership Tax Audit Rules. Any U.S. federal income taxes (and any related interest and penalties) paid by the Issuer (or any diminution in distributable proceeds resulting from an adjustment under Partnership Tax Audit Rules) may be allocated in the reasonable discretion of the Issuer to those Holders to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), as determined in the reasonable discretion of the Issuer. The Issuer shall not elect or cause any election to be made to apply the Partnership Tax Audit Rules to the Issuer prior to the generally applicable effective date of such legislation, unless the Issuer, in good faith, reasonably determines that such an election would be in the best interests of the Issuer and all Holders of the Notes. Section 7.18 Effective Date; Purchase of Additional Collateral Obligations. (a)The Issuer will use commercially reasonable efforts to purchase, on or before June 20, 2024, Collateral Obligations (i) such that the Target Initial Par Condition is satisfied and (ii) that satisfy, as of the Effective Date, the Concentration Limitations, the Collateral Quality Test and the Coverage Tests. (b) During the period from the Closing Date to and including the Effective Date, the Issuer will use funds to purchase additional Collateral Obligations in the following order: (i) to pay for the principal portion of any Collateral Obligation, first, any amounts on deposit in the Ramp-Up Account, and second, any Principal Proceeds on deposit in the Collection Account and (ii) to pay for accrued interest on any such Collateral Obligation, first, any amounts on deposit in the Ramp-Up Account and second, any Principal Proceeds on deposit in the Collection Account. In addition, the Issuer will use commercially reasonable efforts to acquire such Collateral Obligations that will satisfy, on the Effective Date, the Concentration Limitations, the Collateral Quality Test and each Overcollateralization Ratio Test. (c) Within 30 Business Days after the Effective Date (but in no event later than the Determination Date immediately preceding the first Payment Date), (i) the Issuer will provide, or cause the Collateral Manager to provide, to the Trustee, an accountants' report: (x) confirming the identity of the obligor (it being understood that the same obligor may be referred to differently due to the use of abbreviations or shorthand references by different record keepers), principal balance, coupon/spread, stated maturity, S&P Rating and country of Domicile with respect to each Collateral Obligation as of the Effective Date and the information provided by the Issuer with respect to every other asset included in the Assets, by reference to such sources as shall be specified therein (such report, the "Accountants' Effective Date Comparison AUP Report") and (y) recalculating and comparing as of the Effective Date the level of compliance with, or satisfaction or non-satisfaction of the Effective Date Specified Tested Items and specifying the procedures undertaken by them to review data and computations relating to such report (the "Accountants' Effective Date Recalculation AUP Report"), and (ii) the Issuer will cause the Collateral Administrator to compile and deliver to S&P a report (the "Effective Date Report"), determined as of the Effective Date, containing (A) the information required in a Monthly Report, (B) the results of calculations indicating satisfaction of the Effective Date Specified Tested Items and (C) a calculation of the Aggregate Principal Balance that indicates

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BUSINESS.30544778.20 -167- whether the Aggregate Principal Balance equals or exceeds the Target Initial Par Amount in satisfaction of the Target Initial Par Condition. For the avoidance of doubt, the Effective Date Report shall not include or refer to the Accountants' Report and no Accountants' Report shall be provided to or otherwise shared with S&P. (d) In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which includes the Accountants' Effective Date Comparison AUP Report as an attachment, will be provided by the Independent accountants to the Issuer who will post such Form 15-E, except for the redaction of any sensitive information, on the 17g-5 Website. Copies of the Accountants' Effective Date Recalculation AUP Report or any other accountants' report provided by the Independent accountants to the Issuer, the Trustee, the Loan Agents, the Collateral Manager or the Collateral Administrator will not be provided to any other party including S&P (other than as provided in an access letter between the accountants and such party). (e) If (1) the Effective Date Condition has not been satisfied prior to the date that is 30 Business Days after the Effective Date (but in no event later than the Determination Date immediately preceding the first Payment Date) and (2) S&P has not provided written confirmation (which may take the form of a press release or other written communication) of its initial rating of the Secured Debt by the date 30 Business Days following the Effective Date, then the Issuer (or the Collateral Manager on the Issuer's behalf) shall request S&P to provide written confirmation of its Initial Ratings (which may take the form of a press release or other written communication). In such case, if S&P does not provide written confirmation of its Initial Ratings on or prior to the Determination Date immediately preceding the first Payment Date, then the Issuer (or the Collateral Manager on the Issuer's behalf) will instruct the Trustee to transfer amounts from the Interest Collection Subaccount to the Principal Collection Subaccount (and may, prior to the first Payment Date, use such funds on behalf of the Issuer for the purchase of additional Collateral Obligations) sufficient to obtain from S&P written confirmation of its Initial Ratings; provided that in lieu of complying with this paragraph, the Issuer (or the Collateral Manager on the Issuer's behalf) may take such action, including, but not limited to, a Special Redemption and/or transferring amounts from the Interest Collection Subaccount to the Principal Collection Subaccount as Principal Proceeds (for use in a Special Redemption), sufficient to enable the Issuer (or the Collateral Manager on the Issuer's behalf) to obtain written confirmation from S&P, of its Initial Ratings. (f) The Issuer hereby directs the Trustee to deposit the amount specified in the Closing Date Certificate to the Ramp-Up Account on the Closing Date. At the direction of the Issuer (or the Collateral Manager on behalf of the Issuer), the Trustee shall apply amounts held in the Ramp-Up Account to purchase additional Collateral Obligations from the Closing Date to and including the Effective Date as described in clause (b) above. If on the Effective Date, any amounts on deposit in the Ramp-Up Account have not been applied to purchase Collateral Obligations, such amounts shall be applied as described in Section 10.3(c). (g) Weighted Average S&P Recovery Rate; S&P CDO Monitor. On or prior to the later of (x) the S&P CDO Monitor Election Date and (y) the Effective Date, the Collateral Manager will elect the S&P CDO Monitor Recovery Rate that will apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum

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BUSINESS.30544778.20 -168- Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral Administrator. Thereafter, at any time on written notice to the Trustee, the Collateral Administrator and S&P, the Collateral Manager may elect a different S&P CDO Monitor Recovery Rate to apply to the Collateral Obligations; provided, that if (i) the Collateral Obligations are currently in compliance with the Weighted Average S&P Recovery Rate case then applicable to the Collateral Obligations but the Collateral Obligations would not be in compliance with the S&P CDO Monitor Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or (ii) the Collateral Obligations are not currently in compliance with the Weighted Average S&P Recovery Rate case then applicable to the Collateral Obligations and would not be in compliance with any other S&P CDO Monitor Recovery Rate case, the S&P CDO Monitor Recovery Rate to apply to the Collateral Obligations shall be the lowest S&P CDO Monitor Recovery Rate in Schedule 4. If the Collateral Manager does not notify the Trustee and the Collateral Administrator that it will alter the S&P CDO Monitor Recovery Rate in the manner set forth in this Indenture, the S&P CDO Monitor Recovery Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable, shall continue to apply. (h) Compliance with the S&P CDO Monitor Test will be measured by the Collateral Manager on each Measurement Date on or after the Effective Date and on or prior to the last day of the Reinvestment Period; provided, however, that on each Measurement Date occurring on and after the S&P CDO Monitor Election Date, after receipt by the Issuer of the S&P CDO Monitor, the Collateral Manager will be required to provide to the Trustee and the Collateral Administrator a report on the portfolio of Collateral Obligations containing such information as shall be reasonably necessary to permit the Collateral Administrator to calculate the Class Default Differential with respect to the Highest Ranking S&P Class on such Measurement Date. In the event that the Collateral Manager's measurement of compliance and the Collateral Administrator's measurement of compliance show different results, the Collateral Manager and the Collateral Administrator shall be required to cooperate promptly in order to reconcile such discrepancy. Section 7.18 (i) [Reserved]. (j) The failure of the Issuer to satisfy the requirements of this Section 7.18 will not constitute an Event of Default unless such failure constitutes an Event of Default under Section 5.1(d) hereof and the Issuer, or the Collateral Manager acting on behalf of the Issuer, has acted in bad faith. Section 7.19 Representations Relating to Security Interests in the Assets. (a) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder): (i) The Issuer owns each Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are being released on the Closing Date contemporaneously with the sale of the Debt on the Closing Date or on the related Cut-Off Date contemporaneously with the purchase of such Asset on the Cut-Off Date, created under, or permitted by, this Indenture and any other Permitted Liens.

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BUSINESS.30544778.20 -169- (ii) Other than the security interest Granted to the Trustee for the benefit of the Secured Parties pursuant to this Indenture, except as permitted by this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Issuer has not authorized the filing of and is not aware of any Financing Statements against the Issuer that include a description of collateral covering the Assets other than any Financing Statement relating to the security interest granted to the Trustee hereunder or that has been terminated; the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the Issuer. (iii) All Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of the UCC), Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets to a "securities account" (as defined in Section 8-501(a) of the UCC). (iv) All Accounts constitute "securities accounts" under Section 8-501(a) of the UCC. (v) This Indenture creates a valid and continuing security interest (as defined in Section 1-201(37) of the UCC) in such Assets in favor of the Trustee, for the benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances (except as permitted otherwise herein), and is enforceable as such against creditors of and purchasers from the Issuer. (b) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to Assets that constitute Instruments: (i) Either (x) the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Instruments granted to the Trustee, for the benefit and security of the Secured Parties or (y)(A) all original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to the Trustee or the Issuer has received written acknowledgement from a custodian that such custodian is holding the mortgage notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Trustee and for the benefit of the Secured Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating that they are pledged, assigned or otherwise conveyed to any Person other than the Trustee, for the benefit of the Secured Parties. (ii) The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets.

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BUSINESS.30544778.20 -170- (c) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to the Assets that constitute Security Entitlements: (i) All of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of Section 8-501(a) of the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited to such Accounts as "financial assets" within the meaning of Section 8-102(a)(9) of the UCC. (ii) The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets. (iii) (x) The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Trustee, for the benefit and security of the Secured Parties, hereunder and (y)(A) the Issuer has delivered to the Trustee a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed to comply with all Entitlement Orders and other instructions originated by the Trustee relating to the Accounts without further consent by the Issuer or (B) the Issuer has taken all steps necessary to cause the Custodian to identify in its records the Trustee as the Person having a security entitlement against the Custodian in each of the Accounts. (iv) The Accounts are not in the name of any Person other than the Issuer or the Trustee. The Issuer has not consented to the Custodian to comply with the Entitlement Order of any Person other than the Trustee (and the Issuer (or the Collateral Manager on behalf of the Issuer) prior to a notice of exclusive control being provided by the Trustee, which notice the Trustee agrees it shall not deliver except after the occurrence and during the continuation of an Event of Default). (d) The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to Assets that constitute general intangibles: (i) The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Assets granted to the Trustee, for the benefit and security of the Secured Parties, hereunder. (ii) The Issuer has received, or will receive, all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets.

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BUSINESS.30544778.20 -171- (e) The Issuer agrees to notify the Collateral Manager and S&P promptly if it becomes aware of the breach of any of the representations and warranties contained in this Section 7.19 and shall not, without satisfaction of the S&P Rating Condition, waive any of the representations and warranties in this Section 7.19 or any breach thereof. Section 7.20 Limitation on Certain Maturity Amendments.(a) The Issuer (or the Collateral Manager on the Issuer's behalf) may agree to any amendment, waiver or other modification to any Collateral Obligation that would extend the stated maturity date thereof; provided, that neither the Issuer nor the Collateral Manager on the Issuer's behalf may agree to any Maturity Amendment unless, as determined by the Collateral Manager, both (x) the stated maturity of the related Collateral Obligation is not extended beyond the earliest Stated Maturity and (y) (1) the Weighted Average Life Test will be satisfied after giving effect to such Maturity Amendment or (2) if the Weighted Average Life Test was not satisfied immediately prior to giving effect to such Maturity Amendment, the level of compliance with the Weighted Average Life Test will be improved or maintained after giving effect to such Maturity Amendment; provided further that the Issuer may enter into any Maturity Amendment that does not meet the requirements described in the first proviso above if (a) in the Collateral Manager's reasonable judgment such Maturity Amendment is necessary (i) to prevent the related Collateral Obligation from becoming a Defaulted Obligation or (ii) due to the materially adverse financial condition of the related Obligor, to minimize material losses on the related Collateral Obligation (any such Maturity Amendment described in this clause (a), a "Credit Amendment"), (b) the stated maturity of any Collateral Obligation subject to a Credit Amendment is not extended to more than 24 months beyond the earliest Stated Maturity, and (c) immediately following such amendment or modification, not more than 5.07.5% of the Collateral Principal Amount consists of Collateral Obligations subject to a Credit Amendment that does not meet the requirements described in the first proviso above and (d) immediately following such amendment or modification, the Aggregate Principal Balance of all Collateral Obligations subject to a Credit Amendment that does not meet the requirements described in the first proviso above since the Refinancing Date is not more than 15.0% of the Collateral Principal Amount; provided, that not more than 2.0% of the Collateral Principal Amount consists of Collateral Obligations subject to a Credit Amendment that does not meet the requirements described in clause (x) of the first proviso above.; provided further, that the Issuer (or the Collateral Manager on the Issuer's behalf) may vote in favor of any Maturity Amendment without regard to clause (x) or (y) of the first proviso above, so long as the Issuer has entered into a binding commitment to sell such Collateral Obligation within 30 days after the effective date of the Maturity Amendment and reasonably believes that any such sale will be completed prior to the end of such 30-day period, but if such sale is not completed prior to the end of such 30-day period, such Collateral Obligation shall be treated as a Long Dated Obligation after the end of such 30-day period. (a) The Issuer will not be in violation of the restriction in clause (a) with respect to any Maturity Amendment that is effected in violation of clause (x) or (y) of the first proviso in clause (a) so long as the Issuer (or the Collateral Manager on behalf of the Issuer) has not consented to such Maturity Amendment.

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BUSINESS.30544778.20 -172- Section 7.21 Maintenance of Listing. So long as any Class of Debt that is listed on Euronext Dublin remains Outstanding, the Issuer shall use all reasonable efforts to maintain such listing. ARTICLE VIII SUPPLEMENTAL INDENTURES Section 8.1 Supplemental Indentures Without Consent of Holders of Debt. Without the consent of the Holders of any Debt (except as may be expressly required herein) but with the written consent of the Collateral Manager at any time and from time to time, subject to Section 8.3, and without an Opinion of Counsel being provided to the Issuer or the Trustee or each applicablethe Loan Agent, as applicable, as to whether any Class of Debt would be materially and adversely affected thereby (except as may be expressly required herein), the Issuer and the Trustee may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee and/or (y) the Issuer and each applicablethe Loan Agent may enter into one or more amendments to the Class A-L Loan AgreementsAgreement, in form satisfactory to the applicable Loan Agent, in each case, for any of the following purposes: (i) to evidence the succession of another Person to the Issuer and the assumption by any such successor Person of the covenants of the Issuer in the Constituting Documentsthis Indenture and in the Debt; (ii) to add to the covenants of the Issuer, the Loan Agents,Agent or the Trustee for the benefit of the Secured Parties; (iii) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Debt; (iv) to evidence and provide for (x) the acceptance of appointment hereunder by a successor Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof and (y) the acceptance of appointment under a Class A-Lthe Loan Agreement by a successor Loan Agent and to add to or change any of the provisions of a Class A-Lthe Loan Agreement as shall be necessary to facilitate the administration of such Class A-Lthe Loan Agreement by more than onethe Loan Agent, pursuant to the requirements of the Constituting DocumentsIndenture; (v) to correct or amplify the description of any property at any time subject to the lienLien of this Indenture, or to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether pursuant to Section 7.5 or otherwise) or to subject to the lienLien of this Indenture any additional property;

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BUSINESS.30544778.20 -173- (vi) to modify the restrictions on and procedures for resales and other transfers of Debt to reflect any changes in ERISA or other applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration under the Securities Act or the 1940 Act or otherwise comply with any applicable securities law; (vii) to remove restrictions on resale and transfer of any Secured Debt to the extent not required under clause (vi) above; (viii) to make such changes as shall be necessary or advisable in order for the Debt to be or remain listed on any exchange; (ix) to correct any inconsistent or defective provisions in the Constituting Documentsthis Indenture or to cure any ambiguity, omission or errors therein; (x) to conform the provisions of the Constituting Documentsthis Indenture to the final Offering Circular; (xi) to take any action necessary or helpful (1) to prevent the Issuer, the holders of any Debt, the Loan AgentsAgent or the Trustee from becoming subject to (or otherwise to minimize) any withholding or other taxes or assessments (including any tax liability under Sections 1446 or 6221 of the Code) and (2) to prevent the Issuer from becoming a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes; (xii) (A) with the consent of the Collateral Manager and the Retention Holder, to permit the Issuer to issue additional debt in accordance herewith; or (B) at the direction of the Collateral Manager with the consent of the Retention Holder, to permit the Issuer to issue replacement securities in connection with a Refinancing or to reduce the Interest Rate of a Class of Debt in connection with a Re-Pricing, in each case in accordance herewith (including, in connection with (x) a Refinancing of less than all Classes of Secured Debt or a Re-Pricing, with the consent the Collateral Manager, modifications to establish a non-call period for the obligations providing such Refinancing or Re-Pricing or prohibit a future Refinancing or Re-Pricing of such obligations providing such Refinancing or Re-Pricing or (y) a Refinancing of all Classes of Secured Debt in full, modifications to (a) effect an extension of the end of the Reinvestment Period, (b) establish a non-call period or prohibit a future Refinancing, (c) modify the Weighted Average Life Test, (d) provide for a stated maturity of the obligations or loans or other financial arrangements issued or entered into in connection with such Refinancing that is later than the Stated Maturity of the Secured Debt, (e) effect an extension of the Stated Maturity of the Subordinated Notes or (f) any other changes to the Transaction Documents, in the case of each of (a) through (f), as consented to by the Collateral Manager and a Majority of the Subordinated Notes); provided, further that any supplemental indenture pursuant to this clause (xii), without the consent of any holders of any Classes of Debt, may make any modification or amendment determined by the Collateral Manager (based on the advice of Dechert LLP or other nationally recognized

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BUSINESS.30544778.20 -174- counsel) to be necessary in order for a Re-Pricing or Refinancing not to be subject to, or not cause the Collateral Manager or any other "sponsor" (as defined for purposes of the U.S. Risk Retention Rules) to violate, the U.S. Risk Retention Rules; (xiii) to modify the procedures herein relating to compliance with Rule 17g-5 under the Exchange Act or to permit compliance, or reduce the costs to the Issuer (including as amounts payable to the Collateral Manager) of compliance, with the Dodd-Frank Act (as amended from time to time) and any rules or regulations thereunder applicable to the Issuer, the Collateral Manager, the Sub-Advisor or the Debt; (xiv) with the written consent of a Majority of the Controlling Class, to conform to ratings criteria and other guidelines (including, without limitation, any alternative methodology published by S&P or any use of S&P's credit models or guidelines for ratings determination) relating to collateral debt obligations in general published or otherwise communicated by S&P; provided that, the Issuer shall not execute any such supplemental indenture without the consent of the Retention Holder; (xv) following receipt by the Issuer of written advice (which may be email) of counsel of national reputation experienced in such matters and with the consent of the Retention Holder, to amend, modify or otherwise accommodate changes to the Constituting Documentsthis Indenture to comply with any statute, rule, regulation, or technical or interpretive guidance enacted, effective, or issued by regulatory agencies of the United States federal government or any Member State of the European Economic Area or otherwise under European law, after the ClosingRefinancing Date that are applicable to the Issuer, the Debt or the transactions contemplated by this Indenture or by the Offering Circular, including, without limitation, any applicablethe U.S. Risk Retention Rules, any applicable EU and UK disclosure requirements under the EU Securitization Regulation and/or the UK Securitization Framework (including, without limitation, the EU/UK Risk Retention Requirements), securities laws or the Dodd- Frank Act and all rules, regulations, and technical or interpretive guidance thereunder; (xvi) to modify any provision to facilitate an exchange of one debt instrument for another debt instrument that has substantially identical terms except transfer restrictions, including to effect any serial designation relating to the exchange; (xvii) with the written consent of a Majority of the Controlling Class, to evidence any waiver or modification by S&P as to any requirement or condition, as applicable, of S&P set forth in the Constituting Documentsthis Indenture; (xviii) to accommodate the settlement of the Debt in book-entry form through the facilities of DTC or otherwise; (xix) to change the date within the month on which reports are required to be delivered hereunder; (xx) with the written consent of a Majority of the Controlling Class, to modify (A) the definitions of "Credit Improved Obligation," "Credit Risk Obligation," "Coverage Tests"Test," "Defaulted Obligation," "Equity Security" or "Concentration

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BUSINESS.30544778.20 -175- Limitations", (B) the restrictions on the sales of Collateral Obligations or the Investment Criteria or (C) the restrictions described in Section 7.20, in each case, in a manner that would not materially adversely affect any Holder of the Debt, as evidenced by a certificate of a Responsible Officer of the Collateral Manager or an opinion of counsel delivered to the Trustee and the Loan Agents (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion);; (xxi) with the written consent of a Majority of the Controlling Class, to enter into any additional agreements not expressly prohibited by the Constituting Documentsthis Indenture as well as any amendment, modification or waiver; provided that, any such additional agreements include customary limited recourse and non-petition provisions; (xxii) following receipt by the Issuer of written advice (which may be email) of counsel of national reputation experienced in such matters, to make any modification determined by the Collateral Manager necessary or advisable to comply with the U.S. Risk Retention Rules or the EU/UK Securitization Regulations, including (without limitation) in connection with a Refinancing, Re-PricingRe-Pricing, additional issuance of debt or other amendment; (xxiii) to change the base rate in respect of the Secured Debt from the then current Reference Rate to an Alternative Rate and make such other amendments as are necessary or advisable in the sole discretion of the Collateral Manager to facilitate such change (any amendment pursuant to this clause (xxiii), a "Reference Rate Amendment") or, with the consent of a Majority of the Controlling Class and a Majority of the Subordinated Notes, to modify the definition of the terms "Benchmark Replacement Rate" and/or "Fallback Rate" set forth herein; provided that, for the avoidance of doubt, any amendment that is necessary or advisable in the sole discretion of the Collateral Manager to facilitate a Reference Rate Amendment pursuant to this clause (xxiii) shall, notwithstanding any other provision set forth in this Section 8.1 or in Section 8.2, be subject only to the requirements of this clause (xxiixxiii); provided further that, a Reference Rate Amendment will not be required for purposes of a change to the Reference Rate pursuant to clause (d) of the definition of Benchmark Transition Event; (xxiv) to implement any Benchmark Replacement Conforming Changes; (xxv) with the written consent of a Majority of the Controlling Class, to modify (i) any Collateral Quality Test, (ii) any defined term identified herein utilized in the determination of any Collateral Quality Test, or (iii) any defined term herein or any schedule thereto that begins with or includes the word "S&P" solely to conform to applicable ratings criteria; (xxvi) to change the name of the Issuer in connection with the change in name or identity of the Collateral Manager or as otherwise required pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer does not have a license;

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BUSINESS.30544778.20 -176- (xxvii) to change the day of the month on which reports are required to be delivered hereunder; provided that such change does not decrease the frequency with which such reports are required to be delivered; (xxviii) to amend, modify or otherwise accommodate changes to the Constituting Documentsthis Indenture to comply with any rule or regulation enacted by regulatory agencies of the United States federal government after the ClosingRefinancing Date that are applicable to the Debt or the transactions contemplated hereby; (xxix) to authorize the appointment of any listing agent, transfer agent, paying agent or additional registrar for any Class of Debt required or advisable in connection with the listing of any Class of Debt on any stock exchange, and otherwise to amend this Indenture to incorporate any changes required or requested by any governmental authority, stock exchange authority, listing agent, transfer agent, paying agent or additional registrar for any Class of Debt in connection therewith; or (xxx) to make any modification or amendment as necessary or advisable (A) for any Class of Debt to not be considered an "ownership interest" in a "covered fund" as defined for purposes of the Volcker Rule or (B) for the Issuer to not be considered a "covered fund" as defined for purposes of the Volcker Rule; or (xxxi) (xxx) to make such other changes not described in clause (i) – (xxixxxx) above as the Issuer deems appropriate and that do not materially and adversely affect the interests of any holder of the Debt, as evidenced by a certificate of a Responsible Officer of the Collateral Manager or an opinion of counsel delivered to the Trustee (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion); provided that, a Majority of the Controlling Class has not objected to such supplemental indenture proposed to be entered into pursuant to this clause (xxx) within 10 Business Days of notice of such proposed supplemental indenture given pursuant to Section 8.3(e).. To the extent the Issuer executes a supplemental indenture for purposes of conforming the Constituting Documentsthis Indenture to the final Offering Circular pursuant to clauses (ix) or (x) above and one or more other amendment provisions described above also applies, such supplemental indenture will be deemed to be a supplemental indenture to conform the Constituting Documentsthis Indenture to the final Offering Circular pursuant to clause (ix) or (x) above, as applicable, regardless of the applicability of any other provision regarding supplemental indentures set forth in the Constituting Documentsthis Indenture. Section 8.2 Supplemental Indentures With Consent of Holders of Debt. The Issuer, and the Trustee (in the case hereof) and each applicablethe Loan Agent (in the case of the Class A-L Loan AgreementsAgreement), as applicable, may, with the consent of a Majority of each Class of Secured Debt materially and adversely affected thereby, if any, and of a Majority of the Subordinated Notes if materially and adversely affected thereby (and with prior notice to all Holders pursuant to Section 8.3(e)) and with the consent of the Collateral Manager and of the

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BUSINESS.30544778.20 -177- Retention Holder, with notice to S&P and subject to Section 8.3, execute one or more indentures supplemental to the Constituting Documentsthis Indenture to add provisions to, or change in any manner or eliminate any of the provisions of, the Constituting Documentsthis Indenture or modify in any manner the rights of the Holders of the Debt of any Class under the Constituting Documentsthis Indenture; provided that notwithstanding anything herein or in any Class A-Lthe Loan Agreement to the contrary, no such supplemental indenture shall, without the consent of each Holder of Outstanding Debt of each Class materially and adversely affected thereby: (i) change the Stated Maturity of the principal of or the due date of any installment of interest on any Secured Debt, reduce the principal amount thereof or the rate of interest thereon (except in connection with a Re-Pricing or Reference Rate Amendment) or, except as otherwise expressly permitted by the Constituting Documentsthis Indenture, the Redemption Price with respect to any Debt, or change the earliest date on which Debt of any Class may be redeemed or re-priced, extend the Reinvestment Period, change the provisions of the Constituting Documentsthis Indenture relating to the application of proceeds of any Assets to the payment of principal of or interest on the Secured Debt, or distributions on the Subordinated Notes or change any place where, or the coin or currency in which, Debt or the principal thereof or interest or any distribution thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date); (ii) reduce the percentage of the Aggregate Outstanding Amount of Holders of each Class whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of the Constituting Documentsthis Indenture or certain defaults hereunder or their consequences provided for in the Constituting Documentsthis Indenture; (iii) impair or adversely affect the Assets except as otherwise permitted in the Constituting Documentsthis Indenture; (iv) except as otherwise permitted by this Indenture, permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or deprive the Holder of any Secured Debt of the security afforded by the lien of this Indenture; (v) reduce the percentage of the Aggregate Outstanding Amount of Holders of any Class of Secured Debt whose consent is required to request the Trustee to preserve the Assets or rescind the Trustee's election to preserve the Assets pursuant to Section 5.5 or to sell or liquidate the Assets pursuant to Section 5.4 or 5.5; (vi) modify any of the provisions of the Constituting Documentsthis Indenture with respect to (x) entering into supplemental indentures requiring the consent of the holders of a Majority of each Class of Debt or of the holder of Outstanding Debt of each Class, except to increase the percentage of Outstanding Debt the consent of the Holders of which is required for any such action or to provide that certain other provisions of the Constituting Documentsthis Indenture cannot be modified or waived without the consent

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BUSINESS.30544778.20 -178- of the Holder of Outstanding Debt affected thereby or (y) entering into supplemental indentures without the consent of such holders or the requirements relating to the execution of such supplemental indentures; (vii) modify the definition of the term "Outstanding" or the Priority of Payments set forth in Section 11.1(a); (viii) modify any of the provisions of the Constituting Documentsthis Indenture in such a manner as to affect the calculation of the amount of any payment of interest or principal on any Secured Debt or any amount available for distribution to the Subordinated Notes, or to affect the rights of the Holders of any Debt to the benefit of any provisions for the redemption of such Debt contained herein; or (ix) result in the Issuer becoming subject to U.S. federal tax with respect to its net income (including any withholding tax liability under Section 1446 of the Code) or becoming a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. Section 8.3 Execution of Supplemental Indentures. (a) The Collateral Manager shall not be bound to follow any amendment or supplement to the Constituting Documentsthis Indenture unless it has consented thereto in accordance with this Article VIII and with the applicable Class A-L Loan Agreement, if applicable. The Issuer hereby agrees that it shall not permit to become effective any supplemental indenture unless the Collateral Manager has been given prior written notice of such amendment and the Collateral Manager has expressly consented thereto in writing. (b) The Issuer shall provide notice of any supplemental indenture entered into pursuant to Section 8.1 or Section 8.2 to S&P. (c) Each applicableThe Loan Agent and the Trustee shall, as applicable, join in the execution of any such supplemental indenture or amendment to a Class A-Lthe Loan Agreement (as applicable) and shall make any further appropriate agreements and stipulations which may be therein contained, but neither the applicable Loan Agent nor the Trustee shall not be obligated to enter into any such supplemental indenture or amendment which adversely affects such entity's own rights, duties, liabilities or immunities under this Indenture, the Class A-L Loan Agreements Agreement or otherwise, except to the extent required by law. (d) The Trustee and the Loan AgentsAgent may conclusively rely on an Opinion of Counsel (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion) or a Responsible Officer's certificate of the Collateral Manager as to whether the interests of any Holder of Debt would be materially and adversely affected by the modifications set forth in any supplemental indenture, it being expressly understood and agreed that the Trustee and the Loan AgentsAgent shall have no obligation to make any determination as to the satisfaction of the requirements related to any supplemental indenture which may form the basis of such Opinion of Counsel or such Responsible Officer's certificate; provided that if a Majority of the Holders of any Class of Debt

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BUSINESS.30544778.20 -179- has provided to the Trustee at least five (5) Business Days prior to the execution of such supplemental indenture a written certification that such Class would be materially and adversely affected thereby, setting forth its reasonable basis for such determination, the Trustee shall not be entitled to rely upon an Opinion of Counsel or Responsible Officer's certificate of the Collateral Manager as to whether or not the Holders of such Class would be materially and adversely affected by such supplemental indenture and the Trustee shall not enter into such supplemental indenture without the consent of a Majority of such Class. Such determination shall be conclusive and binding on all present and future holders. Neither the Trustee nor the Loan AgentsAgent shall not be liable for any such determination made in good faith and in reliance upon an Opinion of Counsel or such a Responsible Officer's certificate delivered to such entity as described herein. For the avoidance of doubt, no Holder who would not constitute a Holder after giving effect to a Refinancing or Re-Pricing shall be materially and adversely affected by any provision of any supplemental indenture that becomes effective after such Refinancing or Re-Pricing or otherwise have any right to object to any such Refinancing or Re-Pricing. (e) At the cost of the Issuer, for so long as any Debt shall remain Outstanding, not later than 1510 Business Days (or 5 Business Days if in connection with an additional issuance, Re-Pricing or Refinancing or a Reference Rate Amendment which does not require the consent of a Majority of the Class A Debt) prior to the execution of any proposed supplemental indenture, the Trustee and/or each applicablethe Loan Agent, as applicable, shall deliver to the Collateral Manager, the Collateral Administrator, the Debtholders and S&P, a copy of such proposed supplemental indenture or amendment to the applicable Class A-L Loan Agreement, as applicable. At the cost of the Issuer, the Trustee or the applicable Loan Agent, as applicable, shall provide to S&P and the Holders (in the manner described in Section 14.4) a copy of the executed supplemental indenture or amendment to a Class A-Lthe Loan Agreement after its execution. Any failure of the Trustee or the applicable Loan Agent, as applicable, to publish or deliver such notice, or any defect therein, shall not in any way impair or affect the validity of any such supplemental indenture or amendment to a Class A-Lthe Loan Agreement. (f) It shall not be necessary for any Act of Holders to approve the particular form of any proposed supplemental indenture or amendment to a Class A-Lthe Loan Agreement, but it shall be sufficient, if the consent of any Holders to such proposed supplemental indenture or amendment to a Class A-Lthe Loan Agreement is required, that such Act shall approve the substance thereof. (g) Following delivery of any proposed supplemental indenture to the applicable holders (other than a supplemental indenture that effects a Refinancing of all Classes of Secured Debt), if any changes are made to such supplemental indenture other than changes of a technical nature or to correct typographical errors or to adjust formatting, then at the expense of the Issuer, not later than five Business Days (or three Business Days if in connection with an additional issuance, Re-Pricing or Refinancing or a Reference Rate Amendment which does not require the consent of a Majority of the Class A Debt) prior to the execution of such proposed supplemental indenture, the Trustee, shall deliver to the applicable holders a copy of such supplemental indenture as revised, indicating the changes that were made. Any consent given to a proposed supplemental indenture by a holder will be irrevocable and binding on such holder and all future holders or beneficial owners of that Debt, irrespective of the execution date of the supplemental indenture. If the required consent to a proposed supplemental indenture is received

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BUSINESS.30544778.20 -181- this Article VIII, this Indenture or the applicable Class A-L Loan Agreement, as applicable, shall be modified in accordance therewith, and such supplemental indenture or amendment to such Class A-Lthe Loan Agreement, as applicable, shall form a part of this Indenture or such Class A-Lthe Loan Agreement, as applicable, for all purposes; and every Holder of Debt theretofore and thereafter authenticated and delivered hereunder shall be bound thereby. Section 8.5 Reference in Debt to Supplemental Indentures. DebtDebtauthenticated authenticated and delivered as part of a transfer, exchange or replacement pursuant to Article II or Debt originally issued hereunder after the execution of any supplemental indenture or amendment pursuant to this Article VIII may, and if required by the Issuer shall, bear a notice in form approved by the Trustee as to any matter provided for in such supplemental indenture or amendment. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture or amendment, may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Debt. ARTICLE IX REDEMPTION OF DEBT Section 9.1 Mandatory Redemption. If a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available amounts in the Payment Account to make payments on the Debt on the applicable Payment Date pursuant to the Priority of Payments. Section 9.2 Optional Redemption. (a) The Secured Debt may be redeemed by the Issuer, at the written direction of a Majority of the Subordinated Notes with the consent of the Collateral Manager and the Retention Holder or of the Collateral Manager with the consent of the Retention Holder as follows: (i) in whole (with respect to all Classes of Secured Debt) but not in part on any Business Day after the end of the Non-Call Period from Sale Proceeds and/or Refinancing Proceeds or (ii) in part by Class from Refinancing Proceeds and Partial Refinancing Interest Proceeds on any Business Day after the end of the Non-Call Period as long as the Secured Debt to be redeemed represent not less than the entire Class of such Secured Debt. In connection with any such Optional Redemption, the Secured Debt shall be redeemed at the applicable Redemption Prices and a Majority of the Subordinated Notes or the Collateral Manager, as applicable, must provide the above described written direction to the Issuer, the Loan Agents Agent and the Trustee not later than 15 Business Days (or such shorter period of time as the Trustee and/or the Loan AgentsAgent and the Collateral Manager find reasonably acceptable) prior to the Business Day on which such redemption is to be made; provided that all Secured Debt to be redeemed must be redeemed simultaneously. For the avoidance of doubt, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans will be treated as one Class for purposes of an Optional Redemption (other than a Refinancing). (b) Upon receipt of a copy of any direction for a redemption of Secured Debt in whole pursuant to Section 9.2(a)(i), the Collateral Manager in its sole discretion shall direct the sale (and the manner thereof) of all or part of the Collateral Obligations and other Assets in an amount sufficient that the proceeds from such sale and all other funds available for such

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BUSINESS.30544778.20 -182- purpose in the Collection Account and the Payment Account will be at least sufficient to pay the Redemption Prices of the Secured Debt to be redeemed and to pay all Administrative Expenses (without regard to the Administrative Expense Cap) and Aggregate Collateral Management Fees due and payable under the Priority of Payments. If such proceeds of such sale and all other funds available for such purpose in the Collection Account and the Payment Account would not be sufficient to redeem all Secured Debt and to pay such fees and expenses, the Debt may not be redeemed. The Collateral Manager, in its sole discretion, may effect the sale of all or any part of the Collateral Obligations or other Assets through the direct sale of such Collateral Obligations or other Assets or by participation or other arrangement. (c) [Reserved]. (d) In addition to (or in lieu of) a sale of Collateral Obligations and/or Eligible Investments in the manner provided in Section 9.2(b), the Secured Debt may be redeemed in whole from Sale Proceeds and/or Refinancing Proceeds or in part by Class from Refinancing Proceeds and Partial Refinancing Interest Proceeds by obtaining a loan or an issuance of replacement securities, whose terms in each case will be negotiated by the Issuer or, upon request of the Issuer, by the Collateral Manager on behalf of the Issuer, from one or more financial institutions or purchasers; provided that the terms of such Refinancing and any financial institutions acting as lenders thereunder or purchasers thereof must be acceptable to the Collateral Manager and a Majority of the Subordinated Notes, if the Subordinated Notes are materially and adversely affected thereby, and such Refinancing otherwise satisfies the conditions described below. Any obligations providing the Refinancing will be first offered to the Collateral Manager and the U.S. Retention Holder, in such amount that such person has determined on the basis of advice of counsel is required for the Risk Retention Rules to be satisfied. (e) In the case of a Refinancing upon a redemption of the Secured Debt in whole but not in part pursuant to Section 9.2(a)(i), such Refinancing will be effective only if (i) the Refinancing Proceeds (including any amounts available for such purpose in the Permitted Use Account), all Sale Proceeds from the sale of Collateral Obligations and Eligible Investments in accordance with the procedures set forth herein, and all other available funds will be at least sufficient to redeem simultaneously the Secured Debt then required to be redeemed at the respective Redemption Prices thereof (subject to any election by Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Debt to receive less than 100% of the Redemption Price as noted below), in whole but not in part, and to pay all accrued and unpaid Administrative Expenses (without regard to the Administrative Expense Cap), including, without limitation, the reasonable fees, costs, charges and expenses incurred by the Issuer, the Trustee, the Loan AgentsAgent, the Collateral Administrator and the Collateral Manager (including reasonable attorneys' fees and expenses) in connection with such Refinancing, (ii) the Sale Proceeds, Refinancing Proceeds and other available funds are used (to the extent necessary) to make such redemption, (iii) the agreements relating to the Refinancing contain limited recourse and non-petition provisions equivalent (mutatis mutandis) to those contained in Section 13.1(b) and Section 2.7(i) and (iv) (A) neither the Issuer nor any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will fail to be in compliance with the U.S. Risk Retention Rules as a result of such Refinancing, (B) there has been no change in the U.S. Risk Retention Rules that would require any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer to hold

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BUSINESS.30544778.20 -183- more than 5% of the credit risk collateralizing the Refinancing Obligations and (C) unless it consents to do so, none of the Collateral Manager, the U.S. Retention Holder, any Affiliate of the Collateral Manager or any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will be required to purchase any Refinancing Obligations. (f) In the case of a Refinancing upon a redemption of the Secured Debt in part by Class pursuant to Section 9.2(a)(ii), such Refinancing will be effective only if: (i) the Trustee and/or each applicablethe Loan Agent (, as applicable, (and (at the direction of the Issuer or the Collateral Manager on behalf of the Issuer) shall have given prior written notice of the Refinancing to S&P, (ii) the Refinancing Proceeds (including any amounts available for such purpose in the Permitted Use Account) will be at least sufficient to pay in full the aggregate Redemption Prices of the entire Class or Classes of Secured Debt subject to Refinancing, (iii) the Refinancing Proceeds are used (to the extent necessary) to make such redemption, (iv) the agreements relating to the Refinancing contain limited recourse and non-petition provisions equivalent (mutatis mutandis) to those contained herein, (v) the aggregate outstanding principal amount of any obligations providing the Refinancing for a given Class is no greater than the Aggregate Outstanding Amount of the corresponding Class of Debt being redeemed with the proceeds of such obligations plus, subject to satisfaction of the S&P Rating Condition, an amount equal to the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing, (vi) the stated maturity of each class of obligations providing the Refinancing is the same as the Stated Maturity of each Class of Secured Debt being refinanced, (vii) the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing have been paid or will be adequately provided for on or prior to the second Payment Date immediately following such Refinancing from the Refinancing Proceeds (except for expenses owed to Persons that the Collateral Manager informs the Trustee and/or each applicablethe Loan Agent, as applicable, will be paid solely as Administrative Expenses payable in accordance with the Priority of Payments), (viii) the spread over the Reference Rate or the fixed interest rate, as applicable, of each class of obligations providing the Refinancing will not be greater than the spread over the Reference Rate or the fixed interest rate, as applicable, of the Secured Debt of the corresponding Class being refinanced by such new class of obligations or the weighted average of the spread over the Reference Rate and the fixed rates payable in respect of all of the obligations providing the Refinancing is less than or equal to the weighted average of the spread over the Reference Rate and the fixed rate payable on all of the Classes of Secured Debt being refinanced (determined based on the respective spreads over the Reference Rate or the fixed interest rate, as applicable, of such Classes of Secured Debt); provided that any Class of Secured Debt may be refinanced with obligations that bear interest at a fixed rate so long as (x) the fixed rate of the obligations comprising the Refinancing is less than the applicable Reference Rate plus the relevant spread with respect to such Class of Secured Debt on the date of such Refinancing and (y) the S&P Rating Condition is satisfied with respect to the Secured Debt not subject to such Refinancing; provided, further that, if more than one Class of Secured Debt is subject to a Refinancing, the spread over the Reference Rate or the fixed interest rate, as applicable, of the obligations providing the Refinancing for a Class of Secured Debt may be greater than the spread over the Reference Rate or the fixed interest rate, as applicable, for such Class of Secured Debt subject to Refinancing so long as (x) the weighted average (based on the aggregate principal amount of each Class of Secured Debt subject to Refinancing) of the spread over the Reference Rate and the fixed interest rate of the obligations comprising the Refinancing shall be less than the weighted average (based on the aggregate principal amount of each such Class) of the spread

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BUSINESS.30544778.20 -184- over the Reference Rate and the fixed interest rate with respect to all Classes of Secured Debt subject to such Refinancing as of the date of such Refinancing and (y) the S&P Rating Condition is satisfied with respect to the Secured Debt not subject to such Refinancing, (ix) the obligations providing the Refinancing are subject to the Priority of Payments and do not rank higher in priority pursuant to the Priority of Payments than the corresponding Class of Debt being refinanced, (x) either the Majority of the Subordinated Notes with the consent of the Collateral Manager and the Retention Holder or the Collateral Manager with the consent of the Retention Holder directs the Issuer to effect such Refinancing, (xi) the Issuer shall have obtained written advice of Paul Hastings LLP or Dechert LLP or an opinion of nationally recognized U.S. tax counsel experienced in such matters to the effect that such Refinancing will not result in the Issuer becoming subject to U.S. federal tax with respect to its net income (including any withholding tax liability under Section 1446 of the Code) or becoming a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (xii) (A) neither the Issuer nor any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will fail to be in compliance with the U.S. Risk Retention Rules as a result of such Refinancing, (B) there has been no change in the U.S. Risk Retention Rules that would require any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer to hold more than 5% of the credit risk collateralizing the Refinancing Obligations and (C) unless it consents to do so, none of the Collateral Manager, the U.S. Retention Holder, any Affiliate of the Collateral Manager or any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will be required to purchase any Refinancing Obligations. Notwithstanding the foregoing, the terms of the issuance providing the Refinancing may either (i) contain a make-whole fee in the case of an early repayment of such issuance or (ii) provide that the non-call period applicable to such issuance may be extended beyond the Non-Call Period; provided, that any such make-whole fee (x) shall be paid solely with Interest Proceeds and (y) shall not cause nonpayment or deferral of interest on the next succeeding Payment Date. (g) The Holders of the Subordinated Notes will not have any cause of action against the Issuer, the Collateral Manager, the Collateral Administrator, the Loan AgentsAgent or the Trustee for any failure to obtain a Refinancing. If a Refinancing is obtained meeting the requirements specified above pursuant to Section 9.2(e) or Section 9.2(f) as certified by the Collateral Manager, the Issuer and, at the direction of the Issuer, the Trustee and/or the applicable Loan Agent, as applicable, shall amend this Indenture and/or each applicable Class A-L Loan Agreement, as applicable, to the extent necessary to reflect the terms of the Refinancing and no consent for such amendments shall be required from the Holders of any other Class of Debt. Neither the Trustee nor the Loan AgentsAgent shall not be obligated to enter into any amendment that, in its view, adversely affects its duties, obligations, liabilities or protections under the Constituting Documentsthis Indenture, and the Trustee and the Loan AgentsAgent shall be entitled to conclusively rely upon an Officer's Certificate or Opinion of Counsel as to matters of law (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering such Opinion of Counsel) provided by the Issuer to the effect that such amendment meets the requirements specified above, is authorized or permitted under the Constituting Documentsthis Indenture and that all conditions precedents thereto have been complied with (except that such officer or counsel shall have no obligation to certify or opine as to the sufficiency of the Refinancing Proceeds or the sufficiency of the Accountants'

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BUSINESS.30544778.20 -185- Report or other accountants' certificates or other information under the Constituting Documentsthis Indenture). (h) To the extent that Refinancing Proceeds are not applied to redeem the Class or Classes of Debt subject to a Refinancing or to pay expenses in connection with the Refinancing, such proceeds will be treated as Principal Proceeds. If a Class or Classes of Debt is redeemed in connection with a Refinancing upon a redemption of the Debt in part by Class, Refinancing Proceeds, together with Partial Refinancing Interest Proceeds, will be applied on the related Redemption Date to pay the Redemption Price(s) of such Class or Classes of Debt in accordance with the Priority of Partial Refinancing Proceeds. (i) In the event of any redemption pursuant to this Section 9.2, the Issuer shall, at least 10 Business Days (or such shorter period of time as the Trustee and/or each applicablethe Loan Agent, as applicable, and the Collateral Manager find reasonably acceptable) prior to the Redemption Date, notify the Trustee and/or each applicablethe Loan Agent, as applicable, in writing of such Redemption Date, the applicable Record Date, the principal amount of Secured Debt to be redeemed on such Redemption Date and the applicable Redemption Prices; provided, that failure to effect any Optional Redemption which is withdrawn by the Issuer in accordance with this Indenture or with respect to which a Refinancing fails to occur shall not constitute an Event of Default. (j) In connection with any Optional Redemption of the Secured Debt in whole or of any Class of the Secured Debt in connection with a Refinancing of such Class, Holders of 100% of the Aggregate Outstanding Amount of any such Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Debt by notifying the Trustee and each applicablethe Loan Agent (if applicable) and the Issuer in writing of such election prior to the Redemption Date. (k) The Issuer may redeem the Subordinated Notes at their Redemption Price, in whole but not in part, on any Business Day upon five Business Days' notice to the Trustee on or after the Optional Redemption or repayment of the Secured Debt in full, at the direction of the Collateral Manager or at the direction of a Majority of the Subordinated Notes (with the consent of the Collateral Manager). (l) If a Refinancing of all Secured Debt occurs, the Collateral Manager may designate Principal Proceeds in an amount up to the Excess Par Amount as Interest Proceeds (such designated amount, the "Designated Excess Par"), and direct the Trustee to apply such Designated Excess Par on such Redemption Date or up to the first Payment Date after such Redemption Date as Interest Proceeds in accordance with the Priority of Payments. Section 9.3 Tax Redemption. (a)Tax Redemption. (a) The Debt shall be redeemed in whole but not in part (any such redemption, a "Tax Redemption") on any Payment Date at its applicable Redemption Price at the written direction (delivered to the Trustee and/or each applicablethe Loan Agent, as applicable) of (x) a Majority of any Affected Class or (y) a Majority of the Subordinated Notes, in either case following the occurrence and continuation of a Tax Event.

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BUSINESS.30544778.20 -186- (b) In connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Debt by notifying the Trustee and each applicablethe Loan Agent (if, as applicable), in writing of such election prior to the Redemption Date. (c) Upon its receipt of such written direction directing a Tax Redemption, the Trustee and/or the applicable Loan Agent, as applicable, shall promptly notify the Collateral Manager, the Holders and the S&P thereof. (d) If an Officer of the Collateral Manager obtains actual knowledge of the occurrence of a Tax Event, the Collateral Manager shall promptly notify the Issuer and the Trustee and the Loan AgentsAgent thereof, and upon receipt of such notice the Trustee shall promptly notify the Holders of the Notes and S&P thereof, and the applicable Loan Agent shall notify the applicable Class A-L Lenders thereof. Until the Trustee and/or the Loan AgentsAgent, as applicable, receives written notice from the Collateral Manager or otherwise, neither the Trustee nor the Loan AgentsAgent shall be deemed to have notice or knowledge of any Tax Event. Section 9.4 Redemption Procedures. (a) In the event of any redemption pursuant to Section 9.2, the written direction of a Majority of the Subordinated Notes with the consent of the Collateral Manager and the Retention Holder, or the written direction of the Collateral Manager with the consent of the Retention Holder, as applicable, shall be provided to the Issuer, the Trustee, the Loan AgentsAgent and the Collateral Manager not later than 15 Business Days (or such shorter period of time as the Trustee and/or each applicablethe Loan Agent and the Collateral Manager find reasonably acceptable) prior to the Business Day on which such redemption is to be made (which date shall be designated in such notice). In the event of any redemption pursuant to Section 9.2, 9.3 or 9.8, a notice of redemption shall be provided by the Trustee (and each applicablethe Loan Agent, if applicable) not later than nine Business Days prior to the applicable Redemption Date, to each Holder of Debt, at such Holder's address in the Note Register or the Loan Register, as applicable, and S&P. In addition, so long as any Class of Debt isListed Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the notice of redemption to the Holders of such DebtListed Notes shall also be sent to Euronext Dublin. (b) All notices of redemption delivered pursuant to Section 9.4(a) shall state: (i) the applicable Redemption Date or, with respect to an Optional Redemption by Sale Proceeds, the applicable Redemption Date or any rescheduled Payment Date designated in accordance with Section 9.4(f) below; (ii) the Redemption Prices of the Debt to be redeemed; (iii) all of the Debt that is to be redeemed is to be redeemed in full and that interest on such Debt shall cease to accrue on the Payment Date specified in the notice or, with respect to an Optional Redemption by Sale Proceeds, the applicable Redemption

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BUSINESS.30544778.20 -187- Date or any rescheduled Payment Date designated in accordance with Section 9.4(f) below; and (iv) the place or places where Debt is to be surrendered for payment of the Redemption Prices, which shall be the Corporate Trust Office of the Trustee (or of the applicable Loan Agent, as applicable, in the case of loan notes, if any, in connection with the Class A-L-A Loans or the Class A-L-BA-L Loans). (c) The Issuer may (at the direction of the Collateral Manager) withdraw any notice of redemption delivered pursuant to Section 9.2 at any time prior to 10:00 a.m. New York time on the Business Day immediately preceding the scheduled Redemption Date. In addition, the Issuer may withdraw any notice of Tax Redemption if the conditions required hereunder for such redemption are not satisfied at any time prior to 10:00 a.m. New York time on the scheduled Redemption Date. The Issuer shall provide notice of any such withdrawal to S&P and to each of the Trustee and each applicablethe Loan Agent, as applicable, (who shall each forward such notice to the applicable Holders). (d) Notice of redemption pursuant to Section 9.2, 9.3 or 9.8 (including, without limitation, in respect of a rescheduled Redemption Date as described in Section 9.4(f) below) shall be given by the Issuer or, upon an Issuer Order, by the Trustee (and each applicablethe Loan Agent, ifas applicable) in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Debt selected for redemption shall not impair or affect the validity of the redemption of any other Debt. (e) Unless Refinancing Proceeds are being used to redeem the Secured Debt in whole or in part, in the event of any redemption pursuant to Section 9.2, 9.3 or 9.8, no Secured Debt may be optionally redeemed unless (i) at least one Business Day before the scheduled Redemption Date the Collateral Manager shall have furnished to the Trustee (and each applicablethe Loan Agent, ifas applicable) a certification, in a form reasonably satisfactory to the Trustee (and each applicablethe Loan Agent, ifas applicable), that the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements with (x) a financial or other institution or institutions or (y) a special purpose entity meeting all then-current S&P bankruptcy-remoteness criteria to purchase (directly or by participation or other arrangement), not later than the Business Day immediately preceding the scheduled Redemption Date in immediately available funds, all or part of the Assets at a purchase price at least sufficient, together with the Eligible Investments maturing, redeemable or putable to the issuer thereof at par on or prior to the scheduled Redemption Date, to pay all Administrative Expenses (without regard to the Administrative Expense Cap) and Aggregate Collateral Management Fees payable in connection with such Optional Redemption, Tax Redemption or Clean-Up Call Redemption prior to any distributions with respect to the Subordinated Notes, in each case, as applicable and in accordance with the Priority of Payments, and redeem the applicable Class or Classes of Secured Debt on the scheduled Redemption Date at the applicable Redemption Prices (including, without limitation, any such amount that the Holders of such Class or Classes have elected to receive, where Holders of such Class or Classes have elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class or Classes), or (ii) prior to selling any Collateral Obligations and/or Eligible Investments, the Collateral Manager shall certify to the Trustee that, in its judgment (which may be based on the Issuer

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BUSINESS.30544778.20 -188- having entered into an agreement to sell such Assets to another special purpose entity that has committed financing or has priced but has not yet closed its securities offering), the aggregate sum of (A) expected proceeds from the sale of Eligible Investments, and (B) the aggregate Market Value of the Collateral Obligations shall exceed the sum of (x) the aggregate Redemption Prices of the applicable Class of Secured Debt (including, without limitation, any such amount that the Holders of such Class have elected to receive, where Holders of such Class have elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class) and (y) all Administrative Expenses (without regard to the Administrative Expense Cap) and Aggregate Collateral Management Fees payable in connection with such Optional Redemption, Tax Redemption or Clean-Up Call Redemption, in each case, as applicable and in accordance with the Priority of Payments. Any certification delivered by the Collateral Manager pursuant to this Section 9.4(e) shall include (1) the prices of, and expected proceeds from, the sale (directly or by participation or other arrangement) of any Collateral Obligations and/or Eligible Investments and (2) all calculations required by this Section 9.4(e). Any holder of Debt, the Collateral Manager, the Retention Holder or any of their respective affiliates or accounts managed thereby or by any of their respective affiliates may, subject to the same terms and conditions afforded to other bidders, bid on Assets to be sold as part of an Optional Redemption or Tax Redemption. Notwithstanding the foregoing, in connection with an Optional Redemption by Sale Proceeds, in the event that the Collateral Manager has directed a rescheduled Redemption Date with respect to one or more Classes of Secured Notes in accordance with Section 9.4(f), any such certification described in the preceding paragraph in respect of the expected proceeds or sufficient proceeds to be available on the related Redemption Date may address only the Classes of Secured Notes then being redeemed (and any other amounts payable prior thereto in accordance with the Priority of Payments); provided that the Collateral Manager certifies that sufficient proceeds are expected to be received or otherwise available to redeem pay the applicable Redemption Price and all Administrative Expenses (regardless of the Administrative Expense Cap) and Collateral Management Fees payable in accordance with the Priority of Payments, in each case no later than the latest Redemption Date scheduled for a Class of Secured Notes. (f) Solely in the case of an Optional Redemption by Sale Proceeds, the Collateral Manager, in its sole discretion, may elect to reschedule the Redemption Date with respect to any Class of Secured Debt to occur on the first Business Day after the latest Redemption Date (specified by notice delivered pursuant to Section 9.4(a) prior to 10:00 a.m. New York time on the Business Day immediately preceding the originally scheduled Redemption Date) on which proceeds are available to pay the Redemption Price on such Class in whole, in which case, such rescheduled redemption date will be the Redemption Date for such applicable Class; provided, that (i) such rescheduled Redemption Date shall also apply to each pari passu Class and each Junior Class of Secured Debt related to such Class of Secured Debt, (ii) the Collateral Manager gives written notice to the Trustee and S&P at least four Business Days prior to the occurrence of such rescheduled Redemption Date with respect to such applicable Class, which rescheduled Redemption Date shall not occur between a Determination Date and a Payment Date if such rescheduled Redemption Date would not result in the redemption of all of the Classes of Secured Debt, (iii) the related Class or Classes of Secured Debt shall be paid in full on such rescheduled Redemption Date, and (iv) the Collateral Manager

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BUSINESS.30544778.20 -189- certifies to the Issuer and the Trustee no later than the earliest Redemption Date that sufficient proceeds are expected to be received or otherwise available to pay all Administrative Expenses (regardless of the Administrative Expense Cap) and Collateral Management Fees payable in accordance with the Priority of Payments and the Redemption Price of each Class of Secured Debt to be redeemed in connection with such Optional Redemption by Sale Proceeds no later than the latest Redemption Date so specified; provided further that, for the avoidance of doubt, any payments as of such Redemption Date will still be made pursuant to the Priority of Payments (without regard to the Administrative Expense Cap). Upon receipt of notice from the Collateral Manager of the designation of any rescheduled Redemption Date for a Class of Secured Debt as described above, the Trustee shall provide an updated notice to the Holders of such Class or Classes which shall identify the rescheduled Redemption Date and Redemption Price for each Class of Secured Debt subject to the rescheduled Redemption Date. No Distribution Report shall be required to be prepared in connection with a rescheduled Redemption Date. With respect to any such rescheduling of a Redemption Date for any Class of Secured Debt, the Trustee will be entitled to rely upon instructions received from the Issuer (or the Collateral Manager on its behalf) and shall have no liability for any failure or delay on the part of DTC in effecting any adjustments to the Redemption Dates or the Redemption Prices of the Secured Notes as described above or the timely payment thereof. Section 9.5 Debt Payable on Redemption Date. (a) Notice of redemption pursuant to Section 9.4 having been given as aforesaid, the Debt to be redeemed shall, on the Redemption Date, subject to Section 9.4(e) and the right or obligation to withdraw any notice of redemption pursuant to Section 9.4(c), become due and payable at the Redemption Prices therein specified, and from and after the Redemption Date (unless the Issuer shall default in the payment of the Redemption Prices and accrued interest) all such Debt shall cease to bear interest on the Redemption Date. Upon final payment on any Debt to be so redeemed, the Holder shall present and surrender such Debt at the place specified in the notice of redemption on or prior to such Redemption Date; provided that if there is delivered to the Issuer and the Trustee (and each applicablethe Loan Agent, as applicable) such security or indemnity as may be required by them to save such party harmless and an undertaking thereafter to surrender such Debt, then, in the absence of notice to the Issuer or the Trustee that the applicable Debt instrument has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender. Payments of interest on Debt so to be redeemed which are payable on or prior to the Redemption Date shall be payable to the Holders of such Debt, or one or more predecessor Debt instruments, registered as such at the close of business on the relevant Record Date according to the terms and provisions of Section 2.7(e). (b) If any Secured Debt called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Accrual Period such Secured Debt remainsremain Outstanding; provided that the reason for such non-payment is not the fault of such Debtholder. Section 9.6 Special Redemption. Principal payments on the Secured Debt shall be made in part in accordance with the Priority of Payments on any Payment Date or, with respect to a redemption pursuant to clause (ii), as otherwise described in Section 7.18, (i) during the Reinvestment Period, if the Collateral Manager in its sole discretion notifies the Trustee (and

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BUSINESS.30544778.20 -190- each applicablethe Loan Agent, ifas applicable) at least five Business Days prior to the applicable Special Redemption Date that it has been unable, for a period of at least 20 consecutive Business Days, to identify additional Collateral Obligations that are deemed appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment Criteria in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection Account that are to be invested in additional Collateral Obligations, or (ii) if the Collateral Manager elects to direct a Special Redemption to the extent necessary to enable the Issuer (or the Collateral Manager on the Issuer's behalf) to (1) confirm to S&P that the Effective Date Condition has been satisfied or (2) obtain from S&P written confirmation of its Initial Ratings of the Secured Debt, or (iii) if an EU/UK Retention Deficiency exists to the extent necessary to reduce such EU/UK Retention Deficiency to zero. On the first Payment Date (and all subsequent Payment Dates) following the Collection Period in which such notice is given (a "Special Redemption Date"), the amount in the Collection Account representing, as applicable, (x) Principal Proceeds that the Collateral Manager has determined (with written notice to the Trustee and the Collateral Administrator) cannot be reinvested in additional Collateral Obligations, (y) Interest Proceeds and Principal Proceeds available therefor in accordance with the Priority of Payments on each Payment Date until the Issuer obtains written confirmation from S&P of its Initial Ratings of the Secured Debt (provided such confirmation is not required if the Effective Date Condition has been satisfied), or (z) Principal Proceeds necessary to reduce any outstanding EU/UK Retention Deficiency to zero (such amount, a "Special Redemption Amount"). In addition, in connection with a redemption pursuant to clause (ii), the Collateral Manager on the Issuer's behalf may elect to direct a Special Redemption on any Business Day other than a Payment Date as described in Section 7.18 (such date also a "Special Redemption Date" and the applicable amount paid as a redemption thereunder, also a "Special Redemption Amount") will be available to be applied in accordance with the Priority of Payments. Notice of payments pursuant to this Section 9.6 shall be provided by the Trustee (and each applicablethe Loan Agent, if applicable) in the name and at the expense of the Issuer not less than three Business Days prior to the applicable Special Redemption Date to each Holder of Debt affected thereby at such Holder's facsimile number, email address or mailing address in the Note Register or Loan Register, as applicable, and to S&P. In addition, so long as any Class of Debt isListed Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require, the as determined by the Issuer or the Collateral Manager on behalf of the Issuer, notice of redemptionSpecial Redemption to the Holders of such DebtListed Notes shall also be sent to Euronext Dublin. Section 9.7 Optional Re-Pricing. (a) On any Business Day after the Non-Call Period, at the written direction of either (i) the Collateral Manager with the consent of the Retention Holder or (ii) a Majority of the Subordinated Notes with the consent of the Collateral Manager and the Retention Holder, the Issuer shall reduce the spread over the Reference Rate with respect to any Class of Secured Debt, where such Class of Debt constitutes Re-Pricing Eligible Debt (such reduction with respect to any such Class of DebtNotes, a "Re-Pricing" and any Class of Debt to be subject to a Re-Pricing, a "Re-Priced Class"); provided that the Issuer shall not effect any Re-Pricing unless each condition specified in this Section 9.7 is satisfied with respect thereto. For the avoidance of doubt, no terms of any Debt other than the Interest Rate applicable thereto may be modified or supplemented in connection with a Re-Pricing. In connection with any Re-Pricing, the Issuer

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BUSINESS.30544778.20 -191- may engage a broker-dealer (the "Re-Pricing Intermediary") upon the recommendation and subject to the approval of a Majority of the Subordinated Notes and such Re-Pricing Intermediary shall assist the Issuer in effecting the Re-Pricing. (b) At least 15 Business Days (or such shorter period of time as the Trustee (and each applicablethe Loan Agent, ifas applicable), and the Collateral Manager find reasonably acceptable) prior to the Business Day fixed by the Collateral Manager or a Majority of the Subordinated Notes, as applicable, for any proposed Re-Pricing (the "Re-Pricing Date"), the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver a notice in writing to the Trustee (who shall promptly forward a copy of such notice to each Holder of the proposed Re-Priced Class, the Collateral Manager, S&P and Euronext Dublin (so long as any Listed Notes are listed thereon and so long as the guidelines of such exchange so require)) and each applicable , as determined by the Issuer or the Collateral Manager on behalf of the Issuer)) and the Loan Agent, ifas applicable, which notice shall: (i) specify the proposed Re-Pricing Date and the revised spread over the Reference Rate or range of spreads over the Reference Rate to be applied with respect to such Class (the "Re-Pricing Rate"); (ii) request each Holder of the Re-Priced Class to approve the proposed Re-Pricing; and (iii) specify the price at which Debt of any Holder of the Re-Priced Class which does not approve the Re-Pricing may be sold and transferred pursuant to Section 9.7(c), which, for purposes of such Re-Pricing, shall be the Redemption Price after giving effect on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date if such date is a Payment Date. (c) In the event any Holders of the Re-Priced Class do not deliver written consent to the proposed Re-Pricing on or before the date that is five (5) Business Days after the date of such notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver written notice thereof to the Trustee (who shall promptly forward a copy of such notice to the consenting Holders of the Re-Priced Class) and each applicablethe Loan Agent, ifas applicable, specifying the Aggregate Outstanding Amount of the Debt of the Re-Priced Class held by such non-consenting Holders, and shall request each such consenting Holder provide written notice to the Issuer, the Trustee (and each applicablethe Loan Agent, ifas applicable), the Collateral Manager and the Re-Pricing Intermediary if such Holder would like to purchase all or any portion of the Debt of the Re-Priced Class held by the non-consenting Holders (each such notice, an "Exercise Notice") within five (5) Business Days after receipt of such notice. In the event the Issuer shall receive Exercise Notices with respect to more than the Aggregate Outstanding Amount of the Debt of the Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Debt, without further notice to the non-consenting Holders thereof (for settlement on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, pro rata based on the Aggregate Outstanding Amount of the Debt such Holders indicated an interest in purchasing pursuant to their Exercise Notices. In the event the Issuer shall receive Exercise Notices with respect to less than the Aggregate Outstanding Amount of the Debt of the

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BUSINESS.30544778.20 -192- Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Debt, without further notice to the non-consenting Holders thereof (for settlement on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, and any excess Debt of the Re-Priced Class held by non-consenting Holders shall be sold (for settlement on the Re-Pricing Date) to one or more transferees designated by the Re-Pricing Intermediary on behalf of the Issuer. All sales of Debt to be effected pursuant to this clause (c) shall be made at the Redemption Price after giving effect on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date if such date is a Payment Date, and shall be effected only if the related Re-Pricing is effected in accordance with the provisions hereof. The Holder of any Debt, by its acceptance of an interest in thesuch Debt, agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Debt of a Re-Priced Class held by non-consenting Holders in accordance with this Section 9.7 and, if it is a non-consenting Holder, hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfer, and agrees to sell and transfer its Debt in accordance with this Section 9.7 and to cooperate with the Issuer, the Re-Pricing Intermediary and the Trustee (and each applicablethe Loan Agent, ifas applicable) to effectuate such sale and transfers. The Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver written notice to the Trustee (and each applicablethe Loan Agent, ifas applicable) and the Collateral Manager not later than one Business Day prior to the proposed Re-Pricing Date confirming that the Issuer has received written commitments to purchase all Debt of the Re-Priced Class held by non-consenting Holders. For the avoidance of doubt, such Re-Pricing will apply to all the Debt of the Re-Priced Class, including the Debt of the Re-Priced Class held by non-consenting Holders. (d) The Issuer shall not effect any proposed Re-Pricing unless: (i) the Issuer and the Trustee (and each applicablethe Loan Agent, ifas applicable) shall have entered into a supplemental indenture dated as of the Re-Pricing Date to decrease (x) the spread over the Reference Rate or (y) the fixed rate of interest, as applicable, for the Re-Priced Class in accordance with Section 8.1; (ii) the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, has received written commitments to purchase all Debt of the Re-Priced Class held by non-consenting Holders; (iii) S&P shall have been notified of such Re-Pricing; (iv) the Issuer has obtained written advice of Paul Hastings LLP or Dechert LLP or an opinion of nationally recognized U.S. tax counsel experienced in such matters to the effect that such Re-Pricing will not result in the Issuer becoming subject to U.S. federal tax with respect to its net income (including any withholding tax liability under Section 1446 of the Code) or becoming a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes; (v) in the case of any Re-Pricing directed by a Majority of the Subordinated Notes, the written consent of the Collateral Manager and the Retention Holder, and in the case of any Re-Pricing directed by the Collateral Manager, the written consent of the Retention Holder, shall have been obtained; (vi) all expenses of the Issuer and the Trustee, along with the fees of the Re-Pricing Intermediary and fees of counsel, and each applicablethe Loan Agent, as applicable, incurred in connection with the Re-Pricing shall not exceed the amount of Interest Proceeds available after taking into account all amounts required to be paid pursuant to the Priority of Payments on the subsequent Payment Date prior to distributions to the Holders of the Subordinated Notes, unless such expenses shall have been paid (including from proceeds of any additional issuance of

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BUSINESS.30544778.20 -193- Subordinated Notes) or shall be adequately provided for by an entity other than the Issuer and (vii) (A) neither the Issuer nor any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will fail to be in compliance with the U.S. Risk Retention Rules as a result of such Re-Pricing, (B) there has been no change in the U.S. Risk Retention Rules that would require any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer to hold more than 5% of the credit risk collateralizing the debt issued in connection with the Re-Pricing and (C) unless it consents to do so, none of the Collateral Manager, the U.S. Retention Holder, any Affiliate of the Collateral Manager or any "sponsor" (as defined in the U.S. Risk Retention Rules) of the Issuer will be required to purchase any debt issued in connection with the Re-Pricing. If the Trustee receives written notice from the Issuer that a proposed Re-Pricing is not effectuated by the proposed Re-Pricing Date, the Trustee shall post notice to the Trustee's website and notify the Holders of the Debt and S&P that such proposed Re-Pricing was not effectuated. (e) Any notice of a Re-Pricing may be withdrawn by the Collateral Manager on or prior to the Business Day prior to the scheduled Re-Pricing Date by written notice to the Issuer and the Trustee for any reason. Upon receipt of such notice of withdrawal, the Trustee shall send such notice to the Holders of Debt and S&P. (f) The Issuer shall direct the Trustee to segregate payments and take other reasonable steps to effect the Re-Pricing and the Trustee shall have the authority to take such actions as may be directed by the Issuer or the Collateral Manager as the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, or the Collateral Manager shall deem necessary or desirable to effect a Re-Pricing. In order to give effect to the Re-Pricing, the Issuer may, to the extent necessary or desirable, obtain and assign a separate CUSIP or CUSIPs to the Debt of each Class held by such consenting or non-consenting Holder(s). The Trustee (and each applicablethe Loan Agent, ifas applicable) shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that the Re-Pricing is authorized or permitted by this Indenture or each applicable Class A-L Loan Agreement, as applicable, and that all conditions precedent thereto have been complied with. The Trustee (and each applicablethe Loan Agent, as applicable) may request and rely on an Issuer Order providing direction and any additional information requested by the Trustee (and each applicablethe Loan Agent, as applicable) in order to effect a Re-Pricing. Section 9.8 Clean-Up Call Redemption. (a) At the written direction of the Collateral Manager delivered to the Issuer, the Trustee and each applicablethe Loan Agent, as applicable, not later than 15 Business Days prior to the proposed Redemption Date specified in such direction, the Debt will be subject to redemption by the Issuer, in whole but not in part (a "Clean-Up Call Redemption"), at the Redemption Price therefor, on any Payment Date after the Non-Call Period on which the Collateral Principal Amount is less than 20% of the Target Initial Par Amount. (b) Upon receipt of notice directing the Issuer to effect a Clean-Up Call Redemption, the Issuer (or, at the written direction of the Issuer, the Trustee on its behalf) will offer the Collateral Manager, the holders of the Subordinated Notes and any other Person identified by the Issuer or the Collateral Manager the right to bid to purchase the Collateral Obligations at a price not less than the Clean-Up Call Purchase Price. Any Clean-Up Call Redemption is subject to (i) the sale of the Collateral Obligations by the Issuer to the highest

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BUSINESS.30544778.20 -194- bidder or bidders therefor pursuant to the immediately preceding sentence on or prior to the third Business Day immediately preceding the related Redemption Date, for a purchase price or purchase prices in cash (the "Clean-Up Call Purchase Price") payable on or prior to the third Business Day immediately preceding the related Redemption Date at least equal to the greater of (1) the sum of (a) the sum of the Redemption Prices of the Secured Debt, plus (b) the aggregate of all other amounts owing by the Issuer on the date of such redemption that are payable in accordance with the Priority of Payments prior to distributions in respect of the Subordinated Notes (without regard to the Administrative Expense Cap), minus (c) all other Assets available for application in accordance with the Priority of Payments on the Redemption Date and (2) the Market Value of such Assets being purchased, and (ii) the receipt by the Trustee from the Collateral Manager, prior to such purchase(s), of certification from the Collateral Manager that the sum expected to be so received satisfies clause (i). Upon receipt by the Trustee of the certification referred to in the preceding sentence, the Trustee (pursuant to written direction from the Issuer) and the Issuer shall take all actions necessary to sell, assign and transfer the Assets to the applicable holder of Subordinated Notes, the Collateral Manager or such other Person upon payment in immediately available funds of the Clean-Up Call Purchase Price. The Trustee shall deposit such payment into the applicable sub-account of the Collection Account in accordance with the instructions of the Collateral Manager. Any sale, assignment and/or transfer pursuant to this Section 9.8(b) shall be carried out in accordance with the restrictions of Section 12.4(a) hereof. (c) Upon receipt from the Collateral Manager of a direction in writing to effect a Clean-Up Call Redemption, the Issuer shall set the related Redemption Date (as specified in such direction) and give written notice thereof to the Trustee, each applicablethe Loan Agent, as applicable, the Collateral Manager and S&P not later than 15 Business Days prior to the proposed Redemption Date. (d) Any notice of Clean-Up Call Redemption may be withdrawn by the Issuer up to two Business Days prior to the related scheduled Redemption Date by written notice to the Trustee, the Collateral Manager and S&P only if amounts equal to the Clean-Up Call Purchase Price are not received in full in immediately available funds by the third Business Day immediately preceding such Redemption Date. (e) On the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Purchase Price and all other Interest Proceeds and Principal Proceeds available for distribution on such date shall be distributed pursuant to the Priority of Payments (without regard to the Administrative Expense Cap). ARTICLE X ACCOUNTS, ACCOUNTINGS AND RELEASES Section 10.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Trustee pursuant to this Indenture, including all payments due on the Assets, in accordance with the terms and conditions of such Assets. The

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BUSINESS.30544778.20 -195- Trustee shall segregate and hold (or cause the Custodian to segregate and hold) all such Money and property received by it for the benefit of Holders of the Debt and shall apply it as provided herein. Each Account shall be established and maintained (a) with a federal or state-chartered depository institution that has a long-term issuer credit rating of at least "A" andor a short-term issuer credit rating of "A-1" (or in the absence of a short-term issuer credit rating, a long-term issuer credit rating of at least "A+") by S&P, and if such institution's rating falls below such ratings, the assets held in such Account shall be moved by the Issuer (or the Collateral Manager on the Issuer's behalf) no later than 31 calendar days after such event to another institution that has such ratings or (b) in segregated accounts with the corporate trust department of a federal or state-chartered depository institution that has a long-term issuer credit rating of at least "A" and a short-term issuer credit rating of "A-1" (or in the absence of a short-term issuer credit rating, a long-term issuer credit rating of at least "A+") by S&P (and if such institution's rating falls below such ratings, the assets held in such Account shall be moved by the Issuer (or the Collateral Manager on the Issuer's behalf) no later than 31 calendar days after such event to another institution that has such ratings) and is subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b). Such institution shall have a combined capital and surplus of at least U.S.$200,000,000. All Cash deposited in the Accounts shall be invested only in Eligible Investments or Collateral Obligations in accordance with the terms of this Indenture. The accounts established by the Trustee pursuant to this Article X may include any number of subaccounts deemed necessary for convenience in administering the Assets. Section 10.2 Collection Account. (a) In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian two segregated accounts, one of which will be designated the "Interest Collection Subaccount" and one of which will be designated the "Principal Collection Subaccount" (and which together will comprise the Collection Account), each held in the name of the Issuer subject to the Lien of this Indenture and each of which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Trustee shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to Section 10.7(a), immediately upon receipt thereof or upon transfer from the Expense Reserve Account or the Payment Account, all Interest Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article XII). The Trustee shall deposit immediately upon receipt thereof or upon transfer from the Expense Reserve Account or the Revolver Funding Account all other amounts remitted to the Collection Account into the Principal Collection Subaccount, including in addition to the deposits required pursuant to Section 10.7(a), (i) any funds designated as Principal Proceeds by the Collateral Manager in accordance with this Indenture, (ii) the net proceeds from the issuance of any additional Debt and (iii) all other Principal Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article XII or in Eligible Investments). The Issuer may, but under no circumstances shall be required to, deposit from time to time into the Collection Account, in addition to any amount required hereunder to be deposited therein, such Monies received from external sources for the benefit of the Secured Parties or the Issuer (other than payments on or in respect of the Collateral Obligations, Eligible Investments or other existing Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate them as Interest Proceeds or Principal Proceeds. All Monies deposited from time to time in the Collection Account pursuant to this Indenture shall be held by the Trustee as part of the Assets

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BUSINESS.30544778.20 -196- and shall be applied to the purposes herein provided. Subject to Section 10.2(d), amounts in the Collection Account shall be reinvested pursuant to Section 10.7(a). (b) The Trustee, within one Business Day after receipt of any distribution or other proceeds in respect of the Assets which are not Cash, shall so notify the Issuer and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its commercially reasonable efforts to, within five Business Days after receipt of such notice from the Trustee (or as soon as practicable thereafter), sell such distribution or other proceeds for Cash in an arm's length transaction and deposit the proceeds thereof in the Collection Account; provided that the Issuer (i) need not sell such distributions or other proceeds if it delivers an Issuer Order or an Officer's certificate to the Trustee certifying that such distributions or other proceeds constitute Collateral Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such distribution or other proceeds for up to two years from the date of receipt thereof if it delivers an Officer's certificate to the Trustee certifying that (x) it will sell such distribution within such two-year period and (y) retaining such distribution is not otherwise prohibited by this Indenture. (c) At any time when reinvestment is permitted pursuant to Article XII, the Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds (together with any Principal Financed Accrued Interest and Principal Financed Capitalized Interest) and reinvest (or invest, in the case of funds referred to in Section 7.18) such funds in additional Collateral Obligations, in each case in accordance with the requirements of Article XII and such Issuer Order. At any time, the Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and deposit such funds in the Revolver Funding Account to meet funding requirements on Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations. (d) The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, pay from amounts on deposit in the Collection Account on any Business Day during any Interest Accrual Period (i) any amount required to purchase additional Collateral Obligations, and (ii) from Interest Proceeds only, (x) any Administrative Expenses (such payments to be counted against the Administrative Expense Cap for the applicable period and to be subject to the order of priority as stated in the definition of Administrative Expenses) and/or (y) to exercise a warrant or right to acquire securities held in the Assets in accordance with the requirements of Article XII and such Issuer Order; provided that the aggregate Administrative Expenses paid pursuant to this Section 10.2(d) during any Collection Period shall not exceed the Administrative Expense Cap for the related Payment Date; provided, further, that the Trustee shall be entitled (but not required) without liability on its part, to refrain from making any such payment of an Administrative Expense pursuant to this Section 10.2 on any day other than a Payment Date if, in its reasonable determination, the payment of such amount is likely to leave insufficient funds available to pay in full each of the items described in Section 11.1(a)(i)(A) as reasonably anticipated to be or become due and payable on the next Payment Date, taking into account the Administrative Expense Cap.

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BUSINESS.30544778.20 -197- (e) The Trustee shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 11.1(a), on the Business Day immediately preceding each Payment Date, the amount set forth to be so transferred in the Distribution Report for such Payment Date. (f) Subject to Section 12.2(f), the Collateral Manager on behalf of the Issuer may direct the Trustee to withdraw Interest Proceeds or Principal Proceeds from the Collection Account on any Business Day during any Interest Accrual Period in any amount required to acquire a Workout Loan. (g) The Collateral Manager on behalf of the Issuer may direct the Trustee to transfer from amounts on deposit in the Interest Collection Subaccount to the Principal Collection Subaccount, amounts necessary for application as described under Section 7.18. In addition, the Collateral Manager on behalf of the Issuer may direct the Trustee to deposit from the Principal Collection Subaccount into the Revolver Funding Account amounts that are required to meet funding requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations. Section 10.3 Transaction Accounts. (a) Payment Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing account held in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Payment Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. Except as provided in Section 11.1(a), the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable on the Debt in accordance with their terms and the provisions of this Indenture and, upon Issuer Order, to pay Administrative Expenses, fees and other amounts due and owing to the Collateral Manager under the Collateral Management Agreement and other amounts specified herein, each in accordance with the Priority of Payments. The Issuer shall not have any legal, equitable or beneficial interest in the Payment Account other than in accordance with this Indenture (including the Priority of Payments) and the Securities Account Control Agreement. Amounts in the Payment Account shall remain uninvested. (b) Custodial Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing account held in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Custodial Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. All Collateral Obligations, Workout Loans, Restructured Loans and Specified Equity Securities shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Indenture. The Trustee agrees to give the Issuer immediate notice if (to the actual knowledge of a Trust Officer of the Trustee) the Custodial Account or any assets or securities on deposit

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BUSINESS.30544778.20 -198- therein, or otherwise to the credit of the Custodial Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other than in accordance with this Indenture and the Priority of Payments. Amounts in the Custodial Account shall remain uninvested. (c) Ramp-Up Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing account held in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Ramp-Up Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer hereby directs the Trustee to deposit the amount specified in Section 3.1(k) to the Ramp-Up Account on the Closing Date. In connection with any purchase of an additional Collateral Obligation, the Trustee will apply amounts held in the Ramp-Up Account as provided by Section 7.18(b) and Section 7.18(f). Any income earned on amounts deposited in the Ramp-Up Account will be deposited in the Interest Collection Subaccount. All other amounts on deposit in the Ramp-Up Account will be deemed to represent Principal Proceeds. On the Effective Date or upon the occurrence and during the continuance of an Enforcement Event (and excluding any proceeds that will be used to settle binding commitments entered into prior to that date), the Trustee will deposit from amounts remaining in the Ramp-Up Account: (x) an amount designated by the Collateral Manager (the "Designated Ramp-Up Proceeds") not greater than 0.5% of the Target Initial Par Amount (the "Designated Deposit Cap") into the Interest Collection Subaccount as Interest Proceeds; provided that, before and after giving effect to such deposit, (i) the Target Initial Par Condition would be satisfied if determined as of such time, (ii) the Concentration Limitations are satisfied, (iii) each Coverage Test is satisfied and (iv) the Collateral Quality Test is satisfied; and (y) any remaining amounts (after any deposit pursuant to clause (x) above so long as no Enforcement Event has occurred and is continuing) into the Principal Collection Subaccount as Principal Proceeds. From time to time following the Effective Date and on or prior to the Determination Date related to the first Payment Date after the Closing Date, the Collateral Manager may designate Principal Proceeds received by the Issuer as Interest Proceeds (the "Designated Principal Proceeds"), so long as, after giving effect to such designation (i) the aggregate amount of Designated Ramp-Up Proceeds and Designated Principal Proceeds will not exceed the Designated Deposit Cap, (ii) the Target Initial Par Condition would be satisfied if determined as of such time, (iii) each Overcollateralization Ratio Test is satisfied, (iv) the Concentration Limitations are satisfied and (v) the Collateral Quality Test is satisfied. (c) [Reserved]. (d) Expense Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing account held in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Expense Reserve Account. The Issuer shall directhereby directs the Trustee to deposit the amount specified in Section 3.1(k)5 of the First Supplemental Indenture to the Expense Reserve Account on the Refinancing Date. On any Business Day from the ClosingRefinancing Date to and including the Determination Date relating to the third Payment Date following the

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BUSINESS.30544778.20 -199- ClosingRefinancing Date, the Trustee shall apply funds from the Expense Reserve Account, as directed by the Collateral Manager, (i) to pay expenses of the Issuer incurred in connection with the establishment of the Issuer, the structuring and consummation of the Offering and the issuance of the Debt or (ii) to the Collection Account as Principal Proceeds. By the Determination Date relating to the third Payment Date following the ClosingRefinancing Date, all funds in the Expense Reserve Account (after deducting any expenses paid on such Determination Date) will be deposited in the Collection Account as Interest Proceeds (or Principal Proceeds if directed by the Collateral Manager in its sole discretion) and the Expense Reserve Account will be closed. Any income earned on amounts deposited in the Expense Reserve Account will be deposited in the Interest Collection Subaccount as Interest Proceeds as it is received. (e) Permitted Use Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing account in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Permitted Use Account. Contributions made as described in Section 10.6 hereof will be deposited into the Permitted Use Account and transferred to the Collection Account for a Permitted Use designated by the Contributor in such written direction.Collateral Manager. In addition, amounts designated for deposit into the Permitted Use Account pursuant to Section 11.1(a)(i) and/or the proceeds of the issuance of Junior Mezzanine Notes or additional Subordinated Notes designated for deposit into the Permitted Use Account will be deposited into the Permitted Use Account and transferred to the Collection Account at the direction of the Collateral Manager to be applied for a Permitted Use. Amounts on deposit in the Permitted Use Account will be invested in the Standby Directed Investment until such time as the Trustee receives written direction from the Collateral Manager (which direction may be in the form of standing instructions) to invest such amounts in other Eligible Investments. Any income earned on amounts deposited in the Permitted Use Account will be deposited in the Interest Collection Subaccount as Interest Proceeds. Section 10.4 The Revolver Funding Account. Upon the purchase or acquisition of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation identified by written notice to the Trustee, funds in an amount equal to the undrawn portion of such obligation shall be withdrawn first from the Ramp-Up Account (if prior to the Effective Date) and, if necessary, from the Principal Collection Subaccount and deposited in a single, segregated account established (in accordance with this Indenture and the Securities Account Control Agreement) in the name of the Issuer subject to the Lien of this Indenture (the "Revolver Funding Account"). The Issuer hereby directs the Trustee to deposit the amount specified in Section 3.1(k)5 of the First Supplemental Indenture to the Revolver Funding Account on the ClosingRefinancing Date. Upon initial purchase or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor. Amounts on deposit in the Revolver Funding Account will be invested in overnight funds that are Eligible Investments selected by the Collateral Manager pursuant to Section 10.7 and earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Proceeds. All other amounts held in the Revolver Funding Account will be deemed to represent Principal Proceeds.

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BUSINESS.30544778.20 -200- The Issuer shall, at all times, maintain sufficient funds on deposit in the Revolver Funding Account such that the sum of the amount of funds on deposit in the Revolver Funding Account shall be equal to or greater than the sum of the unfunded funding obligations under all such Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets. Funds shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation as directed by the Collateral Manager on behalf of the Issuer. In the event of any shortfall in the Revolver Funding Account, the Collateral Manager (on behalf of the Issuer) may direct the Trustee to, and the Trustee thereafter shall, transfer funds in an amount equal to such shortfall from the Principal Collection Subaccount to the Revolver Funding Account. Any funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) will be treated as Principal Proceeds and will be available solely to cover any drawdowns on the Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations; provided, that any excess of (A) the amounts on deposit in the Revolver Funding Account over (B) the sum of the unfunded funding obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are included in the Assets (which excess may occur for any reason, including upon (i) the sale or maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, (ii) the occurrence of an event of default with respect to any such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation or (iii) any other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation) may be transferred by the Trustee (at the written direction of the Collateral Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Principal Collection Subaccount. Section 10.5 The Interest Reserve Account[Reserved]. The Issuer will, on or prior to the Closing Date, cause the Trustee to establish a single, segregated non-interest bearing account in the name of the Issuer subject to the Lien of this Indenture which will be designated as the "Interest Reserve Account." On the Closing Date, the Issuer will deposit an amount equal to the Interest Reserve Amount into the Interest Reserve Account. On or before the Determination Date in the first Collection Period, the Collateral Manager may direct that any portion of the Interest Reserve Amount be transferred to the Collection Account and included as Interest Proceeds or Principal Proceeds for such Collection Period; provided that the purchase of Collateral Obligations with such funds shall not cause an EU/UK Retention Deficiency. On the first Payment Date, all amounts on deposit in the Interest Reserve Account will be transferred to the Payment Account and applied as Interest Proceeds or Principal Proceeds (as directed by the Collateral Manager) in accordance with the Priority of Payments, and the Trustee will close the Interest Reserve Account. Section 10.6 Contributions.Contributions. At any time during or after the Reinvestment Period, any Holder of Subordinated Notes (each such person, a "Contributor") may provide a contribution notice ("Contribution Notice") to the Issuer (with a copy to the Collateral Manager) and the Trustee, substantially in the form of Exhibit C hereto, and make a

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BUSINESS.30544778.20 -201- subsequent contribution of cash to the Issuer (each, a "Contribution"); provided, that (x) each Contributioncontribution shall be in an aggregate amount equal to at least $750,000 (counting all Contributions made on the same day as one Contribution for this purpose) and (y) the Issuer may not accept more than six Contributions in the aggregate since the Refinancing Date (counting all Contributions made on the same day as one Contribution for this purpose) without the consent of a Majority of the Controlling Class. The Collateral Manager, on behalf of the Issuer, may accept or reject any Contribution in its sole discretion and shall notify the Trustee in writing of any such acceptance. Each accepted Contribution shall be received into the Permitted Use Account and applied by the Collateral Manager on behalf of the Issuer to a Permitted Use as directed by the Collateral Manager at the time such Contribution is made. No Contribution or portion thereof shall be returned to the Contributor at any time (other than by operation of the Priority of Payments) and no additional equity interest in the Issuer shall be issued or other rights against the Issuer shall be credited in favor of the Contributor as a result of such Contribution. Section 10.7 Reinvestment of Funds in Accounts; Reports by Trustee. (a) By Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral Manager on behalf of the Issuer) shall at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds remaining on deposit in the Collection Account, the Ramp-Up Account, the Revolver Funding Account, the Expense Reserve Account, and the Permitted Use Account and the Interest Reserve Account, as so directed in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such other maturities expressly provided herein). If prior to the occurrence of an Event of Default, the Issuer shall not have given any such investment directions, the Trustee shall seek instructions from the Collateral Manager within three Business Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written instructions from the Collateral Manager within five Business Days after transfer of such funds to such accounts, it shall invest and reinvest the funds held in such accounts, as fully as practicable, in the Standby Directed Investment or other Eligible Investments of the type described in clause (ii) of the definition of "Eligible Investments" maturing no later than the Business Day immediately preceding the next Payment Date (or such other maturities expressly provided herein), as selected by the Issuer or the Collateral Manager on its behalf. If after the occurrence of an Event of Default, the Issuer shall not have given such investment directions to the Trustee for three consecutive days, the Trustee shall invest and reinvest such Monies as fully as practicable in the Standby Directed Investment unless and until contrary investment instructions as provided in the preceding sentence are received or the Trustee receives a written instruction from the Issuer, or the Collateral Manager on behalf of the Issuer, changing the Standby Directed Investment. Except to the extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest Collection Subaccount, any gain realized from such investments shall be credited to the Principal Collection Subaccount upon receipt, and any loss resulting from such investments shall be charged to the Principal Collection Subaccount. The Trustee shall not in any way be held liable by reason of any insufficiency of such accounts which results from any loss relating to any such investment; provided that nothing herein shall relieve the Bank of (i) its obligations or liabilities under any security or obligation issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting from gross negligence, willful misconduct or fraud on the part of the Bank or any Affiliate thereof. Except as expressly provided herein, the Trustee shall not otherwise be under any duty to invest (or pay interest on) amounts held hereunder from time to time.

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BUSINESS.30544778.20 -202- (b) The Trustee agrees to give the Issuer immediate notice if any Trust Officer has actual knowledge that any Account or any funds on deposit in any Account, or otherwise to the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. (c) The Trustee shall supply, in a timely fashion, to the Issuer, S&P, the Collateral Administrator and the Collateral Manager any information regularly maintained by the Trustee that the Issuer, S&P, the Collateral Administrator or the Collateral Manager may from time to time reasonably request with respect to the Assets, the Accounts and the other Assets and provide any other requested information reasonably available to the Trustee by reason of its acting as Trustee hereunder and required to be provided by Section 10.8 or to permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer's obligations hereunder that have been delegated to the Collateral Manager. The Trustee shall promptly forward to the Collateral Manager copies of notices and other writings received by it from the Obligor or issuer of any Asset or from any Clearing Agency with respect to any Asset which notices or writings advise the holders of such Asset of any rights that the holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as well as all periodic financial reports received from such Obligor or issuer and Clearing Agencies with respect to such Obligor or issuer. Section 10.8 Accountings. (a) Monthly. Not later than the 27th calendar day (or, if such day is not a Business Day, on the next succeeding Business Day) of each calendar month (other than January, April, July and October in each yearany month during which a Payment Date occurs) and commencing in April 2024May 2026, the Issuer shall compile (or cause to be compiled) and give to the Collateral Manager, the Loan AgentsAgent and the Trustee (who shall make available to S&P, Moody's Analytics, Inc., Euronext Dublin (so long as any Debt isListed Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require), Moody's Analytics, Inc., the Placement Agent, the Co-Placement Agentthe Initial Purchaser, any other Holder shown in the Registers for any DebtNote Register, any beneficial owner of any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website), a monthly report on a trade date basis (each such report a "Monthly Report"). As used herein, the "Monthly Report Determination Date" with respect to any calendar month will be the seventh day of such calendar month; provided, that if such seventh day is not a Business Day, the next succeeding Business Day. The Monthly Report for a calendar month shall contain the following information with respect to the Collateral Obligations and Eligible Investments included in the Assets, based on information provided by the Collateral Manager, and shall be determined as of the close of business on the Monthly Report Determination Date for such calendar month: (i) Aggregate Principal Balance of Collateral Obligations, the aggregate unfunded commitments of the Collateral Obligations, any capitalized interest on the Collateral Obligations and Eligible Investments representing Principal Proceeds.

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BUSINESS.30544778.20 -203- (ii) Adjusted Collateral Principal Amount of Collateral Obligations. (iii) Collateral Principal Amount of Collateral Obligations. (iv) A list of Collateral Obligations, including, with respect to each such Collateral Obligation, the following information: (A) The obligor thereon (including the issuer ticker, if any); (B) The number, identity, Bloomberg Loan ID, FIGI, ISIN, Loan/X, CUSIP or security identifier thereof (as applicable); (C) The Principal Balance thereof (other than any accrued interest that was purchased with Principal Proceeds) and any unfunded commitment pertaining thereto; (D) The percentage of the aggregate Collateral Principal Amount represented by such Collateral Obligation; (E) (x) The related interest rate or spread (in the case of a Reference Rate Floor Obligation, calculated both with and without regard to the excess of any applicable specified "floor" rate per annum over the Reference Rate in effect for the current Interest Accrual Period), (y) if such Collateral Obligation is a Reference Rate Floor Obligation, the related reference rate floor and (z) the identity of any Collateral Obligation that is not a Reference Rate Floor Obligation and for which interest is calculated with respect to any index other than the Reference Rate; (F) The stated maturity thereof; (G) The related S&P Industry Classification; (H) For each Collateral Obligation with an S&P Rating derived from a Moody's Rating, the Moody's Rating, unless such rating is based on a credit estimate unpublished by Moody's (and, in the event of a downgrade or withdrawal of the applicable Moody's Rating, the prior rating and the date such Moody's Rating was changed); (I) [Reserved]; (J) [Reserved]; (K) The S&P Rating, unless such rating is based on a credit estimate or is a private or confidential rating from S&P; (L) [Reserved]; (M) The country of Domicile;

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BUSINESS.30544778.20 -204- (N) An indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan, (2) a Second Lien Loan, (3) a Defaulted Obligation, (4) a Delayed Drawdown Collateral Obligation, (5) a Revolving Collateral Obligation, (6) a Participation Interest (indicating the related Selling Institution, if applicable, and its ratings by S&P), (7) a Permitted Deferrable Obligation, (8) a Fixed Rate Obligation, (9) a Current Pay Obligation, (10) a Discount Obligation, (11) a Discount Obligation purchased in the manner described in clause (y) of the proviso to the definition "Discount Obligation", (12) a DIP Collateral Obligation, (13) a First-Lien Last-Out Loan, (14) a Cov-Lite Loan, (15) a Credit Improved Obligation, (16) a Credit Risk Obligation and (17) a Workout Loan designated as a Collateral Obligation; (O) With respect to each Collateral Obligation that is a Discount Obligation purchased in the manner described in clause (i) of the proviso to the definition "Discount Obligation", (I) the identity of the Collateral Obligation (including whether such Collateral Obligation was classified as a Discount Obligation at the time of its original purchase) the proceeds of whose sale are used to purchase the purchased Collateral Obligation; (II) the purchase price (as a percentage of par) of the purchased Collateral Obligation and the sale price (as a percentage of par) of the Collateral Obligation the proceeds of whose sale are used to purchase the purchased Collateral Obligation; and (III) the Aggregate Principal Balance of Collateral Obligations that have been excluded from the definition of "Discount Obligation" and relevant calculations indicating whether such amount is in compliance with the limitations described in clauses (ii)(x) and (ii)(y) of the proviso to the definition of "Discount Obligation;" (P) The S&P Recovery Rate; and (Q) The most recently calculated EBITDA for the related Obligor (as provided by the Collateral Manager to the Trustee).; and (R) The amount of capitalized interest thereon. (v) If the Monthly Report Determination Date occurs on or after the Effective Date, forFor each of the limitations and tests specified in the definitions of Concentration Limitations and Collateral Quality Test (including, for this purpose only, the Weighted Average Rating Factor and the Diversity Score), (1) the result, (2) the related minimum or maximum test level and (3) if such Monthly Report Determination Date occurs on or prior to the last day of the Reinvestment Period, a determination as to whether such result satisfies the related test.

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BUSINESS.30544778.20 -205- (vi) The calculation of each of the following: (A) Each Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest Coverage Test); and (B) Each Overcollateralization Ratio (and setting forth the percentage required to satisfy each Overcollateralization Ratio Test). (vii) The calculation specified in Section 5.1(e). (viii) The identity of each Defaulted Obligation, the S&P Collateral Value and Market Value of each such Defaulted Obligation and date of default thereof. (ix) The identity of each Collateral Obligation with an S&P Rating of "CCC+" or below and, if the CCC Excess is greater than zero, the Market Value of each such Collateral Obligation. (x) The identity of each Deferring Obligation, the S&P Collateral Value and Market Value of each Deferring Obligation, and the date on which interest was last paid in full in Cash thereon. (xi) The identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral Principal Amount comprised of Current Pay Obligations. (xii) The identity of each Workout Loan not designated as a Collateral Obligation, Restructured Loan, Specified Equity Security and Equity Security held by the Issuer. (xiii) The Weighted Average Coupon, the Weighted Average Floating Spread, the Weighted Average Life, the Weighted Average S&P Recovery Rate, and the S&P Weighted Average Rating Factor. (xiv) The results of the S&P CDO Monitor Test (with a statement as to whether it is passing or failing), including the Class Default Differentials, the Class Break-even Default Rates and the Class Scenario Default Rate for the Highest Ranking S&P Class of Debt, and, after the S&P CDO Monitor Election Date, the Weighted Average Floating Spread that is calculated for purposes of the S&P CDO Monitor Test, the characteristics of the Current Portfolio and the S&P CDO Monitor Benchmarks. (xv) A copy of the notice provided by the Collateral Manager pursuant to Section 12.2(b) hereof setting forth the details of any Trading Plan (including the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition or entry, as applicable, as part of such Trading Plan (which details shall be reported by providing a copy of the notice from the Collateral Manager on a dedicated page of the Monthly Report)).

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BUSINESS.30544778.20 -206- (xvi) [Reserved]. (xvii) The identity of each Collateral Obligation subject to a Maturity Amendment during the related calendar month and the details of any such Maturity Amendment (which details shall be reported on a dedicated page of the Monthly Report) and confirmation that not more than 5.0% of the Collateral Principal Amount consists of Collateral Obligations subject to a Credit Amendment that does not meet the requirement described in the first proviso to Section 7.20(a) and not more than 2.0% of the Collateral Principal Amount consists of Collateral Obligations subject to a Credit Amendment that does not meet the requirements described in clause (x) of the first proviso to Section 7.20(a) (in each case, (as provided by the Collateral Manager to the Trustee). (xviii) With respect to the EU/UK Retention Interests: (A) confirmation that the Collateral Administrator has received written confirmation from theHolder has provided a notification, regarding the EU/UK Retention Interest, that, as of the date of determination of such Monthly Report, (a) EU/UK Retention Holder that (x) it continues to hold Subordinated Notes in an aggregate outstanding amount representing not less than 5 percent of the EU/UK Retention Interest and (y) itBasis Amount in accordance with its undertaking; (b) EU/UK Retention Holder has not sold, hedged or otherwise mitigated its credit risk under or associated with the EU/UK Retention Interest or the underlying portfolio of Collateral Obligations and Eligible Investments, except to the extent permitted in accordance with the EU/UK Risk Retention Requirements; (B) as calculated by the Collateral Manager, the calculation of 5% of the EU/UK Retention Basis Amount as of the most recent Determination Date and for the purposes of the Collateral Manager'sManager's determination of whether an EU/UK Retention Deficiency has occurred; (c) EU/UK Retention Holder remains in compliance with the EU/UK Retention Agreement in all material respects; and (Cd) confirmation from the Collateral Manager as to whether, since the last Monthly Report Determination Date, an actual or potential EU/UK Retention Deficiency has prohibited the Collateral Manager from reinvesting in any Collateral Obligations. (xix) The balance of all Eligible Investments and cash in each of the Accounts. (xx) The name of the financial institution that holds each Account and the applicable ratings by S&P required under Section 10.1 for such institution. (xxi) On a dedicated page of the Monthly Report, the amount of any Contributions received by the Issuer pursuant to Section 10.6 since the previous Monthly Report Determination Date. (xxii) Such other information as S&P or the Collateral Manager may reasonably request and as may be reasonably available to the Collateral Administrator at no undue burden or expense. For each instance in which the Market Value is reported pursuant to the foregoing, the Monthly Report shall also indicate the manner in which such Market Value was

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BUSINESS.30544778.20 -207- determined and the source(s) (if applicable) used in such determination (as provided by the Collateral Manager to the Collateral Administrator). Upon receipt of each Monthly Report, the Trustee shall compare the information contained in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three Business Days after receipt of such Monthly Report, notify the Issuer (and the Issuer shall notify S&P), the Collateral Administrator and the Collateral Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee with respect to the Assets. If any discrepancy exists, the Issuer, or the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within ten (10) Business Days notify the Collateral Manager who shall, on behalf of the Issuer, request that the Independent accountants appointed by the Issuer pursuant to Section 10.11 review such Monthly Report and the Trustee's records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Trustee's records, the Monthly Report or the Trustee's records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making a notation of such error in the subsequent Monthly Report. (b) Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a "Distribution Report"), determined as of the close of business on each Determination Date preceding a Payment Date, to the Collateral Manager and the Trustee (who shall make available such Distribution Report to the Placement Agent, the Co-Placement AgentInitial Purchaser, S&P, Moody's Analytics, Inc., Euronext Dublin (so long as any Listed Notes are listed on Euronext Dublin and so long as the guidelines of such exchange so require), any Holder shown in the Registers,Note Register and any beneficial owner of any Debt who has delivered a Beneficial Ownership Certificate to the Trustee and the Investor Information Services by posting such report to its website) not later than the related Payment Date. The Distribution Report shall contain the following information: (i) the information required to be in the Monthly Report pursuant to Section 10.8(a); (ii) (a) the Aggregate Outstanding Amount of the Debt of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Debt of such Class, (b) the amount of principal payments to be made on the Secured Debt of each Class on the next Payment Date and the Aggregate Outstanding Amount of the Secured Debt of each Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the DebtNotes of such Secured Debt and (c) the amount of distributions, if any, to be made on the Subordinated Notes on the next Payment Date; (iii) the Interest Rate and accrued interest for each applicable Class of Debt for such Payment Date;

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BUSINESS.30544778.20 -208- (iv) the amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; (v) for the Collection Account: (A) the Balance on deposit in the Collection Account at the end of the related Collection Period; (B) the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in additional Collateral Obligations pursuant to Article XII); and (C) the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; (vi) for each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the ending balance; (vii) a schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Distribution Report, and the ending balance for the Determination Date preceding the current Payment Date: (A) Interest Proceeds from Collateral Obligations; and (B) Interest Proceeds from Eligible Investments; (viii) purchases, prepayments, and sales: (A) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for (X) each Collateral Obligation that was released for sale or disposition pursuant to Section 12.1 since the Determination Date immediately preceding the last Distribution Report and (Y) each prepayment or redemption of a Collateral Obligation, and in the case of (X), whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a discretionary sale; and (B) the identity, Principal Balance (other than any accrued interest that was purchased with Principal Proceeds), unfunded commitment (if any), capitalized interest (if any) and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2

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BUSINESS.30544778.20 -209- since the Determination Date immediately preceding the last Distribution Report; and (ix) such other information as the Collateral Manager may reasonably request. Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII. (c) Interest Rate Notice. The Trustee shall include in the Monthly Report a notice setting forth the Interest Rate for each Class of Secured Debt for the Interest Accrual Period preceding the next Payment Date. (d) Failure to Provide Accounting. If the Trustee shall not have received any accounting provided for in this Section 10.8 on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee shall notify the Collateral Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent the Collateral Manager is required to provide any information or reports pursuant to this Section 10.8 as a result of the failure of the Issuer to provide such information or reports, the Collateral Manager shall be entitled to retain an Independent certified public accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent certified public accountant shall be paid by the Issuer. (e) Required Content of Certain Reports. Each Monthly Report and each Distribution Report sent to any Holder or beneficial owner of an interest in any Debt shall contain, or be accompanied by, the following notices: The Debt may be beneficially owned only by Persons that are (a) Qualified Purchasers that are not "U.S. persons" (as defined in Regulation S) and are purchasing their beneficial interest outside of the United States in reliance on Regulation S, (b) both (i) Qualified Institutional Buyers or, solely in the case of Notes issued as Certificated Notes, Institutional Accredited Investors and (ii) Qualified Purchasers (or corporations, partnerships, limited liability companies or other entities (other than trusts) each shareholder, partner, member or other equity owner of which is either a Qualified Purchaser) or (c) solely in the case of Subordinated Notes issued as Certificated Notes, other Accredited Investors that are Knowledgeable Employees with respect to the Issuer. The Issuer has the right to compel any beneficial owner of an interest in Global Notes that does not meet the qualifications set forth in the preceding sentence to sell its interest in such Notes, or may sell such interest on behalf of such owner, pursuant to Section 2.11 hereof. Each holder receiving this report agrees to keep all non-public information herein confidential and not to use such information for any purpose other than its evaluation of its investment in the Debt; provided that any holder

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BUSINESS.30544778.20 -210- may provide such information on a confidential basis to any prospective purchaser of such holder's Debt that is permitted by the terms hereof to acquire such holder's Debt and that agrees to keep such information confidential in accordance with the terms hereof. (f) The Placement Agent and the Co-Placement AgentInitial Purchaser Information. The Issuer, the Placement Agent, and the Co-Placement AgentInitial Purchaser, or any successor to the Placement Agent or the Co-PlacementInitial Purchaser, may post the information contained in a Monthly Report or Distribution Report to a password-protected internet site accessible only to the Holders of the Debt and to the Collateral Manager. (g) Distribution of Reports. On the Closing Date, the Issuer shall cause a schedule of the Assets owned by the Issuer (on a trade date basis) as of the Closing Date to be supplied to Moody's Analytics, Inc. The Trustee will make the Monthly Report and the Distribution Report available via its website. The Trustee's website shall initially be located at https://pivot.usbank.com. The Trustee may change the way such statements are distributed. As a condition to access to the Trustee's website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided in the Monthly Report and the Distribution Report which the Trustee disseminates in accordance with this Indenture and may affix thereto any disclaimer it deems appropriate in its reasonable discretion. (h) Effective Date Report. The Issuer shall compile (or cause the Collateral Administrator to compile) and make available to S&P the Effective Date Report based solely on information contained in the Monthly Reports or provided by the Collateral Manager to the Collateral Administrator. The Collateral Manager shall cooperate with the Collateral Administrator in connection with the preparation of the Effective Date Report. Without limiting the generality of the foregoing, the Collateral Manager shall supply in a timely fashion any information maintained by it that the Collateral Administrator may from time to time request with respect to the Assets and reasonably need to complete the Effective Date Report or required to permit the Issuer to perform its obligations hereunder. The Collateral Manager shall review and verify the contents of the aforesaid reports, instructions, statements and certificates and shall send such reports, instructions, statements and certificates to the Issuer for execution. (h) [Reserved]. (i) Delivery to Moody's. The Collateral Manager or the Trustee (in each case, on behalf of the Issuer) shall provide or make available copies of this Indenture and the Offering Memorandum to be delivered to Moody's Analytics, Inc. Section 10.9 EU Transparency Requirements. (a) The Issuer hereby agrees that it shall be designated pursuant to Article 7(2) of eachthe EU Securitization Regulation as the designated entity required to fulfill the EU Transparency Requirements (the ""Reporting Entity""). As the Reporting Entity, the Issuer hereby agrees and further covenants that it will make available to the Holders, potential investors in the Debt, any Competent Authority, the Trustee, the Placement AgentInitial Purchaser and the Collateral Manager (together, the ""Relevant Recipients"") the Loan Reports, the Investor Reports and any information or reports

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BUSINESS.30544778.20 -211- in respect of Significant Events necessary to fulfill any applicable reporting obligations under the EU Transparency Requirements and the documentation and information referred to in paragraphs (1)(b) and (c) of Article 7 of eachthe EU Securitization Regulation, including the final versions of certain Transaction Documents and the Offering Circular. The Issuer shall also determine (which determination may be made in consultation with the Collateral Manager) whether any reports, data and other information is necessary or essential in connection with the preparation of any Loan Reports, Investor Reports and any reports in respect of Significant Events that are required in connection with the proper performance of its obligations pursuant to the EU Transparency Requirements (such reports, collectively, the ""Transparency Reports""). As more fully described in, and subject to, the Collateral Administration Agreement, the Collateral Administrator shall cause compilation of the Transparency Reports and provide such reports to the Issuer (or its designee), which the Issuer shall (through the Collateral Administrator acting on the Issuer'sIssuer's behalf and as described below) make available to or provide to the Relevant Recipients (a) in the case of the Loan Reports and Investor Reports, beginning no later than one month after the first Payment Date after the Refinancing Date and thereafter on a quarterly basis and within one month of each subsequent Payment Date or once Revised Templates are available, the Issuer (through the Collateral Administrator acting on its behalf) may provide information in the form of the Revised Templates, commencing on a date reasonably determined by the Issuer (which determination may be made in consultation with the Collateral Manager and no earlier than one month following the implementation of the Revised Templates unless a shorter period is agreed by the Issuer, the Collateral Manager, the EU/UK Retention Holder and the Collateral Administrator); provided that, if the Issuer does not agree to provide information in the form of the Revised Templates, the Issuer (through the Collateral administratorAdministrator acting on its behalf) shall continue to provide the information in the form required prior to the adoption of the Revised Templates in accordance with this Indenture and (b) in the case of any Significant Events, without delay. The Issuer shall also be entitled (with the consent of the Collateral Manager at the cost and expense of the Issuer, subject to and in accordance with the Priority of Payments) to appoint a Reporting Agent to prepare, or assist in the preparation of, the Transparency Reports and/or to make such informationTransparency Reports available to anyone or more Relevant Recipients. TheAs more fully described in, and subject to, the Collateral Administration Agreement, the Collateral Administrator will compile the Transparency Reports on behalf of the Issuer and make available such Transparency Reports on behalf of the Issuer in accordance with the EU Transparency Requirements viaby (i) posting on a website currently located at https://pivot.usbank.com (or such other website as may be notified in writing by the Collateral Administrator to the Issuer, the Collateral Trustee, the Placement AgentInitial Purchaser, the Collateral Manager, the EU/UK Retention Holder and the Holders) (the ""Reporting Website"") accessible to any Relevant Recipient and (ii) such other method of dissemination as is required by eachthe EU Securitization Regulation. The Issuer shall, upon request by the EU/UK Retention Holder and subject to the terms of the Collateral Administration Agreement, direct the Collateral Administrator to make available the documentation and information referred to in paragraphs (1)(b) and (c) of Article 7 of eachthe EU Securitization Regulation and (3), on the ClosingRefinancing Date via (i) the Reporting Website and (ii) such other method of dissemination as is required by eachthe EU Securitization Regulation.

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BUSINESS.30544778.20 -212- (b) The Collateral Administrator will not assume any responsibility for the Issuer's reporting obligations under the Transaction Documents and shall not have any duty to verify, investigate or audit any information or data, or to determine or monitor on an independent basis the veracity, accuracy or completeness of any documentation, in each case provided to it by the Issuer, the Collateral Manager, or any other party in connection with the Transparency Reports or whether or not the provision of such information accords with the EU Transparency Requirements. The Issuer (or the Collateral Manager on its behalf) shall provide any necessary instructions to the Collateral Administrator and/or any Reporting Agent, as applicable, in respect of the compilation, preparation and/or provision of the Transparency Reports and any other documentation required to be provided by the EU Transparency Requirements. In providing such services described above, the Collateral Administrator assumes no responsibility or liability to the Holders, any potential investor in the Debt or any other party (including for their use and/or onward disclosure of such information or documentation), shall not be responsible for compliance with the EU Transparency Requirements and shall have the benefit of the powers, protections and indemnities granted to it under the Transaction Documents. Section 10.10 Release of Assets. (a) Subject to Article XII, the Issuer may, by Issuer Order executed by an Officer of the Collateral Manager, delivered to the Trustee at least one Business Day prior to the settlement date for any sale of an Asset certifying that the sale of such Asset is being made in accordance with Section 12.1 hereof and such sale complies with all applicable requirements of Section 12.1 hereof (provided that if an Event of Default has occurred and is continuing, neither the Issuer nor the Collateral Manager (on behalf of the Issuer) may direct the Trustee to release or cause to be released such Asset from the lien of this Indenture pursuant to a sale under Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale of such Asset is permitted pursuant to Section 12.4(c)), direct the Trustee to release or cause to be released such Asset from the lien of this Indenture and, upon receipt of such Issuer Order, the Trustee shall deliver any such Asset, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or, if such Asset is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral Manager in such Issuer Order; provided that the Trustee may deliver any such Asset in physical form for examination in accordance with industry custom; provided, further, that, for purposes of this Section 10.10 and Sections 12.1 and 12.2, Issuer Order shall mean to include the delivery to the Trustee, by email or otherwise in writing, of a trade ticket, confirmation of trade, trade blotter, instruction to post or to commit to the trade or similar instrument or document or other written instruction (including by email or other electronic communication or file transfer protocol) by the Collateral Manager, and shall constitute a direction and certification that the transaction is in compliance with and satisfies all applicable provisions of such Sections and Article XII of this Indenture. (b) Subject to the terms of this Indenture, the Trustee shall upon an Issuer Order (i) deliver any Asset, and release or cause to be released such Asset from the lien of this Indenture, which is set for any mandatory call or redemption or payment in full to the appropriate payor or paying agent, as applicable, on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof and (ii) provide notice thereof to the Collateral Manager.

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BUSINESS.30544778.20 -213- (c) Upon receiving actual notice of any Offer or any request for a waiver, direction, consent, amendment or other modification or action with respect to any Asset, the Trustee on behalf of the Issuer shall notify the Collateral Manager of any Asset that is subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an "Offer") or such request. Unless the Debt has been accelerated following an Event of Default, the Collateral Manager may, by Issuer Order, direct (x) the Trustee to accept or participate in or decline or refuse to participate in such Offer and, in the case of acceptance or participation, to release from the lien of this Indenture such Asset in accordance with the terms of the Offer against receipt of payment therefor, or (y) the Issuer or the Trustee to agree to or otherwise act with respect to such consent, direction, waiver, amendment, modification or action; provided that in the absence of any such direction, the Trustee shall not respond or react to such Offer or request. (d) As provided in Section 10.2(a), the Trustee shall deposit any proceeds received by it from the disposition or replacement of an Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Collateral Obligations or Eligible Investments as permitted under and in accordance with the requirements of this Article X and Article XII. (e) The Trustee shall, upon receipt of an Issuer Order at such time as there is no Debt Outstanding and all obligations of the Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture. (f) Any security, Collateral Obligation or amounts that are released pursuant to Section 10.10(a), (b) or (c) shall be released from the lien of this Indenture. (g) Any amounts paid from the Payment Account to the holders of the Subordinated Notes in accordance with the Priority of Payments shall be released from the lien of this Indenture. Section 10.11 Reports by Independent Accountants. (a) At the Closing Date, the Issuer shall appoint one or more firms of Independent certified public accountants of recognized international reputation for purposes of reviewing and delivering the reports or certificates of such accountants required by this Indenture, which may be the firm of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager. The Issuer may remove any firm of Independent certified public accountants at any time without the consent of any Holder of Debt. Upon any resignation by such firm or removal of such firm by the Issuer, the Issuer (or the Collateral Manager on behalf of the Issuer) shall promptly appoint by Issuer Order delivered to the Trustee, the Collateral Administrator and S&P a successor thereto that shall also be a firm of Independent certified public accountants of recognized international reputation, which may be a firm of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager. If the Issuer shall fail to appoint a successor to a firm of Independent certified public accountants which has resigned within 30 days after such resignation, the Issuer shall promptly notify the Trustee and the Collateral Administrator of such failure in writing. If the Issuer shall not have appointed a successor within ten days thereafter, the Trustee shall promptly notify the Collateral

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BUSINESS.30544778.20 -214- Manager, who shall appoint a successor firm of Independent certified public accountants of recognized international reputation. The fees of such Independent certified public accountants and its successor shall be payable by the Issuer. (b) On or before (or within 120 days after) the 20th day of May of each year, commencing in 20232027, the Issuer shall cause to be delivered to the Trustee a statement from a firm of Independent certified public accountants for the Distribution Reports prepared in the prior year (i) indicating that the calculations within those Distribution Reports (excluding the S&P CDO Monitor Test) have been performed in accordance with the applicable provisions of this Indenture and (ii) listing the Aggregate Principal Balance of the Assets and the Aggregate Principal Balance of the Collateral Obligations securing the Debt as of the relevant Determination Dates; provided that in the event of a conflict between such firm of Independent certified public accountants and the Issuer with respect to any matter in this Section 10.11, the determination by such firm of Independent public accountants shall be conclusive. (c) Upon the written request of the Trustee, or any holder of a Subordinated Note, the Issuer will cause the firm of Independent certified public accountants appointed pursuant to Section 10.11(a) to provide any holder of Subordinated Notes with all of the information required to be provided by the Issuer or pursuant to Section 7.17 or assist the Issuer in the preparation thereof. (d) Neither the Trustee nor the Collateral Administrator shall have any responsibility to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of any engagement of Independent accountants by the Issuer (or the Collateral Manager on behalf of the Issuer) or the terms of any agreed upon procedures in respect of such engagement; provided, however that the Trustee and the Collateral Administrator shall be authorized, and are hereby directed (and shall have no liability or responsibility), to execute any acknowledgement, access letter or other agreement with the Independent accountants required for the Trustee or the Collateral Administrator to receive any of the reports or instructions provided for herein, which acknowledgement, access letter or agreement may include, among other things, (i) acknowledgement that the Issuer has agreed that the procedures to be performed by the Independent accountants are sufficient for the Issuer's purposes, (ii) releases by each of the Trustee and the Collateral Administrator (on behalf of itself and/or the Holders) of claims against the accountants and acknowledgment of any other limitations of liability in favor of the accountants and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent accountants (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee or the Collateral Administrator be required to execute any agreement in respect of the Independent accountants that the Trustee or the Collateral Administrator reasonably determines adversely affects it. In addition, the Trustee shall not be required to forward or otherwise disclose to the Holders any report or statement received by Independent accountants appointed pursuant to this Section 10.11. In the event a Holder wishes to request any such report or statement, it must do so directly from such accountants. Upon request, the Trustee shall provide to the requesting Holder the contact information for such accountants. The Trustee shall not have any liability to any Holder relating to such accountant's report or statement or the unavailability thereof. Notwithstanding any provision in this Indenture to the contrary, the Trustee and the Collateral Administrator shall have no liability or responsibility for taking any action, or omitting to take any action, if such

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BUSINESS.30544778.20 -215- action or omission is in accordance with this Section 10.11, it being understood and agreed that the Trustee and/or the Collateral Administrator, as the case may be, will deliver such acknowledgement, agreement or access letter in conclusive reliance on the foregoing direction of the Issuer, and neither the Trustee nor the Collateral Administrator shall make any inquiry or investigation as to, or shall have any obligation in respect of, the validity or correctness of such procedures. Section 10.12 Reports to Rating Agencies and Additional Recipients. In addition to the information and reports specifically required to be provided to S&P pursuant to the terms of this Indenture, the Issuer shall provide S&P with such additional information as it may from time to time reasonably request, and the Issuer shall notify S&P of any Specified Amendment, which notice of a Specified Amendment shall include (x) a copy of such Specified Amendment, (y) a brief summary of its purpose and (z) which criteria under the definition of "Collateral Obligation" are no longer satisfied with respect to such Collateral Obligation after giving effect to the Specified Amendment, if any. S&P may, at its option, re-determine the credit estimate of any such Collateral Obligation which is subject to a Specified Amendment. Within 10 Business Days after the Effective Date, together withWith each Monthly Report and on each Payment Date, the Issuer shall provide to S&P at cdo_surveillance@spglobal.com or via the Trustee's website, a Microsoft Excel file of the Excel Default Model Input File and, with respect to each Collateral Obligation, the name of each obligor or issuer thereof, the CUSIP number thereof (if applicable) and the Priority Category thereof. Section 10.13 Procedures Relating to the Establishment of Accounts Controlled by the Trustee. Notwithstanding anything else contained herein, the Trustee agrees that with respect to each of the Accounts (other than the Class A-L-A Loan Account and the Class A-L-BA-L Loan Account), it will cause each Securities Intermediary establishing such accounts to enter into a securities account control agreement and, if the Securities Intermediary is the Bank or an Affiliate of the Bank, shall cause the Bank or such Affiliate to comply with the provisions of such securities account control agreement. The Trustee shall have the right to open such subaccounts of any such account as it deems necessary or appropriate for convenience of administration. Section 10.14 Section 3(c)(7) Procedures. For so long as any Debt is Outstanding, the Issuer shall do the following: (a) Notification. Each Monthly Report sent or caused to be sent by the Issuer to the Debtholders will include a notice to the following effect: "The Investment Company Act of 1940, as amended (the "1940 Act"), requires that all holders of the outstanding securities of the Issuer be "Qualified Purchasers" ("Qualified Purchasers") as defined in Section 2(a)(51)(A) of the 1940 Act and related rules. Under the rules, the Issuer must have a "reasonable belief" that all holders of its outstanding securities, including transferees, are Qualified Purchasers. Consequently, all sales and resales of the Notes must be made solely to purchasers that are Qualified Purchasers. Each purchaser of a Note (such Note, a "Restricted Note") will be deemed (or required, as the case may be) to

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BUSINESS.30544778.20 -216- represent at the time of purchase that: (i) the purchaser is a Qualified Purchaser who is either (w) solely in the case of Notes issued as Certificated Notes, an institutional accredited investor ("IAI") within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the "Securities Act"), (x) a qualified institutional buyer as defined in Rule 144A under the Securities Act ("QIB"), (y) except for with respect to the ERISA Restricted Notes, a non-U.S. person acquiring such notes in an offshore transaction (as defined in Regulation S under the Securities Act) in reliance on the exemption from registration provided by Regulation S under the Securities Act or (z) solely in the case of Subordinated Notes, a U.S. person that is an Accredited Investor that is also a Knowledgeable Employee with respect to the Issuer; (ii) the purchaser is acting for its own account or the account of another Qualified Purchaser and QIB/IAI/non-U.S. person (as applicable); (iii) the purchaser is not formed for the purpose of investing in the Issuer; (iv) the purchaser, and each account for which it is purchasing, will hold and transfer at least the Minimum Denominations of the Notes specified herein; (v) the purchaser understands that the Issuer may receive a list of participants holding positions in securities from one or more book-entry depositories; and (vi) the purchaser will provide written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The Restricted Notes may only be transferred to another Qualified Purchaser and QIB/IAI/non-U.S. person (as applicable) and all subsequent transferees are deemed to have made representations (i) through (vi) above." "The Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect participant for which such participant in DTC acts as agent." "The Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder of, or beneficial owner of an interest in, a Restricted Note who is determined not to have been a Qualified Purchaser at the time of acquisition of such Restricted Note, or beneficial interest therein, the Issuer may require, by notice to such Holder or beneficial owner, that such Holder or beneficial owner sell all of its right, title and interest to such Restricted Note (or any interest therein) to a Person that is either (x) a Qualified Purchaser acquiring the Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from registration provided by Regulation S, or (y) a Qualified Purchaser who is a QIB (or, solely in the case of a Note issued as a Certificated Note, an IAI), with such sale to be effected within 30 days after notice of such sale requirement is given. If such holder or beneficial owner fails to effect the transfer required within such 30-day period, (i) the Issuer or the Collateral Manager acting for the Issuer,

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BUSINESS.30544778.20 -217- without further notice to such holder, shall and is hereby irrevocably authorized by such holder or beneficial owner, to cause its Restricted Note, or beneficial interest therein to be transferred in a commercially reasonable sale (conducted by the Collateral Manager in accordance with Article 9 of the UCC as in effect in the State of New York as applied to securities that are sold on a recognized market or that may decline speedily in value) to a Person that certifies to the Trustee, the Issuer and the Collateral Manager, in connection with such transfer, that such Person meets the qualifications set forth in clauses (x) and (y) above and (ii) pending such transfer, no further payments will be made in respect of such Restricted Note, or beneficial interest therein held by such holder or beneficial owner." (b) DTC Actions. The Issuer will direct DTC to take the following steps in connection with the Global Notes: (i) The Issuer will direct DTC to include the marker "3c7" in the DTC 20-character security descriptor and the 48-character additional descriptor for the Global Notes in order to indicate that sales are limited to Qualified Purchasers. (ii) The Issuer will direct DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers to contain the 20-character security descriptor. The Issuer will direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic form to contain a "3c7" indicator and a related user manual for participants. Such user manual will contain a description of the relevant restrictions imposed by Section 3(c)(7). (iii) On or prior to the ClosingRefinancing Date, the Issuer will instruct DTC to send a Section 3(c)(7) Notice to all DTC participants in connection with the offering of the Global Notes. (iv) In addition to the obligations of the Note Registrar set forth in Section 2.5, the Issuer will from time to time (upon the request of the Trustee) make a request to DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Global Notes. (v) The Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing "3c7" and "144A" indicators, as applicable, attached to such CUSIP number. (c) Bloomberg Screens, Etc. The Issuer will from time to time request all third-party vendors to include on screens maintained by such vendors appropriate legends regarding Rule 144A and Section 3(c)(7) under the 1940 Act restrictions on the Global Notes. Without limiting the foregoing, the Placement Agent and the Co-Placement AgentInitial Purchaser will request that each third-party vendor include the following legends on each screen containing information about the Notes:

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BUSINESS.30544778.20 -218- (i) Bloomberg. (A) "Iss'd Under 144A/3c7", to be stated in the "Note Box" on the bottom of the "Security Display" page describing the Global Notes; (B) a flashing red indicator stating "See Other Available Information" located on the "Security Display" page; (C) a link to an "Additional Security Information" page on such indicator stating that the Global Notes are being offered in reliance on the exception from registration under Rule 144A of the Securities Act of 1933 to Persons that are both (i) "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act and (ii) "Qualified Purchasers" as defined under Section 2(a)(51) of the 1940 Act, as amended; and (D) a statement on the "Disclaimer" page for the Global Notes that the Notes will not be and have not been registered under the Securities Act of 1933, as amended, that the Issuer has not been registered under the 1940 Act, as amended, and that the Global Notes may only be offered or sold in accordance with Section 3(c)(7) of the 1940 Act, as amended. (ii) Reuters. (A) a "144A – 3c7" notation included in the security name field at the top of the Reuters Instrument Code screen; (B) a "144A3c7Disclaimer" indicator appearing on the right side of the Reuters Instrument Code screen; and (C) a link from such "144A3c7Disclaimer" indicator to a disclaimer screen containing the following language: "These Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A under the Securities Act, and (ii) Qualified Purchasers, as defined under Section 3(c)(7) under the U.S. Investment Company Act of 1940." ARTICLE XI APPLICATION OF MONIES Section 11.1 Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections of this Section 11.1 and to Section 13.1, on each Payment Date, the Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the "Priority of Payments"); provided that, unless such Payment Date is the Stated Maturity or an Enforcement Event has occurred and is continuing and other than as provided in Section 11.1(a)(iv) on any Redemption Date (other than a Redemption

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BUSINESS.30544778.20 -219- Date that is also a Payment Date), (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii). (i) On each Payment Date, unless an Enforcement Event has occurred and is continuing, Interest Proceeds on deposit in the Collection Account, to the extent received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred into the Payment Account, shall be applied in the following order of priority: (A) to the payment of (1) first, taxes and governmental fees owing by the Issuer, if any and (2) second, the accrued and unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (except as otherwise expressly provided in connection with any Optional Redemption, Clean-Up Call Redemption or Tax Redemption); (B) to the payment to the Collateral Manager of (i) any accrued and unpaid Collateral Management Fee due on such Payment Date (including any interest accrued on any Collateral Management Fee Shortfall Amount) minus the amount of any Current Deferred Management Fee, if any, and (ii) any Cumulative Deferred Management Fee requested to be paid at the option of the Collateral Manager; provided that, to the extent Interest Proceeds are needed to satisfy any of the Coverage Tests (calculated on a pro forma basis after giving effect to all payments pursuant to this subclause (ii)), such Interest Proceeds shall not be used to pay such portion of the Cumulative Deferred Management Fee requested to be paid pursuant to this subclause (ii); (C) to the payment, pro rata based on amounts due, of (1) accrued and unpaid interest (including any defaulted interest) on the Class XA Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-B Loans and (2) the Class X Note Payment Amount with respect to such Payment Date, if any, plus the aggregate amount of all or any portion of the Class X Note Payment Amount due on any prior Payment Date(s) that was not paid on such prior Payment Date(s);A-L Loans; (D) to the payment of accrued and unpaid interest (including any defaulted interest) on the Class B Notes; (E) if either of the Class A/B Coverage Tests (except, in the case of the Interest Coverage Test, on any date of determination prior to the Interest Coverage Effective Date) is not satisfied on the related Determination Date, to make payments in accordance with the Debt Payment Sequence to the extent necessary to cause all Class A/B Coverage Tests that are applicable on such Payment Date to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (E);

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BUSINESS.30544778.20 -220- (F) (x) with respect to any Payment Date prior to the Effective Date, amounts available for distribution pursuant to this clause (F) will be deposited into the Collection Account as Interest Proceeds, to be applied on the next Payment Date for application in accordance with Section 11.1(a)(i) and (y) if, with respect to any Payment Date following the Effective Date, S&P has not yet confirmed its Initial Ratings of the Secured Debt pursuant to Section 7.18(e) (unless the Effective Date Condition has been satisfied), amounts available for distribution pursuant to this clause (F) for one or both of the following alternatives, as directed by the Collateral Manager: (1) for application in accordance with the Debt Payment Sequence on such Payment Date or (2) for application as Principal Proceeds and transferred to the Collection Account to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to purchase additional Collateral Obligations, in each case in an amount sufficient to satisfy the S&P Rating Condition; (F) (G) to the payment of (1) first, (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation contained therein and (2) second, any expenses related to a Re-Pricing; (G) (H) to the payment of any obligations of the Issuer or to establish any reserves determined by the Issuer to be necessary or desirable; (H) (I) at the sole discretion of the Collateral Manager, to the payment of any Administrative Excess Amount to the Permitted Use Account; and (I) (J) any remaining Interest Proceeds to be paid to the Holders of the Subordinated Notes. (ii) On each Payment Date, unless such Payment Date is the Stated Maturity or an Enforcement Event has occurred and is continuing, Principal Proceeds on deposit in the Collection Account that are received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred to the Payment Account (which will not include (i) amounts required to meet funding requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are deposited in the Revolver Funding Account or (ii) Principal Proceeds that have previously been reinvested in Collateral Obligations or Principal Proceeds that the Issuer has entered into any commitment to reinvest in Collateral Obligations) shall be applied in the following order of priority: (A) to pay the amounts referred to in clauses (A) through (D) of Section 11.1(a)(i) (and in the same manner and order of priority stated therein), but only to the extent not paid in full thereunder; (B) to pay the amounts referred to in clause (E) of Section 11.1(a)(i), but only to the extent not paid in full thereunder and to the extent necessary to cause the Class A/B Coverage Tests that are applicable on such Payment Date to

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BUSINESS.30544778.20 -221- be met as of the related Determination Date on a pro forma basis after giving effect to any payments made through this clause (B); (C) with respect to any Payment Date following the Effective Date, if after the application of Interest Proceeds pursuant to clause (F) of Section 11.1(a)(i), S&P has not yet confirmed its Initial Ratings of the Secured Debt pursuant to Section 7.18(e) (unless the Effective Date Condition has been satisfied), amounts available for distribution pursuant to this clause (C) shall be used for application in accordance with the Debt Payment Sequence on such Payment Date in an amount sufficient to satisfy the S&P Rating Condition; (C) (D) if such Payment Date is a Redemption Date (except in connection with a Refinancing in part but not in whole), to make payments in accordance with the Debt Payment Sequence, to redeem each Class of DebtNotes being redeemed on such Redemption Date; (D) (E) if such Payment Date is a Special Redemption Date occurring in connection with a Special Redemption pursuant to (1) clause (i) of the first sentence of Section 9.6, to make payments in the amount of the Special Redemption Amount at the election of the Collateral Manager, or (2) clause (iii) of the first sentence of Section 9.6, to make payments in an amount necessary to reduce the outstanding EU/UK Retention Deficiency to zero, in each such case in accordance with the Debt Payment Sequence; (E) (F) during the Reinvestment Period, to the Collection Account as Principal Proceeds to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to the purchase of additional Collateral Obligations; (F) (G) after the Reinvestment Period, to make payments in accordance with the DebtNote Payment Sequence; (G) (H) after the Reinvestment Period, to pay the amounts referred to in clause (GF) of Section 11.1(a)(i) only to the extent not already paid (in the same manner and order of priority stated therein); (H) (I) after the Reinvestment Period, to pay any Cumulative Deferred Management Fee to the extent not already paid or previously waived by the Collateral Manager; (I) (J) to the payment of any obligations of the Issuer or to establish any reserves determined by the Issuer to be necessary or desirable; and (J) (K) any remaining Principal Proceeds to be paid to the Holders of the Subordinated Notes. Notwithstanding anything to the contrary in clause (A) of Section 11.1(a)(ii), if the Issuer is prohibited under subclause (ii) of clause (B) of Section 11.1(a)(i) from using Interest

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BUSINESS.30544778.20 -222- Proceeds on a Payment Date to pay a portion of the Cumulative Deferred Management Fee requested to be paid on such Payment Date pursuant to such subclause (ii), the Issuer may not use Principal Proceeds to pay such portion of the Cumulative Deferred Management Fee. On the Stated Maturity of the Debt, the Trustee shall pay the net proceeds from the liquidation of the Assets and all available Cash, but only after the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order of priority stated in the definition thereof), Aggregate Collateral Management Fees, and interest and principal on the Secured Debt, to the Holders of the Subordinated Notes in final payment of such Subordinated Notes (such payments to be made in accordance with the priority set forth in Section 11.1(a)(iii)). (iii) Notwithstanding the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii) (other than the last paragraph thereof), on (x) the Stated Maturity of the Debt or (y) if the maturity of the Debt has been accelerated following an Event of Default and has not been rescinded in accordance with the terms herein (such occurrence under clause (y), an "Enforcement Event"), pursuant to Section 5.7, distributions and proceeds in respect of the Assets will be applied at the date or dates fixed by the Trustee in the following order of priority (the "Special Priority of Payments"): (A) to the payment of (1) first, taxes and governmental fees owing by the Issuer, if any, and (2) second, the accrued and unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap; provided that following the commencement of the sale of Assets pursuant to Section 5.5 or solely in connection with a Redemption of all Classes, or with respect to any payments on the Stated Maturity, the Administrative Expense Cap shall be disregarded; (B) only in the case of an Enforcement Event, to the Revolver Funding Account as directed by the Collateral Manager in an amount necessary to meet funding requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations; (C) to the payment of the Aggregate Collateral Management Fee due and payable (including any accrued and unpaid interest thereon) to the Collateral Manager until such amount has been paid in full, other than any Cumulative Deferred Management Fee, to the extent not already paid; (D) to the payment, pro rata based on amounts due, of accrued and unpaid interest (including any defaulted interest) on the Class XA Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans; (E) to the payment, pro rata based on the Aggregate Outstanding Amounts thereof, of principal of the Class XA Notes, the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans, until the Class XA Notes,

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BUSINESS.30544778.20 -223- the Class A-1 Notes, the Class A-L-A Loans and the Class A-L-BA-L Loans have been paid in full; (F) to the payment of accrued and unpaid interest (including any defaulted interest) on the Class B Notes; (G) to the payment of principal of the Class B Notes, until the Class B Notes have been paid in full; (H) to the payment of (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation contained therein; (I) to the payment of any Cumulative Deferred Management Fees to the extent not already paid; (J) to the payment of any obligations of the Issuer or to establish any reserves determined by the Issuer to be necessary or desirable; and (K) any remaining proceeds and distributions to be paid to the Holders of the Subordinated Notes. If any declaration of acceleration has been rescinded in accordance with the provisions herein, proceeds in respect of the Assets will be applied in accordance with Section 11.1(a)(i) or (ii), as applicable. (iv) On any Redemption Date (other than any Redemption Date that is also a Payment Date) in connection with a Refinancing in part but not in whole, Refinancing Proceeds and Partial Refinancing Interest Proceeds will be distributed in the following order of priority (the "Priority of Partial Refinancing Proceeds"): (A) to pay the Redemption Price (without duplication of any payments received by the Holders of the Debt being redeemed pursuant to Section 11.1(a)(i) or the Special Priority of Payments) of the Debt being redeemed in accordance with the Debt Payment Sequence; (B) to pay Administrative Expenses related to the Refinancing; and (C) any remaining Refinancing Proceeds will be deposited in the Interest Collection Subaccount as Interest Proceeds or the Principal Collection Subaccount as Principal Proceeds, as directed by the Collateral Manager. (b) If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required by the Distribution Report, the Trustee shall make the disbursements called for in the order and according to the priority set forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available therefor.

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BUSINESS.30544778.20 -224- (c) In connection with the application of funds to pay Administrative Expenses of the Issuer in accordance with Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(iii), the Trustee shall remit such funds, to the extent available (and subject to the order of priority set forth in the definition of "Administrative Expenses"), as directed and designated in an Issuer Order (which may be in the form of standing instructions, including standing instructions to pay Administrative Expenses in such amounts and to such entities as indicated in the Distribution Report in respect of such Payment Date) delivered to the Trustee no later than the Business Day prior to each Payment Date. (d) The Collateral Manager may, in its sole discretion, elect to irrevocably waive payment of or distribution in respect of all or any portion of the Collateral Management Fee otherwise payable or distributable and available to be paid or distributed to it on any Payment Date (including any deferred Collateral Management Fee) in accordance with the Priority of Payments on any Payment Date designated by the Collateral Manager (the "Waived Interest"). Any such Waived Interest shall not thereafter become due and payable and any claim of the Collateral Manager therein will be extinguished. In addition, the Collateral Manager may, in its sole discretion, defer all or any portion of the Collateral Management Fee. Pursuant to the terms of the Collateral Management Agreement, Nuveen Churchill Direct Lending Corp. (in its capacity as Collateral Manager thereunder) shall agree that, notwithstanding anything to the contrary contained therein or in any other Transaction Document, it will irrevocably waive the Collateral Management Fee on each Payment Date so long as Nuveen Churchill Direct Lending Corp. acts as Collateral Manager thereunder; provided that, for the avoidance of doubt, any successor collateral manager shall be entitled to all or any portion of the Collateral Management Fees pursuant to the terms of the Collateral Management Agreement and payable in accordance with the Priority of Payments. Pursuant to a direction letter delivered to the Trustee and the Collateral Administrator prior to the end of the applicable Collection Period, any such successor collateral manager will be entitled to receive or waive the Collateral Management Fees in its discretion pursuant to the terms of the Collateral Management Agreement, and will not be required to, although such successor collateral manager may, waive the Collateral Management Fees on any Payment Date occurring after such appointment. All payments on the Class A-L-AA-L Loans shall be deposited into the Class A-L-AA-L Loan Account for distribution by the Class A-L-A Loan Agent to the Class A-L-A Lenders and all payments on the Class A-L-B Loans shall be deposited into the Class A-L-B Loan Account for distribution by the Class A-L-B Loan Agent to the Class A-L-BA-L Lenders. ARTICLE XII SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS Section 12.1 Sales of Collateral Obligations. Subject to the satisfaction of the conditions specified in Section 12.4, the Collateral Manager on behalf of the Issuer may (except as otherwise specified in this Section 12.1) direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in the manner directed by the Collateral Manager any Collateral Obligation or Equity Security if, as certified by the Collateral Manager (which may be deemed satisfied by

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BUSINESS.30544778.20 -225- delivery of an Issuer Order or other instruction, trade ticket or direction), such sale meets the requirements of any one of paragraphs (a) through (i) of this Section 12.1 (subject in each case to any applicable requirement of disposition under Section 12.1(h) and provided that if an Event of Default has occurred and is continuing, the Collateral Manager may not direct the Trustee to sell any Collateral Obligation or Equity Security pursuant to Section 12.1(e), Section 12.1(f) or Section 12.1(g)). For purposes of this Section 12.1, the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest and Principal Financed Capitalized Interest received in respect of such sale. (a) Credit Risk Obligations. The Collateral Manager may direct the Trustee to sell any Credit Risk Obligation at any time. (b) Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation at any time. (c) Defaulted Obligations. The Collateral Manager may direct the Trustee to sell any Defaulted Obligation at any time. With respect to each Defaulted Obligation that remained a Defaulted Obligation for a continuous period of three years after becoming a Defaulted Obligation and has not been sold or terminated during such three year period, the Market Value and the Principal Balance of such Defaulted Obligation shall be deemed to be zero. (d) Equity Securities. The Collateral Manager, on behalf of the Issuer, may direct the Trustee to sell any Equity Security at any time and shall use its commercially reasonable efforts to effect the sale of any Equity Security within 45 days after receipt, regardless of price, if such Equity Security constitutes Margin Stock, unless such sale is prohibited by applicable law or contractual restriction, in which case such Equity Security shall be sold as soon as such sale is permitted by applicable law or such contract. (e) Optional Redemption or Clean-Up Call Redemption. After the Trustee has received notice in accordance with this Indenture of an Optional Redemption of the Secured Debt in accordance with Section 9.2 or a Clean-Up Call Redemption in accordance with Section 9.8, if necessary to effect such Optional Redemption or Clean-Up Call Redemption, the Collateral Manager shall direct the Trustee to sell (which sale may be through participation or other arrangement) all or a portion of the Collateral Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied. If any such sale is made through participations, the Issuer shall use reasonable efforts to cause such participations to be converted to assignments within six months after the sale. (f) Tax Redemption. After a Majority of an Affected Class or a Majority of the Subordinated Notes has directed (by a written direction delivered to the Trustee) a Tax Redemption, the Collateral Manager shall, if necessary to effect such Tax Redemption, direct the Trustee to sell (which sale may be through participation or other arrangement) all or a portion of the Collateral Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied. If any such sale is made through participations, the Issuer shall use reasonable efforts to cause such participations to be converted to assignments within six months after the sale.

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BUSINESS.30544778.20 -226- (g) Discretionary Sales. The Collateral Manager may direct the Trustee to sell any Collateral Obligation (other than a Credit Risk Obligation, Credit Improved Obligation, Defaulted Obligation or Equity Security) at any time other than during a Restricted Trading Period if after giving effect to such sale, the Aggregate Principal Balance of all Collateral Obligations sold as described in this Section 12.1(g) during the preceding period of 12 calendar months (or, for the first 12 calendar months after the ClosingRefinancing Date, during the period commencing on the ClosingRefinancing Date) is not greater than 3025% of the Collateral Principal Amount as of the Determination Date immediately preceding the first day of such 12 calendar month period (or as of the ClosingRefinancing Date, as the case may be); provided that for purposes of determining the percentage of Collateral Obligations sold during any such period, the amount of Collateral Obligations so sold shall be reduced to the extent of any purchases of (or irrevocable commitments to purchase) Collateral Obligations of the same Obligor (which are pari passu or senior to such sold Collateral Obligations) occurring within 45 Business Days after such sale, so long as such sale of a Collateral Obligation was entered into with the intention of purchasing such Collateral Obligations of the same Obligor. (h) Mandatory Sales. The Collateral Manager on behalf of the Issuer shall use its commercially reasonable efforts to effect the sale (regardless of price) of any Collateral Obligation that (i) no longer meets the criteria described in clause (vii) of the definition of "Collateral Obligation", within 18 months after the failure of such Collateral Obligation to meet such criteria or (ii) no longer meets the criteria described in clause (vi) of the definition of "Collateral Obligation" within 45 days after the failure of such Collateral Obligation to meet such criteria. (i) Material Covenant Defaults; Maturity Amendments. The Collateral Manager may direct the Trustee at any time without restriction to sell any Collateral Obligation that (i) has a Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment; provided the Collateral Manager either would not be permitted to, or would not elect to recommend that the Issuer, enter into such Maturity Amendment pursuant to the Collateral Manager Standard or any provision of this Indenture or the Collateral Management Agreement. (j) Stated Maturity. The Collateral Manager shall direct the Trustee pursuant to commercially reasonable arrangements to sell any Collateral ObligationAsset in order to repay the Debt at itstheir Stated Maturity. (k) Equity Securities; Exercise of Warrants. The Issuer shallwill not exercise any warrant or other similar right received in connection with a workout or a restructuring of a Collateral Obligation that requires a payment that results in receipt of an Equity Security unless the Collateral Manager on the Issuer'sIssuer's behalf certifies to the Trustee (which shall be deemed given upon delivery of any related Issuer Order or other instruction, trade ticket or direction) that (i) exercising the warrant or other similar right is necessary for the Issuer to realize the value of the workout or restructuring and (ii) the Collateral Manager and the Issuer has received advice of counsel that such exercise, payment and retention, in and of themselves, should not cause the Issuer to fail to qualify as a loan securitization under the Volcker Rule or result in the Issuer becoming a "covered fund" under the Volcker Rule; provided, that Interest

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BUSINESS.30544778.20 -227- Proceeds may not be used to exercise any warrant or other similar right if such use would likely result, in the Collateral Manager'sManager's reasonable discretion, in a deferral of the payment of interest on the Secured Debt on the next succeeding Payment Date. Section 12.2 Purchase of Additional Collateral Obligations. On any date during the Reinvestment Period, the Collateral Manager on behalf of the Issuer may, pursuant to an Issuer Order or trade ticket delivered by an Officer of the Collateral Manager on behalf of the Issuer (which shall be deemed to constitute a certification that any related conditions have been satisfied), subject to the other requirements in this Indenture, direct the Trustee to invest Principal Proceeds, proceeds of additional debt issued pursuant to Section 2.13 and 3.2, amounts on deposit in the Ramp-Up Account, Principal Financed Accrued Interest and Principal Financed Capitalized Interest, and the Trustee shall invest such Principal Proceeds and other amounts in accordance with such direction. After the Reinvestment Period, the Collateral Manager shall not direct the Trustee to invest any such amounts on behalf of the Issuer; provided that in accordance with Section 12.2(d), Cash on deposit in any Account (other than the Payment Account) may be invested in Eligible Investments following the Reinvestment Period. (a) Investment Criteria. No obligation may be purchased by the Issuer unless each of the following conditions is satisfied as of the date the Collateral Manager commits on behalf of the Issuer to make such purchase, in each case as determined by the Collateral Manager after giving effect to such purchase and all other sales or purchases previously or simultaneously committed to; provided that the conditions set forth in clauses (ii), (iii) and (iv) below need only be satisfied with respect to purchases of Collateral Obligations occurring on or after the Effective Date (the "Investment Criteria"): (i) such obligation is a Collateral Obligation; (ii) if the commitment to make such purchase occurs on or after the Effective Date (or in the case of the Interest Coverage Tests, on or after the Interest Coverage Effective Date), each Coverage Test will be satisfied, or if not satisfied, will be maintained or improved; provided, that ifso long as any of the Coverage Tests areTest is not satisfied, the Principal Proceeds received in respect of any Defaulted Obligations mayObligation or the proceeds of any sale of a Defaulted Obligation shall not be reinvested in additional Collateral Obligations; (iii) (A) in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation or a Defaulted Obligation, either (1) the Aggregate Principal Balance of all additional Collateral Obligations purchased with the proceeds from such sale will at least equal the Sale Proceeds from such sale, (2) the Aggregate Principal Balance of the Collateral Obligations will be maintained or increased (when compared to the Aggregate Principal Balance of the Collateral Obligations immediately prior to such sale) or (3) the Adjusted Collateral Principal Amount (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation) will be greater than the Reinvestment Target Par Balance and (B) in the case of any other purchase of additional Collateral Obligations purchased with the proceeds

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BUSINESS.30544778.20 -228- from the sale of a Collateral Obligation, either (1) the Aggregate Principal Balance of the Collateral Obligations will be maintained or increased (when compared to the Aggregate Principal Balance of the Collateral Obligations immediately prior to such sale) or (2) the Adjusted Collateral Principal Amount (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional Collateral Obligation) will be greater than the Reinvestment Target Par Balance; (iv) either (A) each requirement or test, as the case may be, of the Concentration Limitations and the Collateral Quality Test will be satisfied or (B) if any such requirement or test was not satisfied immediately prior to such investment, such requirement or test will be maintained or improved after giving effect to the investment; provided that, with respect to proceeds from the sale of Credit Risk Obligations, Equity Securities, and Defaulted Obligations, the S&P CDO Monitor Test shall not apply; (v) the date on which the Issuer (or the Collateral Manager on its behalf) commits to purchase such Collateral Obligation occurs during the Reinvestment Period; (vi) [Reserved]; (vii) such purchase would not cause an EU/UK Retention Deficiency; and (viii) after giving effect to the settlement of such purchase, the EU/UK Retention Holder will have, itself or through related entities (including without limitation the Issuer), directly or indirectly been involved in the original agreements which created over 50% (measured by total nominal amount) of the Collateral Obligations that are owned by the Issuer (in the manner described in the last paragraph under "The EU/UK Retention Holder and the EU/UK Risk Retention Requirements and EU Transparency Requirements—Origination of Collateral Obligations" in the Offering Circular). If the Issuer has entered into a written trade ticket or other written binding commitment to purchase a Collateral Obligation during the Reinvestment Period which purchase is not scheduled to settle prior to the end of the Reinvestment Period (such Collateral Obligation, a "Post-Reinvestment Period Settlement Obligation"), such Post-Reinvestment Period Settlement Obligation shall be treated as having been purchased by the Issuer prior to the end of the Reinvestment Period for purposes of the Investment Criteria, and Principal Proceeds received after the end of the Reinvestment Period may be applied to the payment of the purchase price of such Post-Reinvestment Period Settlement Obligation. (b) Trading Plan Period. For purposes of calculating compliance with the Investment Criteria, at the election of the Collateral Manager in its sole discretion and with prior notice to the Trustee and the Collateral Administrator, any proposed investment (whether a single Collateral Obligation or a group of Collateral Obligations) identified as such in such notice by the Collateral Manager at the time when compliance with the Investment Criteria is required to be calculated (a "Trading Plan") may be evaluated after giving effect to all sales and reinvestments proposed to be entered into within the tenfifteen Business Days following the date

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BUSINESS.30544778.20 -229- of determination of such compliance (such period, the "Trading Plan Period"); provided that (i) no Trading Plan Period may include a Determination Date, (ii) no Trading Plan may result in the averaging of the purchase price of one or more Collateral Obligations purchased at separate times for the purpose of determining whether any particular Collateral Obligation is a Discount Obligation, (iii) no Trading Plan may result in the purchasean acquisition of Collateral Obligations having an aggregate principal balanceAggregate Principal Balance that exceeds 5.0% of the Collateral Principal Amount as of the first day of the Trading Plan Period, (iviii) no more than one Trading Plan may be in effect at any time during a Trading Plan Period, (viv) if the Investment Criteria are satisfied prospectively after giving effect to a Trading Plan but are not satisfied upon the expiry of the related Trading Plan Period, notice will be given to S&P and the Issuer shall satisfy the S&P Rating Condition for each subsequent Trading Plan until a subsequent Trading Plan (for which the S&P Rating Condition has been satisfied) is successfully completed, (viv) no Trading Plan may include a Collateral Obligation with an Average Life of less than six (6) months from the date such Collateral Obligation is purchased under such Trading Plan and (viivi) the difference between the shortest Average Life and the longest Average Life of any two Collateral Obligations included in such Trading Plan shall be less than or equal to two and a half years;30 months; provided further that the Collateral Manager may modify any Trading Plan during the related Trading Plan Period (with notice to the Trustee and the Collateral Administrator), and such modification will not be deemed to constitute a failure of such Trading Plan so long as such Trading Plan is otherwise in compliance. Notice of any Trading Plan from the Collateral Manager shall include the details of such Trading Plan (including the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition or entry, as applicable, as part of such Trading Plan). The Collateral Manager will provide notice to the Trustee and the Collateral Administrator promptly after a Trading Plan is executed, and the Trustee will post such notice on the Trustee's website, and the Trustee will report the details of any such Trading Plan provided by the Collateral Manager (including the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition or entry, as applicable, as part of such Trading Plan) by a providing a copy of the notice from the Collateral Manager on a dedicated page of the Monthly Report pursuant to Section 10.8(a) hereof. (c) Certification by Collateral Manager. Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance with this Section 12.2, the Collateral Manager shall deliver by e-mail or other electronic transmission to the Trustee a Responsible Officer's certificate of the Collateral Manager certifying that such purchase complies with this Section 12.2 and Section 12.4. The Trustee hereby agrees to post any notice received from the Collateral Manager of any Trading Plan entered into by the Issuer and provided to the Trustee by the Collateral Manager pursuant to Section 12.2(b) on the Trustee's website. (d) Investment in Eligible Investments. Cash on deposit in any Account (other than the Payment Account) may be invested at any time in Eligible Investments in accordance with Article X. (e) Volcker Rule Obligation. Neither the Issuer nor the Collateral Manager on the Issuer's behalf will purchase any Volcker Rule Obligation. (e) [Reserved].

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BUSINESS.30544778.20 -230- (f) Workout Loans. Notwithstanding anything in this Indenture to the contrary, at any time, the Collateral Manager may direct the Trustee to apply Interest Proceeds, Principal Proceeds or amounts designated for a Permitted Use to acquire a Workout Loan; provided, that (ia) Interest Proceeds may not be used to acquire Workout Loans (ai) if such use would likely result, in the Collateral Manager's reasonable discretion, in a deferral of the paymentnon-payment of interest on the Debt on the next succeeding Payment Date and (bii) unless all Coverage Tests are satisfied and (iib) Principal Proceeds may not be used to acquire Workout Loans unless the Workout Loan Payment Condition is satisfied in connection therewithafter giving effect to such acquisition. Notwithstanding anything in this Indenture to the contrary, the purchase of a Workout Loan is not required to satisfy the Investment Criteria. (g) Restructured Loans and Specified Equity Securities. The Collateral Manager may direct the Trustee to apply amounts designated for a Permitted Use to acquire a Restructured Loan or Specified Equity Security., if at the time of such acquisition (or commitment to acquire), the Collateral Manager reasonably believes (not to be called into question as a result of subsequent events) that making such investment will (i) minimize material losses in connection with the related Collateral Obligation or (ii) otherwise improve recovery prospects with respect to the related obligor or Collateral Obligation. Section 12.3 Reserved. Section 12.4 Conditions Applicable to All Sale and Purchase Transactions. (a) Any transaction effected under this Article XII or in connection with the acquisition or disposition of any Asset shall be conducted on an arm's length basis and, if effected with a Person Affiliated with the Collateral Manager (or with an account or portfolio for which the Collateral Manager or any of its Affiliates serves as investment adviser), shall be effected in accordance with the requirements of Section 5 of the Collateral Management Agreement on terms no less favorable to the Issuer than would be the case if such Person were not so Affiliated, provided that the Trustee shall have no responsibility to oversee compliance with this clause (a) by the other parties. (b) Upon any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer's right, title and interest to the Asset or Assets shall be Granted to the Trustee pursuant to this Indenture, such Asset or Assets shall be Delivered to the Custodian, and, if applicable, the Custodian shall receive such Asset or Assets. The Trustee shall also receive, not later than the Cut-Off Date, an Officer's certificate of the Issuer containing the statements set forth in Section 3.1(h); to the effect that: (i) in the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, immediately prior to the Delivery thereof (or immediately after Delivery thereof, in the case of clause (E)(2) below): (A) the Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever except for (1) those which are being released; (2) those Granted pursuant to this Indenture and (3) any other Permitted Liens;

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BUSINESS.30544778.20 -231- (B) the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except as described in clause (A) above; (C) the Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture and the Securities Account Control Agreement; (D) the Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee; (E) (1) each Collateral Obligation included in the Assets satisfies the requirements of the definition of "Collateral Obligation" and (2) the requirements of Section 3.3 have been satisfied; and (F) upon the Grant by the Issuer, the Trustee has a first priority perfected security interest in the Collateral Obligations and other Assets, except as permitted by this Indenture; (b) provided that such requirement shall be satisfied, and such statements shall be deemed to have been made by the Issuer, in respect of such acquisition by the delivery to the Trustee of an Issuer Order, trade ticket or other instruction in respect thereof. (c) Notwithstanding anything contained in this Article XII or Article V to the contrary, the Issuer shall have the right to effect any sale of any Asset or purchase of any Collateral Obligation (1) with the consent of Holders evidencing at least (i) with respect to purchases during the Reinvestment Period and sales during or after the Reinvestment Period, 75% of the Aggregate Outstanding Amount of each Class of Debt and (ii) with respect to purchases after the Reinvestment Period, 100% of the Aggregate Outstanding Amount of each Class of Debt and (2) of which S&P and the Trustee have been notified. (d) Notwithstanding anything contained in this Article XII or Article V to the contrary, upon the occurrence and during the continuance of an Enforcement Event, the Issuer shall not have the right to effect any sale of any Asset or purchase of any Collateral Obligation without the consent of a Majority of the Controlling Class. Section 12.5 Hedging.Hedging. The Issuer will not enter into any hedging transaction or derivatives (each, a "Hedge Agreement") without (a) first obtaining an Opinion of Counsel that (i) such action will not cause the Issuer to be deemed a "covered fund" under the Volcker Rule and (ii) such such hedging or derivatives transaction will not require the Collateral Manager or the Trustee to register as a "commodity pool operator" with the Commodity Futures Trading Commission with respect to the Issuer, (b) first obtaining a certification from the Collateral Manager that (i) the written terms of the derivative directly relate to the Collateral Obligations and the Debt and (ii) such derivative reduces the interest rate and/or foreign exchange risks related to the Collateral Obligations and the Debt, (c) for so long

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BUSINESS.30544778.20 -232- as any Class A Debt isare Outstanding, the consent of a Majority of the Class A Debt and (d) satisfaction of the S&P Rating Condition. ARTICLE XIII NOTEHOLDERSDEBTHOLDERS' RELATIONS Section 13.1 Subordination.Subordination. (a) Anything in this Indenture or the Debt to the contrary notwithstanding, the Holders of each Class of Debt that constitute a Junior Class agree for the benefit of the Holders of the Debt of each Priority Class with respect to such Junior Class that such Junior Class shall be subordinate and junior to the Debt of each such Priority Class to the extent and in the manner expressly set forth in the Priority of Payments. (b) The Holders of each Class of Debt and beneficial owners of each Class of Debt agree, for the benefit of all Holders of each Class of Debt and beneficial owners of each Class of Debt, not to cause the filing of a petition in bankruptcy, insolvency or a similar proceeding in the United States or any other jurisdiction against the Issuer until the payment in full of all Debt and the expiration of a period equal to one year and one day or, if longer, the applicable preference period then in effect plus one day, following such payment in full. If any holder causes the filing of a petition in bankruptcy or winding-up against the Issuer prior to the expiration of the period specified in the previous sentence, any claim that such holder has against the Issuer (including under all Secured Debt of any Class held by such holders) or with respect to any Assets (including any proceeds thereof) shall, notwithstanding anything to the contrary in the Priority of Payments and notwithstanding any objection to, or rescission of, such filing, be fully subordinate in right of payment to the claims of each holder of any Secured Debt (and each other secured creditor of the Issuer) that does not seek to cause any such filing, with such subordination being effective until each Secured DebtNote held by each holder (and each claim of each other secured creditor of the Issuer) that does not seek to cause any such filing is paid in full in accordance with the Priority of Payments (after giving effect to such subordination). This agreement shall constitute a "subordination agreement" within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer shall direct the Trustee to segregate payments and take other reasonable steps to effect the foregoing. The Issuer may obtain and assign a separate CUSIP or CUSIPs to the Debt of each Class held by such Holder(s). (c) The foregoing restrictions are a material inducement for each Holder and beneficial owner of the Debt to acquire the Debt and for the Issuer and the Collateral Manager to enter into this Indenture (in the case of the Issuer) and the other applicable Transaction Documents and are an essential term of this Indenture. Any Holder or beneficial owner of Debt or either of the Issuer may seek and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under United States federal or state bankruptcy law or similar laws. Section 13.2 Standard of Conduct. In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or them

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BUSINESS.30544778.20 -233- or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person, except for any liability to which such Holder may be subject to the extent the same results from such Holder's taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. ARTICLE XIV MISCELLANEOUS Section 14.1 Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Any certificate or opinion of an Officer of the Issuer or the Collateral Manager may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel (provided that such counsel is a nationally or internationally recognized and reputable law firm, one or more of the partners of which are admitted to practice before the highest court of any State of the United States or the District of Columbia which law firm may, except as otherwise expressly provided herein, be counsel for the Issuer), unless such Officer knows, or should know, that the certificate or opinion or representations with respect to the matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer or the Collateral Manager or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer, the Collateral Manager or any other Person (on which the Trustee shall be entitled to rely), stating that the information with respect to such factual matters is in the possession of the Issuer, the Collateral Manager or such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral Manager or of the Issuer, stating that the information with respect to such matters is in the possession of the Collateral Manager or of the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer's right to make such request or direction, the Trustee shall be protected in acting in accordance with such request or direction if it does not

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BUSINESS.30544778.20 -234- have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(d). Each of the Bank and U.S. Bank National Association (in any capacity under the Transaction Documents) agrees to accept and act upon instructions or directions pursuant to any Transaction Document sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person elects to give the Bank or U.S. Bank National Association email or facsimile instructions (or instructions by a similar electronic method) and the Bank or U.S. Bank National Association in its discretion elects to act upon such instructions, the Bank's or U.S. Bank National Association's, as applicable, reasonable understanding of such instructions shall be deemed controlling. The Bank and U.S. Bank National Association shall not be liable for any losses, costs or expenses arising directly or indirectly from the Bank's and U.S. Bank National Association's reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Bank and U.S. Bank National Association, including without limitation the risk of the Bank and U.S. Bank National Association acting on unauthorized instructions, and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. Section 14.2 Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 14.2. (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee reasonably deems sufficient. (c) The principal amount or face amount, as the case may be, and registered numbers of Debt instruments held by any Person, and the date of such Person's holding the same, shall be proved by the Registers, as applicable. (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Debt shall bind the Holder (and any transferee thereof) of such and of every Debt instrument issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the

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BUSINESS.30544778.20 -235- Issuer in reliance thereon, whether or not notation of such action is made upon such Debt instrument. (e) Notwithstanding anything herein to the contrary, a holder of a beneficial interest in a Global Note will have the right to receive access to reports on the Trustee's website and will be entitled to exercise rights to vote, give consents and directions which holders of the related Class of Notes are entitled to give under this Indenture upon delivery of a beneficial ownership certificate (a "Beneficial Ownership Certificate") to the Trustee which certifies (i) that such Person is a beneficial owner of an interest in a Global Note, (ii) the amount and Class of Notes so owned, and (iii) that such Person will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of Notes. A separate Beneficial Ownership Certificate must be delivered each time any such vote, consent or direction is given; provided that, nothing shall prevent the Trustee from requesting additional information and documentation with respect to any such beneficial owner. Section 14.3 Notices, etc. to Certain Parties. (a) Any request, demand, authorization, direction, instruction, order, notice, consent, waiver or Act of Debtholders or other documents or communication provided or permitted by this Indenture to be made upon, given, e-mailed or furnished to, or filed with: (i) the Trustee and the Loan AgentsAgent shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic mail, or by facsimile in legible form to the Trustee, addressed to it at the Corporate Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Trustee, and executed by a Responsible Officer or Officer (as applicable) of the entity sending such request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document; provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent to the Bank (in any capacity hereunder) will be deemed effective only upon receipt thereof by a Trust Officer of the Bank in such capacity; (ii) the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, by electronic mail, or by facsimile in legible form, to the Issuer addressed to it at c/o Churchill Asset Management LLC, 375 Park Avenue, 9th Floor, New York, New York 10152, Attention: Marissa Short, Fund Controller, Email: Marissa.Short@churchillam.com, with a copy to: Nuveen Churchill Direct Lending Corp., 8500 Andrew Carnegie Blvd., Charlotte, North Carolina 28262, Attention: John D. McCally, Email: john.mccally@churchillam.com, or at any other address previously furnished in writing to the other parties hereto by the Issuer, with a copy to the Collateral Manager at its address below; (iii) the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier

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BUSINESS.30544778.20 -236- service, by electronic mail or by facsimile in legible form, to the Collateral Manager addressed to it at c/o Churchill Asset Management LLC, 375 Park Avenue, 9th Floor, New York, New York 10152, Attention: Marissa Short, Funds Controller, email: marissa.short@churchillam.com, with a copy to the Collateral Manager addressed to it at 8500 Andrew Carnegie Blvd., Charlotte, North Carolina 28262, Attention: John D. McCally, email: john.mccally@churchillam.com and with a copy to the Sub-Advisor addressed to it at Churchill Asset Management LLC, 375 Park Avenue, 9th Floor, New York, New York 10152, Attention: Shai Vichness, email: Shai.Vichness@churchillam.com with a copy to Luke Garriton, email: Luke.Garriton@churchillam.com or at any other address previously furnished in writing to the parties hereto; (iv) the Placement AgentInitial Purchaser shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, addressed to SMBC NikkoSG Americas Securities America, Inc.LLC, 277245 Park Avenue, New York, New York 1017210167, Attention: Structured Finance GroupAsset Backed Products, or at any other address subsequently furnished in writing to the Issuer and the Trustee by the Placement AgentInitial Purchaser; (v) the Co-Placement Agent shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, addressed to Capital One Securities, Inc., 299 Park Avenue, 31st Floor, New York, New York 10171, Attention: Structured Products Group, Email: cosspg@capitalone.com, or at any other address subsequently furnished in writing to the Issuer and the Trustee by Capital One Securities, Inc.; (v) (vi) the Collateral Administrator shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic mail, or by facsimile in legible form to U.S. Bank Trust Company, National Association, as Collateral Administrator, 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC, Email: Nuveen.Churchill.BDC.SPV.IIchurchill.custody@usbank.com, with a copy to michael.strickland@usbank.com, as Collateral Administrator, or at any other address previously furnished in writing to the other parties hereto; and (vi) (vii) S&P shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service to S&P addressed to it at S&P Global Ratings, 55 Water Street, 41st Floor, New York, New York 10041-0003 or by facsimile in legible form to facsimile no. (212) 438 2655, Attention: Structured Credit–CDO Surveillance orsent by electronic copy to CDO_Surveillance@spglobal.com; provided that (w) in respect of any application for a ratings estimate by S&P in respect of a Collateral Obligation, Required S&P Credit Estimate Information must be submitted to creditestimates@spglobal.com, (x) in respect of any request for satisfaction of the S&P

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BUSINESS.30544778.20 -237- Rating Condition in connection with the Effective Date, Required S&P Credit Estimate Information must be submitted to CDOEffectiveDatePortfolios@spglobal.com, (y) in connection with the occurrence of any Specified Amendment in respect of an asset with an outstanding S&P credit ratings estimate or in connection with any notice to be delivered pursuant to clause (c)(ii) of the definition of "S&P Rating", CreditEstimates@spglobal.com; otherwise, CDO_Surveillance@spglobal.com and (zy) in respect of any correspondence relating to the S&P CDO Monitor (or related definitions), CDOMonitor@spglobal.com. (b) If any provision herein calls for any notice or document to be delivered simultaneously to the Trustee and any other Person, the Trustee's receipt of such notice or document shall entitle the Trustee to assume that such notice or document was delivered to such other Person or entity unless otherwise expressly specified herein. (c) Notwithstanding any provision to the contrary contained herein or in any agreement or document related thereto, any report, statement or other information required to be provided by the Issuer or the Trustee may be provided by providing access to a website containing such information. Section 14.4 Notices to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture or a Class A-L Loan Agreement provides for notice to Holders of any event: (a) such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, or by overnight delivery service (or, in the case of Holders of Global Notes, e-mailed to DTC), to each Holder affected by such event, at the address of such Holder as it appears in the applicableNote Register not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice; (b) for so long as any Debt isListed Notes are listed on Euronext Dublin and the listing guidelines of Euronext Dublin so require, notices to the Holders of such DebtListed Notes shall also be sent to Euronext Dublin; and (c) such notice shall be in the English language. Any such notices shall be deemed to have been given on the date of such mailing, transmission or posting, as applicable. Notwithstanding clause (a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter, the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested; provided that if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause (a) above. In lieu of the foregoing, notices for Holders may also be posted to the Trustee's website. Subject to the requirements of Section 14.15, the Trustee will deliver to the Holders any information or notice relating to this Indenture requested to be so delivered by at

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BUSINESS.30544778.20 -238- least 25% of the Holders of any Class of Debt (by Aggregate Outstanding Amount), at the expense of the Issuer; provided that the Trustee may decline to send any such notice that it reasonably determines to be contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation that the Trustee may have hereunder or (iii) applicable law. The Trustee may require the requesting Holders to comply with its standard verification policies in order to confirm Debtholder status. Neither the failure to mail or otherwise deliver any notice, nor any defect in any notice so mailed or otherwise delivered, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder. Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. Section 14.5 Effect of Headings and **Table of Contents**. The Article and Section headings herein (including those used in cross-references herein) and the **Table of Contents** are for convenience only and shall not affect the construction hereof. Section 14.6 Successors and Assigns. All covenants and agreements herein by the Issuer shall bind its successors and assigns, whether so expressed or not. Section 14.7 Severability.Severability. If any term, provision, covenant or condition of this Indenture or the Debt, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Indenture or the Debt, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions of this Indenture or the Debt, as the case may be, so long as this Indenture or the Debt, as the case may be, as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Indenture or the Debt, as the case may be, will not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. Section 14.8 Benefits of Indenture. Except as otherwise expressly set forth in this Indenture, nothing herein or in the Debt, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Collateral Manager, the Collateral Administrator, the Holders of the Debt and (to the extent provided herein) and the

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BUSINESS.30544778.20 -239- other Secured Parties any benefit or any legal or equitable right, remedy or claim under this Indenture. Section 14.9 Reserved. Section 14.10 GOVERNING LAW. THIS INDENTURE AND EACH DEBT INSTRUMENT, AND ANY MATTER ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THIS INDENTURE OR ANY DEBT (WHETHER IN CONTRACT, TORT OR OTHERWISE), SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. Section 14.11 Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this Indenture or any matter between the parties arising under or in connection with this Indenture ("Proceedings"), each party irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing herein precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. Section 14.12 WAIVER OF JURY TRIAL. EACH OF THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE DEBT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among other things, the mutual waivers and certifications in this paragraph. Section 14.13 Counterparts.Counterparts. This Indenture and the Debt may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Any signature (including, without limitation, any facsimile or electronic transmission, including .pdf file, .jpeg file or electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee (including any symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record)) hereto or to any other certificate, agreement or document related to the transactions contemplated by this Indenture, and any contract formation or record-keeping, in each case, through electronic means, including, without limitation, through e-mail or portable document format, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based

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BUSINESS.30544778.20 -240- record-keeping system to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, supplement, restatement, extension or renewal of this Indenture. Each party hereto represents and warrants to the other parties hereto that (i) it has the corporate or other applicable entity capacity and authority to execute this Indenture (and any other documents to be delivered in connection therewith) through electronic means, (ii) any electronic signatures of such party appearing on this Indenture (or such other documents) shall be treated in the same way as handwritten signatures for the purposes of validity, enforceability and admissibility of this Indenture (or any such other document) and (iii) the execution of this Indenture (or any such other document) by such party through such electronic means is not restricted by, and does not contravene, such party's constitutive documents or applicable law. Any document electronically signed in a manner consistent with the foregoing provisions shall be valid so long as it is delivered by a Responsible Officer or Officer (as applicable) of the executing Person or by any person reasonably understood to be acting on behalf of such Person. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. Section 14.14 Acts of Issuer. Any report, information, communication, request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if given or performed by the Issuer or by the Collateral Manager on the Issuer's behalf. The Issuer agrees to coordinate with the Collateral Manager with respect to any communication to S&P and to comply with the provisions of this Section and Section 14.16, unless otherwise agreed to in writing by the Collateral Manager. Section 14.15 Confidential Information. (a) The Trustee, the Loan AgentsAgent, the Collateral Administrator and each Holder of Debt will maintain the confidentiality of all Confidential Information in accordance with procedures adopted by such Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such Person may deliver or disclose Confidential Information to: (i) such Person's directors, trustees, officers, employees, agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented by the Debt; (ii) such Person's legal advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented by the Debt; (iii) any other Holder, or any of the other parties to this Indenture, the Class A-L Loan AgreementsAgreement, the Collateral Management Agreement or the Collateral Administration Agreement; (iv) except for Specified Obligor Information, any Person of the type that would be, to such Person's knowledge, permitted to acquire Debt or any security of the Issuer in accordance with the requirements of Section 2.5 hereof to which such Person sells or offers to sell any such Debt or security or any part thereof; (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that

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BUSINESS.30544778.20 -241- requires access to information about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 14.15; (vii) S&P or any NRSRO (subject to Section 14.16); (viii) any other Person with the consent of the Issuer and the Collateral Manager; (ix) any other disclosure that is permitted under this Indenture, the Class A-L Loan Agreements Agreement or the Collateral Administration Agreement or (x) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if an Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Debt, the Class A-L Loan AgreementsAgreement or this Indenture or (E) in the Trustee's, the Loan Agents' orAgent's or the Collateral Administrator's performance of its obligations under this Indenture, the Class A-L Loan AgreementsAgreement, the Collateral Administration Agreement or the other transaction document related thereto; and provided that delivery to the Holders by the Trustee, the Loan AgentsAgent or the Collateral Administrator of any report of information required by the terms of this Indenture to be provided to Holders shall not be a violation of this Section 14.15. Each Holder or beneficial owner of Debt will, by its acceptance of its Debt, be deemed to have agreed, except as set forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential Information for the sole purpose of making an investment in the Debt or administering its investment in the Debt; and that the Trustee, the Loan AgentsAgent and the Collateral Administrator shall neither be required nor authorized to disclose to Holders any Confidential Information in violation of this Section 14.15. In the event of any required disclosure of the Confidential Information by such Holder or beneficial owner such Holder or beneficial owner will, by its acceptance of its Debt, be deemed to have agreed to use reasonable efforts to protect the confidentiality of the Confidential Information. Each Holder or beneficial owner of Debt, by its acceptance of such Debt, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14.15 (subject to Section 7.17(e)). (b) For the purposes of this Section 14.15, (A) "Confidential Information" means information delivered to the Trustee, the Loan AgentsAgent, the Collateral Administrator or any Holder of Debt by or on behalf of the Issuer, the Collateral Manager or any of their respective affiliates in connection with and relating to the Issuer, the Retention Holder, the Collateral Manager or any of their respective affiliates or the transactions contemplated by or otherwise pursuant to this Indenture and the other Transaction Documents (including, without limitation, information relating to Obligors); provided that such term does not include information that: (i) was publicly known or otherwise known to the Trustee, the Loan AgentsAgent, the Collateral Administrator or such Holder prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the Trustee, the Loan AgentsAgent, the Collateral Administrator, any Holder or any Person acting on behalf of the Trustee, the Loan AgentsAgent, the Collateral Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee, the Loan AgentsAgent, the Collateral Administrator or any Holder other than (x) through disclosure by the Issuer, the Collateral Manager or any of their respective affiliates, as applicable, or (y) to the knowledge of the Trustee, the Loan AgentsAgent,

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BUSINESS.30544778.20 -242- the Collateral Administrator or a Holder, as the case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty or a contractual duty to the Issuer, the Collateral Manager or any of their respective affiliates, as applicable; or (iv) is allowed to be treated as non-confidential with the prior written consent of the Issuer; and (B) "Specified Obligor Information" means Confidential Information relating to Obligors whether set forth in the Monthly Reports, the Distribution Reports, the Transparency Reports or otherwise); that is not otherwise included in the Monthly Reports or Distribution Reports or the disclosure of which would be prohibited by applicable law or the Underlying Documents relating to such Obligor's Collateral Obligation. (c) Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential Information to the extent disclosure thereof may be required by law or by any regulatory or Governmental Authority and the Trustee and the Collateral Administrator may disclose on a confidential basis any Confidential Information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder and under the Collateral Administration Agreement or the other Transaction Documents. Section 14.16 17g-5 Information. (a) The Issuer shall comply with their obligations under Rule 17g-5 promulgated under the Exchange Act ("Rule 17g-5"), by its or its agent's posting on the 17g-5 Website, no later than the time such information is provided to S&P, all information that the Issuer or other parties on its behalf, including the Trustee and the Collateral Manager, provide to S&P for the purposes of determining the Initial Ratings of the Secured Debt or undertaking credit rating surveillance of the Debt (the "17g-5 Information"); provided, that no party other than the Issuer, the Trustee or the Collateral Manager may provide information to S&P on the Issuer's behalf without the prior written consent of the Collateral Manager. At all times while any Secured Debt is rated by S&P or any other NRSRO, the Issuer shall engage a third-party to post 17g-5 Information to the 17g-5 Website. On the Closing Date, the Issuer shall engage the Collateral Administrator (in such capacity, the "Information Agent"), to post 17g-5 Information it receives from the Issuer, the Trustee or the Collateral Manager to the 17g-5 Website in accordance with the Collateral Administration Agreement. All information to be posted shall be provided to the Information Agent in an electronic format readable and uploadable (e.g., that is not locked or corrupted) by e-mail to churchillncdlccloII17g5churchill.ncdlc.clo-ii.llc.17g5@usbank.com and specifying "Churchill NCDLC CLO-II" and labeled for delivery to S&P. (b) To the extent that any of the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee is required to provide any information to, or communicate with, S&P in writing in accordance with its obligations under this Indenture, the Collateral Administration Agreement or the Collateral Management Agreement, the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee, as applicable (or their respective representatives or advisers), shall promptly deliver such information or communication to the Information Agent for posting to the 17g-5 Website. (c) To the extent any of the Issuer, the Trustee or the Collateral Manager are engaged in oral communications with S&P for the purposes of determining the Initial Ratings of the Secured Debt or undertaking credit rating surveillance of the Debt, the party communicating

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BUSINESS.30544778.20 -243- with S&P shall cause such oral communication to either be (x) recorded and an audio file containing the recording to be promptly posted to the 17g-5 Website or (y) summarized in writing and the summary to be promptly posted to the 17g-5 Website. (d) All information to be made available to S&P pursuant to Section 14.3(a) shall be made available on the 17g-5 Website. In the event that any information is delivered or posted in error, the Issuer may remove it, or cause it be removed, from the 17g-5 Website, and shall so remove promptly when instructed to do so by the Person that delivered such information. None of the Trustee, the Collateral Administrator or the Collateral Manager shall have obtained or shall be deemed to have obtained actual knowledge of any information solely due to receipt and posting to the 17g-5 Website. Access will be provided to any NRSRO upon receipt by the Issuer of an NRSRO Certification from such NRSRO (which may be submitted electronically via the 17g-5 Website). (e) Notwithstanding the requirements herein, the Trustee shall have no obligation to engage in or respond to any oral communications, for the purposes of determining the initial credit rating of the Debt or undertaking credit rating surveillance of the Debt, with S&P or any of its officers, directors or employees. (f) The Information Agent (except to the extent expressly provided herein and in the Collateral Administration Agreement) and the Trustee shall not be responsible for maintaining the 17g-5 Website, posting any 17g-5 Information to the 17g-5 Website or assuring that the 17g-5 Website complies with the requirements of this Indenture, Rule 17g-5, or any other law or regulation. In no event shall the Information Agent or the Trustee be deemed to make any representation in respect of the content of the 17g-5 Website or compliance of the 17g-5 Website with this Indenture, Rule 17g-5, or any other law or regulation. (g) The Information Agent and the Trustee shall not be responsible or liable for the dissemination of any identification numbers or passwords for the 17g-5 Website, including by the Issuer, S&P, the NRSROs, any of their agents or any other party. The Information Agent and the Trustee shall not be liable for the use of any information posted on the 17g-5 Website, whether by the Issuer, S&P, the NRSROs or any other third party that may gain access to the 17g-5 Website or the information posted thereon. (h) Notwithstanding anything herein to the contrary, the maintenance by NetRoadshow, Inc. of the 17g-5 Website shall not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or any other law or regulation related thereto. The maintenance by the Trustee of the Trustee's website will not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or any other law or regulation related thereto. Notwithstanding anything to the contrary in this Indenture, a breach of this Section 14.16 shall not constitute a Default or Event of Default.

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BUSINESS.30544778.20 -244- ARTICLE XV ASSIGNMENT OF CERTAIN AGREEMENTS Section 15.1 Assignment of Collateral Management Agreement. (a) The Issuer hereby acknowledges that its Grant pursuant to the first Granting Clause hereof includes all of the Issuer's estate, right, title and interest in, to and under the Collateral Management Agreement, including (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation of the Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that notwithstanding anything herein to the contrary, the Trustee shall not have the authority to exercise any of the rights set forth in (i) through (iv) above or that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and such authority shall terminate at such time, if any, as such Event of Default is cured or waived. From and after the occurrence and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound by the provisions of the Collateral Management Agreement and this Indenture applicable thereto. (b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, nor shall any of the obligations contained in the Collateral Management Agreement be imposed on the Trustee. (c) The Issuer represents that, as of the date hereof, the Issuer has not executed any other assignment of the Collateral Management Agreement. (d) The Issuer agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness of such assignment. (e) The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral Management Agreement, to the following: (i) The Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture applicable to the Collateral Manager subject to the terms (including the Collateral Manager Standard) of the Collateral Management Agreement. (f) Upon the retirement of the Debt, the payment of all amounts required to be paid pursuant to the Priority of Payments and the release of the Assets from the lien of this

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BUSINESS.30544778.20 -245- Indenture, this assignment and all rights herein assigned to the Trustee for the benefit of the Debtholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under the Collateral Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion. (i) The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the Collateral Management Agreement to the Trustee as representative of the Debtholders and the Collateral Manager shall agree that all of the representations, covenants and agreements made by the Collateral Manager in the Collateral Management Agreement are also for the benefit of the Trustee. (ii) The Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement. (iii) The Issuer hereby agrees that the Issuer shall not enter into any agreement amending, modifying or terminating the Collateral Management Agreement except in accordance with the terms of the Collateral Management Agreement. (iv) Except as otherwise set forth herein and therein (including pursuant to Section 8 of the Collateral Management Agreement), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral Management Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments set forth under Section 11.1. The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the fees or other amounts payable by the Issuer to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Debt issued under this Indenture or incurred pursuant to a Class A-Lthe Loan Agreement and the expiration of a period equal to one year and a day, or, if longer, the applicable preference period then in effect plus one day, following such payment. Nothing in this Section 15.1 shall preclude, or be deemed to stop, the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer, or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. (v) On each Measurement Date on which the S&P CDO Monitor Test is used, the Collateral Manager on behalf of the Issuer will measure compliance under such test. (g) The Issuer and the Trustee agree that the Collateral Manager shall be a third party beneficiary of this Indenture, and shall be entitled to rely upon and enforce such provisions of this Indenture to the same extent as if it were a party hereto.

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BUSINESS.30544778.20 -246- [Signature Pages Follow]

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BUSINESS.30544778.20 IN WITNESS WHEREOF, we have set our hands as of the day and year first written above. CHURCHILL NCDLC CLO-II, LLC, as Issuer By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: John McCally Title: Secretary

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BUSINESS.30544778.20 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee By: Name: Title:

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BUSINESS.30544778.20 Sch. 1-1 Schedule 1 [RESERVED]

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BUSINESS.30544778.20 Sch. 2-1 3230000 Paper and Forest Products Marine transportation 1033403 3240000 Zero Default Risk Ground transportation 3020000 Mortgage Real Estate Investment Trusts (REITs) 3250000 Aerospace and Defense Transportation Infrastructure Asset Type Code 4011000 Automobile components 3030000 4020000 Building Products Automobiles 2020000 4110000 Household Durables 3040000 Chemicals 4120000 Construction and Engineering Leisure Products 1020000 4130000 Textiles, Apparel and Luxury Goods 3050000 Asset Type Description 4210000 Electrical Equipment Hotels, Restaurants and Leisure 2030000 4300001 Energy Equipment and Services Entertainment 3060000 Construction Materials 4300002 Industrial Conglomerates Interactive Media and Services Schedule 2 S&P Industry Classifications 4310000 Media 3070000 4410000 Machinery Distributors 2040000 4430000 Broadline Retail 3080000 Containers and Packaging 4440000 Trading Companies and Distributors Specialty Retail 1030000 5020000 Consumer stablesstaples distribution and retail 3110000 5110000 Commercial Services and Supplies Beverages 2050000 5120000 Oil, Gas and Consumable Fuels Food Products 3210000 Metals and Mining 5130000 Air Freight and Logistics Tobacco 0 5210000 Household Products 3220000 Passenger airlines 2060000

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BUSINESS.30544778.20 Sch. 2-2 7210000 Electric Utilities Insurance 9530000 Gas Utilities Asset Type Description 9540000 7310000 Multi-Utilities 6120000 Real Estate Management and Development 9550000 6020000 Water Utilities Pharmaceuticals 9551701 7311000 Diversified Consumer Services Diversified REITSREITs 9551702 Independent Power and Renewable Electricity Producers Health Care Equipment and Supplies 9551727 8030000 Life Sciences Tools and Services 7011000 IT Services 9551729 Health Care Technology Banks 9612010 8040000 Professional Services Software 9622292 Residential REITs 9622294 8110000 Industrial REITs 7110000 Communications Equipment 9622295 6030000 Hotel and resort REITs Financial servicesServices 9622296 8120000 Office REITs 5220000 Technology Hardware, Storage and Peripherals 9622297 Health care REITs Health Care Providers and Services 9622298 8130000 Retail REITs 7120000 Electronic Equipment, Instruments and Components 9622299 Asset Type Code Specialized REITs Consumer Finance PF1PF101 8210000 Project Finance: Industrial EquipmentConversion or separation of hydrocarbons into value-added energy products Semiconductors and Semiconductor Equipment PF2PF102 Project Finance: LeisureMining and Gamingextraction Personal Productscare products PF3PF103 9020000 Project Finance: Natural Resources and MiningPipelines 7130000 Diversified Telecommunication Services PF4PF104 6110000 Project Finance: Oil and GasStorage Capital Markets PF105 9030000 Project Finance: Utilities System Wireless Telecommunication Services Biotechnology 9520000

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BUSINESS.30544778.20 Sch. 2-3 Project Finance: Power – Wind – Contracted PF302 PF106 Project Finance: Digital infrastructure – Contracted Project Finance: Alternative energy PF303 PF206 Project Finance: Digital infrastructure – Merchant Asset Type Code Project Finance: Power – Wind – Merchant PF304 Project Finance: Education assets Project Finance: Vessels PF305 PF207 Project Finance: Entertainment assets PF202 Project Finance: Power – Solar – Contracted PF306 Project Finance: Health care facilities Project Finance: Hydrogen PF6PF307 PF208 Project Finance: Public Finance and Real Estatebuildings Project Finance: Power – Solar – Merchant PF7PF308 Project Finance: TelecommunicationsReal Estate Asset Type Description PF8PF401 PF209 Project Finance: TransportAirport PF5PF203 Project Finance: Power – Hydro – Contracted IPFPF402 PF107 International PublicProject Finance: Port – Contracted Project Finance: Power – Baseload – Contracted PF1000-PF1099P F403 PF210 ReservedProject Finance: Port – Volume Project Finance: Power – Hydro – Merchant PF404 Project Finance: Railways – Contracted Project Finance: Water treatment facilities PF405 PF211 Project Finance: Railways – Volume PF204 Project Finance: Transmission power PF406 Project Finance: Road – Availability Project Finance: Power – Baseload – Merchant PF407 PF212 Project Finance: Road – Volume Project Finance: Waste to energy PF408 Project Finance: Parking PF301 PF205 Project Finance: Accommodation Assets PF201

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BUSINESS.30544778.20 Sch. 3-1 Schedule 3 Moody's Rating Definitions MOODY'S RATING (a) With respect to a Collateral Obligation that (A) is publicly rated by Moody's, such public rating, or (B) is not publicly rated by Moody's but for which a rating has been assigned by Moody's upon the request of the Issuer or the Collateral Manager, such rating. (b) With respect to a Collateral Obligation that is a first-lien loan or Participation Interest in a first-lien loan (if not determined pursuant to clause (a) above), if the Obligor of such Collateral Obligation has a corporate family rating by Moody's, then such corporate family rating. (c) With respect to a Collateral Obligation, if not determined pursuant to clause (a) or (b) above, if the Obligor of such Collateral Obligation has one or more senior unsecured obligations publicly rated by Moody's, then the Moody's public rating on any such obligation (or, if such Collateral Obligation is a first-lien loan, the Moody's rating that is one subcategory higher than the Moody's public rating on any such senior unsecured obligation) as selected by the Collateral Manager in its sole discretion. (d) With respect to a Collateral Obligation other than a first-lien loan or Participation Interest in a first-lien loan (if not determined pursuant to clause (a), (b) or (c) above) if the obligor of such Collateral Obligation has one or more senior unsecured obligations publicly rated by Moody's, then the Moody's Rating on any such obligation; (e) With respect to a Collateral Obligation other than a first-lien loan or Participation Interest in a first-lien loan (if not determined pursuant to clause (a), (b), (c) or (d) above), if the Obligor of such Collateral Obligation has a corporate family rating by Moody's, then such corporate family rating; and (f) With respect to a Collateral Obligation other than a first-lien loan or Participation Interest in a first-lien loan (if not determined pursuant to clause (a), (b), (c), (d) or (e) above), if the Obligor of such Collateral Obligation has one or more subordinated obligations publicly rated by Moody's, then the Moody's public rating on any such obligation notched up by one notch as selected by the Collateral Manager in its sole discretion. For purposes of calculating a Moody's Rating, each applicable rating (i) on credit watch by Moody's with positive implications will be treated as having been upgraded by one rating subcategory and (ii) on credit watch by Moody's with negative implications will be treated as having been downgraded by one rating subcategory.

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BUSINESS.30544778.20 Sch. 3-2 0.9500 Aggregate Industry Equivalent Unit Score 1.0000 2.8333 6.0500 10.2500 3.0250 10.5500 11.1500 0.0000 4.1200 4.0600 16.2500 4.0300 4.6300 15.6500 1.0500 4.5700 1.0500 15.3500 6.1500 3.0500 0.0000 11.2500 0.4500 4.1300 4.5400 16.3500 0.5000 4.6400 Industry Diversity Score 5.5500 1.1500 1.1000 2.8667 6.2500 5.0500 3.0750 10.6500 11.3500 0.1500 4.1400 4.0700 16.4500 4.6500 15.7500 0.2000 1.2500 4.5800 1.1500 2.7000 6.3500 3.1000 5.2500 11.4500 0.5500 4.1500 Aggregate Industry Equivalent Unit Score 16.5500 0.6000 4.6600 2.7667 5.6500 1.3500 10.1500 1.2000 2.9000 6.4500 10.3500 3.1250 10.7500 11.5500 Aggregate Industry Equivalent Unit Score 4.1600 4.0800 16.6500 4.0400 4.6700 15.8500 4.0200 1.4500 4.5900 1.2500 15.4500 6.5500 3.1500 Industry Diversity Score 11.6500 0.6500 4.1700 4.5500 16.7500 0.7000 4.6800 15.2500 5.7500 1.5500 1.3000 2.9333 6.6500 3.1750 10.8500 11.7500 0.2500 4.1800 4.0900 16.8500 4.5300 4.6900 15.9500 0.3000 1.6500 4.6000 1.3500 Aggregate Industry Equivalent Unit Score 6.7500 3.2000 5.3500 11.8500 0.7500 4.1900 16.9500 0.8000 4.7000 2.8000 5.8500 1.7500 Industry Diversity Score 1.4000 2.9667 6.8500 10.4500 3.2250 10.9500 11.9500 0.0500 4.2000 4.1000 17.0500 4.0500 4.7100 16.0500 Industry Diversity Score 1.8500 4.6100 1.4500 15.5500 6.9500 3.2500 0.1000 12.0500 0.8500 4.2100 4.5600 17.1500 0.9000 4.7200 DIVERSITY SCORE CALCULATION The Diversity Score is calculated as follows: (a) An "Issuer Par Amount" is calculated for each issuer of a Collateral Obligation, and is equal to the Aggregate Principal Balance of all the Collateral Obligations issued by that issuer and all affiliates. (b) An "Average Par Amount" is calculated by summing the Issuer Par Amounts for all issuers, and dividing by the number of issuers. (c) An "Equivalent Unit Score" is calculated for each issuer, and is equal to the lesser of (x) one and (y) the Issuer Par Amount for such issuer divided by the Average Par Amount. (d) An "Aggregate Industry Equivalent Unit Score" is then calculated for each of the S&P Industry Classifications, and is equal to the sum of the Equivalent Unit Scores for each issuer in such industry classification group. (e) An "Industry Diversity Score" is then established for each S&P Industry Classification, by reference to the following table for the related Aggregate Industry Equivalent Unit Score; provided that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the applicable Industry Diversity Score shall be the lower of the two Industry Diversity Scores: 5.9500 1.9500 1.5000 3.0000 7.0500 5.1500 3.2750 11.0500 12.1500 0.3500 4.2200 4.1100 17.2500 4.7300 16.1500 0.4000 4.6200 2.7333 5.4500

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BUSINESS.30544778.20 Sch. 3-3 4.3700 Industry Diversity Score 18.7500 17.9500 4.8800 17.5500 4.8000 3.5500 17.3500 2.2000 8.6500 4.7600 3.6750 2.7500 13.7500 Aggregate Industry Equivalent Unit Score 4.3800 1.9000 18.8500 4.8900 7.8500 4.7400 3.6500 3.4750 2.2333 2.3500 8.7500 12.9500 3.7000 13.8500 4.3000 4.3900 1.7000 18.9500 18.0500 4.9000 4.8100 3.7500 7.4500 2.2667 8.8500 Industry Diversity Score 3.7250 2.8500 13.9500 3.3750 4.4000 1.9500 19.0500 2.1500 4.9100 7.9500 12.5500 3.8500 3.5000 2.3000 Aggregate Industry Equivalent Unit Score 8.9500 13.0500 3.7500 4.2600 14.0500 4.3100 4.4100 1.6000 19.1500 18.1500 4.9200 17.6500 4.8200 3.9500 2.3333 9.0500 4.7700 3.7750 2.9500 14.1500 7.2500 4.4200 2.0000 19.2500 4.9300 8.0500 4.0500 3.5250 2.3667 2.4500 9.1500 13.1500 3.8000 3.3250 14.2500 4.3200 4.4300 1.7500 19.3500 18.2500 4.9400 2.0500 4.8300 4.1500 7.5500 2.4000 9.2500 12.3500 3.8250 3.0500 14.3500 3.4000 4.4400 2.0333 19.4500 Industry Diversity Score 4.9500 8.1500 12.6500 4.2500 3.5500 2.4333 4.2400 9.3500 13.2500 3.8500 4.2700 14.4500 4.3300 4.4500 1.5500 19.5500 18.3500 4.9600 17.7500 4.8400 4.3500 17.4500 2.4667 9.4500 4.7800 3.8750 3.1500 14.5500 Aggregate Industry Equivalent Unit Score 4.4600 2.0667 19.6500 4.9700 8.2500 4.7500 4.4500 3.5750 2.5000 2.5500 9.5500 13.3500 3.9000 7.1500 14.6500 4.3400 4.4700 1.8000 19.7500 18.4500 4.9800 4.8500 4.5500 7.6500 2.5333 9.6500 Aggregate Industry Equivalent Unit Score 3.9250 3.2500 14.7500 3.4250 4.4800 2.1000 19.8500 2.2500 4.9900 8.3500 12.7500 4.6500 3.6000 2.5667 3.3000 9.7500 13.4500 3.9500 4.2800 14.8500 4.3500 4.4900 1.6500 19.9500 18.5500 5.0000 17.8500 4.8600 4.7500 2.6000 9.8500 4.7900 3.9750 3.3500 14.9500 7.3500 4.5000 2.1333 8.4500 12.2500 4.8500 3.6250 2.6333 2.6500 9.9500 13.5500 4.0000 3.3500 15.0500 4.3600 4.5100 1.8500 18.6500 Industry Diversity Score 4.8700 4.9500 7.7500 2.6667 10.0500 12.4500 4.0100 3.4500 15.1500 3.4500 4.5200 2.1667 4.2300 8.5500 (f) The Diversity Score is then calculated by summing each of the Industry Diversity Scores for each S&P Industry Classification. 12.8500 3.6500 4.2500 13.6500 4.2900

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2 95 3 80 50 30.0% 60.0% 40.0% 70.0% 46.0% 70.0% 53.0% "B" 59.0% 75.0% 59.0% 80.0% 59.0% 81.0% 4 86.0% 45 84.0% 28.5% 89.0% 37.5% "CCC" and below 44.0% 89.0% 49.5% 87.5% 53.5% 54.0% 54.0% 2 91.0% 4 75 40 27.0% 55.0% 35.0% 95.0% 42.0% 65.0% 46.0% S&P Recovery Rating 48.0% 70.5% 49.0% 95.0% 49.0% 77.0% 1+ 4 82.5% 35 23.5% 84.0% 30.5% 37.5% 84.0% 42.5% 1 43.5% 44.0% 100 44.0% 2 90 4 70 30 20.0% 50.0% 26.0% 65.0% 33.0% 60.0% 39.0% 75.0% 39.0% 66.0% 39.0% 75.0% 39.0% 73.0% "AAA" 5 79.0% 25 80.0% 17.5% 79.0% 23.0% 85.0% 28.5% 79.0% 32.5% 85.0% 33.5% 34.0% S&P Recovery Range from S&P published reports\*\* 34.0% 3 90.0% 5 65 20 88.0% 15.0% 45.0% 20.0% 95.0% 24.0% 55.0% 26.0% "AA" 28.0% 61.0% 29.0% 95.0% 29.0% 68.0% 90.0% 5 73.0% 15 10.0% 74.0% 15.0% Schedule 4 S&P Recovery Rate Tables Section 1. S&P Recovery Rate Tables (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery range) and the applicable Class of DebtNotes: Table 1: S&P Recovery Rates for Collateral Obligations with S&P Recovery Ratings\* 19.5% 74.0% 22.5% 2 23.5% 24.0% 92.0% 24.0% 3 85 5 60 10 "A" 5.0% 40.0% 10.0% 62.5% 15.0% 50.0% 19.0% 95.0% 19.0% 56.0% 19.0% 72.5% 19.0% 63.0% Initial Liability Rating 6 67.0% 5 77.5% 3.5% 69.0% 7.0% 95.0% 10.5% 69.0% 13.5% 83.0% 14.0% 14.0% "BBB" 14.0% 3 88.0% 6 55 0 2.0% 35.0% 4.0% 92.0% 6.0% 45.0% 8.0% 9.0% 51.0% 9.0% 92.0% 9.0% 58.0% 1 63.0% 64.0% S&P Recovery Rate "BB" \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. \*\* If an S&P Recovery Rating is not available from S&P's published reports for a given loan with a recovery rating of "1" through "6", the lower range for the applicable recovery rating will be assumed. (ii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured loan or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to 64.0%

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![](exhibit1015ncdlccloiires277.jpg)

15% 25% "B" and below 3 26% 8% 5 11% 13% 2% 15% 29% 16% 4% 17% 6% 4 31% 5% 8% 5% 5% 9% 5% 5% 10% 5% 1+ 5 2 2% 6 2% 2% 0% 2% 18% 2% 0% 2% 18% 0% 6 20% 0% 0% 0% "AAA" 0% 0% 0% 23% 0% 0% 0% 20% 26% S&P Recovery Rate \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. For Collateral Obligations Domiciled in Group C\* S&P Recovery Rating of the Senior Secured Debt Instrument S&P Recovery Rating of the Senior Secured Debt Instrument S&P Recovery Rate Initial Liability Rating 29% \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. For Collateral Obligations Domiciled in Group B\* "AAA" 23% "AA" S&P Recovery Rating of the Senior Secured Debt Instrument "A" 31% "BBB" Initial Liability Rating "BB" "AA" "B" and below 1+ 10% 26% 12% "AAA" 14% 3 16% "AA" 18% 20% "A" 12% 1 "BBB" 10% 29% 12% "BB" 14% 15% 16% "B" and below 18% "A" 20% 18% 2 1+ 10% 31% 12% 13% 14% 21% 16% 16% 18% Initial Liability Rating 20% 18% 22% 3 21% 5% 7% 23% 9% 23% 10% 25% 11% "BBB" 12% 4 1 2% 1 2% 13% 2% 4 2% 16% 2% such Collateral Obligation (a "Senior Secured Debt Instrument") that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: For Collateral Obligations Domiciled in Group A\* 2% 18% 5% 5 21% 0% 18% 0% 23% 0% 8% 0% 25% 0% "BB" 0% 11% 6 2 0% 20% 0% 13% 0% 13% 0% 16% 0% 0% 18% 14% 21% S&P Recovery Rate 23% \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. 23%

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![](exhibit1015ncdlccloiires278.jpg)

"B" and below "A" 5% 1+ 8% 5% 5% 5% Initial Liability Rating 5% 5% 5% 5% 5% 5% "BBB" 1 1 5% 4 5% (iii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation that is a Senior Secured Debt Instrument that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: For Collateral Obligations Domiciled in Groups A and B\* 5% 2% 5% 8% 5% 2% 5% "BB" 2% 2 8% 5% 2% 5% 5% 2% 5% 8% 5% 2% 5% "B" and below 3 8% 2% 5 2% 2% 0% 2% 8% 2% 0% 2% 0% 4 8% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1+ 5 2 0% 6 0% 0% 0% 0% 8% 0% 0% 0% 8% 0% 6 8% 0% 0% 0% "AAA" 0% 0% 0% 8% 0% 0% 0% 8% 8% S&P Recovery Rate \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. (b) If a recovery rate cannot be determined using clause (a), the recovery rate shall be determined using the following table. Recovery rates for Obligors Domiciled in Group A, B or C\*: S&P Recovery Rating of the Senior Secured Debt Instrument Priority Category S&P Recovery Rate Initial Liability Rating 8% \* The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. For Collateral Obligations Domiciled in Group C\* ""AAA"" 8% ""AA"" S&P Recovery Rating of the Senior Secured Debt Instrument ""A"" 8% ""BBB"" Initial Liability Rating ""BB"" "AA" ""B"" and below Senior Secured Loans\*\* 8% Without S&P Industry Classification that includes "PF" "AAA" 3 Group A "AA" 50% 55% "A" 59% 5% 63% "BBB" 75% 8% 79% "BB" 5%

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![](exhibit1015ncdlccloiires279.jpg)

39% Group A 80% 18% 17% 20% 23% 26% Senior Secured Loans (Cov-Lite Loans)\*\*&\*\*\* 29% 19% 31% 42% Group B Group A 13% 27% 16% 41% 18% Initial Liability Rating 21% 46% 23% 29% 25% 49% 46% Group C 53% 10% 31% 12% 63% 14% 16% 67% 18% 34% 20% 49% Subordinated Loansloans Group B Group A 32% 8% 8% 35% 8% With S&P Industry Classification that includes "PF" 8% 39% 8% 60% 8% 41% Group B 50% 8% 8% 53% 8% Groups A, B and C 8% 8% 63% 8% Group C 55% Group C 17% 5% Group B 5% 19% 5% 60% 5% 27% 5% 5% 29% 65% 31% S&P Recovery Rate Priority Category 34% Priority Category 70% Initial Liability Rating Group C Group A: Group B: Group C: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, The Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States\*\*\*\*\* Group B: Brazil, the Czech Republic, Mexico, Poland and South Africa. \*\*\*\*\* Group C: Dubai International Finance Centre, Greece, India, Indonesia, Kazakhstan, Russia, Turkey, Ukraine, the United Arab Emirates, Vietnam and others not included in Group A or Group B.\*\*\*\*\* Second Lien Loans, First-Lien Last-Out Loans, Unsecured Loans\*\*\*\* \* The S&P Recovery Rate will be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination. \*\* Solely for the purpose of determining the S&P Recovery Rate for such loan, no loan will constitute a ""Senior Secured Loan"" unless such loan (a) is secured by a valid first priority security interest in collateral, (b) in the Collateral Manager'sManager's commercially reasonable judgment (with such determination being made in good faith by the Collateral Manager at the time of such loan'sloan's purchase and based upon information reasonably available to the Collateral Manager at such time and without any requirement of additional investigation beyond the Collateral Manager'sManager's customary credit review procedures), is secured by specified collateral that has a value not less than an amount equal to the sum of (i) the aggregate principal balance of all debt senior or pari passu to such loans and (ii) the outstanding principal balance of such loan, which value may be derived from, among other things, the enterprise value (including equity and goodwill) of the issuer of such loan, (c) is not secured solely or primarily by common stock or other equity interests; provided, that the terms of this footnote may be amended or revised at any time by a written notice from the Issuer and the Collateral Manager to the Trustee and the Collateral Administrator (without the consent of any holder of any DebtNotes), subject to the satisfaction of the S&P Rating Condition, in order to conform to S&P then-current criteria for such loans and (d) is not subordinate to any other obligation; provided, further, that if 100% of the value of such loan is derived from the 75%

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![](exhibit1015ncdlccloiires280.jpg)

61.50% 35.70% 55.00% 40.70% 36.60% 41.60% 45.70% 46.60% Liability Rating 51.60% 50.70% 56.60% 61.60% 55.70% 60.00% 60.70% 36.70% 35.30% 41.70% 46.70% ""BB-"" 51.70% 56.70% 40.30% 61.70% 35.80% 40.80% 36.80% 45.30% 41.80% 45.80% 46.80% 51.80% 50.80% 56.80% 50.30% 61.80% 55.80% 60.80% 36.90% 55.30% 41.90% 46.90% ""B-"" 51.90% 56.90% 60.30% 61.90% 35.90% 35.10% 40.90% 37.00% 42.00% 45.90% 47.00% ""AAA"" 52.00% 50.90% 57.00% 62.00% 55.90% 40.10% 60.90% 37.10% 35.40% 42.10% 47.10% 52.10% 57.10% 40.40% 62.10% 36.00% 45.10% 41.00% 37.20% 45.40% 42.20% 46.00% 47.20% enterprise value of the issuer of such loan, such loan will have either (1) the S&P Recovery Rate specified for Unsecured Loans in the table above, or (2) the S&P Recovery Rate determined by S&P on a case by case basis. \*\*\* For the avoidance of doubt, each Cov-Lite Loan will constitute a "senior secured cov-lite loan". \*\*\*\* Solely for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate Principal Balance of all Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans that, in the aggregate, represent up to 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans in the table above and the Aggregate Principal Balance of all Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans in excess of 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for subordinated loans in the table above. \*\*\*\*\* In each case, or such other countries identified as such by S&P in a press release, written criteria or other public announcement from time to time or as may be notified by S&P to the Collateral Manager from time to time. Section 2. S&P CDO Monitor S&P CDO Monitor Recovery Rate 52.20% 51.00% 57.20% 50.40% 62.20% 56.00% 50.10% 61.00% 37.30% 55.40% 42.30% 47.30% Weighted Average S&P Recovery Rate 52.30% 57.30% 60.40% 62.30% 36.10% 55.10% 41.10% 37.40% 42.40% 46.10% 47.40% ""AA"" 52.40% 51.10% 57.40% 62.40% 56.10% 60.10% 61.10% 37.50% 35.50% 42.50% 47.50% 35.00% 52.50% 57.50% 40.50% 62.50% 36.20% 41.20% 37.60% 45.50% 42.60% 46.20% 47.60% 52.60% 51.20% 57.60% 50.50% 62.60% 56.20% 61.20% 37.70% 55.50% 42.70% 47.70% 40.00% 52.70% 57.70% 60.50% 62.70% 36.30% 35.20% 41.30% 37.80% 42.80% 46.30% 47.80% ""A"" 52.80% 51.30% 57.80% 62.80% 56.30% 40.20% 61.30% 37.90% 35.60% 42.90% 47.90% 45.00% 52.90% 57.90% 40.60% 62.90% 36.40% 45.20% 41.40% 38.00% 45.60% 43.00% 46.40% 48.00% 53.00% 51.40% 58.00% 50.60% 63.00% 56.40% 50.20% 61.40% 38.10% 55.60% 43.10% 48.10% 50.00% 53.10% 58.10% 60.60% 63.10% 36.50% 55.20% 41.50% 38.20% 43.20% 46.50% 48.20% ""BBB-"" 53.20% 51.50% 58.20% 63.20% 56.50% 60.20%

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![](exhibit1015ncdlccloiires281.jpg)

43.80% 50.80% 55.80% 43.30% 60.80% 39.50% 65.80% 48.80% 44.50% 40.90% 49.50% 45.90% 53.80% 50.90% 54.50% 55.90% Liability Rating 60.90% 59.50% 65.90% 58.80% 64.50% 38.50% 41.00% 46.00% 63.80% 51.00% 56.00% 48.30% 61.00% 39.60% 66.00% 44.60% 43.50% 41.10% 49.60% 46.10% 51.10% 54.60% 56.10% ""BBB-"" 61.10% 59.60% 66.10% 38.90% 64.60% 48.50% 41.20% 46.20% 43.90% 51.20% 56.20% 53.30% 61.20% 39.70% 66.20% 48.90% 44.70% 53.50% 41.30% 49.70% 46.30% 53.90% 51.30% 54.70% 56.30% 61.30% 59.70% 66.30% 58.90% 64.70% 58.50% 41.40% 46.40% 63.90% 51.40% 56.40% 58.30% 61.40% 39.80% 66.40% 44.80% 63.50% 41.50% 49.80% 46.50% 51.50% 54.80% 56.50% ""BB-"" 61.50% 59.80% 66.50% 39.00% 64.80% 41.60% 46.60% 44.00% 51.60% 56.60% 63.30% 61.60% 39.90% 66.60% 49.00% 44.90% 41.70% 49.90% 46.70% 54.00% 51.70% 54.90% 56.70% ""AAA"" 61.70% 59.90% 66.70% 59.00% 64.90% 38.60% 41.80% 46.80% 64.00% 51.80% 56.80% 61.80% 40.00% 66.80% 45.00% 43.60% 41.90% 50.00% 46.90% 51.90% 55.00% 56.90% ""B-"" 61.90% 60.00% 66.90% 39.10% 65.00% 48.60% 42.00% 47.00% 44.10% 52.00% 57.00% 62.00% 40.10% 67.00% 49.10% 45.10% 53.60% 42.10% 50.10% 47.10% 54.10% 52.10% 55.10% 57.10% 62.10% 60.10% 67.10% 59.10% 65.10% 58.60% 42.20% 47.20% 64.10% 52.20% 57.20% 38.40% 62.20% 40.20% 67.20% 45.20% 63.60% 42.30% 50.20% 47.30% 52.30% 55.20% 57.30% 62.30% 60.20% 67.30% 39.20% 65.20% 42.40% 47.40% 44.20% 52.40% 57.40% 43.40% 62.40% 40.30% 67.40% 49.20% 45.30% 42.50% 50.30% 47.50% 54.20% 52.50% 55.30% 57.50% ""AA"" 62.50% 60.30% 67.50% 59.20% 65.30% 38.70% 42.60% 47.60% 64.20% 52.60% 57.60% 48.40% 62.60% 40.40% 67.60% 45.40% 43.70% 42.70% 50.40% 47.70% 52.70% 55.40% 57.70% 62.70% 60.40% 67.70% 39.30% 65.40% 48.70% 42.80% 47.80% 44.30% 52.80% 57.80% 53.40% 62.80% 40.50% 67.80% 49.30% 45.50% 53.70% 42.90% 50.50% 47.90% 54.30% 52.90% 55.50% 57.90% 62.90% 60.50% 67.90% 59.30% 65.50% 58.70% 43.00% 48.00% 64.30% 53.00% 58.00% 58.40% 63.00% 40.60% 68.00% 45.60% 63.70% 43.10% 50.60% 48.10% 53.10% 55.60% 58.10% 38.30% 63.10% 60.60% 68.10% 39.40% 65.60% 43.20% 48.20% 44.40% 53.20% 58.20% 63.40% 63.20% 40.70% 68.20% 49.40% 45.70% 43.30% 50.70% 48.30% 54.40% 53.30% 55.70% 58.30% ""A"" 63.30% 60.70% 68.30% 59.40% 65.70% 38.80% 43.40% 48.40% 64.40% 53.40% 58.40% 63.40% 40.80% 68.40% 45.80%

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![](exhibit1015ncdlccloiires282.jpg)

49.00% 56.00% 61.00% 48.50% 66.00% 44.70% 71.00% 54.00% 49.70% 46.10% 54.70% 51.10% 59.00% 56.10% 59.70% 61.10% Liability Rating 66.10% 64.70% 71.10% 64.00% 69.70% 43.70% 46.20% 51.20% 69.00% 56.20% 61.20% 53.50% 66.20% 44.80% 71.20% 49.80% 48.70% 46.30% 54.80% 51.30% 56.30% 59.80% 61.30% ""BBB-"" 66.30% 64.80% 71.30% 44.10% 69.80% 53.70% 46.40% 51.40% 49.10% 56.40% 61.40% 58.50% 66.40% 44.90% 71.40% 54.10% 49.90% 58.70% 46.50% 54.90% 51.50% 59.10% 56.50% 59.90% 61.50% 66.50% 64.90% 71.50% 64.10% 69.90% 63.70% 46.60% 51.60% 69.10% 56.60% 61.60% 63.50% 66.60% 45.00% 71.60% 50.00% 68.70% 46.70% 55.00% 51.70% 56.70% 60.00% 61.70% ""BB-"" 66.70% 65.00% 71.70% 44.20% 70.00% 46.80% 51.80% 49.20% 56.80% 61.80% 68.50% 66.80% 45.10% 71.80% 54.20% 50.10% 46.90% 55.10% 51.90% 59.20% 56.90% 60.10% 61.90% ""AAA"" 66.90% 65.10% 71.90% 64.20% 70.10% 43.80% 47.00% 52.00% 69.20% 57.00% 62.00% 67.00% 45.20% 72.00% 50.20% 48.80% 47.10% 55.20% 52.10% 57.10% 60.20% 62.10% ""B-"" 67.10% 65.20% 72.10% 44.30% 70.20% 53.80% 47.20% 52.20% 49.30% 57.20% 62.20% 67.20% 45.30% 72.20% 54.30% 50.30% 58.80% 47.30% 55.30% 52.30% 59.30% 57.30% 60.30% 62.30% 67.30% 65.30% 72.30% 64.30% 70.30% 63.80% 47.40% 52.40% 69.30% 57.40% 62.40% 43.60% 67.40% 45.40% 72.40% 50.40% 68.80% 47.50% 55.40% 52.50% 57.50% 60.40% 62.50% 67.50% 65.40% 72.50% 44.40% 70.40% 47.60% 52.60% 49.40% 57.60% 62.60% 48.60% 67.60% 45.50% 72.60% 54.40% 50.50% 47.70% 55.50% 52.70% 59.40% 57.70% 60.50% 62.70% ""AA"" 67.70% 65.50% 72.70% 64.40% 70.50% 43.90% 47.80% 52.80% 69.40% 57.80% 62.80% 53.60% 67.80% 45.60% 72.80% 50.60% 48.90% 47.90% 55.60% 52.90% 57.90% 60.60% 62.90% 67.90% 65.60% 72.90% 44.50% 70.60% 53.90% 48.00% 53.00% 49.50% 58.00% 63.00% 58.60% 68.00% 45.70% 73.00% 54.50% 50.70% 58.90% 48.10% 55.70% 53.10% 59.50% 58.10% 60.70% 63.10% 68.10% 65.70% 73.10% 64.50% 70.70% 63.90% 48.20% 53.20% 69.50% 58.20% 63.20% 63.60% 68.20% 45.80% 73.20% 50.80% 68.90% 48.30% 55.80% 53.30% 58.30% 60.80% 63.30% 43.50% 68.30% 65.80% 73.30% 44.60% 70.80% 48.40% 53.40% 49.60% 58.40% 63.40% 68.60% 68.40% 45.90% 73.40% 54.60% 50.90% 48.50% 55.90% 53.50% 59.60% 58.50% 60.90% 63.50% ""A"" 68.50% 65.90% 73.50% 64.60% 70.90% 44.00% 48.60% 53.60% 69.60% 58.60% 63.60% 68.60% 46.00% 73.60% 51.00%

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![](exhibit1015ncdlccloiires283.jpg)

54.20% 61.20% 66.20% 53.70% 71.20% 49.90% 76.20% 59.20% 54.90% 51.30% 59.90% 56.30% 64.20% 61.30% 64.90% 66.30% Liability Rating 71.30% 69.90% 76.30% 69.20% 74.90% 48.90% 51.40% 56.40% 74.20% 61.40% 66.40% 58.70% 71.40% 50.00% 76.40% 55.00% 53.90% 51.50% 60.00% 56.50% 61.50% 65.00% 66.50% ""BBB-"" 71.50% 70.00% 76.50% 49.30% 75.00% 58.90% 51.60% 56.60% 54.30% 61.60% 66.60% 63.70% 71.60% 50.10% 76.60% 59.30% 55.10% 63.90% 51.70% 60.10% 56.70% 64.30% 61.70% 65.10% 66.70% 71.70% 70.10% 76.70% 69.30% 75.10% 68.90% 51.80% 56.80% 74.30% 61.80% 66.80% 68.70% 71.80% 50.20% 76.80% 55.20% 73.90% 51.90% 60.20% 56.90% 61.90% 65.20% 66.90% ""BB-"" 71.90% 70.20% 76.90% 49.40% 75.20% 52.00% 57.00% 54.40% 62.00% 67.00% 73.70% 72.00% 50.30% 77.00% 59.40% 55.30% 52.10% 60.30% 57.10% 64.40% 62.10% 65.30% 67.10% ""AAA"" 72.10% 70.30% 77.10% 69.40% 75.30% 49.00% 52.20% 57.20% 74.40% 62.20% 67.20% 72.20% 50.40% 77.20% 55.40% 54.00% 52.30% 60.40% 57.30% 62.30% 65.40% 67.30% ""B-"" 72.30% 70.40% 77.30% 49.50% 75.40% 59.00% 52.40% 57.40% 54.50% 62.40% 67.40% 72.40% 50.50% 77.40% 59.50% 55.50% 64.00% 52.50% 60.50% 57.50% 64.50% 62.50% 65.50% 67.50% 72.50% 70.50% 77.50% 69.50% 75.50% 69.00% 52.60% 57.60% 74.50% 62.60% 67.60% 48.80% 72.60% 50.60% 77.60% 55.60% 74.00% 52.70% 60.60% 57.70% 62.70% 65.60% 67.70% 72.70% 70.60% 77.70% 49.60% 75.60% 52.80% 57.80% 54.60% 62.80% 67.80% 53.80% 72.80% 50.70% 77.80% 59.60% 55.70% 52.90% 60.70% 57.90% 64.60% 62.90% 65.70% 67.90% ""AA"" 72.90% 70.70% 77.90% 69.60% 75.70% 49.10% 53.00% 58.00% 74.60% 63.00% 68.00% 58.80% 73.00% 50.80% 78.00% 55.80% 54.10% 53.10% 60.80% 58.10% 63.10% 65.80% 68.10% 73.10% 70.80% 78.10% 49.70% 75.80% 59.10% 53.20% 58.20% 54.70% 63.20% 68.20% 63.80% 73.20% 50.90% 78.20% 59.70% 55.90% 64.10% 53.30% 60.90% 58.30% 64.70% 63.30% 65.90% 68.30% 73.30% 70.90% 78.30% 69.70% 75.90% 69.10% 53.40% 58.40% 74.70% 63.40% 68.40% 68.80% 73.40% 51.00% 78.40% 56.00% 74.10% 53.50% 61.00% 58.50% 63.50% 66.00% 68.50% 48.70% 73.50% 71.00% 78.50% 49.80% 76.00% 53.60% 58.60% 54.80% 63.60% 68.60% 73.80% 73.60% 51.10% 78.60% 59.80% 56.10% 53.70% 61.10% 58.70% 64.80% 63.70% 66.10% 68.70% ""A"" 73.70% 71.10% 78.70% 69.80% 76.10% 49.20% 53.80% 58.80% 74.80% 63.80% 68.80% 73.80% 51.20% 78.80% 56.20%

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![](exhibit1015ncdlccloiires284.jpg)

58.90% 64.40% 69.40% Liability Rating 74.40% 54.10% 79.40% 63.90% 59.10% ""BBB-"" 54.50% 64.10% 59.50% 68.90% 64.50% 69.10% 69.50% 74.50% 74.10% 79.50% 73.90% 79.10% ""BB-"" 54.60% 59.60% 78.90% 64.60% 69.60% ""AAA"" 74.60% 54.20% 79.60% 59.20% ""B-"" 54.70% 64.20% 59.70% 64.70% 69.20% 69.70% 74.70% 74.20% 79.70% 54.00% 79.20% 54.80% 59.80% 59.00% 64.80% 69.80% ""AA"" 74.80% 54.30% 79.80% 64.00% 59.30% 54.90% 64.30% 59.90% 69.00% 64.90% 69.30% 69.90% 74.90% 74.30% 79.90% 74.00% 79.30% 53.90% 55.00% 60.00% 79.00% 65.00% 70.00% ""A"" 75.00% 54.40% 80.00% 59.40%

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![](exhibit1015ncdlccloiires285.jpg)

Lesotho Africa: Sub-Saharan 254 240 Equatorial Guinea 12 13 Kenya Africa: Sub-Saharan Africa: Southern 241 Gabonese Republic 230 13 Mauritius Africa: Sub-Saharan 17 220 Gambia 17 12 13 Country Name Africa: Sub-Saharan Africa: Southern 233 Africa: Eastern Ghana 264 Africa: Eastern 13 Namibia Africa: Sub-Saharan 252 224 Guinea 12 13 Somalia Africa: Sub-Saharan Africa: Southern 245 291 Guinea-Bissau 248 13 Seychelles Africa: Sub-Saharan 231 Liberia 17 12 13 Eritrea Africa: Sub-Saharan Africa: Southern 261 Africa: Eastern Madagascar 27 Region Code 13 South Africa Africa: Sub-Saharan 249 265 Malawi 12 13 Sudan Africa: Sub-Saharan Africa: Southern 223 17 Mali 290 13 St. Helena Africa: Sub-Saharan 17 222 Mauritania 12 12 13 Africa: Sub-Saharan Africa: Southern 258 Africa: Southern Mozambique 268 Africa: Eastern 13 Swaziland Africa: Sub-Saharan 247 227 Niger Africa: Eastern 13 13 Ascension Africa: Sub-Saharan Africa: Sub-Saharan 234 251 Nigeria 244 13 Angola Africa: Sub-Saharan Region Name 250 Rwanda 12 13 13 Ethiopia Africa: Sub-Saharan Africa: Sub-Saharan 239 Africa: Southern Sao Tome & Principe 226 253 13 Burkina Faso Africa: Sub-Saharan 267 221 Senegal 13 13 Botswana Africa: Sub-Saharan Africa: Sub-Saharan 232 S&P Minimum Floating Spread A spread between 1.50% and 8.00% (in increments of .01%) without exceeding the Weighted Average Floating Spread as of such Measurement Date. S&P Region Classifications Sierra Leone 257 13 Burundi Africa: Sub-Saharan 17 255 Tanzania/Zanzibar 12 13 13 Djibouti Africa: Sub-Saharan Africa: Sub-Saharan 228 Africa: Southern Togo 225 Africa: Eastern 13 Cote d'lvoire Africa: Sub-Saharan 266 256 Uganda Country Code 13

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Americas: Other Central and Caribbean 1242 Cape Verde Islands Bahamas 3 2 Americas: Andean Americas: Other Central and Caribbean 246 57 Barbados Zimbabwe Colombia 2 13 Americas: Other Central and Caribbean 501 13 Belize 3 Africa: Sub-Saharan 2 Americas: Andean Americas: Other Central and Caribbean 441 593 Bermuda 236 Ecuador 2 Region Name Americas: Other Central and Caribbean 284 Central African Republic British Virgin Islands 3 13 2 Americas: Andean Americas: Other Central and Caribbean 345 51 Cayman Islands Africa: Sub-Saharan Peru 2 13 Americas: Other Central and Caribbean 506 Africa: Sub-Saharan Costa Rica 3 Africa: Sub-Saharan 2 Americas: Andean Americas: Other Central and Caribbean 809 58 Dominican Republic 235 Venezuela 2 229 Americas: Other Central and Caribbean 503 Chad El Salvador 4 260 2 Americas: Mercosur and Southern Cone Americas: Other Central and Caribbean 473 54 Grenada Benin Argentina 2 13 Americas: Other Central and Caribbean 590 Country Code Guadeloupe 4 Africa: Sub-Saharan 2 Americas: Mercosur and Southern Cone Americas: Other Central and Caribbean 502 55 Guatemala 269 Brazil 2 Zambia Americas: Other Central and Caribbean 504 Comoros Honduras 4 13 2 Americas: Mercosur and Southern Cone Americas: Other Central and Caribbean 876 56 Jamaica Chile 2 13 Americas: Other Central and Caribbean 596 Africa: Sub-Saharan Martinique 4 Africa: Sub-Saharan 2 Americas: Mercosur and Southern Cone Americas: Other Central and Caribbean 505 595 Nicaragua 242 Paraguay 2 237 Americas: Other Central and Caribbean 507 Congo-Brazzaville Panama 4 Country Name 2 Americas: Mercosur and Southern Cone Americas: Other Central and Caribbean 869 598 St. Kitts/Nevis Cameroon Uruguay 2 13 Americas: Other Central and Caribbean 758 13 St. Lucia 1 Africa: Sub-Saharan 2 Americas: Mexico Americas: Other Central and Caribbean 784 52 St. Vincent & Grenadines 243 Mexico 2 Region Code Americas: Other Central and Caribbean 597 Congo-Kinshasa Suriname 2 13 2 Americas: Other Central and Caribbean Americas: Other Central and Caribbean 868 1264 Trinidad& Tobago Africa: Sub-Saharan Anguilla 2 3 Americas: Other Central and Caribbean 649 Africa: Sub-Saharan Turks & Caicos 2 Americas: Andean 2 Americas: Other Central and Caribbean Americas: Other Central and Caribbean 297 1268 Aruba 591 Antigua 2 238 Americas: Other Central and Caribbean 53 Bolivia Cuba 2 263

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Asia: Southeast, Korea and Japan 856 Haiti Laos 5 8 Asia: India, Pakistan and Afghanistan Asia: Southeast, Korea and Japan 60 93 Malaysia Dominica Afghanistan 8 2 Asia: Southeast, Korea and Japan 95 2 Myanmar 5 Americas: Other Central and Caribbean 8 Asia: India, Pakistan and Afghanistan Asia: Southeast, Korea and Japan 850 91 North Korea 664 India 8 Region Name Asia: Southeast, Korea and Japan 63 Montserrat Philippines 5 2 8 Asia: India, Pakistan and Afghanistan Asia: Southeast, Korea and Japan 65 92 Singapore Americas: Other Central and Caribbean Pakistan 8 101 Asia: Southeast, Korea and Japan 82 Americas: Other Central and Caribbean South Korea 6 Americas: U.S. and Canada 8 Asia: Other South Asia: Southeast, Korea and Japan 66 880 Thailand 2 Bangladesh 8 594 Asia: Southeast, Korea and Japan 84 Canada Vietnam 6 599 8 Asia: Other South Asia: Southeast, Korea and Japan 670 975 East Timor French Guiana Bhutan 105 101 Asia-Pacific: Australia and New Zealand 61 Country Code Australia 6 Americas: U.S. and Canada 105 Asia: Other South Asia-Pacific: Australia and New Zealand 682 960 Cook Islands 1 Maldives 105 Curacao Asia-Pacific: Australia and New Zealand 64 USA New Zealand 6 2 9 Asia: Other South Asia-Pacific: Islands 679 977 Fiji Nepal 9 7 Asia-Pacific: Islands 689 Americas: Other Central and Caribbean French Polynesia 6 Asia: China, Hong Kong, Taiwan 9 Asia: Other South Asia-Pacific: Islands 686 94 Kiribati 86 Sri Lanka 9 592 Asia-Pacific: Islands 691 China Micronesia 8 Country Name 9 Asia: Southeast, Korea and Japan Asia-Pacific: Islands 674 673 Nauru Guyana Brunei 9 7 Asia-Pacific: Islands 687 2 New Caledonia 8 Asia: China, Hong Kong, Taiwan 9 Asia: Southeast, Korea and Japan Asia-Pacific: Islands 680 855 Palau 852 Cambodia 9 Region Code Asia-Pacific: Islands 675 Hong Kong Papua New Guinea 8 2 9 Asia: Southeast, Korea and Japan Asia-Pacific: Islands 685 62 Samoa Americas: Other Central and Caribbean Indonesia 9 7 Asia-Pacific: Islands 677 Americas: Other Central and Caribbean Solomon Islands 8 Asia: China, Hong Kong, Taiwan 9 Asia: Southeast, Korea and Japan Asia-Pacific: Islands 676 81 Tonga 886 Japan 9 509 Asia-Pacific: Islands 688 Taiwan Tuvalu 8 767

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Europe: Russia & CIS 996 Latvia Kyrgyzstan 16 14 Europe: Eastern Europe: Russia & CIS 373 385 Moldova Czech Republic Croatia 14 15 Europe: Russia & CIS 976 9 Mongolia 16 Europe: Central 14 Europe: Eastern Europe: Russia & CIS 7 383 Russia 370 Kosovo 14 Region Name Europe: Russia & CIS 992 Lithuania Tajikistan 16 15 14 Europe: Eastern Europe: Russia & CIS 993 389 Turkmenistan Asia-Pacific: Islands Macedonia 14 15 Europe: Russia & CIS 380 Europe: Central Ukraine 16 Europe: Central 14 Europe: Eastern Europe: Russia & CIS 998 382 Uzbekistan 48 Montenegro 102 372 Europe: Western 376 Poland Andorra 16 678 102 Europe: Eastern Europe: Western 43 40 Austria Estonia Romania 102 15 Europe: Western 32 Country Code Belgium 16 Europe: Central 102 Europe. Eastern Europe: Western 357 381 Cyprus 421 Serbia 102 Vanuatu Europe: Western 45 Slovak Republic Denmark 16 15 102 Europe: Eastern Europe: Western 358 90 Finland Turkey 102 16 Europe: Western 33 Europe: Central France 14 Europe: Eastern 102 Europe: Russia & CIS Europe: Western 49 374 Germany 355 Armenia 102 36 Europe: Western 30 Albania Greece 14 Country Name 102 Europe: Russia & CIS Europe: Western 354 994 Iceland Hungary Azerbaijan 102 16 Europe: Western 353 15 Ireland 14 Europe: Eastern 102 Europe: Russia & CIS Europe: Western 101 375 Isle of Man 387 Belarus 102 Region Code Europe: Western 39 Bosnia and Herzegovina Italy 14 15 102 Europe: Russia & CIS Europe: Western 102 995 Liechtenstein Europe: Central Georgia 102 16 Europe: Western 352 Europe: Central Luxembourg 14 Europe: Eastern 102 Europe: Russia & CIS Europe: Western 356 8 Malta 359 Kazakhstan 102 371 Europe: Western 377 Bulgaria Monaco 14 420

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Middle East: Gulf States 974 Europe: Western Qatar 102 Europe: Western 10 Europe: Western Middle East: Gulf States 966 41 Saudi Arabia 351 Switzerland 10 31 Middle East: Gulf States 971 Portugal United Arab Emirates 102 Country Code 10 Europe: Western Middle East: Gulf States 967 44 Yemen Netherlands United Kingdom 11 102 Middle East: MENA 213 Algeria 10 Europe: Western 11 Middle East: Gulf States Middle East: MENA 20 973 Egypt 386 Bahrain 11 Country Name Middle East: MENA 972 Slovenia Israel 10 102 11 Middle East: Gulf States Middle East: MENA 962 98 Jordan Region Code Iran 11 102 Middle East: MENA 961 Europe: Western Lebanon 10 Europe: Western 11 Middle East: Gulf States Middle East: MENA 212 964 Morocco 34 Iraq 11 47 Middle East: MENA 970 Spain Palestinian Settlements 10 11 Middle East: Gulf States Middle East: MENA 963 965 Syrian Arab Republic Norway Kuwait 11 102 Middle East: MENA 216 102 Tunisia 10 Europe: Western 11 Middle East: Gulf States Middle East: MENA 1212 968 Western Sahara 46 Oman 11 Region Name Middle East: MENA 218 Sweden Libya 10 102

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BUSINESS.30760307.4 A-1-1 EXHIBIT A-1 FORM OF GLOBAL SECURED NOTE GLOBAL SECURED NOTE representing CLASS [XA-R / A-1 / BB-R] SENIOR SECURED FLOATING RATE NOTES DUE 20362039 Certificate No. [R][S]-[_] Type of Note (check applicable): Rule 144A Global Secured Note with an initial principal amount of $______________ Regulation S Global Secured Note with an initial principal amount of $______________ THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO A "QUALIFIED PURCHASER" (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED) THAT IS EITHER (1) A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY SUCH RULE THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(D) OR (A)(1)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN OR (2) AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "IAI") OR (B) TO A QUALIFIED PURCHASER IN RELIANCE ON THE EXEMPTION PROVIDED IN REGULATION S UNDER THE SECURITIES ACT, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, AND IN EACH CASE IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY APPLICABLE JURISDICTION. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL (A) ANY HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) THAT IS A U.S. PERSON AND IS NOT BOTH (1) A QUALIFIED PURCHASER OR A CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY OR OTHER ENTITY (OTHER THAN A TRUST) EACH SHAREHOLDER, PARTNER, MEMBER OR OTHER EQUITY OWNER OF WHICH IS A QUALIFIED PURCHASER AND (2) A QUALIFIED INSTITUTIONAL BUYER, OR (B) ANY HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) THAT IS A NON-U.S.

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PERSON THAT IS NOT A QUALIFIED PURCHASER TO, IN EITHER CASE, SELL ITS INTEREST IN THIS NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER. THE ISSUER HAS THE RIGHT TO REQUIRE THE HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) TO SELL ITS INTEREST IN THIS NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER IN CERTAIN OTHER CIRCUMSTANCES IN ACCORDANCE WITH THE INDENTURE. EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE REQUIRED OR DEEMED TO REPRESENT, WARRANT AND AGREE THAT (A) IF IT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), AND (B) IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN WHICH IS SUBJECT TO ANY STATE, LOCAL, OTHER FEDERAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (ANY SUCH LAW OR REGULATION, AN "OTHER PLAN LAW"), ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SUCH OTHER PLAN LAW. "BENEFIT PLAN INVESTOR" MEANS A BENEFIT PLAN INVESTOR, AS DEFINED IN SECTION 3(42) OF ERISA AND 29 C.F.R. SECTION 2510.3-101, AND INCLUDES (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) TO WHICH SECTION 4975 OF THE CODE APPLIES AND (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN SUCH ENTITY. ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC"), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. A-1-2

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PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE. EACH PURCHASER OF NOTES THAT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, AS A CONDITION OF ITS PURCHASE, WILL BE DEEMED TO REPRESENT, WARRANT AND AGREE THAT: (I) NONE OF THE ISSUER, THE PLACEMENT AGENT, THE CO-PLACEMENT AGENT,INITIAL PURCHASER, THE COLLATERAL MANAGER, THE RETENTION HOLDER, THE TRUSTEE OR THE COLLATERAL ADMINISTRATOR, NOR ANY OF THEIR RESPECTIVE AFFILIATES, HAS PROVIDED ANY INDIVIDUALIZED INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR ("PLAN FIDUCIARY"), HAS RELIED AS A PRIMARY BASIS IN CONNECTION WITH ITS DECISION TO INVEST IN THE NOTES, AND THEY ARE NOT OTHERWISE UNDERTAKING TO ACT AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR'S ACQUISITION OF NOTES; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE TRANSACTION. EACH PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY INTEREST IN THIS NOTE WILL BE REQUIRED, OR, BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE, WILL BE DEEMED, TO REPRESENT AND WARRANT THAT: (A) IT HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO BE CAPABLE OF MAKING ITS OWN INDEPENDENT EVALUATION OF THE REASONABLENESS AND ACCURACY OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (B) IT UNDERSTANDS THE INHERENT LIMITATIONS OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR AND HAS BEEN AFFORDED AN OPPORTUNITY TO REQUEST AND TO REVIEW, AND HAS RECEIVED, ALL ADDITIONAL INFORMATION CONSIDERED BY IT TO BE NECESSARY TO VERIFY THE ACCURACY OF, OR TO SUPPLEMENT THE INFORMATION IN, SUCH SECTION; (C) IT APPROVES THE USE OF THE METHODOLOGY, INPUTS AND ASSUMPTIONS DESCRIBED IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (D) IT HAS MADE ITS OWN INDEPENDENT DECISION REGARDING AN INVESTMENT IN THE NOTES WITHOUT RELIANCE UPON, OR USE OF, IN ANY MANNER WHATSOEVER THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; AND (E) IT UNDERSTANDS THAT EACH OF THE ISSUER AND COLLATERAL MANAGER IS RELYING ON THE FOREGOING AS A MATERIAL INDUCEMENT TO ENTER THIS TRANSACTION AND OTHERWISE WOULD NOT ENGAGE IN THIS TRANSACTION. A-1-3

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A-1-4 Indenture and Security Agreement, dated as of December 7, 2023, between the Issuer and the Trustee, as may beamended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time Note issued by: Registered Holder: CEDE & CO. Issuer Stated Maturity: The Payment Date in January 20362039 Issuer: Trustee: Payment Dates: (a) The 20th day of January, April, July and October of each year (or, if such day is not a Business Day, then the next succeeding Business Day), commencing on the Payment Date in July 2024April 2026, except that the final scheduled Payment Date (subject to any earlier redemption or payment of the Debt) shallwill be the Payment Date in January 2036, 2039 and (b) any other date not specified in clause (a) that is a Redemption Date in connection with a redemption of the Secured Debt in whole but not in part; provided that, at any time there is no Secured Debt Outstanding, Payment Dates shall be on such dates as determined by the Collateral Manager in its reasonable discretion (as acceptable to the Trustee and with five Business Days'' prior written notice to the Trustee but in no event less frequently than quarterly). U.S. Bank Trust Company, National Association, in its capacity as trustee Churchill NCDLC CLO-II, LLC Interest type: Floating Rate NOTE DETAILS This Note is one of a duly authorized issue of Notes issued under the Indenture (as defined below) having the applicable class designation and other details specifically indicated below (the "Note Details"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Notes, the Trustee and the Holders and the terms upon which the Notes are, and are to be, authenticated and delivered. In the event of any inconsistency between this Note (including the Note Details) and the terms of the Indenture, the terms of the Indenture shall govern. Indenture:

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A-1-5 Yes No "Up to" principal amount (check applicable): Class X $2,000,000.00 Class A-1 $100,500,000.00125,500,000.00 Class B $37,500,000.00 Minimum Denominations: Class designation and interest rate (check applicable): The Notes shall be held in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof. Re-Pricing Eligible Debt:1 Class X Reference Rate + 2.00% Class A-1 Reference Rate + 2.351.38% Class B Reference Rate + 3.201.70% 1 Check yes only for the Class B Notes.

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A-1-6 US17151LAJ35 US17151LAQ77 17151LAA2 Regulation S Global Secured Notes Designation US17151LAA26 CUSIP CUSIP ISIN Note identifying numbers: As indicated in the applicable table below for the type of Note and applicable Class indicated on the first page above. Rule 144A Global Secured Notes Class X Class A-1 U1713LAA4 ISIN USU1713LAA45 17151LAC8 17151LAN4 Class A-1 US17151LAC81 US17151LAN47 U1713LAB2 U1713LAG1 USU1713LAB28US U1713LAG15 Class B Class B U1713LAE6 U1713LAH9 Class X USU1713LAE66US U1713LAH97 17151LAJ3 17151LAQ7 Designation

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The Issuer, for value received, hereby promises to pay to CEDE & CO. or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum as indicated on Schedule A on the Payment Date occurring on the Stated Maturity indicated by the Note Details, except as provided below and in the Indenture. The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Assets in accordance with the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive. The Issuer promises to pay interest on each Payment Date indicated by the Note Details, and on the Stated Maturity, at the rate per annum equal to the interest rate for this Note set forth in the Note Details (or, in the case of a Note indicated by the Note Details as belonging to a Class of Re-Pricing Eligible Debt, the Re-Pricing Rate if this Note has been subject to a Re-Pricing) on the unpaid principal amount hereof until the principal hereof is paid or duly provided for. Interest for this Note shall be calculated based on the "interest type" indicated by the Note Details. Interest accrued with respect to the Secured DebtNotes shall be calculated on the basis of the actual number of days elapsed in the applicable Interest Accrual Period divided by 360. In each case, the interest so payable on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest. Interest will cease to accrue on this Note, or in the case of a partial repayment, on such repaid part, from the date of repayment or Stated Maturity unless payment of principal is improperly withheld or unless a default is otherwise made with respect to such payments. Payment of principal of this Note may only occur in accordance with the Priority of Payments. The principal of this Note shall be payable no later than the Stated Maturity unless such principal has been previously repaid or unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. If the Note Details indicate that the Class of Notes to which this Note belongs is Interest Deferrable, then, any interest on this Note that is not paid when due by operation of the Priority of Payments will be deferred and will bear interest at the Interest Rate indicated by the Note Details. Unless the certificate of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is duly authorized and issued under the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the A-1-7

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Holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. This Note is subject to mandatory redemption if any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, and Optional Redemption, Tax Redemption and Special Redemption in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this Note is set forth in the Indenture. In connection with any Tax Redemption, Clean-Up Call Redemption or Optional Redemption of the Secured Debt in whole, holders of 100% of the aggregate outstanding principal amount of any Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Debt. Transfers of this Global Note shall be limited to transfers of such Global Note in whole, but not in part, to a nominee of DTC or to a successor of DTC or such successor's nominee. Interests in this Global Note will be transferable in accordance with DTC's rules and procedures in use at such time. Interests in this Global Note may be exchanged for an interest in, or transferred to a transferee acquiring a Certificated Note or taking an interest in a Global Note, subject to and in accordance with the restrictions set forth in the Indenture. The Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is registered on the Note Register on the applicable Record Date as the owner of such Note for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. If an Event of Default shall occur and be continuing, the DebtNotes may become or be declared due and payable in the manner and with the effect provided in the Indenture. Upon redemption, exchange of or increase in any interest represented by this Global Note, this Global Note shall be endorsed on Schedule A hereto to reflect the reduction of or increase in the principal amount evidenced hereby. The Secured Notes shall be held in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof. Title to Notes shall pass by registration in the Note Register kept by the Trustee, acting through its Corporate Trust Office. No service charge shall be made for registration of transfer or exchange of this Note, but the Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. A-1-8

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Each holder and beneficial owner of this Note, by its acceptance of this Note, hereby agrees that they shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings or other similar Proceedings under U.S. federal or state bankruptcy laws or any similar laws until at least one year and one day after payment in full of the NotesDebt, or, if longer, any applicable preference period then in effect plus one day following such payment in full. THIS NOTE MAY BE EXECUTED OR AUTHENTICATED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH SO EXECUTED OR AUTHENTICATED SHALL BE DEEMED TO BE AN ORIGINAL, BUT ALL SUCH COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME INSTRUMENT. DELIVERY OF AN EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE BY ELECTRONIC MEANS (INCLUDING EMAIL, PORTABLE DOCUMENT FORMAT (PDF) FILE OR FACSIMILE) WILL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE. AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. A-1-9

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IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. CHURCHILL NCDLC CLO-II, LLC By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: Title: A-1-10

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CERTIFICATE OF AUTHENTICATION This is one of the Notes referred to in the within-mentioned Indenture. U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee By: Authorized Signatory A-1-11

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A-1-12 Part of principal amount of this Global Note exchanged/ redeemed/increased Remaining principal amount of this Global Note following such exchange/redemption/ increase Notation made by or on behalf of the Issuer Date exchange/ redemption / increase made Original principal amount of this Global Note $[_____] SCHEDULE A SCHEDULE OF EXCHANGES OR REDEMPTIONS The following exchanges, redemptions of or increase in the whole or a part of the Notes represented by this Global Note have been made:

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EXHIBIT A-2 FORM OF CERTIFICATED SECURED NOTE CERTIFICATED SECURED NOTE representing CLASS [XA-R / A-1 / BB-R] SENIOR SECURED FLOATING RATE NOTES DUE 20362039 Certificate No. C-[_] THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO A "QUALIFIED PURCHASER" (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED) THAT IS EITHER (1) A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY SUCH RULE THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(D) OR (A)(1)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN OR (2) AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "IAI") OR (B) TO A QUALIFIED PURCHASER IN RELIANCE ON THE EXEMPTION PROVIDED IN REGULATION S UNDER THE SECURITIES ACT, IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, AND IN EACH CASE IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY APPLICABLE JURISDICTION. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL (A) ANY HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) THAT IS A U.S. PERSON AND IS NOT BOTH (1) A QUALIFIED PURCHASER OR A CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY OR OTHER ENTITY (OTHER THAN A TRUST) EACH SHAREHOLDER, PARTNER, MEMBER OR OTHER EQUITY OWNER OF WHICH IS A QUALIFIED PURCHASER AND (2) A QUALIFIED INSTITUTIONAL BUYER OR AN IAI, OR (B) ANY HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) THAT IS A NON-U.S. PERSON THAT IS NOT A QUALIFIED PURCHASER TO, IN EITHER CASE, SELL ITS INTEREST IN THIS NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER. THE ISSUER HAS THE RIGHT TO REQUIRE THE HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) TO SELL ITS INTEREST IN THIS NOTE, OR MAY A-2-1

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SELL SUCH INTEREST ON BEHALF OF SUCH OWNER IN CERTAIN OTHER CIRCUMSTANCES IN ACCORDANCE WITH THE INDENTURE. EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE REQUIRED OR DEEMED TO REPRESENT, WARRANT AND AGREE THAT (A) IF IT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), AND (B) IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN WHICH IS SUBJECT TO ANY STATE, LOCAL, OTHER FEDERAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (ANY SUCH LAW OR REGULATION, AN "OTHER PLAN LAW"), ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY SUCH OTHER PLAN LAW. "BENEFIT PLAN INVESTOR" MEANS A BENEFIT PLAN INVESTOR, AS DEFINED IN SECTION 3(42) OF ERISA AND 29 C.F.R. SECTION 2510.3-101, AND INCLUDES (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) TO WHICH SECTION 4975 OF THE CODE APPLIES AND (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN SUCH ENTITY. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE. EACH PURCHASER OF NOTES THAT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, AS A CONDITION OF ITS PURCHASE, WILL BE DEEMED TO REPRESENT, WARRANT AND AGREE THAT: (I) NONE OF THE ISSUER, THE PLACEMENT AGENT, THE CO-PLACEMENT AGENT,INITIAL PURCHASER, THE COLLATERAL MANAGER, THE RETENTION HOLDER, THE TRUSTEE OR THE COLLATERAL ADMINISTRATOR, NOR ANY OF THEIR RESPECTIVE AFFILIATES, HAS PROVIDED ANY INDIVIDUALIZED INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR ("PLAN FIDUCIARY"), HAS RELIED AS A PRIMARY BASIS IN A-2-2

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CONNECTION WITH ITS DECISION TO INVEST IN THE NOTES, AND THEY ARE NOT OTHERWISE UNDERTAKING TO ACT AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR'S ACQUISITION OF NOTES; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE TRANSACTION. EACH PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY INTEREST IN THIS NOTE WILL BE REQUIRED, OR, BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE, WILL BE DEEMED, TO REPRESENT AND WARRANT THAT: (A) IT HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO BE CAPABLE OF MAKING ITS OWN INDEPENDENT EVALUATION OF THE REASONABLENESS AND ACCURACY OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (B) IT UNDERSTANDS THE INHERENT LIMITATIONS OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR AND HAS BEEN AFFORDED AN OPPORTUNITY TO REQUEST AND TO REVIEW, AND HAS RECEIVED, ALL ADDITIONAL INFORMATION CONSIDERED BY IT TO BE NECESSARY TO VERIFY THE ACCURACY OF, OR TO SUPPLEMENT THE INFORMATION IN, SUCH SECTION; (C) IT APPROVES THE USE OF THE METHODOLOGY, INPUTS AND ASSUMPTIONS DESCRIBED IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (D) IT HAS MADE ITS OWN INDEPENDENT DECISION REGARDING AN INVESTMENT IN THE NOTES WITHOUT RELIANCE UPON, OR USE OF, IN ANY MANNER WHATSOEVER THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; AND (E) IT UNDERSTANDS THAT EACH OF THE ISSUER AND COLLATERAL MANAGER IS RELYING ON THE FOREGOING AS A MATERIAL INDUCEMENT TO ENTER THIS TRANSACTION AND OTHERWISE WOULD NOT ENGAGE IN THIS TRANSACTION. A-2-3

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A-2-4 Indenture and Security Agreement, dated as of December 7, 2023, between the Issuer and the Trustee, as may beamended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time Note issued by: Registered Holder: ______________________________________ (insert name) Issuer Stated Maturity: The Payment Date in January 20362039 Issuer: Trustee: Payment Dates: (a) The 20th day of January, April, July and October of each year (or, if such day is not a Business Day, then the next succeeding Business Day), commencing on the Payment Date in July 2024April 2026, except that the final scheduled Payment Date (subject to any earlier redemption or payment of the Debt) shallwill be the Payment Date in January 2036, 2039 and (b) any other date not specified in clause (a) that is a Redemption Date in connection with a redemption of the Secured Debt in whole but not in part; provided that, at any time there is no Secured Debt Outstanding, Payment Dates shall be on such dates as determined by the Collateral Manager in its reasonable discretion (as acceptable to the Trustee and with five Business Days'' prior written notice to the Trustee but in no event less frequently than quarterly). U.S. Bank Trust Company, National Association, in its capacity as trustee Churchill NCDLC CLO-II, LLC Interest type: Floating Rate NOTE DETAILS This Note is one of a duly authorized issue of Notes issued under the Indenture (as defined below) having the applicable class designation and other details specifically indicated below (the "Note Details"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Notes, the Trustee and the Holders and the terms upon which the Notes are, and are to be, authenticated and delivered. In the event of any inconsistency between this Note (including the Note Details) and the terms of the Indenture, the terms of the Indenture shall govern. Indenture:

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A-2-5 Class X Reference Rate + 2.00% Class A-1 Reference Rate + 2.351.38% Class B Reference Rate + 3.201.70% Principal amount (insert amount and check the applicable box): GlobalRe-Pricing Eligible Debt: Class X $____________________ Class A-1 $____________________ Class B $____________________ Re-PricingGlobal Eligible Debt:1 Yes No Minimum Denominations: The Notes shall be held in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof. Yes No Class designation and interest rate (check applicable): 1 Check yes only for the Class B Notes.

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A-2-6 US17151LAB09 US17151LAP94 CUSIP Note identifying numbers: As indicated in the applicable table below for the type of Notes and applicable Class indicated on the first page above. Certificated Notes Class A-1F ISIN 17151LAD6 US17151LAD64 Class B Class A-1 17151LAK0 17151LAR5 Designation US17151LAK08 US17151LAR50 17151LAB0 17151LAP9

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The Issuer, for value received, hereby promises to pay to the Registered Holder indicated in the Note Details, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum set forth in the Note Details on the Stated Maturity, except as provided below and in the Indenture. The obligations of the Issuer under this Note and the Indenture are limited recourse obligations payable solely from the Assets in accordance with the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive. The Issuer promises to pay interest on each Payment Date indicated by the Note Details, and on the Stated Maturity, at the rate per annum equal to the interest rate for this Note set forth in the Note Details (or, in the case of a Note indicated by the Note Details as belonging to a Class of Re-Pricing Eligible Debt, the Re-PricingRe-Pricing Rate if this Note has been subject to a Re-PricingRe-Pricing) on the unpaid principal amount hereof until the principal hereof is paid or duly provided for. Interest for this Note shall be calculated based on the "interest type" indicated by the Note Details. Interest accrued with respect to the Secured DebtNotes shall be calculated on the basis of the actual number of days elapsed in the applicable Interest Accrual Period divided by 360. Interest will cease to accrue on this Note, or in the case of a partial repayment, on such repaid part, from the date of repayment or Stated Maturity unless payment of principal is improperly withheld or unless a default is otherwise made with respect to such payments. Payment of principal of this Note may only occur in accordance with the Priority of Payments. The principal of this Note shall be payable no later than the Stated Maturity unless such principal has been previously repaid or unless the unpaid principal of this Note becomes due and payable at an earlier date by declaration of acceleration, call for redemption or otherwise. If the Note Details indicate that the Class of Notes to which this Note belongs is Interest Deferrable, then, any interest on this Note that is not paid when due by operation of the Priority of Payments will be deferred and will bear interest at the Interest Rate indicated by the Note Details. Unless the certificate of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is duly authorized and issued under the Indenture. Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. This Note is subject to mandatory redemption if any Coverage Test is not satisfied as set forth in Section 9.1 of the Indenture, and Optional Redemption, Tax Redemption and Special Redemption in the manner and subject to the satisfaction of certain conditions set forth in the Indenture. The Redemption Price for this Note is set forth in the Indenture. In connection with A-2-7

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any Tax Redemption, Clean-Up Call Redemption or Optional Redemption of the Secured Debt in whole, holders of 100% of the aggregate outstanding principal amount of any Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Debt. If the Note Details indicate that this Note is Global Eligible, this Note may be transferred to a transferee acquiring Certificated Notes, to a transferee taking an interest in a Rule 144A Global Note or to a transferee taking an interest in a Regulation S Global Note, subject to and in accordance with the restrictions set forth in the Indenture. The Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is registered on the Note Register on the applicable Record Date as the owner of such Note for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. The Secured Notes shall be held in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1 in excess thereof. If an Event of Default shall occur and be continuing, the DebtNotes may become or be declared due and payable in the manner and with the effect provided in the Indenture. Title to Notes shall pass by registration in the Note Register kept by the Trustee, acting through its Corporate Trust Office. No service charge shall be made for registration of transfer or exchange of this Note, but the Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. Each holder and beneficial owner of this Note, by its acceptance of this Note, hereby agrees that they shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings or other similar Proceedings under U.S. federal or state bankruptcy laws or any similar laws until at least one year and one day after payment in full of the NotesDebt, or, if longer, any applicable preference period then in effect plus one day following such payment in full. THIS NOTE MAY BE EXECUTED OR AUTHENTICATED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH SO EXECUTED OR AUTHENTICATED SHALL BE DEEMED TO BE AN ORIGINAL, BUT ALL SUCH COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME INSTRUMENT. DELIVERY OF AN EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE BY ELECTRONIC MEANS (INCLUDING EMAIL, PORTABLE DOCUMENT FORMAT (PDF) FILE OR FACSIMILE) WILL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE. A-2-8

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AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. A-2-9

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IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. CHURCHILL NCDLC CLO-II, LLC By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: Title: A-2-10

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CERTIFICATE OF AUTHENTICATION This is one of the Notes referred to in the within-mentioned Indenture. U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee By: Authorized Signatory A-2-11

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ASSIGNMENT FORM For value received__________________________________________ does hereby sell, assign, and transfer to ____________________________________ ____________________________________ Please insert social security or other identifying number of assignee Please print or type name and address, including zip code, of assignee: ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ the within Note and does hereby irrevocably constitute and appoint __________________ Attorney to transfer the Note on the books of the Trustee with full power of substitution in the premises. Date: _____________ Your Signature ______________________ (Sign exactly as your name appears in the security) Signature guaranteed: ________________ \* NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. A-2-12

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BUSINESS.30760307.4 A-3-1 EXHIBIT A-3 FORM OF CERTIFICATED SUBORDINATED NOTE CERTIFICATED SUBORDINATED NOTE representing SUBORDINATED NOTES DUE 20362039 Certificate No. C-[_] THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO (A) A "QUALIFIED PURCHASER" (AS DEFINED FOR PURPOSES OF SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED) THAT IS EITHER (1) A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION PROVIDED BY SUCH RULE THAT IS NOT A BROKER-DEALER WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN U.S.$25 MILLION IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED PERSONS OF THE DEALER AND IS NOT A PLAN REFERRED TO IN PARAGRAPH (A)(1)(D) OR (A)(1)(E) OF RULE 144A OR A TRUST FUND REFERRED TO IN PARAGRAPH (A)(1)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, IF INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE BY THE BENEFICIARIES OF THE PLAN OR (2) AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "IAI") OR (B) AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT) THAT IS A KNOWLEDGEABLE EMPLOYEE WITH RESPECT TO THE ISSUER (AS DEFINED FOR PURPOSES OF RULE 3C-5 UNDER THE INVESTMENT COMPANY ACT), AND IN COMPLIANCE WITH THE CERTIFICATION AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY APPLICABLE JURISDICTION. THE ISSUER HAS THE RIGHT, UNDER THE INDENTURE, TO COMPEL ANY HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) THAT IS A U.S. PERSON AND IS NOT (A) BOTH (1) A QUALIFIED PURCHASER OR A CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY OR OTHER ENTITY (OTHER THAN A TRUST) EACH SHAREHOLDER, PARTNER, MEMBER OR OTHER EQUITY OWNER OF WHICH IS A QUALIFIED PURCHASER AND (2) A QUALIFIED INSTITUTIONAL BUYER OR AN IAI OR (B) AN ACCREDITED INVESTOR AND A KNOWLEDGEABLE EMPLOYEE TO SELL ITS INTEREST IN THIS NOTE, OR MAY SELL SUCH INTEREST ON BEHALF OF SUCH OWNER. THE ISSUER HAS THE RIGHT TO REQUIRE THE HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) TO SELL ITS INTEREST IN THIS NOTE, OR MAY SELL

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SUCH INTEREST ON BEHALF OF SUCH OWNER IN CERTAIN OTHER CIRCUMSTANCES IN ACCORDANCE WITH THE INDENTURE. DISTRIBUTIONS OF PRINCIPAL PROCEEDS AND INTEREST PROCEEDS TO THE HOLDER OF THE SUBORDINATED NOTES REPRESENTED HEREBY ARE SUBORDINATE TO THE PAYMENT ON EACH PAYMENT DATE OF PRINCIPAL AND INTEREST ON THE SECURED DEBT OF THE ISSUER AND THE PAYMENT OF CERTAIN OTHER AMOUNTS TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE GOVERNING SUCH DEBT. EACH PURCHASER OR TRANSFEREE OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE REQUIRED TO REPRESENT AND WARRANT (A) WHETHER OR NOT, FOR SO LONG AS IT HOLDS THIS NOTE (OR ANY INTEREST HEREIN) IT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR OR A CONTROLLING PERSON AND (B) THAT (1) IF IT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (2) IF IT IS A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN, (I) IT IS NOT, AND FOR SO LONG AS IT HOLDS THIS NOTE OR ANY INTEREST HEREIN WILL NOT BE, SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW OR REGULATION THAT COULD CAUSE THE UNDERLYING ASSETS OF THE ISSUER TO BE TREATED AS ASSETS OF THE INVESTOR IN ANY NOTE (OR INTEREST THEREIN) BY VIRTUE OF ITS INTEREST AND THEREBY SUBJECT THE ISSUER OR THE COLLATERAL MANAGER (OR OTHER PERSONS RESPONSIBLE FOR THE INVESTMENT AND OPERATION OF THE ISSUER'S ASSETS) TO LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND (II) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A VIOLATION OF ANY STATE, LOCAL, OTHER FEDERAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. "BENEFIT PLAN INVESTOR" MEANS A BENEFIT PLAN INVESTOR, AS DEFINED IN SECTION 3(42) OF ERISA AND 29 C.F.R. SECTION 2510.3-101, AND INCLUDES (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) TO WHICH SECTION 4975 OF THE CODE APPLIES AND (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN'S OR PLAN'S INVESTMENT IN SUCH ENTITY. "CONTROLLING PERSON" MEANS A PERSON (OTHER THAN A BENEFIT PLAN INVESTOR) WHO HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUER OR ANY PERSON WHO PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO SUCH A-3-2

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ASSETS, OR ANY AFFILIATE OF ANY SUCH PERSON. AN "AFFILIATE" OF A PERSON INCLUDES ANY PERSON, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE INTERMEDIARIES, CONTROLLING, CONTROLLED BY OR UNDER COMMON CONTROL WITH THE PERSON. "CONTROL" WITH RESPECT TO A PERSON OTHER THAN AN INDIVIDUAL MEANS THE POWER TO EXERCISE A CONTROLLING INFLUENCE OVER THE MANAGEMENT OR POLICIES OF SUCH PERSON. TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE TRUSTEE. EACH PURCHASER OF NOTES THAT IS, OR IS ACTING ON BEHALF OF, A BENEFIT PLAN INVESTOR, AS A CONDITION OF ITS PURCHASE, WILL BE DEEMED TO REPRESENT, WARRANT AND AGREE THAT: (I) NONE OF THE ISSUER, THE PLACEMENT AGENT, THE CO-PLACEMENT AGENT,INITIAL PURCHASER, THE COLLATERAL MANAGER, THE RETENTION HOLDER, THE TRUSTEE OR THE COLLATERAL ADMINISTRATOR, NOR ANY OF THEIR RESPECTIVE AFFILIATES, HAS PROVIDED ANY INDIVIDUALIZED INVESTMENT ADVICE ON WHICH IT, OR ANY FIDUCIARY OR OTHER PERSON INVESTING THE ASSETS OF THE BENEFIT PLAN INVESTOR ("PLAN FIDUCIARY"), HAS RELIED AS A PRIMARY BASIS IN CONNECTION WITH ITS DECISION TO INVEST IN THE NOTES, AND THEY ARE NOT OTHERWISE UNDERTAKING TO ACT AS A FIDUCIARY, AS DEFINED IN SECTION 3(21) OF ERISA OR SECTION 4975(E)(3) OF THE CODE, TO THE BENEFIT PLAN INVESTOR OR THE PLAN FIDUCIARY IN CONNECTION WITH THE BENEFIT PLAN INVESTOR'S ACQUISITION OF NOTES; AND (II) THE PLAN FIDUCIARY IS EXERCISING ITS OWN INDEPENDENT JUDGMENT IN EVALUATING THE TRANSACTION. EACH PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY INTEREST IN THIS NOTE WILL BE REQUIRED, OR, BY ACQUIRING THIS NOTE OR AN INTEREST IN THIS NOTE, WILL BE DEEMED, TO REPRESENT AND WARRANT THAT: (A) IT HAS SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO BE CAPABLE OF MAKING ITS OWN INDEPENDENT EVALUATION OF THE REASONABLENESS AND ACCURACY OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (B) IT UNDERSTANDS THE INHERENT LIMITATIONS OF THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR AND HAS BEEN AFFORDED AN OPPORTUNITY TO REQUEST AND TO REVIEW, AND HAS RECEIVED, ALL ADDITIONAL INFORMATION CONSIDERED BY IT TO BE NECESSARY TO VERIFY THE ACCURACY OF, OR TO SUPPLEMENT THE INFORMATION IN, SUCH SECTION; (C) IT APPROVES THE USE OF THE A-3-3

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METHODOLOGY, INPUTS AND ASSUMPTIONS DESCRIBED IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; (D) IT HAS MADE ITS OWN INDEPENDENT DECISION REGARDING AN INVESTMENT IN THE NOTESDEBT WITHOUT RELIANCE UPON, OR USE OF, IN ANY MANNER WHATSOEVER THE INFORMATION IN THE SECTION TITLED "CREDIT RISK RETENTION" IN THE FINAL OFFERING CIRCULAR; AND (E) IT UNDERSTANDS THAT EACH OF THE ISSUER AND COLLATERAL MANAGER IS RELYING ON THE FOREGOING AS A MATERIAL INDUCEMENT TO ENTER THIS TRANSACTION AND OTHERWISE WOULD NOT ENGAGE IN THIS TRANSACTION. A-3-4

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CHURCHILL NCDLC CLO-II, LLC CERTIFICATED SUBORDINATED NOTE representing SUBORDINATED NOTES DUE 20362039 [Date] C-[_] CUSIP No.: 17151LAM6 ISIN No.: US17151LAM63 U.S.$[__] CHURCHILL NCDLC CLO-II, LLC, a limited liability company formed under the laws of the State of Delaware (the "Issuer"), for value received, hereby promises to pay to [__________________] or registered assigns, upon presentation and surrender of this Note (except as otherwise permitted by the Indenture referred to below), the principal sum of [__________________] United States Dollars (U.S.$[__________]) on the Payment Date occurring in January 20362039 (the "Stated Maturity") except as provided below and in the Indenture. The obligations of the Issuer under this Note and the Indenture are limited recourse obligations of the Issuer payable solely from the Assets in accordance with the Indenture, and following realization of the Assets in accordance with the Indenture, all claims of Noteholders shall be extinguished and shall not thereafter revive. The Subordinated Notes are not secured under the Indenture and the Holders of the Subordinated Notes are not Secured Parties. Payments of Interest Proceeds and Principal Proceeds to the Holders of the Subordinated Notes are subordinated to payments in respect of the Secured Notes as set forth in the Indenture and failure to pay such amounts to the Holders of the Subordinated Notes will not constitute an Event of Default under the Indenture. Unless the certificate of authentication hereon has been executed by the Trustee or the Authenticating Agent by the manual signature of one of their authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is one of a duly authorized issue of Subordinated Notes due 2036on the Payment Date in January 2039 (the "Subordinated Notes" and, together with the other classes of Notes issued under the Indenture, the "Notes") issued under an indenture and security agreement dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the "Trustee", which term includes any successor trustee as permitted under the Indenture). Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. A-3-5

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Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Indenture. The Issuer may redeem the Subordinated Notes at their Redemption Price, in whole but not in part, on any Business Day upon five Business Days' notice to the Trustee on or after the Optional Redemption or repayment of the Secured Debt in full, at the direction of the Collateral Manager or at the direction of a Majority of the Subordinated Notes (with the consent of the Collateral Manager). This Note may be transferred only to (i) a transferee that is not a Benefit Plan Investor or a Controlling Person or (ii) a transferee that is acquiring Certificated Notes, in each case, subject to and in accordance with the restrictions set forth in the Indenture. The Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is registered on the Note Register on the applicable Record Date as the owner of such Note for the purpose of receiving payments of principal of and interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. The Subordinated Notes will be issued in minimum denominations of U.S.$1,000,000 and integral multiples of U.S.$1 in excess thereof. Title to Notes shall pass by registration in the Note Register kept by the Trustee, acting through its Corporate Trust Office. No service charge shall be made for registration of transfer or exchange of this Note, but the Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. Each holder and beneficial owner of this Note, by its acceptance of this Note, hereby agrees that they shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings or other similar Proceedings under U.S. federal or state bankruptcy laws or any similar laws until at least one year and one day after payment in full of the NotesDebt, or, if longer, any applicable preference period then in effect plus one day following such payment in full. THIS NOTE MAY BE EXECUTED OR AUTHENTICATED IN ANY NUMBER OF COUNTERPARTS, EACH OF WHICH SO EXECUTED OR AUTHENTICATED SHALL BE DEEMED TO BE AN ORIGINAL, BUT ALL SUCH COUNTERPARTS SHALL TOGETHER CONSTITUTE BUT ONE AND THE SAME INSTRUMENT. DELIVERY OF AN EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE BY ELECTRONIC MEANS (INCLUDING EMAIL, PORTABLE DOCUMENT FORMAT (PDF) FILE OR FACSIMILE) WILL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED OR AUTHENTICATED COUNTERPART OF THIS NOTE. A-3-6

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AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. A-3-7

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IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. CHURCHILL NCDLC CLO-II, LLC By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: Title: A-3-8

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CERTIFICATE OF AUTHENTICATION This is one of the Notes referred to in the within-mentioned Indenture. U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee By: Authorized Signatory A-3-9

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ASSIGNMENT FORM For value received__________________________________________ does hereby sell, assign, and transfer to ____________________________________ ____________________________________ Please insert social security or other identifying number of assignee Please print or type name and address, including zip code, of assignee: ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ the within Note and does hereby irrevocably constitute and appoint __________________ Attorney to transfer the Note on the books of the Trustee with full power of substitution in the premises. Date: _____________ Your Signature ______________________ (Sign exactly as your name appears in the security) Signature guaranteed: ________________ \* NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement or any change whatsoever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. A-3-10

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EXHIBIT B-1 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFER OF RULE 144A GLOBAL NOTE OR CERTIFICATED NOTE TO REGULATION S GLOBAL NOTE U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Re: Churchill NCDLC CLO-II, LLC (the "Issuer"); Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. This letter relates to U.S.$___________ aggregate principal amount of notes of the Class indicated below (the "Notes"): Class X Notes Class A-1 Notes Class B Notes The Notes are held in the form of a: Rule 144A Global Note Certificated Secured Note The Notes are held in the name of ________________ (the "Transferor") to effect the transfer of the Notes in exchange for an equivalent beneficial interest in a Regulation S Global Note of the corresponding Class. In connection with such transfer, and in respect of such Notes, the Transferor does hereby certify that such Notes are being transferred to ________________ (the "Transferee") in accordance with Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") and the transfer restrictions set forth in the Indenture and the Offering Circular defined in the Indenture relating to such Notes and that: (a) the offer of the Notes was not made to a person in the United States; (b) at the time the buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the Transferee was outside the United States; B-1-1

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(c) no directed selling efforts have been made in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable; (d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; (e) the Transferee is not a U.S. Person; and (f) the Transferee is a "qualified purchaser" as defined in the Investment Company Act of 1940, as amended. The Transferor understands that the Issuer, the Trustee and their counsel will rely upon the accuracy and truth of the foregoing representations, and the Transferor hereby consents to such reliance. (Name of Transferor) By: Name: Title: Dated: _____________, _____________ cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-1-2

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EXHIBIT B-2 FORM OF PURCHASER REPRESENTATION LETTER FOR THE CLASS X NOTES, CLASS A-1 NOTES AND CLASS BSECURED NOTES ISSUED IN THE FORM OF CERTIFICATED NOTES [DATE] U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Re: Churchill NCDLC CLO-II, LLC (the "Issuer") Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee (the "Indenture"). Capitalized terms used but not defined in this Certificate shall have the meanings ascribed to them in the Indenture. This letter relates to U.S.$______________ Aggregate Outstanding Amount of notes of the Class indicated below (the "Notes"): Class X Notes Class A-1 Notes Class B Notes The Notes are held in the form of one or more Certificated Notes and the purpose of this letter is to: indicate that the Notes are to be made payable to effect the transfer of the Notes to _______________ (the "Acquirer"). In connection with such request, and in respect of such Notes, the Acquirer does hereby certify that the Notes are being acquired (i) pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the "Securities Act"), in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (ii) to the extent applicable, in accordance with the transfer restrictions set forth in the Indenture. B-2-1

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In addition, the Acquirer hereby represents, warrants and covenants for the benefit of the Issuer and its counsel as follows: 1. It understands that the Notes have not been and will not be registered under the Securities Act or the securities laws or "blue sky" laws of any state or other jurisdiction of the United States, and, if in the future it decides to offer, resell, pledge or otherwise transfer the Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the legends on such Notes, including the requirement for written certifications. In particular, it understands that the Notes may be transferred only to a person that is either (a) a "qualified purchaser" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (i) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder or (ii) solely in the case of Notes issued as Certificated Notes, an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder. It acknowledges that no representation is made as to the availability of any exemption under the Securities Act or any state securities laws for resale of the Notes. 2. In connection with its purchase of the Notes: (i) none of the Issuer, the Collateral Manager, the Placement AgentInitial Purchaser, the Co-Placement Agent, the Trustee, the Loan Agent, the Collateral Administrator or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for it; (ii) it is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates other than any statements in the final Offering Circular for such Notes; (iii) it has read and understands the final Offering Circular for such Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (iv) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates; (v) it will hold and transfer at least the Minimum Denomination of such Notes; (vi) it was not formed for the purpose of investing in the Notes; and (vii) it is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks. B-2-2

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3. (i) It is either (a) a "qualified purchaser" (as defined in the Investment Company Act) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (1) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder, or (2) an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder; (ii) it is acquiring the Notes as principal solely for its own account for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (iii) it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension, profit sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; (iv) it agrees that it shall not hold any Notes for the benefit of any other person, that it shall at all times be the sole beneficial owner thereof for purposes of the Investment Company Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall be entitled to a beneficial interest in the distributions on the Notes; and (v) it will provide notice of the relevant transfer restrictions, representations, warranties and agreements to subsequent transferees. 4. It represents, warrants and agrees that (a) if it is, or is acting on behalf of, a Benefit Plan Investor, as defined in Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and 29 C.F.R. Section 2510.3-101, its acquisition, holding and disposition of such DebtNotes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and (b) if it is a governmental, church, non-U.S. or other plan which is subject to any state, local, other federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code ("Other Plan Law"), its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any such Other Plan Law. 5. If it is a "Benefit Plan Investor", it represents, warrants and agrees that: (i) none of the Issuer, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Collateral Manager, the Retention Holder, the Trustee or the Collateral Administrator, nor any of their respective affiliates, has provided any individualized investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor ("Plan Fiduciary"), has relied as a primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan Investor's acquisition of Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. B-2-3

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6. It will treat the Issuer and the Notes as described in the "Certain U.S. Federal Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. 7. It will timely furnish the Issuer, the Trustee and their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer, the Trustee and their respective agents to make payments to it without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer and its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through which they receive payments, and (C) to enable the Issuer, the Trustee and their respective agents to satisfy reporting and other obligations under any applicable law or regulation (including any cost basis reporting obligation), and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. It acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to it. 8. It will provide the Issuer and the Trustee with certifications necessary to establish that it is not subject to U.S. federal withholding tax under FATCA. 8. 9. Each Acquirer of a Note (and any interest therein) that is not a "United States person" (as defined in sectionSection 7701(a)(30) of the Code), will make, or by acquiring such Note or any interest therein will be deemed to make, a representation to the effect represents and warrants that either: (a) it is not (i) a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), (ii) a "10-percent shareholder" with respect to the Issuer (or, for so long as the Subordinated Notes are held by a single Holderbeneficial owner, such Holderbeneficial owner of the Subordinated Notes) within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code, or (iii) a "controlled foreign corporation" that is related to any Holdersthe Issuer (or, for so long as the Subordinated Notes are held by a single beneficial owner, such beneficial owner of the Subordinated Notes) within the meaning of Section 881(c)(3)(C) of the Code, (b) it has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with its conduct of a trade or business in the United States and includible in its gross income or (c) it is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income tax of payments on the Notes. 9. 10. It represents and warrants that, for U.S. federal income tax purposes, it is not a member of an "expanded group" (as defined in Treasury Regulations Section 1.385-1(c)(4)) with respect to which a Holder of Subordinated Notes is a "covered member" (as defined in Treasury Regulations Section 1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such Holder with an express waiver of this representation. B-2-4

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10. 11. It agrees not to institute or seek to commence in respect ofinstitute against the Issuer, or cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Debt issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect. 11. 12. (1)(A) The express terms of the Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (B) the Indenture contains limitations on the rights of the holders to direct the commencement of any such Proceeding, and (C) it shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (2) there are no implied rights under the Indenture to direct the commencement of any such Proceeding; and (3) notwithstanding any provision of the Indenture, or any provision of the Notes, the Collateral Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the holders of the Notes (or of any interest therein), or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral Administrator or the Calculation Agent. 12. 13. It agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to the Indenture, and if it is a non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of the Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfers, and agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee in connection with any such sale and transfers. 13. 14. It acknowledges that, to the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance. 14. 15. It understands that the Issuer, the Trustee, the Placement Agent and the Co-Placement Agent and the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance. [The remainder of this page has been intentionally left blank.] B-2-5

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Name of Acquirer: Dated: ____________________________________ By: Name: Title: Outstanding principal amount of U.S.$______________ Class X Notes Class A-1 Notes Class B Notes Taxpayer identification number: Address for notices: Wire transfer information for payments: Bank: Address: Bank ABA#: Account #: Telephone: FAO: Facsimile: Attention: Attention: Denominations of certificates (if more than one): Registered name: cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-2-6

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EXHIBIT B-3 FORM OF PURCHASER REPRESENTATION LETTER FOR SUBORDINATED NOTES ISSUED IN THE FORM OF CERTIFICATED NOTES [DATE] U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Churchill NCDLC CLO-II, LLC (the "Issuer") Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee (the "Indenture"). Capitalized terms used but not defined in this Certificate shall have the meanings ascribed to them in the Indenture. This letter relates to U.S.$______________ Aggregate Outstanding Amount of Subordinated Notes (the "Notes"). The Notes are held in the form of one or more Certificated Notes and the purpose of this letter is to: indicate that the Notes are to be made payable to effect the transfer of the Notes to _______________ (the "Acquirer"). In connection with such request, and in respect of such Notes, the Acquirer does hereby certify that the Notes are being acquired (i) pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the "Securities Act"), in accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (ii) to the extent applicable, in accordance with the transfer restrictions set forth in the Indenture. In addition, the Acquirer hereby represents, warrants and covenants for the benefit of the Issuer and its counsel as follows: 1. It understands that the Notes have not been and will not be registered under the Securities Act or the securities laws or "blue sky" laws of any state or other jurisdiction of the United States, and, if in the future it decides to offer, resell, pledge or otherwise transfer the Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the legends on such Notes, including B-3-1

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the requirement for written certifications. In particular, it understands that the Notes may be transferred only to a person that is either (a) a "qualified purchaser" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (i) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder or (ii) solely in the case of Notes issued as Certificated Notes, an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder. It acknowledges that no representation is made as to the availability of any exemption under the Securities Act or any state securities laws for resale of the Notes. 2. In connection with its purchase of the Notes: (i) none of the Issuer, the Collateral Manager, the Placement AgentInitial Purchaser, the Co-Placement Agent, the Trustee, the Loan Agent, the Collateral Administrator or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for it; (ii) it is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates other than any statements in the final Offering Circular for such Notes; (iii) it has read and understands the final Offering Circular for such Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (iv) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates; (v) it will hold and transfer at least the Minimum Denomination of such Notes; (vi) it was not formed for the purpose of investing in the Notes; and (vii) it is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks. 3. (i) It is a (x) "qualified purchaser" (as defined in the Investment Company Act) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (1) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder, or (2) an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (y) an "accredited investor" (as defined in Rule 501(a) of Regulation D B-3-2

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under the Securities Act) that is a knowledgeable employee with respect to the Issuer (as defined for purposes of Rule 3c-5 under the Investment Company Act); (ii) it is acquiring the Notes as principal solely for its own account for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (iii) it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension, profit sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; (iv) it agrees that it shall not hold any Notes for the benefit of any other person, that it shall at all times be the sole beneficial owner thereof for purposes of the Investment Company Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall be entitled to a beneficial interest in the distributions on the Notes; and (v) it will provide notice of the relevant transfer restrictions, representations, warranties and agreements to subsequent transferees. 4. It represents, warrants and agrees, on each day from the date on which it acquires the Notes (or any interest therein) through and including the date on which it disposes of such Notes (or its interests therein), that (a) if it is, or is acting on behalf of, a Benefit Plan Investor, as defined in Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and 29 C.F.R. Section 2510.3-101, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and (b) if it is a governmental, church, non-U.S. or other plan, (i) it is not, and for so long as it holds such Notes or any interest therein will not be, subject to any federal, state, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated as assets of the investor in any Note (or interest therein) by virtue of its interest and thereby subject the Issuer or the Collateral Manager (or other persons responsible for the investment and operation of the Issuer's assets) to laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (ii) its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any state, local, other federal or non-U.S. law or regulation that is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code. In addition, it represents, warrants and agrees as set forth in the attached Investor Questionnaire (substantially in the form of Exhibit B-5 to the Indenture) which it has completed. 5. If it is a "Benefit Plan Investor", it represents, warrants and agrees that: (i) none of the Issuer, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Collateral Manager, the Retention Holder, the Trustee or the Collateral Administrator, nor any of their respective affiliates, has provided any individualized investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor ("Plan Fiduciary"), has relied as a primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan Investor's acquisition of Notes; and B-3-3

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(ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. 6. It will treat the Issuer and the Notes as described in the "Certain U.S. Federal Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. 7. It will timely furnish the Issuer, the Trustee and their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer, the Trustee and their respective agents to make payments to it without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer and its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through which they receive payments, and (C) to enable the Issuer, the Trustee and their respective agents to satisfy reporting and other obligations under any applicable law or regulation (including any cost basis reporting obligation), and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. It acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to it. 8. It is not a member of an "expanded group" (as defined in Treasury Regulations Section 1.385-1(c)(4)) with respect to which a Holder of Subordinated Notes is a "covered member" (as defined in Treasury Regulations Section 1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such Holder with an express waiver of this representation. 8. [Reserved]. 9. It represents and warrants that it is a "United States person" within the meaning of Section 7701(a)(30) of the Code, and will provide a properly completed and signed IRS Form W-9 (or applicable successor form). It understands and acknowledges that failure to provide the Issuer or the Trustee with the applicable tax certifications may result in withholding or back-up withholding from payments to it in respect of the Subordinated Notes. 10. It will provide the Issuer and the Trustee with certifications necessary to establish that it is not subject to U.S. federal withholding tax under FATCA. 10. [Reserved]. 11. It acknowledges and agrees that no Subordinated Note (or interest therein) may be acquired, and no holder of a Subordinated Note may sell, transfer, assign, participate, pledge or otherwise dispose of, transfer or convey in any manner a Subordinated Note (or any interest therein) or other equity interest in the Issuer or cause a Subordinated Note or other equity interest in the Issuer to be marketed, (1) on or through (x) a United States national, regional or local securities exchange, (y) a foreign securities exchange or (z) an B-3-4

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interdealer quotation system that regularly disseminates firm buy or sell quotations or (2) if such acquisition would cause the combined number of holders of Subordinated Notes and any equity interests in the Issuer to be held by more than 90 persons. 12. It acknowledges and agrees that it will not enter into any financial instrument the payments on which are, or the value of which is, determined in whole or in part by reference to the such Notes or other equity interests in the Issuer (including the amount of distributions on the such Notes or such equity interests, the value of the Issuer's assets, or the result of the Issuer's operations), or any contract that otherwise is described in Treasury Regulations Section 1.7704-1(a)(2)(i)(B). 13. It acknowledges and agrees that no Subordinated Note (or interest therein) may be acquired or owned by any person that is classified for U.S. federal income tax purposes as a partnership, subchapter S corporation or grantor trust unless (1)(x) none of the direct or indirect Holdersholders of any interest in such person have more than 40% of the value of its interest in such person attributable to the aggregate interest of such person in the combined value of the Subordinated Notes and any other equity interests of the Issuer held by such person and (y) a principal purpose of the arrangement involving the investment of such person in any Subordinated Notes (or any other equity interests in the Issuer) is not and will not be to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the regulations under the Code; or (2) the Issuer must otherwise determine that the holderAcquirer will not cause the Issuer to be unable to rely on the "private placement" safe harbor of Treasury Regulations Section 1.7704-1(h). 14. It may not transfer all or any portion of the Subordinated Notes unless: (1) the person to which it transfers such Subordinated Notes agrees to be bound by the restrictions, conditions, representations, warranties, and covenants set forth in the Indenture and Section 2.12(c)(iv) therein, and (2) such transfer does not violate Section 2.12(c)(iv) of the Indenture. 15. Any transfer made in violation of Section 2.12(c)(iv) of the Indenture, or that otherwise would cause the Issuer to be unable to rely on the "private placement" safe harbor of Treasury Regulations Section 1.7704-1(h), will be void and of no force or effect, and shall not bind or be recognized by the Issuer or any other person, and no person to which such Subordinated Notes are transferred shall become a holderan Acquirer unless such person agrees to be bound by Section 2.12(c)(iv) of the Indenture. However, notwithstanding the immediately preceding sentence, a transfer in violation of provisions (11), (12), (13), or (14), or (15) shall be permitted if the Issuer obtains written advice of Dechert LLP or Paul Hastings LLP, or receives an opinion of another nationally recognized tax counsel, that the transfer will not cause the Issuer to be treated as a "publicly traded partnership" taxable as a corporation for U.S. federal income tax purposes. 16. If it holds 100% of the Subordinated Notes (or any interest therein), it will not sell, transfer, assign, participate, pledge or otherwise dispose of any of its Notes, unless it obtains written advice of Dechert LLP or Paul Hastings LLP, or an opinion of another B-3-5

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nationally recognized tax counsel, that such sale, transfer, assignment, participation, pledge or disposition will not cause the Issuer to be treated as a "publicly traded partnership" taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis. 17. If it owns less than 100% of the Subordinated Notes, it will not acquire Subordinated Notes if such acquisition would cause it to own 100% of the Subordinated Notes. 18. Each Holder of Subordinated NotesIt hereby agrees to take any and all actions, and to furnish any and all information, requested by the Issuer in order to permit the Issuer to minimize any tax liability that would otherwise be imposed on the Issuer under Section 6225 of the Code, or any successor provision, including (if requested by the Issuer) by (i) filing amended tax returns to take into account any adjustment to the amount of any item of income, gain, loss, deduction, or credit of the HolderAcquirer, or of any Person's distributive share thereof, and (ii) providing the Issuer with any information necessary for the Issuer to (x) establish the amount of any tax liability resulting from any such adjustment and (y) elect (in accordance with Section 6226 of the Code, or any successor provision) for each HolderAcquirer to take any such adjustment into account directly. To the fullest extent permitted by law, each HolderSuch beneficial owner of Subordinated Notes hereby agrees tothat it will indemnify the Issuer for, the Holder's allocable share of any applicable tax liability of any type whatsoever (including any liability for penaltiesTrustee, and their respective agents from any and all damages, cost and expenses (including any amount of taxes, fees, interest, additions to tax or interest) attributable to such Holder's share of the income of the Issuer or attributable to distributions to such Holder., or penalties) resulting from the failure by it to comply with its obligations under the Note. The indemnification will continue with respect to any period during which it held the Note, notwithstanding it ceasing to be a beneficial owner of the Note. 19. It understands and agrees that it will be required to represent and warrant whether it is or is not, or is or is not acting on behalf of, a Benefit Plan Investor or a "Controlling Person." "Controlling Person" means a person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the issuer or any person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of any such person. An "affiliate" of a person includes any person, directly or indirectly through one or more intermediaries, controlling, controlled by or under common control with the person. "Control" with respect to a person other than an individual means the power to exercise a controlling influence over the management or policies of such person. 20. It hereby agrees to provide the Issuer and Trustee information regarding whether or not it is a Benefit Plan Investor and whether or not it is a Controlling Person. It acknowledges and agrees that no transfer of such a Note or any interest therein will be permitted, and the Trustee will not recognize any such transfer, if it would cause 25% or more of the total value of any Class of Notes to be held by Benefit Plan Investors, disregarding Notes of that Class (or interests therein) held by Controlling Persons. B-3-6

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21. It agrees not to institute or seek to commence in respect ofinstitute against the Issuer, or cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Debt issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect. 22. (1)(A) The express terms of the Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (B) the Indenture contains limitations on the rights of the holders to direct the commencement of any such Proceeding, and (C) it shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (2) there are no implied rights under the Indenture to direct the commencement of any such Proceeding; and (3) notwithstanding any provision of the Indenture, or any provision of the Notes or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the holders of the Notes (or of any interest therein), or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager or the Calculation Agent. 23. It agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to the Indenture, and if it is a non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of the Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfers, and agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee in connection with any such sale and transfers. 24. It acknowledges that, to the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance. 25. It understands that the Issuer, the Trustee, the Placement Agent and the Co-Placement Agent and the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance. [The remainder of this page has been intentionally left blank.] B-3-7

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Name of Acquirer: Dated: ____________________________________ By: Name: Title: Outstanding principal amount of U.S.$______________ Subordinated Notes Taxpayer identification number: Address for notices: Wire transfer information for payments: Bank: Address: Bank ABA#: Account #: Telephone: FAO: Facsimile: Attention: Attention: Denominations of certificates (if more than one): Registered name: cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-3-8

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EXHIBIT B-4 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFER OF REGULATION S GLOBAL NOTE OR CERTIFICATED NOTE TO RULE 144A GLOBAL NOTE U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Re: Churchill NCDLC CLO-II, LLC (the "Issuer") Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. This letter relates to U.S. $______________ Aggregate Outstanding Amount of notes of the Class indicated below (the "Notes"): Class X Notes Class A-1 Notes Class B Notes The Notes are held in the form of a Regulation S Global Note Certificated Notes The Notes are held in the name of ______________ (the "Transferor") to effect the transfer of the Notes in exchange for an equivalent beneficial interest in a Rule 144A Global Note of the corresponding Class. In connection with such transfer, and in respect of such Notes, the Transferor does hereby certify that such Notes are being transferred to ______________ (the "Transferee") in accordance with (i) the transfer restrictions set forth in the Indenture and the Offering Circular relating to such Notes and (ii) Rule 144A under the United States Securities Act of 1933, as amended, and it reasonably believes that the Transferee is purchasing the Notes for its own account, is a Qualified Purchaser and a Qualified Institutional Buyer and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. B-4-1

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The Transferor understands that the Issuer, the Trustee and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and the Transferor hereby consents to such reliance. (Name of Transferor) By: Name: Title: B-4-2

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Dated: ______________, ______________ cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-4-3

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EXHIBIT B-5 FORM OF ERISA CERTIFICATE The purpose of this Investor Questionnaire is, among other things, to (i) endeavor to ensure that less than 25% of the total value of the Subordinated Notes (the "Subject Securities") issued by Churchill NCDLC CLO-II, LLC (the "Issuer") is held by "Benefit Plan Investors" as contemplated and defined under Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") and the U.S. Department of Labor's regulations set forth at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Asset Regulation") so that the Issuer will not be subject to the prohibited transaction provisions contained in Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), (ii) obtain from you certain representations and agreements and (iii) provide you with certain related information with respect to your acquisition, holding or disposition of the Subject Securities. By signing this Investor Questionnaire, you agree to be bound by its terms. Please be aware that the information contained in this Investor Questionnaire is not intended to constitute advice and the examples given below are not intended to be, and are not, comprehensive. You should contact your own counsel if you have any questions in completing this Investor Questionnaire. Capitalized terms not defined in this Investor Questionnaire shall have the meanings ascribed to them in the Indenture and Security Agreement, dated December 7, 2023, between the Issuer and U.S. Bank Trust Company, National Association, as Trustee (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"). Please review the information in this Investor Questionnaire and check the box(es) that are applicable to you. If a box is not checked, you are agreeing that the applicable Section does not, and will not, apply to you. 1. Employee Benefit Plans Subject to ERISA or Section 4975 of the Code. We, or the entity on whose behalf we are acting, are an "employee benefit plan" within the meaning of Section 3(3) of ERISA that is subject to the fiduciary responsibility provisions of Title I of ERISA or a "plan" within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code. Examples: (i) tax qualified retirement plans such as pension, profit sharing and sectionSection 401(k) plans, (ii) welfare benefit plans such as accident, life and medical plans, (iii) individual retirement accounts or "IRAs" and "Keogh" plans and (iv) certain tax-qualified educational and savings trusts. 2. Entity Holding Plan Assets by Reason of Plan Asset Regulation. We, or the entity on whose behalf we are acting, are an entity or fund whose underlying assets include "plan assets" by reason of a Benefit Plan Investor's investment in such entity. B-5-1

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Examples: (i) an insurance company separate account, (ii) a bank collective trust fund and (iii) a hedge fund or other private investment vehicle where 25% or more of the total value of any class of its equity is held by Benefit Plan Investors. If you check Box 2, please indicate the maximum percentage of the entity or fund that will constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the Code: ______%. AN ENTITY OR FUND THAT CANNOT PROVIDE THE FOREGOING PERCENTAGE HEREBY ACKNOWLEDGES THAT FOR PURPOSES OF DETERMINING WHETHER BENEFIT PLAN INVESTORS OWN LESS THAN 25% OF THE TOTAL VALUE OF EACH CLASS OF THE SUBJECT SECURITIES ISSUED BY THE ISSUER, 100% OF THE ASSETS OF THE ENTITY OR FUND WILL BE TREATED AS "PLAN ASSETS." ERISA and the regulations promulgated thereunder are technical. Accordingly, if you have any question regarding whether you may be an entity described in this Section 2, you should consult with your counsel. 3. Insurance Company General Account. We, or the entity on whose behalf we are acting, are an insurance company purchasing the Subject Securities (or interestsinterest therein) with funds from our or their general account (i.e., the insurance company's corporate investment portfolio), whose assets, in whole or in part, constitute "plan assets" for purposes of the Plan Asset Regulation. If you check Box 3, please indicate the maximum percentage of the insurance company general account that will constitute "plan assets" under Section 401(c) of ERISA for purposes of conducting the 25% test under the Plan Asset Regulation: ____%. IF YOU DO NOT INCLUDE ANY PERCENTAGE IN THE BLANK SPACE, YOU WILL BE COUNTED AS IF YOU FILLED IN 100% IN THE BLANK SPACE. 4. None of Sections (1) Through (3) Above Apply. We, or the entity on whose behalf we are acting, are a person that does not fall into any of the categories described in Sections (1) through (3) above. If, after the date hereof, any of the categories described in Sections (1) through (3) above would apply, we will promptly notify the Issuer and the Trustee of such change. 5. No Prohibited Transaction. If we checked any of the boxes in Sections (1) through (3) above, we represent, warrant and agree that our acquisition, holding and disposition of the Subject Securities (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. 6. Not Subject to Similar Law and No Violation of Other Plan Law. If we are a governmental, church, non-U.S. or other plan, we represent, warrant and agree that (a) we are not, and for so long as we hold the Subject Securities or any interest therein will not be, subject to any federal, state, local non-U.S. or other law or regulation that could cause B-5-2

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the underlying assets of the Issuer to be treated as assets of the investor in any Note (or interest therein) by virtue of its interest and thereby subject the Issuer or the Collateral Manager (or other persons responsible for the investment and operation of the Issuer's assets) to laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (b) our acquisition, holding and disposition of the Subject Securities (or any interest therein) will not constitute or result in a violation of any state, local, other federal or non-U.S. law or regulation that is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code. 7. Controlling Person. We are not a Benefit Plan Investor and we are, or we are acting on behalf of any of: (i) the Trustee, (ii) the Collateral Manager, (iii) any person that has discretionary authority or control with respect to the assets of the Issuer, (iv) any person who provides investment advice for a fee (direct or indirect) with respect to such assets or (v) any "affiliate" of any of the above persons. "Affiliate" shall have the meaning set forth in the Plan Asset Regulation. Any of the persons described in the first sentence of this Section 7 is referred to in this Investor Questionnaire as a "Controlling Person." Note: We understand that, for purposes of determining whether Benefit Plan Investors hold less than 25% of the total value of each Class of the Subject Securities, the value of any Subject Securities held by Controlling Persons is required to be disregarded. 8. Compelled Disposition. We acknowledge and agree that: (i) if any representation that we made hereunder is subsequently shown to be false or misleading or our beneficial ownership otherwise causes a violation of the 25% Limitation, the Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly after such discovery or upon notice to the Issuer from the Trustee (if a trust officer of the Trustee obtains actual knowledge, in which case the Trustee agrees to notify the Issuer of such discovery), send notice to us demanding that we transfer all or any portion of our Subject Securities (or our interestsinterest therein) to a person that is not a Non-Permitted ERISA Holder within 10 days after the date of such notice; (ii) if we fail to so transfer our Subject Securities (or our interestsinterest therein), the Issuer shall have the right, without further notice to us, to sell our Subject Securities or our interestsinterest therein to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder on such terms as the Issuer may choose; (iii) the Issuer, or the Collateral Manager on behalf of the Issuer, may, but is not required to, select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Subject Securities and selling our Subject Securities (or our interestsinterest therein) to the highest such bidder; (iv) by our acceptance of the Subject Securities (or any interest therein), we agree to cooperate with the Issuer and the Trustee to effect such transfers; B-5-3

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(v) the proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to us; and (vi) the terms and conditions of any sale under this sub-section shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person as a result of any such sale or the exercise of such discretion. 9. Required Notification and Agreement. We hereby agree that we will inform the Trustee of any proposed transfer by us of all or a specified portion of our Subject Securities (or our interestsinterest therein). 10. Continuing Representation; Reliance. We acknowledge and agree that the representations, warranties, acknowledgements and agreements contained in this Investor Questionnaire shall be deemed made on each day from the date we make such representations, warranties, acknowledgements and agreements through and including the date on which we dispose of our Subject Securities (or our interestsinterest therein). We understand and agree that the information supplied in this Investor Questionnaire will be used and relied upon by the Issuer and the Trustee to determine that Benefit Plan Investors own or hold less than 25% of the total value of each Class of Subject Securities upon any subsequent transfer of the Subject Securities (or interestsinterest therein) in accordance with the Indenture. 11. Further Acknowledgement and Agreement. We acknowledge and agree that (i) all of the assurances contained in this Investor Questionnaire are for the benefit of the Issuer, the Trustee, the Loan Agents, the Placement Agent, the Co-Placement AgentInitial Purchaser and the Collateral Manager as third party beneficiaries hereof, (ii) copies of this Investor Questionnaire and any information contained herein may be provided to the Issuer, the Trustee, the Loan Agents, the Placement Agent, the Co-Placement AgentInitial Purchaser, the Collateral Manager, affiliates of any of the foregoing parties and to each of the foregoing parties' respective counsel for purposes of making the determinations described above and (iii) any acquisition or transfer of any Subject Securities (or interestsinterest therein) by us that is not in accordance with the provisions of this Investor Questionnaire shall be null and void from the beginning, and of no legal effect. 12. Future Transfer Requirements. We acknowledge and agree that we may not transfer any Subject Securities (or any interest therein) to any person unless the Trustee has received a certificate substantially in the form of this Investor Questionnaire. Any attempt to transfer in violation of this section will be null and void from the beginning, and of no legal effect. We agree to provide, if requested, any additional information that may be required to substantiate our status as certified above or to determine compliance with ERISA and/or Section 4975 of the Code or to otherwise determine our eligibility to purchase the Subject Securities of the Issuer. B-5-4

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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate. (the Purchaser) By: Name: Title: Dated: This Certificate relates to U.S.$______________ of Subordinated Notes. B-5-5

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EXHIBIT B-6 FORM OF TRANSFEREE CERTIFICATE FOR RULE 144A GLOBAL NOTE U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Re: Churchill NCDLC CLO-II, LLC (the "Issuer") Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. This letter relates to U.S.$__________ Aggregate Outstanding Amount of Notes of the Class indicated below (the "Notes"), which are to be transferred to the undersigned transferee (the "Transferee") in the form of a Rule 144A Global Note of such Class pursuant to Section 2.5(f) of the Indenture: Class X Notes Class A-1 Notes Class B Notes In connection with such request, and in respect of such Notes, the Transferee does hereby certify that the Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and (ii) pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the "Securities Act") and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. The Transferee further represents, warrants and agrees for the benefit of the Issuer and its counsel as follows: 1. It understands that the Notes have not been and will not be registered under the Securities Act or the securities laws or "blue sky" laws of any state or other jurisdiction of the United States, and, if in the future it decides to offer, resell, pledge or otherwise transfer the Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the legends on such Notes, including the requirement for written certifications. In particular, it understands that the Notes may be transferred only to a person that is either (a) a "qualified purchaser" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified B-6-1

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purchaser" that in each case is either (i) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder or (ii) solely in the case of Notes issued as Certificated Notes, an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder. It acknowledges that no representation is made as to the availability of any exemption under the Securities Act or any state securities laws for resale of the Notes. 2. In connection with its purchase of the Notes: (i) none of the Issuer, the Collateral Manager, the Placement AgentInitial Purchaser, the Co-Placement Agent, the Trustee, the Loan Agent, the Collateral Administrator or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for it; (ii) it is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates other than any statements in the final Offering Circular for such Notes; (iii) it has read and understands the final Offering Circular for such Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (iv) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates; (v) it will hold and transfer at least the Minimum Denomination of such Notes; (vi) it was not formed for the purpose of investing in the Notes; and (vii) it is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks. 3. (i) It is either (a) a "qualified purchaser" (as defined in the Investment Company Act) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (1) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder, or (2) an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder; (ii) it is acquiring the Notes as principal solely for its own account for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (iii) it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension, profit sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants B-6-2

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may designate the particular investments to be made; (iv) it agrees that it shall not hold any Notes for the benefit of any other person, that it shall at all times be the sole beneficial owner thereof for purposes of the Investment Company Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall be entitled to a beneficial interest in the distributions on the Notes; and (v) it will provide notice of the relevant transfer restrictions, representations, warranties and agreements to subsequent transferees. 4. It represents, warrants and agrees that (a) if it is, or is acting on behalf of, a Benefit Plan Investor, as defined in Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and 29 C.F.R. Section 2510.3-101, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and (b) if it is a governmental, church, non-U.S. or other plan which is subject to any state, local, other federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code ("Other Plan Law"), its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any such Other Plan Law. 5. If it is a "Benefit Plan Investor", it represents, warrants and agrees that: (i) none of the Issuer, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Collateral Manager, the Retention Holder, the Trustee or the Collateral Administrator, nor any of their respective affiliates, has provided any individualized investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor ("Plan Fiduciary"), has relied as a primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan Investor's acquisition of Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. 6. It will treat the Issuer and the Notes as described in the "Certain U.S. Federal Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. 7. It will timely furnish the Issuer, the Trustee and their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer, the Trustee and their respective agents to make payments to it without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer and its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through which they receive payments, and (C) to enable the Issuer, the Trustee and their respective agents to satisfy reporting and other obligations under any applicable law or regulation (including any cost B-6-3

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basis reporting obligation), and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. It acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to it. 8. It will provide the Issuer and the Trustee with certifications necessary to establish that it is not subject to U.S. federal withholding tax under FATCA. 8. 9. Each Acquirer of a Note (and any interest therein) that is not a "United States person" (as defined in sectionSection 7701(a)(30) of the Code), will make, or by acquiring such Note or any interest therein will be deemed to make, a representation to the effect represents and warrants that either: (a) it is not (i) a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), (ii) a "10-percent shareholder" with respect to the Issuer (or, for so long as the Subordinated Notes are held by a single Holderbeneficial owner, such Holderbeneficial owner of the Subordinated Notes) within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code, or (iii) a "controlled foreign corporation" that is related to any Holdersthe Issuer (or, for so long as the Subordinated Notes are held by a single beneficial owner, such beneficial owner of the Subordinated Notes) within the meaning of Section 881(c)(3)(C) of the Code, (b) it has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with its conduct of a trade or business in the United States and includible in its gross income or (c) it is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income tax of payments on the Notes. 9. 10. It represents and warrants that, for U.S. federal income tax purposes, it is not a member of an "expanded group" (as defined in Treasury Regulations Section 1.385-1(c)(4)) with respect to which a Holder of Subordinated Notes is a "covered member" (as defined in Treasury Regulations Section 1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such Holder with an express waiver of this representation. 10. 11. It agrees not to institute or seek to commence in respect ofinstitute against the Issuer, or cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Debt issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect. 11. 12. (1)(A) The express terms of the Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (B) the Indenture contains limitations on the rights of the holders to direct the commencement of any such Proceeding, and (C) it shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (2) there are no implied rights under the Indenture to direct the commencement of any such Proceeding; and (3) notwithstanding any provision of the Indenture, or any provision of the Notes, the Collateral Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the holders of the Notes (or of any interest therein), or any of B-6-4

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them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral Administrator or the Calculation Agent. 12. 13. It agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to the Indenture, and if it is a non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of the Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfers, and agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee in connection with any such sale and transfers. 13. 14. It acknowledges that, to the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance. 14. 15. It understands that the Issuer, the Trustee, the Placement Agent and the Co-Placement Agent and the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance. Name of Purchaser: Dated: __________, ______ By: Name: Title: Aggregate Outstanding Amount of Notes: U.S.$____________ cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-6-5

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EXHIBIT B-7 FORM OF TRANSFEREE CERTIFICATE FOR REGULATION S GLOBAL NOTE U.S. Bank Trust Company, National Association, as Trustee 111 Fillmore Avenue East St. Paul, Minnesota 55107 Attention: Bondholder Services – EP-MN-WS2N Re: Churchill NCDLC CLO-II, LLC (the "Issuer") Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. This letter relates to U.S.$__________ Aggregate Outstanding Amount of Class of notes of the Class indicated below (the "Notes"), which are to be transferred to the undersigned transferee (the "Transferee") in the form of a Regulation S Global Note of such Class pursuant to Section 2.5(f) of the Indenture: Class X Notes Class A-1 Notes Class B Notes In connection with such request, and in respect of such Notes, the Transferee does hereby certify that the Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and (ii) pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the "Securities Act") and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Issuer and its counsel that it is a person that is a "qualified purchaser" acquiring the Notes in an offshore transaction (as defined in Regulation S) in reliance on the exemption from Securities Act registration provided by Regulation S. The Transferee further represents, warrants and agrees for the benefit of the Issuer and its counsel as follows: 1. In connection with its purchase of the Notes: (i) none of the Issuer, the Collateral Manager, the Placement AgentInitial Purchaser, the Co-Placement Agent, the Trustee, the Loan Agent, the Collateral Administrator or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for it; (ii) it is not relying (for purposes of making any investment decision or otherwise) upon any written or oral advice, counsel or representations of the Issuer, the Collateral Manager, the Trustee, the PlacementLoan B-7-1

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Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates other than any statements in the final Offering Circular for such Notes; (iii) it has read and understands the final Offering Circular for such Notes (including, without limitation, the descriptions therein of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes); (iv) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the PlacementLoan Agent, the Co-Placement AgentInitial Purchaser, the Collateral Administrator or any of their respective affiliates; (v) it will hold and transfer at least the Minimum Denomination of such Notes; (vi) it was not formed for the purpose of investing in the Notes; and (vii) it is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks. 2. It understands that the Notes have not been and will not be registered under the Securities Act or the securities laws or "blue sky" laws of any state or other jurisdiction of the United States, and, if in the future it decides to offer, resell, pledge or otherwise transfer the Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of the Indenture and the legends on such Notes, including the requirement for written certifications. In particular, it understands that the Notes may be transferred only to a person that is either (a) a "qualified purchaser" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (i) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder or (ii) solely in the case of Notes issued as Certificated Notes, an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder. It acknowledges that no representation is made as to the availability of any exemption under the Securities Act or any state securities laws for resale of the Notes. 3. (i) It is either (a) a "qualified purchaser" (as defined in the Investment Company Act) or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a "qualified purchaser" that in each case is either (1) a "qualified institutional buyer" as defined in Rule 144A under the Securities Act who purchases such Notes in reliance on the exemption from Securities Act registration provided by Rule 144A thereunder, or (2) an institutional "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) a "qualified purchaser" acquiring the Notes in reliance on the exemption from registration provided by Regulation S thereunder; (ii) it is acquiring the B-7-2

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Notes as principal solely for its own account for investment and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (iii) it is not a (A) partnership, (B) common trust fund, or (C) special trust, pension, profit sharing or other retirement trust fund or plan in which the partners, beneficiaries or participants may designate the particular investments to be made; (iv) it agrees that it shall not hold any Notes for the benefit of any other person, that it shall at all times be the sole beneficial owner thereof for purposes of the Investment Company Act and all other purposes and that it shall not sell participation interests in the Notes or enter into any other arrangement pursuant to which any other person shall be entitled to a beneficial interest in the distributions on the Notes; and (v) it will provide notice of the relevant transfer restrictions, representations, warranties and agreements to subsequent transferees. 4. It is aware that, except as otherwise provided in the Indenture, the Notes being sold to it, if any, in reliance on Regulation S will be represented by one or more Regulation S Global Notes, and that beneficial interests therein may be held only through DTC for the respective accounts of Euroclear or Clearstream. 5. It represents, warrants and agrees that (a) if it is, or is acting on behalf of, a Benefit Plan Investor, as defined in Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and 29 C.F.R. Section 2510.3-101, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and (b) if it is a governmental, church, non-U.S. or other plan which is subject to any state, local, other federal or non-U.S. laws or regulations that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code ("Other Plan Law"), its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a violation of any such Other Plan Law. 6. If it is a "Benefit Plan Investor", it represents, warrants and agrees that: (i) none of the Issuer, the Placement Agent, the Co-Placement Agent,Initial Purchaser, the Collateral Manager, the Retention Holder, the Trustee or the Collateral Administrator, nor any of their respective affiliates, has provided any individualized investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor ("Plan Fiduciary"), has relied as a primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in connection with the Benefit Plan Investor's acquisition of Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. 7. It will treat the Issuer and the Notes as described in the "Certain U.S. Federal Income Tax Considerations" section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. B-7-3

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8. It will timely furnish the Issuer, the Trustee and their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer or its agents reasonably request (A) to permit the Issuer, the Trustee and their respective agents to make payments to it without, or at a reduced rate of, deduction or withholding, (B) to enable the Issuer and its agents to qualify for a reduced rate of withholding or deduction in any jurisdiction from or through which they receive payments, and (C) to enable the Issuer, the Trustee and their respective agents to satisfy reporting and other obligations under any applicable law or regulation (including any cost basis reporting obligation), and will update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. It acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of withholding or back-up withholding on payments to it. 9. It will provide the Issuer and the Trustee with certifications necessary to establish that it is not subject to U.S. federal withholding tax under FATCA. 9. [Reserved]. 10. It is not a "U.S. person" (as defined in Regulation S) and is purchasing the beneficial interest outside of the United States in reliance on Regulation S. 11. Each Transferee of a Note (and any interest therein) that is not a "United States person" (as defined in sectionSection 7701(a)(30) of the Code), will make, or by acquiring such Note or any interest therein will be deemed to make, a representation to the effect represents and warrants that either: (a) it is not (i) a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), (ii) a "10-percent shareholder" with respect to the Issuer (or, for so long as the Subordinated Notes are held by a single Holderbeneficial owner, such Holderbeneficial owner of the Subordinated Notes) within the meaning of Section 871(h)(3) or Section 881(c)(3)(B) of the Code, or (iii) a "controlled foreign corporation" that is related to any Holdersthe Issuer (or, for so long as the Subordinated Notes are held by a single beneficial owner, such beneficial owner of the Subordinated Notes) within the meaning of Section 881(c)(3)(C) of the Code, (b) it has provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with its conduct of a trade or business in the United States and includible in its gross income or (c) it is eligible for benefits under an income tax treaty with the United States that eliminates U.S. federal income tax of payments on the Notes. 12. It represents and warrants that, for U.S. federal income tax purposes, it is not a member of an "expanded group" (as defined in Treasury Regulations Section 1.385-1(c)(4)) with respect to which a Holder of Subordinated Notes is a "covered member" (as defined in Treasury Regulations Section 1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such Holder with an express waiver of this representation. B-7-4

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13. It agrees not to institute or seek to commence in respect ofinstitute against the Issuer, or cause the Issuer to commence, a bankruptcy proceeding before a year and a day has elapsed since the payment in full to the holders of the Debt issued pursuant to the Indenture or, if longer, the applicable preference period (plus one day) then in effect. 14. (1)(A) The express terms of the Indenture govern the rights of the holders to direct the commencement of a Proceeding against any Person, (B) the Indenture contains limitations on the rights of the holders to direct the commencement of any such Proceeding, and (C) it shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (2) there are no implied rights under the Indenture to direct the commencement of any such Proceeding; and (3) notwithstanding any provision of the Indenture, or any provision of the Notes, the Collateral Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the holders of the Notes (or of any interest therein), or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral Administrator or the Calculation Agent. 15. It agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to the Indenture, and if it is a non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of the Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfers, and agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee in connection with any such sale and transfers. 16. It acknowledges that, to the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such compliance. 17. It understands that the Issuer, the Trustee, the Placement Agent and the Co-Placement Agent and the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance. B-7-5

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Name of Purchaser: Dated: __________, ______ By: Name: Title: Aggregate Outstanding Amount of Notes: U.S.$____________ cc: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short B-7-6

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C-1 EXHIBIT C FORM OF CONTRIBUTION NOTICE Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short (the "Issuer") Nuveen Churchill Direct Lending Corp. c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short (the "Collateral Manager") U.S. Bank Trust Company, National Association, as Trustee 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC (the "Trustee") Re: Contribution Ladies and Gentlemen: Reference is hereby made to the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between the Issuer and the Trustee (as the same may be amended, restated, supplemented or otherwise modified, the "Indenture"). The undersigned hereby certifies that, in connection with its Contribution pursuant to Section 10.6 of the Indenture, (i) it is the beneficial owner of U.S.$__________ in Aggregate Outstanding Amount of the Subordinated Notes due 20362039 of Churchill NCDLC CLO-II, LLC and (ii) it understands that its Contribution shall be received into the Permitted Use Account and applied by the Collateral Manager on behalf of the Issuer to a Permitted Use as directed by the Collateral Manager at the time such Contribution is made. Contribution amount: $______________.1 1 EachUnless such Contribution is to be applied to acquire a Workout Loan, Restructured Loan or a Specified Equity Security, each Contribution shall be in an aggregate amount equal to at least $750,000 (counting all Contributions made on the same day as a single Contribution for this purpose).

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Contributor Name:__________________ Address: Attention: Facsimile no.: Telephone no.: Email: The undersigned hereby certifies that the Contribution identified herein and this Contribution Notice complies with the terms of the Indenture. [signature page follows] C-2

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IN WITNESS WHEREOF, the undersigned has caused this notice to be duly executed this [_____] day of [_____________, ____]. [NAME OF CONTRIBUTOR] By: Name: Title: Acknowledged and Agreed: NUVEEN CHURCHILL DIRECT LENDING CORP., as Collateral Manager By: Name: Title: C-3

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EXHIBIT D FORM OF DEBT OWNER CERTIFICATE U.S. Bank Trust Company, National Association, as Trustee 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short Re: Reports Prepared Pursuant to the Indenture and Security Agreement, dated as of December 7, 2023, among (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further amended, modified or supplemented from time to time, the "Indenture"), between Churchill NCDLC CLO-II, LLC (the "Issuer") and U.S. Bank Trust Company, National Association, theas Trustee (the "Indenture"). Ladies and Gentlemen: The undersigned hereby certifies that it is the beneficial owner of U.S.$____________ in principal amount of the following Class of Debt, in each case due 20362039: Class XA-R Senior Secured Floating Rate Notes Class A-1 Senior Secured Floating Rate Notes Class A-L-AA-L-R Senior Secured Floating Rate Loans Class A-L-B Senior Secured Floating Rate Loans Class BB-R Senior Secured Floating Rate Notes Subordinated Notes The undersigned hereby requests the Trustee grant it access to or deliver to it, as applicable, and as and when granted or delivered to any Holder under the Indenture, all notices, reports or other communications required to be delivered to any Holder under the Indenture or any Transaction Document. The undersigned hereby certifies that it will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of Debt. Capitalized terms used but not defined herein shall have the meaning given them in the Indenture. D-1

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In consideration of the physical or electronic signature hereof by the beneficial owner, the Issuer, the Trustee, the Loan Agent, the Collateral Manager, or their respective agents may from time to time communicate or transmit to the beneficial owner (a) information upon the request of the beneficial owner pursuant to the Indenture and (b) other information or communications marked or otherwise identified as confidential (collectively, but subject to the following sentence, "Confidential Information"). Confidential Information relating to the Issuer shall not include, however, any information that (i) was publicly known or otherwise known to the beneficial owner prior to the time of such communication or transmission; (ii) subsequently becomes publicly known through no act or omission by the beneficial owner or any Person acting on behalf of beneficial owner; (iii) otherwise is known or becomes known to the beneficial owner other than (x) through disclosure by the Issuer or (y) to the knowledge of the beneficial owner after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be treated as non-confidential by consent of the Issuer. The beneficial owner will maintain the confidentiality of all Confidential Information in accordance with procedures adopted by the beneficial owner in good faith to protect Confidential Information of third parties delivered to the beneficial owner; provided that the beneficial owner may deliver or disclose Confidential Information to: (i) its directors, trustees, officers, employees, agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with these terms and to the extent such disclosure is reasonably required for the administration of the matters contemplated hereby or the investment represented by the Debt; (ii) its legal advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with these terms and to the extent such disclosure is reasonably required for the matters contemplated hereby or the investment represented by the Debt; (iii) any other Holder, or any of the other parties to the Indenture, the Class A-L Loan AgreementsAgreement or the Collateral Management Agreement; (iv) except for Specified Obligor Information, any Person of the type that would be, to such Person's knowledge, permitted to acquire Debt or any other security of the Issuer in accordance with the requirements of Section 2.5 of the Indenture to which such Person sells or offers to sell any such Note or security or any part thereof; (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with these provisions; (vii) S&P or any NRSRO (subject to Section 14.16 of the Indenture); (viii) any other Person with the consent of the Issuer and the Collateral Manager; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law) or (D) if an Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Debt, the Class A-L D-2

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Loan AgreementsAgreement or the Indenture or (E) in the Trustee's, the Loan Agent'sAgent's or Collateral Administrator's performance of its obligations under the Indenture, the Class A-L Loan AgreementsAgreement, the Collateral Administration Agreement or the other transaction document related thereto; and provided that delivery to the Holder by the Trustee, the Loan Agent or the Collateral Administrator of any report of information required by the terms of the Indenture to be provided to Holders shall not be a violation of Section 14.15 of the Indenture. The beneficial owner agrees, except as set forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential Information for the sole purpose of making an investment in the Debt or administering its investment in the Debt; and that the Trustee, the Loan Agent and the Collateral Administrator shall neither be required nor authorized to disclose to it any Confidential Information in violation of these provisions. In the event of any required disclosure of the Confidential Information by the beneficial owner, it hereby agrees to use reasonable efforts to protect the confidentiality of the Confidential Information. Unless the option below is checked, the undersigned hereby consents to the Trustee identifying it as a beneficial owner of Debt if the Trustee has been requested by the Issuer, the Collateral Manager, the Placement Agent or the Co-Placement AgentInitial Purchaser to provide a copy of each Beneficial Ownership Certificate received by the Trustee, pursuant to Section 2.5 of the Indenture. The undersigned hereby requests confidential treatment of its identity and requests that the Trustee not identify it as a beneficial owner of Debt if the Trustee has been requested by the Issuer, the Collateral Manager, the Placement Agent or the Co-Placement AgentInitial Purchaser to provide a copy of each Beneficial Ownership Certificate received by the Trustee, pursuant to Section 2.5 of the Indenture. Submission of this certificate bearing the beneficial owner's physical or electronic signature shall constitute effective delivery hereof. This certificate shall be construed in accordance with, and this certificate and all matters arising out of or relating in any way whatsoever (whether in contract, tort or otherwise) to this certificate shall be governed by, the law of the State of New York without reference to its conflicts of law provisions (other than Section 5-1401 of the New York General Obligations Law). D-3

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IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed this ____ day of ____________, ____. [NAME OF BENEFICIAL OWNER] By: Name: Title: Authorized Signatory Tel.: ________________ Fax: ________________ D-4

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[Different first page setting changed from on in original to off in modified.]. EXHIBIT E FORM OF CONVERSION CERTIFICATE U.S. Bank Trust Company, National Association (the "Loan Agent") 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC U.S. Bank Trust Company, National Association (the "Trustee") 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC Churchill NCDLC CLO-II, LLC (the "Issuer") c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 Attention: Marissa Short Reference is hereby made to (i) the Indenture and Security Agreement dated as of December 7, 2023 between the Issuer and the Trustee (the "Indenture") and (ii) the Class A-L-A Loan Agreement dated as of December 7, 2023 among Churchill NCDLC CLO-II, LLC, as Borrower, the Loan Agent, and the Class A-L-A Lenders party thereto (the "Class A-L-A Loan Agreement"), in each case, as the same may be supplemented or amended from time to time in accordance with its terms. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture or, if not defined therein, in the Class A-L-A Loan Agreement. The undersigned certifies that it is a Class A-L-A Lender under the Class A-L-A Loan Agreement. The undersigned hereby directs the Issuer, the Trustee and the Loan Agent pursuant to Section 2.14 of the Indenture and Section 2.07 of the Class A-L-A Loan Agreement to effect the conversion of $_____________ of the Outstanding Amount of the Class A-L-A Loans made by such Class A-L-A Lender into an equivalent beneficial ownership of Class A-1 Notes issued pursuant to the Indenture. The undersigned hereby requests that the Class A-1 Notes be issued, registered and delivered in accordance with the instructions attached to this notice. [ATTACH INSTRUCTIONS] [Different first page setting changed from on in original to off in modified.]. ED-1

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[Different first page setting changed from on in original to off in modified.]. IN WITNESS WHEREOF, the undersigned has caused this certificate to be duly executed this ____ day of ____________, ____. [NAME OF CONVERTING CLASS A-L-A LENDER] By: Name: Title: [Different first page setting changed from on in original to off in modified.]. ED-2

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## Exhibit 10.17

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EXECUTION VERSION 4155-7166-3205.3 NOTE PURCHASE AGREEMENT Dated as of February 20, 2026 SG Americas Securities, LLC 245 Park Avenue New York, New York 10167 Attention: Asset Backed Products & Legal Department Ladies and Gentlemen: Churchill NCDLC CLO-II, LLC, a Delaware limited liability company (the "Issuer"), proposes to issue and sell the Class A-R Senior Secured Floating Rate Notes (the "Class A-R Notes"), the Class B-R Senior Secured Floating Rate Notes (the "Class B-R Notes" and, together with the Class A-R Notes, the "Rated Notes") and the Additional Subordinated Notes (the "Additional Subordinated Notes" and, together with the Rated Notes, the "Notes") pursuant to an Indenture and Security Agreement, dated as of December 7, 2023 (as amended pursuant to that certain first supplemental indenture (the "Refinancing Supplemental Indenture"), dated as of February 20, 2026 (the "Refinancing Date"), by and between the Issuer and U.S. Bank Trust Company, National Association, as trustee (in such capacity, together with its permitted successors in such capacity, the "Trustee"), the "Indenture"), by and between the Issuer and the Trustee. The Issuer also proposes to incur $50,000,000 Class A-L-R Loans (the "Class A-L-R Loans" and, together with the Rated Notes, the "Rated Debt" and, together with the Notes, the "Debt") pursuant to the amended and restated Class A-L-R Loan Agreement, dated as of February 20, 2026, among the Issuer, the Trustee, U.S. Bank Trust Company, National Association, as loan agent (the "Loan Agent"), and each Class A-L-R Lender (the "Loan Agreement"). U.S. Bank Trust Company, National Association will serve as collateral administrator (in such capacity, together with its permitted successors in such capacity, the "Collateral Administrator") pursuant to an Amended and Restated Collateral Administration Agreement, dated as of February 20, 2026, among the Issuer, the Collateral Administrator, and Nuveen Churchill Direct Lending Corp., as Collateral Manager (in such capacity, the "Collateral Manager"). Subject to the terms and conditions set forth herein, the Issuer proposes to issue and sell the Notes identified in Schedule 3 hereto (the "Subject Notes") to SG Americas Securities, LLC ("SGAS", and in such capacity, the "Initial Purchaser") pursuant to this Note Purchase Agreement (this "Agreement") on a private placement basis pursuant to an exemption under Section 4(a)(2) of the United States Securities Act of 1933, as amended (the "Securities Act"). The issuance of the Subject Notes and the offer and sale of the Subject Notes as contemplated by the Offering Documents (as defined below) and the incurrence of the Class A-L-R Loans are referred to herein as the "Transaction". The Issuer has been investing and will continue to invest in a portfolio of Collateral Obligations consisting primarily of senior secured floating rate middle market loans. Nuveen Churchill Direct Lending Corp. acts as Collateral Manager pursuant to an amended and restated Collateral Management Agreement, dated as of February 20, 2026, between the Collateral Manager and the Issuer (the "Collateral Management Agreement"). The Issuer has prepared and delivered to the Initial Purchaser (i) a preliminary confidential offering circular, subject to completion, dated January 9, 2026 (the "First Preliminary Offering Circular"), (ii) a second preliminary confidential offering circular, subject to completion, dated January 28, 2026 (the "Second Preliminary Offering Circular" and, together with the First Preliminary Offering Circular, the "Preliminary Offering Circulars"), and (iii) a final offering circular dated February 18, 2026 (the "Final Offering Circular" and, together with the Preliminary Offering Circulars, the "Offering Circulars"), in

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Page 2 4155-7166-3205.3 each case for delivery to prospective purchasers of the Subject Notes. The indicative term sheets and investor presentations distributed to prospective purchasers of the Subject Notes on various dates, together with the Offering Circulars, and all amendments or supplements to any of the foregoing, or revisions thereof, and any accompanying exhibits, are herein referred to as the "Offering Documents". The Offering Documents collectively describe, among other things, the Debt to be issued or incurred by the Issuer, the Collateral Administrator, the Indenture, the Collateral Manager and the Collateral Management Agreement. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Final Offering Circular and, if not defined therein, the Indenture. It is hereby agreed as follows: 1. PURCHASE AND SALE (a) On the terms and subject to the conditions set forth in this Agreement and in reliance upon the representations, warranties, covenants and agreements set forth herein, the Issuer irrevocably agrees to sell to the Initial Purchaser, and the Initial Purchaser irrevocably agrees to purchase from the Issuer the Subject Notes identified in Schedule 3 hereto, in each case, at a price equal to the price (expressed as a percentage of par) set forth in Schedule 3 hereto. (b) The Subject Notes sold to the Initial Purchaser shall be issued and sold free from all liens, charges and encumbrances, equities and other third party rights of any nature whatsoever, together with all rights of any nature whatsoever attaching or accruing to them now or after the date of this Agreement. 2. CLOSING (a) On the Refinancing Date, payment of the purchase price for the Subject Notes shall be made upon authorization of the Initial Purchaser against delivery of the Subject Notes. Such payment shall be made to the order of the Issuer in same day funds by such means as shall be acceptable to the Issuer and the Initial Purchaser. Delivery of the Subject Notes in global form shall be made through the facilities of DTC, and delivery of Subject Notes (if any) in certificated form shall be made to the party designated for such delivery by the Initial Purchaser. 3. COSTS AND EXPENSES (a) The Issuer shall pay all costs and expenses incidental to the performance of the obligations of the Issuer and the Initial Purchaser (other than as provided in clause (i) below) hereunder, whether or not the transactions contemplated herein are consummated or this Agreement is terminated pursuant to Section 9 hereof (unless the letter agreement dated January 8, 2026 (as amended or modified from time to time, the "Engagement Letter") between the Initial Purchaser and the Collateral Manager is terminated prior to the Refinancing Date, in which case such costs and expenses shall, to the extent they constitute Engagement Costs and Expenses or Third Party Costs and Expenses (each as defined in the Engagement Letter), be borne by SGAS and the Collateral Manager in accordance with the applicable terms of the Engagement Letter), including without limitation: (i) all costs, expenses and taxes (other than any taxes imposed on the net income of the Initial Purchaser by any jurisdiction in which it is organized, has its principal place of management or, with respect to the transactions contemplated hereby, is doing business) in connection with the preparation, printing, issuance, incurrence sale and delivery of the Debt, including any documentary stamp or similar issue tax and any related interest or penalties incident to the issuance, incurrence, sale and delivery of the Debt;

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Page 3 4155-7166-3205.3 (ii) all fees and expenses of the Issuer's counsel, accountants and other advisers; (iii) all costs and expenses in connection with the preparation, production and distribution of the Transaction Documents, the Offering Circulars, any other Offering Documents and all other documents and all amendments and supplements thereto relating to the issuance, incurrence, offering and sale of the Debt; (iv) all fees and expenses of the Trustee, the Loan Agent, the Collateral Administrator and the Administrator, and each of their respective counsel; (v) all fees and expenses incurred in connection with the rating of the Rated Debt by S&P; (vi) the fee payable to SGAS under the Engagement Letter and the Initial Purchaser's costs (including legal fees and expenses) incurred in connection with the issuance, offering and sale of the Subject Notes and the preparation and execution of this Agreement, in accordance with the Engagement Letter; (vii) the legal fees and expenses incurred by the Collateral Manager; and (viii) the fees and expenses of the listing agent and all other expenses of the Issuer in connection with the issuance and listing of the Notes. (b) In order to provide for the payment on the Refinancing Date, or promptly thereafter, of the costs and expenses payable pursuant to Section 3(a), the Issuer authorizes the Trustee to withhold from the proceeds paid by SGAS pursuant to Section 1(a) an amount sufficient to pay such costs and expenses as estimated on or prior to the Refinancing Date by SGAS, and on the Refinancing Date, or as promptly thereafter as practicable, to pay all such costs and expenses from such withheld funds and deposit in the Collection Account any excess of the amount so withheld over the amount necessary to pay such costs and expenses as Administrative Expenses under the Indenture. SGAS shall provide the Issuer with an itemization of the use of such withheld amounts in reasonable detail, along with receipts or statements for the related expenditures to the extent available, upon request from the Issuer. 4. REPRESENTATIONS AND WARRANTIES (a) The Issuer represents and warrants to, and covenants and agrees with, the Initial Purchaser that, on and as of the date hereof (unless otherwise specified below) and the Refinancing Date: (i) it is duly formed and is validly existing as a limited liability company under the laws of the State of Delaware; and it (x) has the power and authority to issue and sell or incur, as applicable, the Debt to be issued and incurred by it, to enter into this Agreement and the other Transaction Documents and to undertake and perform the obligations expressed to be assumed by it herein and therein, (y) has taken all necessary action to approve and to authorize the same, and (z) is lawfully qualified to do business and is in good standing in those jurisdictions in which it conducts business, except where the failure to be so qualified or in good standing would not have a material adverse effect on its business or financial condition or would otherwise not be material in the context of the issuance, offering and sale of the Subject Notes; (ii) this Agreement has been duly authorized, executed and delivered by it, and each of the Transaction Documents to which it is a party has been duly authorized by it and, when duly executed and delivered on the Refinancing Date, shall constitute, legal, valid and binding obligations of it, except as such obligations may be limited by bankruptcy, insolvency,

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Page 4 4155-7166-3205.3 reorganization and other similar laws affecting the rights of creditors generally and the application of general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law) and except as any rights to indemnity may be limited by U.S. federal and state securities laws and public policy considerations underlying such laws; (iii) the issuance and sale or incurrence, as applicable, of the Debt issued or incurred by it will have been duly authorized by it and when duly executed, authenticated, issued and delivered in accordance with the Indenture and when registered in the Register and paid for in full in accordance with the terms hereof, shall constitute legal, valid and binding obligations of it entitled to the benefits provided by the Indenture, except as such obligations may be limited by bankruptcy, insolvency, reorganization and other similar laws affecting the rights of creditors or shareholders generally and the application of general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law); (iv) it has the capitalization as set forth in the Final Offering Circular; (v) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance, sale, incurrence or delivery of the Debt issued and incurred by it, except for those which have been obtained and are in full force and effect, and no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the execution, delivery or performance by it of the Transaction Documents to which it is a party or the consummation of the other transactions contemplated hereby or thereby, except for those which have been duly made or obtained and such as may be required under the state securities or blue sky laws in any jurisdiction in connection with the issuance, incurrence, offering and sale by it of the Debt, except where the failure to obtain such consent, approval, authorization, order, registration or qualification would not have a material adverse effect on its business or financial condition and would not be material in the context of the issuance, incurrence, offering and sale of the Debt; (vi) the execution and delivery of the Transaction Documents to which it is party, the issuance, incurrence, offering and sale of the Debt issued and incurred by it and the consummation of the other transactions contemplated by the Transaction Documents (and compliance with the terms thereof) do not and shall not (i) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, its organizational documents or (ii) conflict with or result in a breach of any indenture, trust deed, mortgage or other agreement or instrument to which it is party or by which it or any of its properties is bound, or infringe any existing applicable law, rule, regulation, judgment, order or decree of any government, governmental body or court, domestic or foreign, having jurisdiction over it or any of its properties, except for such conflicts, breaches, defaults or infringements that would not have a material adverse effect on its business or financial condition and would not be material in the context of the issuance, incurrence, offering and sale of the Debt; (vii) the Final Offering Circular is, as of the date thereof and at the Refinancing Date, true and accurate in all material respects and did not and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and the Final Offering Circular, as of its date, did contain and, as of the Refinancing Date, contains all information with regard to it and the Debt, which is material in the context of the issuance, incurrence, offering and sale of the Debt; provided that this representation and warranty does not apply to, and it makes no representation nor warranty as to, statements or omissions made in the Final Offering Circular or any amendment of or supplement thereto in reliance upon and in conformity with the information

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Page 5 4155-7166-3205.3 about the Initial Purchaser furnished in writing to the Issuer by or on behalf of the Initial Purchaser specifically for inclusion in the Final Offering Circular contained under the heading "Risk Factors—Relating to Certain Conflicts of Interest—The Issuer will be subject to various conflicts of interest involving the Initial Purchaser and its Affiliates" (such information is collectively referred to as the "Initial Purchaser Information"); (viii) it has authorized the Initial Purchaser to use the Offering Documents in connection with the offer and resale of the Subject Notes; (ix) there are no pending actions, suits or proceedings against or affecting it or any of its properties and, to the best of its knowledge, no such actions, suits or proceedings are threatened or contemplated; (x) no event has occurred or is continuing which would, had the Debt already been issued or incurred (whether or not with the giving of notice and/or the passage of time and/or the fulfillment of any other requirement), constitute an Event of Default (under and as defined in the Indenture); (xi) neither it nor any of its properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of the State of Delaware; (xii) [reserved]; (xiii) [reserved]; (xiv) as of the Refinancing Date, the Notes will meet the requirements of Rule 144A(d)(3) under the Securities Act; (xv) it shall, for so long as any Notes are outstanding and at any time that the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, upon request of any Holder of Notes, furnish to such Holder, and to any prospective purchaser or purchasers of Notes designated by such Holder, information satisfying the requirements of Rule 144A(d)(4) under the Securities Act, it being agreed that this covenant is for the benefit of the Holders from time to time of the Notes and prospective purchasers of the Notes designated by such Holders; (xvi) it has not taken, directly or indirectly, any action prohibited by Regulation M under the Exchange Act; (xvii) [reserved]; (xviii) neither it, nor any of its "affiliates" (as that term is defined in Rule 501(b) of Regulation D under the Securities Act, each, an "Affiliate"), or any Person authorized to act on its or their behalf (other than the Initial Purchaser, as to whom no representation is made) has engaged or will engage in any "directed selling efforts" (as that term is defined in Regulation S) in connection with the offering or sale of the Debt, and it and its Affiliates and any Person acting on their behalf (other than the Initial Purchaser, as to whom no representation is made) has complied and will comply with the offering restrictions requirement of Rule 903 of Regulation S in respect of the Debt. It has not entered into any contractual agreement with respect to the distribution of the Debt except for the arrangements with the Initial Purchaser (or any direct investor therein);

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Page 6 4155-7166-3205.3 (xix) neither it, nor any of its Affiliates or any Person authorized to act on its or their behalf (other than the Initial Purchaser, as to whom no representation is made) has engaged or will engage in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering or sale of the Debt in the United States or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. Accordingly, it acknowledges that the Debt may not be offered or sold, directly or indirectly, and no offering circular or any advertisements in connection with the Debt may be distributed or published, in or from any country or jurisdiction except under circumstances that shall result in compliance with any applicable rules and regulations of any such country or jurisdiction; (xx) based in part on representations by the Initial Purchaser in Section 6(a)(iii) hereof and the consideration of such factors as it and its counsel deem necessary or appropriate and based on the transfer restriction provisions set forth in the Indenture, it has a reasonable belief that the initial sales and subsequent transfers of the Notes shall be limited to Persons who are (I) Qualified Purchasers that are not "U.S. persons" (as defined in Regulation S) outside the United States in reliance on Regulation S (except the Subordinated Notes), and (II) both (A)(i) Qualified Institutional Buyers, (ii) solely in the case of Notes issued in certificated form, Institutional Accredited Investors, or (iii) solely in the case of Subordinated Notes, other Accredited Investors that are Knowledgeable Employees with respect to the Issuer and (B)(i) Qualified Purchasers, (ii) entities owned exclusively by Qualified Purchasers or (iii) solely in the case of the Subordinated Notes, Knowledgeable Employees with respect to the Issuer; (xxi) no forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in any of the Preliminary Offering Circulars or the Final Offering Circular has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith; (xxii) on the Refinancing Date, (i) the Issuer has the power to grant a security interest in the Collateral Obligations included in the Assets and has taken all necessary actions to authorize the granting of that security interest; (ii) the Issuer is the sole owner of the Collateral Obligations included in the Assets, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest granted pursuant to the Indenture or as otherwise contemplated by the Indenture; (iii) the Trustee has a valid and perfected first priority security interest in the Collateral Obligations included in the Assets (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Issuer gives the notices and takes the action required of it under relevant law for perfection of that interest), subject to no prior security interest, lien or encumbrance except as contemplated by the Indenture; and (iv) the performance by the Issuer of its obligations under the Indenture will not result in the creation of any security interest, lien or other encumbrance on any Collateral Obligations included in the Assets except as contemplated by the Indenture; (xxiii) it possesses, and immediately after giving effect to the consummation of the Transaction and the other transactions contemplated by the Transaction Documents shall possess, all material licenses, certificates, authorizations and permits issued by, and has made, and immediately after giving effect to the consummation of the Transaction and the other transactions contemplated by the Transaction Documents shall have made, all declarations and filings with the appropriate federal, state, local or non-U.S. regulatory agencies or bodies which are necessary for the ownership of its respective properties or the conduct of its respective businesses as described in the Final Offering Circular, except where the failure to possess or make the same would not reasonably be expected to have, singularly or in the aggregate, a material adverse effect with respect to it, and it has not received notification of any revocation or modification of any such license,

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Page 7 4155-7166-3205.3 certificate, authorization or permit and has no reason to believe that any such license, certificate, authorization or permit shall not be renewed, except where such revocation, modification or non- renewal would not reasonably be expected to have, singularly or in the aggregate, a material adverse effect with respect to it; (xxiv) the charges, accruals and reserves on its books in respect of Taxes are adequate. For purposes of this Agreement, the term "Taxes" shall mean all U.S. federal, state, local or non-U.S. income, payroll, employee withholding, unemployment insurance, social security, sales use, service use, leasing use, excise, franchise, gross receipts, value added, alternative or add-on minimum, estimated, occupation, real and personal property, stamp, transfer, workers' compensation, severance, windfall profits, environmental, or other tax of the same or of a similar nature, including any interest, penalty or addition thereto, whether disputed or not, and the term "Tax Return" shall mean any return, declaration, report, form, claim for refund or information return or statement relating to Taxes or income subject to taxation, or any amendment thereto, and including any schedule or attachment thereto; (xxv) based in part on the representations of the Initial Purchaser in Section 6(a)(iii) hereof, neither it nor the pool of Assets is, nor shall be immediately after giving effect to the consummation of the Transaction and the other transactions contemplated by the Transaction Documents, (i) an "investment company" or a company "controlled" by an "investment company" within the meaning of the Investment Company Act, and the rules and regulations of the SEC thereunder or (ii) required to be registered under the Investment Company Act, nor shall the offer and issuance or incurrence of the Debt as contemplated by this Agreement, the Indenture, and the Final Offering Circular result in a violation of the Investment Company Act; (xxvi) it is not, nor immediately after giving effect to the consummation of the Transaction and the other transactions contemplated by the Transaction Documents shall be, required to be registered under the United States Commodity Exchange Act, as amended, as a "commodity pool"; (xxvii) the issuance, offering and sale of the Debt shall not involve any non-exempt prohibited transaction (as such term is defined in Section 406(a) of ERISA and Section 4975(c)(1)(A)-(D) of the United States Internal Revenue Code of 1986, as amended). It does not maintain an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to ERISA and no event has occurred and no condition exists that could subject it, either directly or indirectly, to any liability imposed by Title IV of ERISA, or to any lien imposed by Section 430 of the Code or Section 303 or Title IV of ERISA; (xxviii) it is not necessary, in connection with the issuance, incurrence, offer, sale and delivery of the Debt in the manner contemplated by this Agreement and the Final Offering Circular, to register the Debt under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended, or the rules and regulations of the SEC applicable to an indenture that is qualified thereunder (assuming compliance by the Initial Purchaser and its Affiliates with the representations, warranties and undertakings of the Initial Purchaser contained herein), and neither it, nor any of its Affiliates or any Person authorized to act on its or their behalf (except for the Initial Purchaser, as to whom no representation is made) has made offers or sales of any security (as defined in the Securities Act), or solicited offers to buy any security, under circumstances that would require the registration of the Debt under the Securities Act; (xxix) each certificate representing a Note shall bear the legends contemplated by the Final Offering Circular for the time period and upon the other terms stated in the Final Offering Circular;

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Page 8 4155-7166-3205.3 (xxx) since the respective dates as of which information is given in the Offering Documents, except as stated therein or contemplated thereby, (i) there has been no event or development (other than any decline in the value of the Collateral Obligations), involving it that has resulted, or could reasonably be expected to result, in a material adverse effect with respect to it, (ii) there have been no transactions entered into by it, other than those in the ordinary course of business and (iii) there has been no dividend or distribution of any kind declared, paid or made by it; (xxxi) it acknowledges and agrees that: (i) the purchase and sale of the Subject Notes pursuant to this Agreement, including the determination of the offering price of the Subject Notes and any related discounts and commissions, is an arm's length transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand, and it is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the Transaction; (ii) in connection with the Transaction and the process leading to the Transaction, the Initial Purchaser is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of it or its affiliates, stockholders, creditors or employees or any other party; (iii) the Initial Purchaser has not assumed nor shall it assume an advisory, agency or fiduciary responsibility in favor of it with respect to the Transaction or the process leading thereto (irrespective of whether the Initial Purchaser has advised or is currently advising it on other matters) or any other obligation to it except the obligations expressly set forth in this Agreement; (iv) the Initial Purchaser and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of it and that the Initial Purchaser has no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and it has consulted its own advisors to the extent it deemed appropriate and it is responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchaser shall have no responsibility or liability to it with respect to any legal, accounting, regulatory, investment or tax matters. This Agreement supersedes all prior agreements and understandings (whether written or oral) between it and the Initial Purchaser, with respect to the subject matter of this Section 4(a)(xxxi). It hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Initial Purchaser with respect to any breach or alleged breach of agency or fiduciary duty; and (xxxii) it has given a written representation and undertaking to the Rating Agency that it will take the actions specified in paragraphs (a)(3)(iii)(A) through (D) of Rule 17g-5 of the Exchange Act (Rule 17g-5) with respect to the Debt rated by the Rating Agency, and it has complied with each such representation and undertaking. (b) The Issuer represents and warrants to, and covenants and agrees with, the Initial Purchaser as to the matters set forth in Schedule 1 hereto on and as of the Refinancing Date (unless otherwise specified therein). 5. CERTAIN AGREEMENTS OF THE ISSUER The Issuer covenants and agrees with the Initial Purchaser as follows: (a) It shall use its best efforts to obtain on or prior to the Refinancing Date all government authorizations required in connection with the issuance, incurrence and sale of the Debt to be issued or incurred on such date and the performance of its respective obligations under the Transaction Documents to which it is a party, and to cause such authorizations to be continued in effect so long as any of the Debt issued or incurred by it remain outstanding; provided that in no event shall it be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to

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Page 9 4155-7166-3205.3 subject itself to taxation or other burdensome requirements in a jurisdiction in which it is not already so subject. (b) It shall furnish to the Initial Purchaser, without charge, as soon as practicable and thereafter from time to time prior to the completion of the distribution of the Subject Notes, as many copies of the Final Offering Circular and of any amendments or supplements thereto as the Initial Purchaser may reasonably request. (c) If at any time prior to the earlier of (a) the completion of the distribution of the Subject Notes (as determined by the Initial Purchaser); and (b) the 90th day following the Refinancing Date (the "Offering Period"), any event occurs or condition exists as a result of which the Offering Documents as then amended or supplemented would contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or if for any other reason it shall be necessary at any time to amend or supplement the Offering Documents to comply with applicable law, it shall promptly so notify the Initial Purchaser, instruct the Initial Purchaser promptly to suspend solicitation of offers to purchase the Subject Notes and, upon the request of the Initial Purchaser, it shall at its own expense, (i) prepare and furnish to the Initial Purchaser, subject to prior review by the Initial Purchaser as provided by Section 5(d), an amendment or supplement to the Offering Documents that will correct such statement or omission or effect such compliance and (ii) supply any amended or supplemented Offering Documents to the Initial Purchaser in such quantities as the Initial Purchaser may reasonably request, and the Initial Purchaser agrees not to use any prior version of the Offering Documents in connection with the offer or sale of the Subject Notes following receipt of such notice. (d) During the Offering Period, it shall not publish any amendment or supplement to the Final Offering Circular to which the Initial Purchaser objects unless the Initial Purchaser has been previously advised of, and furnished with a copy for review of, any such proposed amendment or supplement, and counsel to the Issuer provides written advice, the conclusions of which are shared with the Initial Purchaser to the effect that (i) without such proposed amendment or supplement the Final Offering Circular, as then amended or supplemented, contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (ii) such proposed amendment or supplement is required pursuant to applicable law or an order of a regulatory authority having jurisdiction over the Issuer. (e) Subject to the foregoing, it shall prepare promptly, upon the reasonable request of the Initial Purchaser, any amendments of or supplements to the Offering Documents that in the sole discretion of the Initial Purchaser may be reasonably necessary to enable the Initial Purchaser to continue to resell the Subject Notes, subject to the approval of the Initial Purchaser's counsel. (f) Within six months prior to the issuance of the Notes, it and its respective Affiliates or any Person authorized to act on its behalf have not offered, sold, contracted to sell or otherwise disposed of and, within six months following the issuance of the Notes, shall not offer, sell, contract to sell or otherwise dispose of any Notes or any securities of the same or similar class as the Notes, under circumstances that would require registration of the Notes under the Securities Act. (g) The Issuer shall use the proceeds from the sale and incurrence of the Debt in the manner described in the Final Offering Circular under the caption "Use of Proceeds". (h) The Issuer will not publish or distribute any offering material in connection with the offering of the Subject Notes, unless the Initial Purchaser shall have received prior notice and consented to the publication or use (as applicable) thereof.

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Page 10 4155-7166-3205.3 (i) None of the Issuer, any of its Affiliates or any Person authorized to act on its behalf (except for the Initial Purchaser, as to whom no representation is made) shall engage in any "directed selling efforts" (as that term is defined in Regulation S) with respect to the Subject Notes to any "U.S. Person" (as that term is defined in Regulation S). (j) It shall advise the Initial Purchaser promptly after it receives notice or obtains knowledge of the suspension of the qualification of the Subject Notes for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose. In the event of the issuance of any order suspending any such qualification, it shall promptly use its best efforts to obtain its withdrawal. (k) During the Offering Period, it shall promptly and from time to time take such action as the Initial Purchaser may reasonably request to qualify the Subject Notes for offering and sale in a manner not involving any public offering under the securities laws of such jurisdictions as the Initial Purchaser may request. (l) It shall at all times during the Offering Period extend, and use its best efforts to cause the Collateral Manager to extend, to each prospective investor the opportunity to ask questions of, and receive answers from, the Issuer and the Collateral Manager concerning their respective businesses, managements and financial affairs, and the Subject Notes and the terms and conditions of the offering thereof, and to obtain any information such prospective investors may consider necessary in making an informed investment decision or in order to verify the accuracy of the information set forth in the Offering Documents, to the extent the Issuer or the Collateral Manager possesses the same or can acquire it without unreasonable effort or expense; provided that the Issuer shall permit, and shall use its best efforts to cause the Collateral Manager to permit, representatives of the Initial Purchaser to be present at, or participate in, any meeting or telephone conference between the Issuer or the Collateral Manager and any prospective investor identified by the Initial Purchaser, and shall give the Initial Purchaser reasonable notice thereof, and the Issuer shall not furnish, and shall use its best efforts to cause the Collateral Manager not to furnish, any such written information to any such prospective investor without first giving the Initial Purchaser a reasonable opportunity to review and comment on such information. (m) It shall not solicit any offer to buy from or offer to sell to any Person any Subject Notes, except through the Initial Purchaser. (n) The Issuer will comply with the representations made by it to the Rating Agency in accordance with paragraph (a)(3)(iii) of Rule 17g-5 with respect to the Debt rated by the Rating Agency. (o) The Issuer will not offer any of the Debt in or to its own or any affiliated participant- directed employee plan. (p) In connection with the application to list the Notes on any stock exchange, it will furnish from time to time any and all documents, instruments, information and undertakings and publish all advertisements or other material that may be necessary in order to effect such listing and to maintain such listing until none of such Notes is outstanding or until such time as payment of principal, interest and any additional amounts (if any) in respect of all such Notes have been duly provided for, whichever is earlier; provided that if the Issuer can no longer reasonably maintain such listing, the Issuer agrees to use commercially reasonable efforts to obtain and maintain the quotation for, or listing of, such Notes on such other stock exchange or exchanges as the Initial Purchaser may reasonably request. 6. SELLING RESTRICTIONS (a) The Initial Purchaser agrees to the following:

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Page 11 4155-7166-3205.3 (i) to deliver the Final Offering Circular to each investor in the Subject Notes; (ii) not to solicit offers for, or offer or sell, the Subject Notes by any form of general solicitation or general advertising (as those terms are used in Rule 502(c) under the Securities Act); (iii) to solicit offers for the Subject Notes only from, and to offer the Subject Notes only to, investors that the Initial Purchaser reasonably believes are (I) Qualified Purchasers that are not "U.S. persons" (as defined in Regulation S) outside the United States in reliance on Regulation S, and (II) both (A)(i) Qualified Institutional Buyers or (ii) solely in the case of Notes issued in certificated form, Institutional Accredited Investors and (B)(i) Qualified Purchasers or (ii) entities owned exclusively by Qualified Purchasers; and (iv) to offer and sell the Subject Notes in accordance with the procedures set forth under the heading "Plan of Distribution" in the Final Offering Circular and subject to the restrictions set forth under the heading "Transfer Restrictions" in the Final Offering Circular. The Issuer confirms that it has authorized the Initial Purchaser to offer the Subject Notes prior to the date hereof in a manner consistent with the foregoing and to use the Offering Documents in connection therewith. (b) The Initial Purchaser represents and warrants that, on and as of the Refinancing Date, it is a Qualified Institutional Buyer and a Qualified Purchaser. (c) The Initial Purchaser represents, warrants, covenants and agrees as to the matters set forth in Schedule 2 hereto with respect to each jurisdiction in which it has offered or sold or will offer or sell any Subject Notes. (d) The Initial Purchaser shall request that, with respect to the CUSIP number assigned to each Class of Rule 144A Global Notes, the "fixed field" attachment contains "3c7" and "144A" indicators. (e) In the event any Rule 144A Global Notes are listed with Bloomberg Financial Markets ("Bloomberg") the Initial Purchaser agrees and covenants to request that any such listing contain Bloomberg's customary "Section 3(c)(7)" indicators on the Bloomberg screen clearly showing that such Rated Notes are restricted to Qualified Institutional Buyers that are Qualified Purchasers or entities owned (or beneficially owned) exclusively by Qualified Purchasers, including the indicators described in Section 10.14 of the Indenture (or such other indicators regarding restrictions on the Rated Notes under Section 3(c)(7) of the Investment Company Act and Rule 144A as may be customary under Bloomberg procedures at any given time). 7. CONDITIONS PRECEDENT (a) The obligations of the Initial Purchaser hereunder shall be subject to the accuracy in all material respects of the representations and warranties of the Issuer contained herein as of the date hereof and the Refinancing Date (unless expressly referring to an earlier date), to the accuracy in all material respects of the statements of the Issuer made in any certificates delivered pursuant hereto on such date, to the performance by the Issuer of its obligations hereunder and to the following additional conditions: (i) The Issuer shall have obtained all governmental authorizations required in connection with the issuance, incurrence, offering and sale of the Debt and the performance of its obligations under the Transaction Documents to which the Issuer is a party.

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Page 12 4155-7166-3205.3 (ii) The Issuer shall have furnished to the Initial Purchaser a certificate of the Issuer signed on behalf of the Issuer by a director, member, manager or by the principal executive, financial or accounting officer of the Issuer dated the Refinancing Date, to the effect that: (A) it has examined the Offering Documents, the Indenture and this Agreement; (B) in its opinion the information in the Final Offering Circular (other than (A) the information in the Final Offering Circular set forth under the headings "Risk Factors— Relating to the Collateral Manager," "Risk Factors—Relating to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Collateral Manager and its Affiliates," "Risk Factors—Relating to Certain Conflicts of Interest—Other potential conflicts of interest," "Risk Factors—Relating to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Purchase and Sale of Collateral Obligations," "Risk Factors—Relating to Certain Conflicts of Interest—Cross trades and principal trades," and "The Collateral Manager and the Sub-Advisor" and the subheadings thereunder (collectively, the "Collateral Manager Information"), (B) the information in the Final Offering Circular set forth under the headings "The EU/UK Retention Holder and the EU/UK Risk Retention and EU Transparency Requirements—Description of the EU/UK Retention Holder" and "The EU/UK Retention Holder and EU/UK Risk Retention and EU Transparency Requirements—Origination of Collateral Obligations" and the subheadings thereunder (collectively, the "Retention Holder Information") and (C) the Initial Purchaser Information), as of the date thereof (including as of the date of any supplement thereto) and as of the Refinancing Date, does not contain any untrue statement of a material fact and does not omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; (C) the representations and warranties made by it in the Indenture and this Agreement are true and correct in all material respects on and as of the Refinancing Date with the same effect as if made on the Refinancing Date; and (D) it has performed all of its obligations and satisfied all the conditions on its part to be satisfied at or prior to the Refinancing Date in the Indenture and this Agreement. (iii) The Issuer shall have furnished to the Initial Purchaser the opinion of Dechert LLP, special United States counsel to the Issuer, dated the Refinancing Date and in form and substance satisfactory to the Initial Purchaser, to the effect set forth in the Indenture. (iv) The Trustee shall have furnished to the Initial Purchaser the opinion of Nixon Peabody LLP, counsel to the Trustee and the Collateral Administrator, dated the Refinancing Date and in form and substance satisfactory to the Initial Purchaser, to the effect set forth in the Indenture. (v) The Issuer shall have furnished to the Initial Purchaser the opinion of Richards, Layton & Finger LLP, Delaware counsel to the Issuer, dated the Refinancing Date and in form and substance satisfactory to the Initial Purchaser, to the effect set forth in the Indenture. (vi) The Issuer shall have furnished to the Initial Purchaser the opinion of Dechert LLP, special United States counsel as to certain tax law to the Issuer dated the Refinancing Date and in form and substance satisfactory to the Initial Purchaser. (vii) The Collateral Manager shall have furnished to the Initial Purchaser the opinion of Dechert LLP, counsel to the Retention Holder and the Collateral Manager.

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Page 13 4155-7166-3205.3 (viii) Dechert LLP, in its capacity as special United States counsel to the Issuer, the Collateral Manager and the Retention Holder shall have furnished to the Initial Purchaser its written letter with respect to the Final Offering Circular in relation to Rule 10b-5 under the Securities Act, addressed to the Initial Purchaser and in form and substance satisfactory to the Initial Purchaser, dated the Refinancing Date. (ix) (i) The Class A-R Notes and Class A-L-R Loans shall have been rated "AAA (sf)" by S&P and (ii) the Class B-R Notes shall have been rated at least "AA (sf)" by S&P. (x) The conditions precedent to the issuance and incurrence of the Debt by the Issuer under the Indenture and the Loan Agreement and the performance by the Issuer of its obligations under the Indenture and the Loan Agreement shall have been satisfied, or waived by the parties entitled to effect such a waiver. (xi) The Collateral Manager shall have furnished to the Initial Purchaser a certificate, dated the Refinancing Date, signed by a senior executive officer of the Collateral Manager certifying that: (A) the Collateral Manager has examined the Final Offering Circular; (B) in the opinion of the Collateral Manager, the Collateral Manager Information in the Final Offering Circular, as of the date thereof and as of the Refinancing Date, does not contain any untrue statement of a material fact and does not omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (C) as of the Refinancing Date, to the best knowledge of the Collateral Manager, there has been no event or development with respect to the Collateral Manager or any of its Affiliates that could reasonably be expected to result in a material adverse effect on the issuance, incurrence, offer or sale of the Debt as contemplated by the Final Offering Circular or on the ability of the Collateral Manager to perform, in all material respects, its obligations under the Collateral Management Agreement. (xii) The Retention Holder shall have furnished to the Initial Purchaser a certificate, dated the Refinancing Date, signed by a senior executive officer of the Retention Holder, certifying that: (A) the Retention Holder has examined the Final Offering Circular; (B) in the opinion of the Retention Holder, the Retention Holder Information in the Final Offering Circular, as of the date thereof and as of the Refinancing Date, does not contain any untrue statement of a material fact and does not omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (C) as of the Refinancing Date, to the best knowledge of the Retention Holder, there has been no event or development with respect to the Retention Holder or any of its Affiliates that could reasonably be expected to result in a material adverse effect on the issuance, incurrence, offer or sale of the Debt as contemplated by the Final Offering Circular or the ability of the Retention Holder to perform, in all material respects, its obligations under the Retention of Net Economic Interest Letter.

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Page 14 4155-7166-3205.3 (xiii) The Transaction Documents shall have been duly executed and delivered on or before the Refinancing Date by or on behalf of the relevant parties thereto and in form and substance satisfactory to the Initial Purchaser. (xiv) Subsequent to the date as of which information is given in the Final Offering Circular, (i) there shall not have occurred any change, or any development involving a prospective change in the condition, financial or otherwise, or the earnings, business, management or operations of the Issuer and (ii) there shall not have been any change or any development involving a prospective change in the capital stock or in the long-term debt of the Issuer the effect of which, in the reasonable judgment of the Initial Purchaser, so material and adverse as to make it impractical or inadvisable to proceed with the offering or the delivery of the Debt as contemplated by the Offering Circulars or this Agreement. (xv) Prior to the Refinancing Date, the Issuer shall furnish to the Initial Purchaser such further information, certificates and documents as the Initial Purchaser may reasonably request. (b) All opinions, certificates, letters and documents delivered pursuant to this Agreement will comply with the provisions hereof only if they are satisfactory in all respects to the Initial Purchaser. The Issuer shall furnish to the Initial Purchaser such conformed copies of such opinions, certificates, letters and documents in such quantities as the Initial Purchaser shall reasonably request. (c) If any of the conditions specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions, letters, documents and certificates referred to in or contemplated by this Agreement shall not be in all respects reasonably satisfactory in form and substance to the Initial Purchaser and its counsel, this Agreement and all obligations of the Initial Purchaser hereunder may be canceled by SGAS on, or at any time prior to, the Refinancing Date. Notice of such cancellation may be given to the Issuer in writing or by email or facsimile. 8. INDEMNIFICATION AND CONTRIBUTION (a) Subject to the Priority of Payments, the Issuer agrees to indemnify and hold harmless the Initial Purchaser and each Person, if any, who controls the Initial Purchaser within the meaning of the Securities Act or the Exchange Act, and the respective affiliates, officers, directors, employees or controlling persons of the Initial Purchaser and each such Person (each, an "Initial Purchaser Party"), against any losses, claims, damages or liabilities, joint or several, to which such Initial Purchaser Party may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are connected with the consummation of the transactions contemplated by the Offering Documents or the execution and delivery of, and the consummation of the transactions contemplated by, the Transaction Documents. Such indemnity shall include any losses, claims, damages or liabilities that are based upon any untrue statement or alleged untrue statement of any material fact contained in the Offering Documents or any amendment or supplement thereto; or the omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Initial Purchaser Parties shall not be so indemnified to the extent such losses, claims, damages or liabilities provided for in this sentence are finally judicially determined to have been primarily caused by any such untrue statement or omission or alleged untrue statement or omission based upon the Initial Purchaser Information. The Issuer shall reimburse, as incurred, each Initial Purchaser Party for any legal or other expenses reasonably incurred by the Initial Purchaser and each such Initial Purchaser Party in connection with investigating or defending any such loss, claim, damage, liability or action. The indemnity provided for in this Section 8(a) shall be in addition to any liability that the Issuer may otherwise have.

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Page 15 4155-7166-3205.3 (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuer, its directors, members, officers and each Person, if any, who controls the Issuer within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities that are finally judicially determined to have been primarily based upon any untrue statement of any material fact contained in the Initial Purchaser Information or the omission to state in the Initial Purchaser Information a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. (c) In case any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b), such Person (the "indemnified party") shall promptly notify the Person against whom such indemnity may be sought (the "indemnifying party") in writing; provided that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have under this Section 8 except to the extent that it has been materially prejudiced by such failure; provided further that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have to the indemnified party otherwise than under this Section 8. The indemnifying party, upon request of the indemnified party, shall retain counsel satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, an indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, or (iii) the indemnifying party fails to retain counsel as provided in the preceding sentence. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Initial Purchaser, in the case of parties indemnified pursuant to Section 8(a), and by the Issuer, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 90 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) does not include a statement as to or admission of, fault, culpability or a failure to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. (d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or is insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party

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Page 16 4155-7166-3205.3 thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer on the one hand and the Initial Purchaser on the other hand from the sale and purchase of Subject Notes hereunder or (ii) if the allocation provided by Section 8(d)(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in Section 8(d)(i) but also the relative fault of the Issuer on the one hand and of the Initial Purchaser on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. Benefits received by the Issuer shall be deemed to be equal to the total net proceeds from the sale of the Subject Notes hereunder (before deducting expenses), including the amount (immediately prior to retirement) of any liabilities retired in exchange for the Subject Notes sold hereunder, and benefits received by the Initial Purchaser shall be deemed to be equal to the total purchase discounts and commissions received by the Initial Purchaser from the Issuer in connection with the purchase of the Subject Notes hereunder. The relative fault of the Issuer on the one hand and of the Initial Purchaser on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer or by the Initial Purchaser and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. (e) The Issuer and the Initial Purchaser agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, the Initial Purchaser shall not be required to make contributions hereunder that in the aggregate exceed the amount by which (a) the sum of, without duplication, (i) any commission, structuring or placement fees received by the Initial Purchaser in connection with the transactions contemplated by the Transaction Documents and (ii) the excess of the total price at which the Subject Notes are sold to investors by the Initial Purchaser over the price paid by the Initial Purchaser to the Issuer for the Subject Notes exceeds (b) the aggregate amount of any damages that the Initial Purchaser has otherwise been required to pay in respect of the same or any substantially similar claim hereunder. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8(e), each Person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and each director, officer, employee and agent of the Initial Purchaser shall have the same rights to contribution as the Initial Purchaser, and each manager and officer of the Issuer shall have the same rights to contribution as the Issuer, subject to the applicable terms and conditions of this Section 8(e). (f) The indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other statements of the Issuer contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement; (ii) any investigation made by or on behalf of the Initial Purchaser or any Person controlling the Initial Purchaser or by or on behalf of the Issuer or its officers or directors or any Person controlling the Issuer; and (iii) acceptance of and payment for any of the Subject Notes. (g) The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. (h) No party hereto shall be responsible or have any liability to any other party for any indirect, special, punitive or consequential damages incurred by any such other party arising out of or in connection

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Page 17 4155-7166-3205.3 with this Agreement or the transactions contemplated hereby, even if advised of the possibility thereof; provided that nothing in this sentence shall be deemed to relieve the Issuer or the Initial Purchaser of any obligation they may otherwise have under this Agreement to indemnify an indemnified party for any such damages asserted by an unaffiliated third party. 9. TERMINATION OF AGREEMENT (a) The Initial Purchaser, in its absolute discretion, by notice to the Issuer prior to delivery of and payment for the Subject Notes, may terminate this Agreement and the obligations of the Issuer and the Initial Purchaser hereunder (except as expressly provided in Section 10) if, prior to such time: (i) the Issuer shall have failed, refused or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto; (ii) trading generally shall have been suspended or materially limited on or by, as the case may be, any of the New York Stock Exchange, NYSE American, the National Association of Securities Dealers, Inc., the Chicago Board of Options Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade or Euronext Dublin; (iii) a general moratorium on commercial banking activities in New York shall have been declared by the relevant federal or New York authorities; (iv) there shall have occurred any outbreak or escalation of hostilities or any other insurrection or armed conflict involving the United States, or any change in financial markets, political or economic conditions, currency exchange rates or controls, or any calamity or crisis, that in the sole judgment of the Initial Purchaser, is material and adverse, and makes it impracticable or inadvisable to proceed with the offering, marketing or delivery of the Debt as contemplated by the Offering Documents, as amended as of the date hereof; or (v) there shall have occurred a terrorist attack or similar hostilities against the United States and/or its citizens and/or their respective properties within the states and territories of the United States or in foreign countries, that in the sole judgment of the Initial Purchaser, is material and adverse, and makes it impracticable or inadvisable to proceed with the offering, marketing or delivery of the Debt as contemplated by the Offering Documents, as amended as of the date hereof. (b) Termination of this Agreement pursuant to this Section 9 shall be without liability of any party to any other party except (i) for any liability arising before or in relation to such termination, (ii) for the liability of the Issuer to reimburse the Initial Purchaser pursuant to Section 3 hereof, and (iii) that the provisions of Section 8 hereof shall at all times be effective and shall survive any termination of this Agreement. 10. SURVIVAL OF REPRESENTATIONS, WARRANTIES, ETC. (a) The respective agreements, representations, warranties, covenants, indemnities and other statements made by or on behalf of the Issuer or its members or officers and the Initial Purchaser, respectively, pursuant to this Agreement, shall remain in full force and effect (in the case of the Issuer, regardless of any investigation or any statements as to the results thereof made by or on behalf of the Initial Purchaser or any officer, director, employee or controlling person of the Initial Purchaser) and shall survive offering, selling and/or delivery of the Debt. The provisions of this Section 10(a), Section 16(a) and Sections 3, 4 and 8 shall survive the termination of this Agreement.

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Page 18 4155-7166-3205.3 11. INFORMATION SUPPLIED BY THE INITIAL PURCHASER (a) The Initial Purchaser Information constitutes the only information furnished by the Initial Purchaser to the Issuer for the purposes of Section 4(a)(vii) and Section 8 hereof. 12. NOTICES (a) All communications hereunder shall be in writing and shall be sufficient in all respects if delivered in person, sent by registered mail, email or by facsimile and confirmed to it: (i) in the case of the Initial Purchaser: SG Americas Securities, LLC 245 Park Avenue New York, New York 10167 Attention: Asset Backed Products and Legal Department Email: SG-CLO-Notices@sgcib.com (ii) in the case of the Issuer: Churchill NCDLC CLO-II, LLC c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 with a copy to the Collateral Manager: Nuveen Churchill Direct Lending Corp. c/o Churchill Asset Management LLC 375 Park Avenue, 9th Floor New York, New York 10152 (b) Any notice under this Section 12 shall take effect, in the case of delivery, at the time of delivery and, in the case of facsimile or email, at the time of dispatch. 13. CONSENT TO JURISDICTION (a) The Issuer hereby irrevocably submits, to the extent permitted by applicable law, to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding against the Issuer arising out of or relating to this Agreement, the Offering Documents, the Indenture or the Notes ("Proceedings"), and the Issuer hereby irrevocably agrees that all claims against it in respect of such action or proceeding may be heard and determined in any of such courts. To the fullest extent permitted by applicable law, the Issuer agrees that a final judgment obtained in any such court described above in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other manner provided by law. On the Refinancing Date, the Issuer shall irrevocably designate and appoint Corporation Service Company, whose address is 19 West 44th Street, Suite 200, New York, NY 10036, as its agent to receive service of process in any proceedings in the City and County of New York; provided that failure to deliver any such copy to the Issuer shall not affect the validity or effectiveness of any such service of

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Page 19 4155-7166-3205.3 process. The Issuer agrees that service of process on the aforementioned agent and written notice of such service to the Issuer, as provided above shall be deemed in every respect effective service of process. (b) To the extent that the Issuer has or hereafter may acquire any immunity from jurisdiction of any such court referred to above, or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Issuer hereby irrevocably waives, to the extent permitted by applicable law, such immunity in respect of its obligations under this Agreement. (c) The Issuer hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, that it may now or hereafter have to the bringing of any such action or proceeding in such respective courts referred above. 14. WAIVER OF JURY TRIAL RIGHT (a) EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each of the parties hereby (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of a Proceeding, seek to enforce the foregoing waiver; and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph. 15. RECOGNITION OF THE U.S. SPECIAL RESOLUTION REGIMES (a) In the event that the Initial Purchaser, which is a Covered Entity, becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from the Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. (b) In the event that the Initial Purchaser, which is a Covered Entity, or a BHC Act Affiliate of the Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. For the purpose of this Section 15: "BHC Act Affiliate" has meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "Covered Entity" means any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

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Page 20 4155-7166-3205.3 (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 16. MISCELLANEOUS (a) (i) The Initial Purchaser covenants and agrees that, prior to the date which is one year (or, if longer, the applicable preference period then in effect) and one day after the payment in full of all of the Debt issued and incurred by the Issuer, it shall not institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under any bankruptcy, insolvency, reorganization or similar law in any jurisdiction. Nothing in this Section 16(a)(i) shall preclude, or be deemed to estop, the Initial Purchaser (A) from taking any action prior to the expiration of the aforementioned period in (1) any case, suit, action or proceeding voluntarily filed or commenced by the Issuer or (2) any involuntary insolvency case, suit, action or proceeding filed or commenced by a Person other than the Initial Purchaser or its Affiliates or (B) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation case, suit, action or proceeding. (ii) Notwithstanding any other provision of this Agreement, the obligations of the Issuer hereunder from time to time and at any time are limited-recourse obligations payable solely from the Assets available at such time in accordance with the Priority of Payments and following realization thereof and reduction thereof to zero, all obligations of and all claims against the Issuer hereunder or arising in connection herewith shall be extinguished and shall not thereafter revive. No recourse may be had under this Agreement against any employee, officer, partner, general partner, member, beneficial owner or director of any party hereto (collectively, the "Associated Persons"), in respect of the transactions contemplated by this Agreement, it being expressly agreed and understood that this Agreement is solely an obligation of each of the parties hereto and that no personal liability whatever shall attach to or be incurred by any Associated Person under or by reason of the obligations, representations and agreements of the parties contained in this Agreement, or implied therefrom. (b) If any term, provision, covenant or condition of this Agreement, or the application thereof to any party or any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), shall continue in full force and effect, and such unenforceability, invalidity, or illegality shall not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Agreement shall not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties shall endeavor in good faith negotiations to replace the prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision.

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Page 21 4155-7166-3205.3 (c) This Agreement may only be amended or modified, and the provisions of this Agreement may only be waived, by a writing signed by each party hereto. This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts, each of which will be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by email (PDF) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. (d) This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors and permitted assigns and, with respect to Section 8 hereof, the officers, directors and controlling Persons thereof, and no other Person shall have any right or obligation hereunder. Neither this Agreement nor any right or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other parties, except that a party may make a transfer of all (but not less than all) of its rights and obligations under this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement). Any purported transfer that is not in compliance with this provision will be void. (e) This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating to this Agreement (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York. (f) If this Agreement is executed by or on behalf of any party hereto by a Person acting under a power of attorney given by such party, such Person hereby states that at the time of execution hereof such Person has no notice of revocation of the power of attorney by which such Person has executed this Agreement as such attorney. (g) Nothing contained in this Agreement (i) shall prevent the Initial Purchaser from entering into any agency agreements, underwriting agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities; or (ii) shall be construed in any way as precluding or restricting the Initial Purchaser's right to sell or offer for sale any securities issued by any Person, including securities similar to, or competing with, any of the Subject Notes. (h) The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement and the transactions contemplated hereby and thereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. [The rest of this page is intentionally left blank \| signature pages follow]

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4155-7166-3205.3 SCHEDULE 1 ADDITIONAL REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE ISSUER 1. European Economic Area The Issuer represents and agrees that the Notes will not be offered, sold or otherwise made available and it will not offer, sell or otherwise make available any Notes to any retail investor in the European Economic Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "EU Prospectus Regulation"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "EU PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation. 2. United Kingdom The Issuer represents, warrants and agrees that the Notes will not be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") and as amended; nor (ii) a qualified investor as defined in (a) Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the "UK Prospectus Regulation"), or (b) paragraph 15 of schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (as amended, the "POATRS"). Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

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4155-7166-3205.3 SCHEDULE 2 ADDITIONAL REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INITIAL PURCHASER 1. European Economic Area The Initial Purchaser represents and agrees that it has not offered, sold or otherwise made available and it will not offer, sell or otherwise make available any Notes to any retail investor in the European Economic Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "EU Prospectus Regulation"). 2. United Kingdom The Initial Purchaser represents, warrants and agrees that it has not offered, sold or otherwise made available to and it will not offer, sell or otherwise make available any Notes to any retail investor in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA") and as amended; nor (ii) a qualified investor as defined in (a) Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the "UK Prospectus Regulation"), or (b) paragraph 15 of schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (as amended, the "POATRS").

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4155-7166-3205.3 SCHEDULE 3 SUBJECT NOTES PURCHASED BY THE INITIAL PURCHASER Class of Notes Aggregate Principal Amount Purchase Price Class A-R Notes U.S.$125,500,000 100% Class B-R Notes U.S.$37,500,000 100%

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## Exhibit 10.18

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EXECUTION VERSION AMENDED AND RESTATED COLLATERAL MANAGEMENT AGREEMENT dated as of February 20, 2026 by and between CHURCHILL NCDLC CLO-II, LLC as Issuer and NUVEEN CHURCHILL DIRECT LENDING CORP., as Collateral Manager

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**TABLE OF CONTENTS** Page Error! Unknown document property name. SECTION 1. DEFINITIONS. ................................................................................................ 4 SECTION 2. GENERAL DUTIES AND AUTHORITY OF THE COLLATERAL MANAGER. .................................................................................................... 6 SECTION 3. PURCHASE AND SALE TRANSACTIONS; BROKERAGE. ................... 12 SECTION 4. ADDITIONAL ACTIVITIES OF THE COLLATERAL MANAGER. ....... 14 SECTION 5. CONFLICTS OF INTEREST. ....................................................................... 17 SECTION 6. RECORDS; CONFIDENTIALITY. .............................................................. 18 SECTION 7. OBLIGATIONS OF COLLATERAL MANAGER. ..................................... 19 SECTION 8. COMPENSATION. ....................................................................................... 20 SECTION 9. BENEFIT OF THE AGREEMENT. ............................................................. 22 SECTION 10. LIMITS OF COLLATERAL MANAGER RESPONSIBILITY. .................. 22 SECTION 11. NO JOINT VENTURE. ................................................................................. 23 SECTION 12. TERM; TERMINATION............................................................................... 23 SECTION 13. ASSIGNMENTS............................................................................................ 25 SECTION 14. REMOVAL FOR CAUSE. ............................................................................ 26 SECTION 15. OBLIGATIONS OF RESIGNING OR REMOVED COLLATERAL MANAGER. .................................................................................................. 29 SECTION 16. REPRESENTATIONS AND WARRANTIES.............................................. 29 SECTION 17. LIMITED RECOURSE; NO PETITION. ..................................................... 32 SECTION 18. NOTICES. ...................................................................................................... 32 SECTION 19. BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. ...................................................................................................... 33 SECTION 20. ENTIRE AGREEMENT; AMENDMENT.................................................... 33 SECTION 21. GOVERNING LAW. ..................................................................................... 33 SECTION 22. SUBMISSION TO JURISDICTION. ............................................................ 33 SECTION 23. WAIVER OF JURY TRIAL. ......................................................................... 34 SECTION 24. CONFLICT WITH THE INDENTURE. ....................................................... 34 SECTION 25. SUBORDINATION; ASSIGNMENT OF AGREEMENT. .......................... 34 SECTION 26. INDULGENCES NOT WAIVERS. .............................................................. 34 SECTION 27. COSTS AND EXPENSES. ............................................................................ 34 SECTION 28. THIRD PARTY BENEFICIARY. ................................................................. 36 SECTION 29. TITLES NOT TO AFFECT INTERPRETATION. ....................................... 36

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**TABLE OF CONTENTS** (continued) Page Error! Unknown document property name. SECTION 30. EXECUTION IN COUNTERPARTS. .......................................................... 36 SECTION 31. PROVISIONS SEPARABLE. ....................................................................... 36 SECTION 32. GENDER. ...................................................................................................... 36 SECTION 33. COMMUNICATIONS WITH RATING AGENCIES. ................................. 36

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED COLLATERAL MANAGEMENT AGREEMENT THIS AMENDED AND RESTATED COLLATERAL MANAGEMENT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this "Agreement"), dated as of February 20, 2026, is entered into by and between CHURCHILL NCDLC CLO-II, LLC, a Delaware limited liability company (the "Issuer") and NUVEEN CHURCHILL DIRECT LENDING CORP., a Maryland corporation, as Collateral Manager (together with its successors and permitted assigns, "Nuveen" and the "Collateral Manager"). W I T N E S S E T H: WHEREAS, the parties hereto previously entered into the Collateral Management Agreement, dated as of December 7, 2023 (such agreement, as amended, modified, waived, supplemented or restated prior to the date hereof, the "Existing Agreement"); WHEREAS, the parties hereto wish to amend and restate the Existing Agreement in its entirety in order to make certain changes agreed to by the parties hereto; WHEREAS, such amendment and restatement of the Existing Agreement has been authorized pursuant to Section 8.1(xii) of the Existing Indenture (as defined below); WHEREAS, the Secured Notes will be issued pursuant to an Indenture and Security Agreement dated as of December 7, 2023 (the "Existing Indenture" and, as supplemented by that First Supplemental Indenture, dated as of the date hereof, and as may be further amended, supplemented or otherwise modified from time to time, the "Indenture"), between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"); WHEREAS, the Class A-L-R Loans will be incurred pursuant to an Amended and Restated Class A-L-R Loan Agreement, dated as of the date hereof (the "Loan Agreement"), by and among the Issuer, each of the Class A-L-R Lenders party thereto, and U.S. Bank Trust Company, National Association, as loan agent; WHEREAS, the Issuer has pledged all Collateral Obligations and the other Assets, all as set forth in the Indenture, to the Trustee as security for the Issuer's obligations under the Indenture; WHEREAS, the Issuer has appointed Nuveen as the Collateral Manager to provide the services described herein and Nuveen has accepted such appointment; WHEREAS, the Indenture authorizes the Issuer to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain investment management duties with respect to the acquisition, administration and disposition of Assets in the manner and on the terms set forth herein and to perform such additional duties as are consistent with the terms of this Agreement and the Indenture as the Issuer may from time to time reasonably request; and WHEREAS, the Collateral Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and subject to the conditions set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual agreements herein set forth and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: Section 1. Definitions. (a) As used in this Agreement: "Advisers Act" shall mean the U.S. Investment Advisers Act of 1940, as amended. "Affiliate" shall have the meaning given to such term in the Indenture, provided that, when used herein with respect to the Collateral Manager, the term "Affiliate" shall include the BDC Advisor and the Sub-Advisor. "Affiliate Transaction" shall have the meaning set forth in Section 5(a). "Agreement" shall have the meaning set forth in the preamble. "BDC Advisor" shall mean Churchill DLC Advisor LLC, a Delaware limited liability company. "Cause" shall have the meaning set forth in Section 14(a). "Client" shall mean with respect to any specified Person, any Person or account for which the specified Person provides investment management services or investment advice. "CM Purchasers" shall mean, collectively, any Affiliate of the Collateral Manager or account or fund managed by the Collateral Manager or its Affiliates that acquire Debt on the Refinancing Date. "Collateral Management Fee" shall have the meaning set forth in Section 8(a). "Collateral Manager" shall have the meaning set forth in the preamble. "Collateral Manager Breaches" shall have the meaning set forth in Section 10(a). "Collateral Manager Debt" shall mean any Debt owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate thereof exercises discretionary control thereover; provided that Collateral Manager Debt shall not include any Debt held by an entity managed by the Collateral Manager, the Sub-Advisor or an Affiliate thereof if such entity has retained discretionary voting authority over matters in connection with which Collateral Manager Debt would be disregarded for purposes of determining whether the holders of the requisite Aggregate Outstanding Amount of Debt have given any request, demand, authorization, direction, notice, consent or waiver under the Indenture or this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Collateral Manager Offering Circular Information" shall mean the information in the Final Offering Circular set forth under the headings "Risk Factors—Relating to the Collateral Manager," "Risk Factors—Relating to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Collateral Manager and its Affiliates," "The EU/UK Retention Holder and EU/UK Risk Retention and EU Transparency Requirements—Description of the EU/UK Retention Holder" and "The EU/UK Retention Holder and EU/UK Risk Retention and EU Transparency Requirements—Origination of Collateral Obligations," "The Collateral Manager and the Sub- Advisor". "Expenses" shall have the meaning set forth in Section 10(b). "Fee Basis Amount" shall mean, as of any date of determination, the sum of (i) the Collateral Principal Amount, (ii) the Aggregate Principal Balance of all Defaulted Obligations and (iii) the aggregate amount of all Principal Financed Accrued Interest and Principal Financed Capitalized Interest. "Final Offering Circular" shall mean the final offering circular, dated as of February 18, 2026, with respect to the Notes. "Indemnified Party" shall have the meaning set forth in Section 10(b). "Indenture" shall have the meaning set forth in the recitals hereto. "Independent Review Party" shall have the meaning set forth in Section 5(b). "Instrument of Acceptance" shall have the meaning set forth in Section 12(c). "Internal Policies" shall have the meaning set forth in Section 3(b). "Issuer" shall have the meaning set forth in the preamble. "Losses" shall have the meaning set forth in Section 10(b). "Manager Parties" shall mean the Collateral Manager, the BDC Advisor, the Sub-Advisor and their respective Affiliates. "Material Adverse Effect" shall mean, with respect to any event or circumstance, a material adverse effect on (i) the business, financial condition (other than the performance of the Assets) or operations of the Issuer, taken as a whole, (ii) the validity or enforceability of the Indenture, this Agreement or the Issuer's Certificate of Formation or Limited Liability Company Agreement or (iii) the existence, perfection, priority or enforceability of the Trustee's lien on the Assets. "Organizational Instruments" shall mean the certificate of incorporation and bylaws (or the comparable documents for the applicable jurisdiction), in the case of a company or a corporation, or the partnership agreement, in the case of a partnership, or the certificate of formation and limited liability company agreement (or the comparable documents for the applicable jurisdiction), in the case of a limited liability company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Owner" shall mean, with respect to any Person, any direct or indirect shareholder, member, partner or other equity or beneficial owner thereof. "Proceedings" shall have the meaning set forth in Section 22. "Related Person" shall mean, with respect to any Person, the Owners, directors, officers, employees, managers, agents and professional advisors thereof. "Responsible Officer" shall mean any officer, authorized person or employee of the Collateral Manager set forth on the list provided by the Collateral Manager to the Issuer and the Trustee which list shall include any collateral manager having day-to-day responsibility for the performance of the Collateral Manager under this Agreement, as such list may be amended from time to time. "Section 28(e)" shall have the meaning set forth in Section 3(b). "Statement of Cause" shall have the meaning set forth in Section 14(a). "Sub-Advisor" shall mean Churchill Asset Management LLC, a Delaware limited liability company. "Termination Notice" shall have the meaning set forth in Section 14(a). "Transaction" shall mean any action taken by the Collateral Manager on behalf of the Issuer with respect to the Assets, including, without limitation, (i) selecting the Collateral Obligations, Restructured Loans, Workout Loans and Eligible Investments to be acquired by the Issuer, (ii) investing and reinvesting the Assets (including, without limitation, after the Reinvestment Period), (iii) amending, waiving and/or taking any other action commensurate with managing the Assets and (iv) instructing the Trustee with respect to any acquisition, disposition or tender of a Collateral Obligation, Equity Security, Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer. "Trustee" shall have the meaning set forth in the recitals hereto. "U.S. Retention Interest" shall mean the "eligible horizontal residual interest" acquired by the U.S. Retention Holder for purposes of the U.S. Risk Retention Rules. (b) Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Indenture. Unless the context requires otherwise, references to "Section" mean a section of this Agreement. Section 2. General Duties and Authority of the Collateral Manager. (a) The Collateral Manager has been appointed for the purpose of performing certain investment management functions including, without limitation, supervising and directing the investment and reinvestment of the Collateral Obligations, Restructured Loans, Workout Loans and Eligible Investments and performing certain administrative and advisory functions on behalf of the Issuer in accordance with the applicable provisions of the Indenture, of the Collateral

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![](exhibit1018ncdlccloiires008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Agreement, the EU/UK Retention Agreement and of this Agreement (which functions may be handled by a standing order), and the Collateral Manager hereby accepts such appointment. Except as may otherwise be expressly provided in this Agreement or the Indenture, the Collateral Manager will perform its obligations hereunder and under the Indenture with reasonable care and in good faith, using a degree of skill and attention no less than that which the Collateral Manager exercises with respect to comparable assets that it may manage for itself and its other clients and in accordance with the Collateral Manager's existing practices and procedures investing in assets of the nature and character of the Assets. To the extent not inconsistent with the foregoing, the Collateral Manager will follow its customary standards, policies and procedures in performing its duties hereunder and in the Indenture. Notwithstanding anything to the contrary, the Collateral Manager shall not be liable for any Losses resulting from any failure to satisfy the foregoing standard of care. (b) Subject to Section 2(a), Section 2(c)(i), Section 2(c)(iii), Section 2(d), Section 2(e), Section 5, Section 7 and Section 10 and to the applicable provisions of the Indenture and of this Agreement, the Collateral Manager shall, and is hereby authorized to: (i) select the Collateral Obligations, Restructured Loans, Workout Loans and Eligible Investments to be acquired, sold, terminated or otherwise disposed of by the Issuer; (ii) invest and reinvest the Assets (provided that, the investments and reinvestments in Collateral Obligations are subject to certain conditions); (iii) instruct the Trustee with respect to any acquisition, disposition, or tender of a Collateral Obligation, Restructured Loan, Workout Loan, Equity Security, Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer; (iv) advise the Issuer with respect to entering into and administering Hedge Agreements, including whether and when the Issuer should exercise any rights available thereunder; (v) determine whether any investment satisfies each of the criteria in the definition of Collateral Obligation; (vi) determine whether any investment satisfies each of the criteria in the definition of Concentration Limitations; (vii) determine whether any investment is an Eligible Investment; (viii) monitor the compliance with the Coverage Tests and the Collateral Quality Tests; (ix) determine the Market Value of each Collateral Obligation, Restructured Loan or Workout Loan;

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![](exhibit1018ncdlccloiires009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) monitor the ratings of the Collateral Obligations, consult on behalf of the Issuer with S&P at such times as may be reasonably requested by S&P and providing S&P with any information reasonably requested in connection with S&P's monitoring of the Collateral Obligations and S&P's maintenance of its ratings of the Secured Debt; and (xi) perform all other tasks that the Indenture, the Collateral Administration Agreement or this Agreement specify to be taken by the Collateral Manager and may, in the Collateral Manager's discretion, take any other actions not inconsistent with, the duties of the Collateral Manager set forth in the Indenture, the Collateral Administration Agreement or this Agreement. The Collateral Manager shall, and is hereby authorized to, perform its obligations hereunder and under the Indenture in a manner which is consistent with the terms hereof and of the Indenture. The Collateral Manager will not be bound to comply with any supplement to the Indenture and/or the Loan Agreement, however, until it has received a copy of any such supplement from the Issuer or the Trustee and unless the Collateral Manager has consented thereto in writing, as provided in the Indenture. The Issuer agrees that it will not permit to become effective any supplement to the Indenture and/or the Loan Agreement that modifies the obligations or liabilities of the Collateral Manager or affects the amount or basis of calculation or priority any fees payable to the Collateral Manager unless the Collateral Manager has been given prior written notice of such amendment and unless the Collateral Manager has expressly consented thereto in writing. Notwithstanding anything to the contrary in this Section 2(b), none of the services performed by the Collateral Manager shall result in or be construed as resulting in an obligation to perform any of the following: (i) the Collateral Manager acting repeatedly or continuously as an intermediary in securities for the Issuer; (ii) the Collateral Manager providing investment banking services to the Issuer; or (iii) the Collateral Manager having direct contact with, or actively soliciting or finding, outside investors to invest in the Issuer. (c) Subject to the provisions concerning its general duties and obligations as set forth in paragraphs (a) and (b) above and the terms of the Indenture, the Collateral Manager shall provide, and is hereby authorized to provide, the following services to the Issuer: (i) The Collateral Manager shall perform the investment-related duties and functions (including, without limitation, the furnishing of Issuer Orders and Authorized Officer's certificates) as are expressly required hereunder and under the Indenture with regard to acquisitions, sales or other dispositions of Collateral Obligations, Workout Loans, Equity Securities, Eligible Investments and other assets permitted to be acquired or sold under, and subject to, the Indenture (including any proceeds received by way of Offers, workouts and restructurings on assets owned by the Issuer). The Collateral Manager shall have no obligation to perform any other duties other than as expressly specified herein or in the Indenture and the Collateral Manager shall be subject to no implicit obligations of any kind. The Issuer hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for in this Agreement or in the Indenture, including, without limitation, the

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![](exhibit1018ncdlccloiires010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;following powers: (A) to give or cause to be given any necessary receipts or acquittance for amounts collected or received hereunder, (B) to make or cause to be made all necessary transfers of the Collateral Obligations, Workout Loans, Equity Securities and Eligible Investments in connection with any acquisition, sale or other disposition made pursuant hereto and the Indenture, (C) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Issuer all necessary or appropriate bills of sale, assignments, agreements and other instruments in connection with any such acquisition, sale or other disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Issuer any consents, votes, proxies, waivers, notices, amendments, modifications, agreements, instruments, orders or other documents in connection with or pursuant to this Agreement or the Indenture and relating to any Collateral Obligation, Restructured Loan, Workout Loan, Equity Security and Eligible Investment. The Issuer hereby ratifies and confirms all that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant hereto and authorizes such attorney-in-fact to exercise full discretion and act for the Issuer in the same manner and with the same force and effect as the managers or officers of the Issuer might or could do in respect of the performance of such services, as well as in respect of all other things the Collateral Manager deems necessary or incidental to the furtherance or conduct of such services, subject in each case to the other terms of this Agreement. The Issuer hereby authorizes such attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of this Agreement and the Indenture), to take all actions that it considers reasonably necessary and appropriate in respect of the Assets, this Agreement and the other Transaction Documents. Nevertheless, if so requested by the Collateral Manager or by a purchaser of any Collateral Obligation, Restructured Loan, Workout Loan, Equity Security, Eligible Investment or other asset, the Issuer shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Manager or such purchaser all proper bills of sale, assignments, releases, powers of attorney, proxies, dividends, other orders and other instruments as may reasonably be designated in any such request. Except as otherwise set forth and provided for herein, this grant of power of attorney is coupled with an interest, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Issuer or an Event of Default. Notwithstanding anything herein to the contrary, the appointment herein of the Collateral Manager as the Issuer's agent and attorney-in-fact shall automatically cease and terminate upon the effective date of any termination of this Agreement, the resignation of the Collateral Manager pursuant to Section 12 or any removal of the Collateral Manager pursuant to Section 14. Each of the Collateral Manager and the Issuer shall take such other actions, and furnish such certificates, opinions and other documents, as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate compliance with applicable laws and regulations and the terms of this Agreement and the Indenture. From and after an Event of Default, the Collateral Manager shall continue to perform and be bound by the provisions of this Agreement and the Indenture. Notwithstanding the foregoing, it is understood that the power of attorney granted herein is in all cases and for all purposes qualified and limited by the Indenture and other Transaction Documents and, as such, the power of attorney granted hereby is limited rather than general.

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![](exhibit1018ncdlccloiires011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this Agreement or the Indenture, none of the services performed by the Collateral Manager shall result in or be construed as resulting in an obligation to perform any of the following: (i) the Collateral Manager acting as an intermediary in securities for the Issuer; (ii) the Collateral Manager providing investment banking services to the Issuer; (iii) the Collateral Manager having direct contact with, or soliciting or finding, outside investors to invest in the Issuer or (iv) the Collateral Manager authorizing or causing the disbursement of money or other assets of the Issuer, except in accordance with this Agreement, the Indenture, or any other Transaction Documents or in connection with the acquisition, sale or disposal of the Issuer's Assets. (ii) The Collateral Manager shall instruct the Issuer with respect to the acquisition of Collateral Obligations by the Issuer in accordance with the Indenture. (iii) Subject to the terms of the Collateral Administration Agreement, the Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and shall provide or cause to be provided to the Issuer all reports, schedules and other data reasonably available to the Collateral Manager that the Issuer is required to prepare and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing such information required thereby, in reasonably sufficient time for such required reports, schedules and data to be reviewed and delivered by or on behalf of the Issuer to the parties entitled thereto under the Indenture. Pursuant to the terms of the Collateral Administration Agreement, the Collateral Administrator will provide certain reports, schedules and calculations to the Collateral Manager regarding the Collateral Obligations. The obligation of the Collateral Manager to furnish such information is subject to the Collateral Manager's timely receipt of necessary reports and the appropriate information from the Person responsible for the delivery of or preparation of such reports and such information (including without limitation, the Obligors of the Collateral Obligations, S&P, the Loan Agent, the Trustee and the Collateral Administrator) and to any confidentiality restrictions with respect thereto. The Collateral Manager shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing reasonably believed by it to be genuine and to have been signed or sent by a Person that the Collateral Manager has no reason to believe is not duly authorized. The Collateral Manager also may rely upon any statement made to it orally or by telephone and made by a Person the Collateral Manager has no reason to believe is not duly authorized, and shall not incur any liability for relying thereon. The Collateral Manager is entitled to rely on any other information furnished to it by third parties that it reasonably believes in good faith to be genuine. (iv) The Collateral Manager, on behalf of the Issuer, shall be responsible for obtaining, to the extent reasonably practicable and to the extent such information is readily available to it, any information concerning whether a Collateral Obligation is a Discount Obligation or has become a Defaulted Obligation, a Credit Risk Obligation, a Current Pay Obligation or a Credit Improved Obligation. (v) The Collateral Manager may, subject to and in accordance with the Indenture, as agent of the Issuer and on behalf of the Issuer, take or, if applicable, direct

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![](exhibit1018ncdlccloiires012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trustee to take any of the following actions with respect to a Collateral Obligation, Workout Loan, Restructured Loan, Equity Security or Eligible Investment, as applicable: (A) purchase or otherwise acquire such Collateral Obligation, Workout Loan, Restructured Loan or Eligible Investment; (B) retain such Collateral Obligation, Workout Loan, Restructured Loan, Equity Security or Eligible Investment; (C) sell or otherwise dispose of such Collateral Obligation, Workout Loan, Restructured Loan, Equity Security or Eligible Investment (including any assets received by way of Offers, workouts and restructurings on assets owned by the Issuer) in the open market or otherwise; (D) if applicable, tender such Collateral Obligation or Equity Security, Eligible Investment; (E) if applicable, consent to or refuse to consent to any proposed amendment, modification, restructuring, exchange, waiver or Offer; (F) retain or dispose of any securities or other property (if other than cash) received by the Issuer; (G) waive any default with respect to any Collateral Obligation; (H) vote to accelerate the maturity of any Collateral Obligation; (I) participate in a committee or group formed by creditors of an issuer or a borrower under a Collateral Obligation, Workout Loan, Restructured Loan, Eligible Investment or Equity Security; (J) after or in connection with the payment in full of all amounts owed under the Secured Debt and the termination without replacement of the Indenture or in connection with any redemption or Refinancing of the Secured Debt, advise the Issuer as to when, in the view of the Collateral Manager, it would be in the best interest of the Issuer to liquidate all or any portion of the Issuer's investment portfolio (and, if applicable, after discharge of the Indenture) and render such assistance as may be necessary or required by the Issuer in connection with such liquidation or any actions necessary to effectuate a redemption or Refinancing of the Secured Debt; (K) advise and assist the Issuer with respect to the valuation of the Assets, to the extent required or permitted by the Indenture; (L) provide strategic and financial planning (including advice on utilization of assets), financial statements and other similar reports;

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![](exhibit1018ncdlccloiires013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) negotiate, modify or amend any loan for the Issuer as authorized by the Indenture in accordance with a Refinancing; and (N) exercise any other rights or remedies with respect to such Collateral Obligation, Workout Loan, Restructured Loan, Equity Security or Eligible Investment as provided in the Underlying Documents of the obligor or issuer under such Assets or the other documents governing the terms of such Assets or take any other action consistent with the terms of this Agreement or the Indenture which the Collateral Manager reasonably determines to be in the best interests of the Holders. (vi) The Collateral Manager may, upon request of the Issuer, retain accounting, tax, counsel and other professional services on behalf of the Issuer, as applicable. (vii) In connection with the acquisition of any loan or Participation Interest by the Issuer, the Collateral Manager shall prepare, on behalf of the Issuer, the information required to be delivered to the Trustee pursuant to the Indenture. (viii) Where the Collateral Manager executes on behalf of the Issuer an agreement or instrument pursuant to which any security interest over any assets of the Issuer is created or released, the Collateral Manager shall promptly give written notice thereof to the Issuer and shall provide the Issuer with such information and/or copy documentation in respect thereof as the Issuer may reasonably require. (d) In performing its duties hereunder and when exercising its discretion and judgment in connection with any transactions involving the Assets, the Collateral Manager shall carry out any reasonable written directions of the Issuer for the purpose of the Issuer's compliance with its Organizational Instruments, the Indenture and/or the Loan Agreement; provided that, such directions are not inconsistent with any provision of this Agreement or the Indenture by which the Collateral Manager is bound or prohibited by applicable law. (e) In providing services hereunder, the Collateral Manager may rely in good faith upon and will incur no liability for relying upon advice of nationally recognized counsel, accountants or other advisers as the Collateral Manager determines, in its sole discretion, is reasonably appropriate in connection with the services provided by the Collateral Manager under this Agreement. The Collateral Manager may, without the consent of any party, employ third parties, including, without limitation, its Affiliates and Owners, to render advice (including investment advice), to provide services to arrange for trade execution and otherwise provide assistance to the Issuer and to perform any of its duties hereunder; provided that, the Collateral Manager shall not be relieved of any of its duties hereunder regardless of the performance of any services by third parties, including Affiliates. The Issuer hereby acknowledges that the Collateral Manager has engaged Churchill DLC Advisor LLC as its external advisor, and Churchill DLC Advisor LLC has engaged Churchill Asset Management LLC as a sub-advisor, and the Issuer hereby acknowledges that certain asset management functions of the Collateral Manager will be performed by the BDC Advisor or the Sub-Advisor or their respective investment professionals pursuant to such engagement. Section 3. Purchase and Sale Transactions; Brokerage.

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![](exhibit1018ncdlccloiires014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Collateral Manager, subject to and in accordance with the Indenture, hereby agrees that it shall cause any Transaction to be conducted on terms and conditions negotiated on an arm's-length basis and in accordance with applicable law. Except as expressly permitted under the Indenture, no Assets (other than any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations) shall be purchased if such Assets may give rise to any obligation or liability on the Issuer's part to take any action or make any payment other than at the Issuer's option. Further, the Collateral Manager will not cause or allow the Issuer to acquire any obligation of a Portfolio Company. (b) The Manager Parties will seek to obtain the best execution (but shall have no obligation to obtain the lowest price available) for all orders placed with respect to any Transaction, in a manner permitted by law and in a manner they believe to be in the best interests of the Issuer. Subject to the preceding sentence, the Manager Parties may, in the allocation of business, select brokers and/or dealers with whom to effect trades on behalf of the Issuer and may open cash trading accounts with such brokers and dealers (provided that, none of the Assets may be credited to, held in or subject to the lien of the broker or dealer with respect to any such account). In addition, subject to the first sentence of this paragraph, the Manager Parties may, in the allocation of business, take into consideration research and other brokerage services furnished to the Manager Parties or their Affiliates by brokers and dealers which are not Affiliates of the Manager Parties; provided that, the Manager Parties in good faith believe that the compensation for such services rendered by such brokers and dealers complies with the requirements of Section 28(e) of the Securities Exchange Act of 1934, as amended ("Section 28(e)"), or in the case of principal or fixed income transactions for which the "safe harbor" of Section 28(e) is not available, the amount of the spread charged is reasonable in relation to the value of the research and other brokerage services provided. Such services may be used by the Collateral Manager in connection with its other advisory activities or investment operations. The Manager Parties may aggregate sales and purchase orders of securities placed with respect to the Assets with similar orders being made simultaneously for other accounts managed by the Manager Parties or with accounts of the Affiliates of the Manager Parties, if in the Manager Parties' reasonable judgment such aggregation shall not result in an overall economic detriment to the Issuer, taking into consideration all circumstances that it considers relevant. When a Transaction occurs as part of any aggregate sales or purchase orders, the objective of the Manager Parties will be to allocate the executions among the accounts in an equitable manner and in accordance with the internal policies and procedures of the Manager Parties (as such may be amended from time to time, the "Internal Policies") and applicable law. (c) The Issuer acknowledges and agrees that (i) the determination by the Collateral Manager of any benefit (or lack of detriment) to the Issuer will be subjective and will represent the Collateral Manager's evaluation at the time taking into consideration all circumstances that it considers relevant, (ii) under some circumstances, such allocation may adversely affect the Issuer with respect to the price or size of the positions being sold to the Issuer and (iii) the Collateral Manager shall be fully protected with respect to any such determination to the extent the Collateral Manager acts in accordance with Section 2(a) herein. The Collateral Manager is expected to acquire all of the Subordinated Notes (including those Subordinated Notes that are not part of the U.S. Retention Interest) on the Refinancing Date and owns, and expects to continue to own, 100% of the membership interests in the Issuer. In addition, the Collateral Manager or any of its

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![](exhibit1018ncdlccloiires015.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates may acquire Debt of the Issuer at any time for its own account. The Issuer acknowledges and agrees that such investment(s) may give rise to conflicts of interest. (d) Subject to the Collateral Manager's execution obligations described in Sections 3(a), 3(b) and 3(e) and the covenants set forth in Section 5, the Collateral Manager is hereby authorized to effect client cross-transactions where the Collateral Manager causes a Transaction to be effected between the Issuer and another account advised by it or any of its Affiliates; provided that, if and to the extent required by the Advisers Act, such authorization is terminable prior to the initiation of such cross-transaction at the Issuer's option through an unaffiliated independent review party without penalty. Such termination shall be effective upon receipt by the Collateral Manager of written notice from the Issuer. (e) The Issuer acknowledges and agrees that the Collateral Manager or any of its Affiliates may acquire or sell obligations or securities, for its own account or for the accounts of its customers, without either requiring or precluding the acquisition or sale of such obligations or securities for the account of the Issuer. Such investments may be the same or different from those made on behalf of the Issuer. In the event that, in light of market conditions and investment objectives, the Collateral Manager determines that it would be advisable to acquire the same Collateral Obligation both for the Issuer and either the proprietary account of the Manager Parties or another client of the Manager Parties, the Manager Parties shall allocate the executions among the accounts in an equitable manner in accordance with the Internal Policies and procedures as it and its Affiliates (including the Manager Parties and their advisory affiliates) may have in place from time to time . The Issuer acknowledges that the Collateral Manager and its Affiliates may enter into, for their own accounts or for the accounts of others, credit default swaps relating to obligors and issuers with respect to the Collateral Obligations included in the Assets. The Issuer acknowledges that other funds or investment accounts managed by the Collateral Manager or any of its Affiliates may require the Collateral Manager or such Affiliates to apply a different valuation methodology in valuing specific investments than the valuation methodology set forth in the Transaction Documents for the Issuer. As a result of such different methodology, the value of certain investments held in such separately managed funds or accounts may differ from the value assigned to the same investments held by the Issuer under the Transaction Documents. Section 4. Additional Activities of the Collateral Manager. Nothing herein shall prevent the Collateral Manager or any of its Affiliates from engaging in other businesses, or from rendering services of any kind to the Issuer, the Loan Agent, the Trustee, the Initial Purchaser, any Holder or beneficial owner of Debt or their respective Affiliates or any other Person regardless of whether such business is in competition with the Issuer or otherwise. Without prejudice to the generality of the foregoing, partners, members, shareholders, directors, managers, officers, employees and agents of the Collateral Manager, Affiliates of the Collateral Manager, and the Collateral Manager may: (a) serve as managers or directors (whether supervisory or managing), officers, employees, partners, agents, nominees or signatories for the Issuer or any Affiliate thereof, or for any obligor or issuer in respect of any of the Collateral Obligations, Workout Loans, Restructured Loans, Equity Securities or Eligible Investments or any Affiliate thereof, to the extent permitted by their respective Organizational Instruments and Underlying Documents, as from time to time

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![](exhibit1018ncdlccloiires016.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amended, or by any resolutions duly adopted by the Issuer, its Affiliates or any obligor or issuer in respect of any of the Collateral Obligations, Workout Loans, Eligible Investments or Equity Securities (or any Affiliate thereof) pursuant to their respective Organizational Instruments; (b) receive fees for loan origination or services of whatever nature rendered to the obligor or issuer in respect of any of the Collateral Obligations, Workout Loans, Restructured Loans, Eligible Investments or Equity Securities or any Affiliate thereof; (c) be retained to provide services unrelated to this Agreement to the Issuer or its Affiliates and be paid therefor, on an arm's-length basis; (d) be a secured or unsecured creditor of, or hold a debt obligation of or equity interest in, the Issuer or any Affiliate thereof or any obligor or issuer of any Collateral Obligation, Workout Loan, Restructured Loan, Eligible Investment or Equity Security or any Affiliate thereof; (e) subject to Section 3(d) and Section 5, sell any Collateral Obligation, Workout Loan, Restructured Loan or Eligible Investment to, or purchase or acquire any Collateral Obligation or Equity Security or Eligible Investment from, the Issuer while acting in the capacity of principal or agent; (f) underwrite, arrange, structure, originate, syndicate, act as a distributor of or make a market in any Collateral Obligation, Equity Security or Eligible Investment and receive fees and other compensation from the Issuer and other parties in connection therewith; (g) serve as a member of any "creditors' board," "creditors' committee" or similar creditor group with respect to any Collateral Obligation, Workout Loan, Restructured Loan, Defaulted Obligation, Eligible Investment or Equity Security; or (h) act as collateral manager, portfolio manager, investment manager and/or investment adviser or sub-adviser in collateralized bond obligation vehicles, collateralized loan obligation vehicles and other similar warehousing, financing or other investment vehicles. As a result, such individuals may possess information relating to obligors and issuers of Collateral Obligations that is (i) not known to or (ii) known but restricted as to its use by the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations and performing the other obligations of the Collateral Manager under this Agreement. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities by the Issuer and otherwise create conflicts of interest for the Issuer. The Issuer acknowledges and agrees that, in all such instances, the Collateral Manager and its Affiliates may in their discretion make investment recommendations and decisions that may be the same as or different from those made with respect to the Issuer's investments and they have no duty, in making or managing such investments, to act in a way that is favorable to the Issuer. The Issuer acknowledges that the Collateral Manager may be prevented from causing the Issuer to transact in certain assets due to internal restrictions imposed on the Collateral Manager regarding the possession and use of material and/or non-public information.

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![](exhibit1018ncdlccloiires017.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Collateral Manager determines in its sole discretion that such Transaction complies with the provisions of Section 5, the Collateral Manager will not direct the Trustee to acquire or sell securities issued by (i) Persons of which the Collateral Manager, any of its Affiliates or any of its officers, directors or employees are directors or officers, (ii) Persons of which the Collateral Manager, or any of its respective Affiliates act as principal or (iii) Persons about which the Collateral Manager or any of its Affiliates have material non-public information which the Collateral Manager deems would prohibit it from advising as to the trading of such securities in accordance with applicable law. It is understood that the Collateral Manager and any of its Affiliates may engage in any other business and furnish investment management and advisory services to others, including Persons which may have investment policies similar to those followed by the Collateral Manager with respect to the Assets and which may own securities or obligations of the same class, or which are of the same type, as the Collateral Obligations or the Eligible Investments or other securities or obligations of the obligors or issuers of the Collateral Obligations or the Eligible Investments. The Collateral Manager and its Affiliates will be free, in their sole discretion, to make recommendations to others, or effect transactions on behalf of itself or for others, which may be the same as or different from those effected with respect to the Assets. Nothing in the Indenture and this Agreement shall prevent the Collateral Manager or any of its Affiliates, acting either as principal or agent on behalf of others, from buying or selling, or from recommending to or directing any other account to buy or sell, at any time, securities or obligations of the same kind or class, or securities or obligations of a different kind or class of the same obligor or issuer, as those directed by the Collateral Manager to be purchased or sold on behalf of the Issuer. It is understood that, to the extent permitted by applicable law, the Collateral Manager, its Owners, their Affiliates or their respective Related Persons or any member of their families or a Person or entity advised by the Collateral Manager, its Affiliates or their respective Related Persons may have an interest in a particular transaction or in securities or obligations of the same kind or class, or securities or obligations of a different kind or class of the same issuer, as those whose purchase or sale the Collateral Manager may direct hereunder. In the event that, in light of market conditions and investment objectives, the Collateral Manager determines that it would be advisable to acquire the same Collateral Obligation both for the Issuer, and either the proprietary account of the Collateral Manager or any Affiliate of the Collateral Manager or another client of the Collateral Manager, the Collateral Manager will employ allocation procedures consistent with such procedures as it and its Affiliates (including the Manager Parties and their advisory affiliates) may have in place from time to time for the BDC Advisor and its advisory affiliates. The Issuer agrees that, in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships with other Clients (including obligors and issuers) and its Affiliates. The Collateral Manager may decline to make a particular investment for the Issuer in view of such relationships. Additionally, the Issuer acknowledges that the Collateral Manager and its Affiliates may enter into, for their own accounts or for the accounts of others, credit default swaps relating to Obligors and issuers with respect to the Collateral Obligations included in the Assets. The Issuer agrees that neither the Collateral Manager nor any of its Affiliates is under any obligation to offer all investment opportunities of which they become aware to the Issuer or to account to the Issuer for (or share with the Issuer or inform the Issuer of) any such transaction or any benefit received by them from any such transaction. The Issuer understands that the Collateral Manager and/or its Affiliates may have, for their own accounts or for the accounts of others,

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![](exhibit1018ncdlccloiires018.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;portfolios with substantially the same portfolio criteria as are applicable to the Issuer. Furthermore, the Collateral Manager and/or its Affiliates may make an investment on behalf of any Client or on their own behalf without offering the investment opportunity or making any investment on behalf of the Issuer and, accordingly, investment opportunities may not be allocated among all such Clients. The Issuer acknowledges that affirmative obligations may arise in the future, whereby the Collateral Manager and/or its Affiliates are obligated to offer certain investments to Clients before or without the Collateral Manager's offering those investments to the Issuer. The Issuer agrees that the Collateral Manager may make investments on behalf of the Issuer in securities or obligations that it has declined to invest in or enter into for its own account, the account of any of the Collateral Manager or its Affiliates or the account of any other Client. The Issuer acknowledges that the Collateral Manager and its Affiliates may make and/or hold investments in an obligor's or issuer's obligations or securities that may be pari passu, senior or junior in ranking to an investment in such obligor's or issuer's obligations or securities made and/or held by the Issuer, or otherwise have interests different from or adverse to those of the Issuer. Section 5. Conflicts of Interest. (a) Subject to compliance with applicable laws and regulations and subject to this Agreement and the Indenture, the Collateral Manager may direct the Trustee to acquire a Collateral Obligation from, or sell a Collateral Obligation, Eligible Investment or Equity Security to, the Collateral Manager, any of its Affiliates or any account or portfolio for which the Collateral Manager or any of its Affiliates serve as investment advisor for fair market value; provided that, the Collateral Manager shall obtain the Issuer's written consent through the Independent Review Party as provided herein if any such transaction requires the consent of the Issuer under Section 206(3) of the Advisers Act (an "Affiliate Transaction"). The Issuer acknowledges and agrees that the CM Purchasers are Holders of certain Debt and may purchase (directly or indirectly) the Debt of one or more Classes from time to time. Other than with respect to the Subordinated Notes which the Collateral Manager is required to retain pursuant to Section 7(b) hereof, no such person will be required to hold any Debt acquired by it on the Refinancing Date or thereafter for any length of time and may sell some or all of such Debt at any price. In certain circumstances, the interests of the Issuer and/or the Holders or beneficial owners of the Debt with respect to matters as to which the Collateral Manager is advising the Issuer may conflict with the interests of the Collateral Manager, its affiliates or its Related Persons. The Issuer hereby acknowledges that various potential and actual conflicts of interest may exist with respect to the Collateral Manager as described above and as described in the Final Offering Circular; provided that, nothing in this Section 5 shall be construed as altering the duties of the Collateral Manager referred to herein. (b) At the written request of the Collateral Manager, the Issuer shall establish a conflicts review board or appoint an independent third party to act on behalf of the Issuer (such board or party, an "Independent Review Party") with respect to Affiliate Transactions. Decisions of any Independent Review Party shall be binding on the Collateral Manager, the Issuer and the Holders and beneficial owners of the Debt. (c) Any Independent Review Party (i) shall either (A) be the Issuer's independent manager, (B) be an established financial institution or other financial company with experience in

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![](exhibit1018ncdlccloiires019.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assessing the merits of transactions similar to the Affiliate Transactions or (C) be a review board comprised of one or more individuals selected by the Issuer (or at the request of the Issuer, selected by the Collateral Manager), (ii) shall be required to assess the merits of the Affiliate Transaction and either grant or withhold consent to such transaction in its sole judgment and (iii) shall not be (A) affiliated with the Collateral Manager (other than as a Holder or beneficial owner of the Debt or as a passive investor in the Issuer or an Affiliate of the Issuer) or (B) (other than the Issuer's independent manager) involved in the daily management and control of the Issuer. (d) The Issuer (i) shall be responsible for any fees relating to the services provided by any Independent Review Party and shall reimburse members of any Independent Review Party for their out-of-pocket expenses and (ii) may indemnify members of such Independent Review Party to the maximum extent permitted by law, subject to terms and conditions satisfactory to the Collateral Manager. Notwithstanding anything contained in this Agreement to the contrary, any fees, expenses or indemnities provided for in this Section 5(d) shall be payable out of the Assets in accordance with the Priority of Payments. Section 6. Records; Confidentiality. The Collateral Manager shall maintain or cause to be maintained appropriate books of account and records relating to its services performed hereunder, and such books of account and records shall be accessible for inspection by representatives of the Issuer, the Trustee, the Holders, and the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X of the Indenture at any time during normal business hours and upon not less than three (3) Business Days' prior notice; provided, however, that the Collateral Manager shall not be required to disclose or share any of its books or records in respect of any loan-level information with respect the Collateral Obligations or any Obligor to any Holder; provided, further, that, to the extent the Collateral Manager does make available any loan-level information with respect the Collateral Obligations or any Obligor, the Collateral Manager has no responsibility for and makes no representation or warranty as to the accuracy or completeness of any such information in its possession, whether or not disclosed to any Holder or any other Person, it being understood and acknowledged by the Issuer that the Collateral Manager may have or come into possession from time to time of information that conflicts with the loan-level information in its possession at such time, and shall have no obligation to update, supplement or correct such materials. The Collateral Manager shall keep confidential any and all information obtained in connection with the services rendered hereunder and shall not disclose any such information to non-affiliated third parties (excluding any Holders and beneficial owners of the Debt) except (a) with the prior written consent of the Issuer, (b) such information as S&P shall reasonably request in connection with its rating of the Secured Debt or supplying credit estimates on any obligation included in the Assets, (c) in connection with establishing trading or investment accounts or otherwise in connection with effecting Transactions on behalf of the Issuer, (d) as required by (i) applicable law, regulation, court order, or a request by a governmental regulatory agency with jurisdiction over the Collateral Manager or any of its Affiliates, (ii) the rules or regulations of any self-regulating organization, body or official having jurisdiction over the Collateral Manager or any of its Affiliates or (iii) the Irish Stock Exchange, (e) to its professional advisors (including, without limitation, legal, tax and accounting advisors), (f) such information as shall have been publicly disclosed other than in known violation of this Agreement or the provisions of the Indenture or shall have been obtained by the Collateral Manager on a non-confidential basis, (g)

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![](exhibit1018ncdlccloiires020.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such information as is necessary or appropriate to disclose so that the Collateral Manager may perform its duties hereunder, under the Indenture or any other Transaction Document, (h) as expressly permitted in the Final Offering Circular, in the Indenture or in any other Transaction Document or (i) general performance information which may be used by the Collateral Manager, its Affiliates or Owners in connection with their marketing activities. Notwithstanding the foregoing, it is agreed that the Collateral Manager may disclose (a) that it is serving as collateral manager of the Issuer, (b) the nature, aggregate principal amount and overall performance of the Assets, (c) the amount of earnings on the Assets, (d) such other information about the Issuer, the Assets and the Debt as is customarily disclosed by managers of collateralized loan obligations and (e) each of its respective employees, representatives or other agents may disclose to any and all Persons, without limitation of any kind, the United States federal income tax treatment and United States federal income tax structure of the transactions contemplated by the Indenture, this Agreement and the related documents and all materials of any kind (including opinions and other tax analyses) that are provided to them relating to such United States federal income tax treatment and United States income tax structure. For purposes of this Section 6, the Holders and beneficial owners of the Debt shall not be considered "non-affiliated third parties." Section 7. Obligations of Collateral Manager. (a) In accordance with the performance standard set forth in Section 2(a), the Collateral Manager shall (a) take care to avoid taking any action that would (i) materially adversely affect the status of the Issuer for purposes of United States federal or state law, or other law applicable to the Issuer, (ii) not be permitted by the Issuer's Organizational Instruments, copies of which the Collateral Manager acknowledges the Issuer has provided to the Collateral Manager, (iii) violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer, including, without limitation, actions which would violate any United States federal, state or other applicable securities law that is known by the Collateral Manager to be applicable to it and, in each case, the violation of which would have a Material Adverse Effect on the Issuer or have a material adverse effect on the ability of the Collateral Manager to perform its obligations hereunder, (iv) require registration of the Issuer or the pool of Assets as an "investment company" under the Investment Company Act (it being understood that the manager has elected to be treated as a "regulated investment company" within the meaning of the Internal Revenue Code), or (v) knowingly and willfully adversely affect the interests of the Issuer in the Assets in any material respect (other than (A) as expressly permitted hereunder or under the Indenture or (B) in connection with any action taken in the ordinary course of business of the Collateral Manager in accordance with its fiduciary duties to its clients) and (b) comply in all material respects with requirements of the U.S. Risk Retention Rules applicable to it in connection with the performance of its duties under this Agreement and the Indenture, in each case, except in such instances in which (i) such requirement, order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (ii) failure to comply therewith would not have a Material Adverse Effect on the Issuer or a material adverse effect on the ability of the Collateral Manager to perform its obligations hereunder or under the Indenture. If the Collateral Manager is ordered by the Designated Manager of the Issuer or the requisite Holders or beneficial owners of the Debt to take any action which would, or could reasonably be expected to, in each case in its reasonable business judgment, have any such consequences, the Collateral Manager shall promptly notify the Issuer that such action would, or could reasonably be expected to, in each case in its reasonable business judgment, have one or more of the consequences set forth above and shall not

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![](exhibit1018ncdlccloiires021.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take such action unless the Designated Manager of the Issuer then request the Collateral Manager to do so and both a Majority of the Controlling Class and a Majority of the Subordinated Notes have consented thereto in writing. The Collateral Manager shall provide S&P (if then rating a Class of Secured Debt) with notice of any action taken in accordance with the previous sentence. Notwithstanding any such request, the Collateral Manager shall not take such action unless (1) arrangements satisfactory to it are made to insure or indemnify the Collateral Manager, Affiliates of the Collateral Manager and members, shareholders, partners, managers, directors, officers or employees of the Collateral Manager or such Affiliates from any liability and expense it may incur as a result of such action and (2) if the Collateral Manager so requests in respect of a question of law, the Issuer delivers to the Collateral Manager an Opinion of Counsel (from outside counsel satisfactory to the Collateral Manager) that the action so requested does not violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer or over the Collateral Manager. Neither the Collateral Manager nor its Affiliates, shareholders, partners, members, managers, directors, officers or employees shall be liable to the Issuer or any other Person, except as provided in Section 10. Notwithstanding anything contained in this Agreement to the contrary, any indemnification or insurance by the Issuer provided for in this Section 7 or Section 10 shall be payable out of the Assets in accordance with the Priority of Payments, and the Collateral Manager may take into account such Priority of Payments in determining whether any proposed indemnity arrangements contemplated by this Section 7 are satisfactory. (b) So long as the Secured Debt is Outstanding, the Collateral Manager shall retain 100% of the Outstanding Subordinated Notes and shall not transfer such Subordinated Notes unless it receives, in connection with any proposed transfer, written advice of counsel of nationally recognized standing in the United States that is experienced in such matters to the effect that such proposed transfer will not require the Collateral Manager to register as an investment adviser under the Advisers Act. Section 8. Compensation. (a) As compensation for its performance of its obligations as Collateral Manager under this Agreement and the Indenture, the Collateral Manager will be entitled to receive on each Payment Date (in accordance with the Priority of Payments) a fee, which will accrue quarterly in arrears on each Payment Date (prorated for the related Interest Accrual Period), in an amount equal to 0.20% per annum (calculated on the basis of the actual number of days in the applicable Interest Accrual Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date (the "Collateral Management Fee"); provided that the Collateral Management Fees due on any Payment Date shall not include any such fees (or any portion thereof) that have been waived or deferred by the Collateral Manager pursuant to this Section 8(a) or Section 8(b) of this Agreement no later than the Determination Date immediately prior to such Payment Date. The Collateral Management Fees will be payable on each Payment Date to the extent of the funds available for such purpose in accordance with the Priority of Payments. The Collateral Management Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available in accordance with the Priority of Payments. To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Collateral Management Fee due on such Payment Date (or

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![](exhibit1018ncdlccloiires022.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the unpaid portion thereof, as applicable, the "Collateral Management Fee Shortfall Amount") will be automatically deferred for payment on the succeeding Payment Date, with interest, in accordance with the Priority of Payments. Interest on Collateral Management Fee Shortfall Amounts shall accrue at the Reference Rate plus 0.20% for the period beginning on the first Payment Date on which the related Collateral Management Fee was due (and not paid) through the Payment Date on which such Collateral Management Fee Shortfall Amount (including accrued interest) is paid as certified to the Trustee by the Collateral Manager. At the option of the Collateral Manager, by written notice to the Trustee, no later than the Determination Date immediately prior to such Payment Date, on each Payment Date, (i) all or a portion of the Collateral Management Fee or the Collateral Management Fee Shortfall Amount (including accrued interest) due and owing on such Payment Date may be deferred for payment on a subsequent Payment Date, without interest (the "Current Deferred Management Fee") and (ii) all or a portion of the previously deferred Collateral Management Fees or Collateral Management Fee Shortfall Amounts (including accrued interest) (collectively, the "Cumulative Deferred Management Fee") may be declared due and payable and will be payable in accordance with the Priority of Payments. At such time as the Debt is redeemed in whole in connection with an Optional Redemption (other than a Refinancing) or a Tax Redemption, without duplication, all accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Cumulative Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including accrued interest) (collectively, the "Aggregate Collateral Management Fee") shall be due and payable to the Collateral Manager. (b) The Collateral Manager may, in its sole discretion (but shall not be obligated to), elect to waive all or any portion of the Collateral Management Fees or the Aggregate Collateral Management Fees payable to the Collateral Manager on any Payment Date. Any such election shall be made by the Collateral Manager delivering written notice thereof to the Issuer, the Collateral Administrator and the Trustee no later than the Determination Date immediately prior to such Payment Date. Any election to waive the Collateral Management Fees or the Aggregate Collateral Management Fees may also be made by written standing instructions to the Trustee; provided that such standing instructions may be rescinded by the Collateral Manager at any time, except during the period between a Determination Date and a Payment Date. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable and any claim of the Collateral Manager therein shall be extinguished. In accordance with the foregoing, the Issuer hereby acknowledges and agrees that Nuveen Churchill Direct Lending Corp. has elected to waive the Collateral Management Fees payable to it hereunder for so long as it is acting as the Collateral Manager, it being understood that, upon the appointment of a replacement collateral manager hereunder, such waiver shall cease and shall not be effective as to that replacement collateral manager. (c) Except as otherwise set forth herein and in the Indenture, the Collateral Manager will continue to serve as collateral manager under this Agreement notwithstanding that the Collateral Manager will not have received amounts due it under this Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments.

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![](exhibit1018ncdlccloiires023.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Agreement is terminated for any reason, or if the Collateral Manager resigns or is removed, (i) the Aggregate Collateral Management Fees calculated as provided in Section 8(a) shall be prorated for any partial period elapsing from the last Payment Date on which such Collateral Manager received the Collateral Management Fees to the effective date of such termination, resignation or removal and (ii) any unpaid Cumulative Deferred Management Fees shall be determined as of the effective date of such termination, resignation or removal and, in each case, shall be due and payable on each Payment Date following the effective date of such termination, resignation or removal in accordance with the Priority of Payments until paid in full. Section 9. Benefit of the Agreement. The Collateral Manager shall perform its obligations hereunder and under the Indenture in accordance with the terms of this Agreement and the terms of the Indenture applicable to it. The Collateral Manager agrees and consents to the provisions contained in Section 15.1 of the Indenture. In addition, the Collateral Manager acknowledges the pledge of this Agreement under the granting clause of the Indenture. Section 10. Limits of Collateral Manager Responsibility. (a) None of the Collateral Manager, its Affiliates, its Owners or their respective Related Persons assumes any responsibility under this Agreement other than the Collateral Manager agrees to render the services required to be performed by it hereunder and under the terms of the Indenture applicable to it. The Collateral Manager shall not be responsible for any action or inaction of the Issuer, the Loan Agent or the Trustee in declining to follow any advice, recommendation or direction of the Collateral Manager including as set forth in Section 7. The Indemnified Parties (as defined below) shall not be liable to the Issuer, the Loan Agent, the Trustee, any Holder, any beneficial owner of Debt, the Initial Purchaser, any of their respective Affiliates, Owners or Related Persons or any other Persons for any act, omission, error of judgment, mistake of law, or for any claim, loss, liability, damage, judgments, assessments, settlement, cost, or other expense (including attorneys' fees and expenses and court costs) arising out of any investment, or for any other act or omission in the performance of the Collateral Manager's obligations under or in connection with this Agreement or the terms of any other Transaction Document applicable to the Collateral Manager, incurred as a result of actions taken or recommended or for any omissions of the Collateral Manager, or for any decrease in the value of the Assets, except for liability to which the Collateral Manager would be subject by reason of (i) acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance of its duties hereunder and under the terms of the Indenture or (ii) the Collateral Manager Offering Circular Information (as of its date) containing any untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements therein, in light of the circumstances in which they were made, not misleading (the preceding clauses (i) and (ii) collectively referred to for purposes of this Section 10 as "Collateral Manager Breaches"). The Collateral Manager shall not be liable for any consequential, punitive, exemplary or treble damages or lost profits hereunder or under the Indenture. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable state or federal law or any rules or regulations adopted thereunder. (b) The Issuer shall indemnify and hold harmless the Collateral Manager, its Affiliates and Owners and their respective Related Persons (each, an "Indemnified Party") from and against

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![](exhibit1018ncdlccloiires024.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any and all losses, claims, damages, judgments, assessments, costs or other liabilities (collectively, "Losses") and will promptly reimburse each such Indemnified Party for all reasonable fees and expenses incurred by an Indemnified Party with respect thereto (including reasonable fees and expenses of counsel) (collectively, "Expenses") arising out of or in connection with the issuance of the Debt (including, without limitation, any untrue statement of material fact contained in the Final Offering Circular, or omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading), the transactions contemplated by the Final Offering Circular, the Indenture or this Agreement and any acts or omissions of any such Indemnified Party; provided that, such Indemnified Party shall not be indemnified for any Losses or Expenses incurred as a result of any Collateral Manager Breach. Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under Section 10 to indemnify any Indemnified Party for any Losses or Expenses are non-recourse obligations of the Issuer payable solely out of the Assets in accordance with the Priority of Payments set forth in the Indenture. Section 11. No Joint Venture. The Issuer and the Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. The Collateral Manager shall be deemed, for all purposes herein, an independent contractor and shall, except as otherwise expressly provided herein or in the Indenture or authorized by the Issuer from time to time, have no authority to act for or represent the Issuer in any way or otherwise be deemed an agent of the Issuer. It is acknowledged that neither the Collateral Manager nor any of its Affiliates has provided or shall provide any tax, accounting or legal advice or assistance to the Issuer or any other Person in connection with the transactions contemplated hereby. Section 12. Term; Termination. (a) This Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following occurs: (i) the final liquidation of the Assets and the final distribution of the proceeds of such liquidation pursuant to the Indenture, (ii) the payment in full of the Debt, and the satisfaction and discharge of the Indenture in accordance with its terms or (iii) the early termination of this Agreement in accordance with Section 12(b) or (e) or Section 14. (b) Subject only to clause (c) below, the Collateral Manager may resign, upon ninety (90) days' prior written notice to the Issuer (or such shorter notice as is acceptable to the Issuer), the Loan Agent and the Trustee (who shall deliver a copy of such notice to the Holders); provided that, the Collateral Manager shall have the right to resign immediately upon the effectiveness of any change in applicable law or regulations which renders the performance by the Collateral Manager of its duties hereunder or under the Indenture to be a violation of such law or regulation. (c) Notwithstanding the provisions of clause (b) above, no resignation or removal of the Collateral Manager or termination of this Agreement pursuant to such clause shall be effective until the date as of which a successor collateral manager shall have been appointed and approved in accordance with Section 12(d) and has accepted all of the Collateral Manager's duties and

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![](exhibit1018ncdlccloiires025.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obligations pursuant to this Agreement in writing (an "Instrument of Acceptance") and has assumed such duties and obligations. As a condition precedent to assuming the obligations of the Collateral Manager hereunder, any successor portfolio manager shall agree that, in the event the Collateral Manager determines at any time that it is necessary or advisable under the requirements of the U.S. Risk Retention Rules to transfer the U.S. Retention Interest (or cause the Retention Holder to transfer the U.S. Retention Interest) to the successor Collateral Manager, the successor Collateral Manager shall acquire such U.S. Retention Interest from the Collateral Manager (or the Retention Holder) at a price equal to an amount agreed to between the Collateral Manager and the successor Collateral Manager. (d) Promptly after notice of any removal under Section 14 or any resignation of the Collateral Manager that is to take place while any of the Debt is Outstanding, the Issuer shall transmit copies of such notice of resignation or removal to the Loan Agent, the Trustee (which shall forward a copy of such notice to the Holders) and S&P (if then rating a Class of Secured Debt) and shall appoint an institution as Collateral Manager, at the direction of a Majority of the Subordinated Notes, which institution (i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager hereunder, (ii) is legally qualified and has the capacity to assume all of the responsibilities, duties and obligations of the Collateral Manager hereunder and under the applicable terms of the Indenture, (iii) does not cause or result in the Issuer becoming, or require the pool of Assets to be registered as, an investment company under the Investment Company Act, (iv) has been identified in a prior written notice provided to S&P and (v) has not been objected to by a Majority of the Controlling Class within ten (10) days of delivery of notice of such proposed successor. (e) If (i) a Majority of the Subordinated Notes fails to nominate a successor within thirty (30) days after initial notice of the resignation or removal of the Collateral Manager or (ii) a Majority of the Controlling Class objects to the proposed successor nominated by the Holders of the Subordinated Notes within ten (10) days after the date of the notice of such nomination, then a Majority of the Controlling Class shall, within thirty (30) days after the failure described in clause (i) or (ii) of this sentence, as the case may be, nominate a successor collateral manager that meets the criteria set forth in Section 12(d). If a Majority of the Subordinated Notes approves such Controlling Class nominee, such nominee shall become the Collateral Manager. If no successor collateral manager is appointed within ninety (90) days (or, in the event of a change in applicable law or regulation which renders the performance by the Collateral Manager of its duties under this Agreement or the Indenture to be a violation of such law or regulation, within thirty (30) days) following the termination or resignation of the Collateral Manager, any of the resigning or removed Collateral Manager, a Majority of the Subordinated Notes and a Majority of the Controlling Class shall each have the right to petition a court of competent jurisdiction to appoint a successor collateral manager, in either such case whose appointment shall become effective after such successor has accepted its appointment and without the consent of any Holder or beneficial owner of any Debt. (f) [Reserved]. (g) The successor collateral manager shall be entitled to the Collateral Management Fee set forth in Section 8(a) and no compensation payable to such successor collateral manager shall be greater than as set forth in Section 8(a) without the prior written consent of 100% of the

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![](exhibit1018ncdlccloiires026.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders or beneficial owners of each Class of Secured Debt voting separately by Class, including Collateral Manager Debt, and prior written notice to S&P (if then rating a Class of Secured Debt). Upon the later of the expiration of the applicable notice periods with respect to termination specified in this Section 12 or in Section 14 and the acceptance of its appointment hereunder by the successor collateral manager, all authority and power of the Collateral Manager hereunder, whether with respect to the Assets or otherwise, shall automatically and without action by any Person or entity pass to and be vested in the successor collateral manager. The Issuer, the Loan Agent, the Trustee and the successor collateral manager shall take such action (or the Issuer shall cause the outgoing Collateral Manager to take such action) consistent with this Agreement and as shall be necessary to effect any such succession. (h) If this Agreement is terminated pursuant to this Section 12, such termination shall be without any further liability or obligation of either party to the other, except as provided in clause (i) below. (i) Sections 6, 7 (with respect to any indemnity or insurance provided thereunder), 10, 15, 17, 21, 22, 23 and 25 shall survive any termination of this Agreement pursuant to this Section 12 or Section 14. Section 13. Assignments. (a) Except as otherwise provided in Section 13, the Collateral Manager may not assign or delegate (except as provided in Section 2(e)), its rights or responsibilities under this Agreement without (i) providing prior written notice to S&P (if then rating a Class of Secured Debt) and (ii) obtaining the consent of the Issuer, a Majority of the Subordinated Notes and a Majority of the Controlling Class. The Collateral Manager shall not be required to obtain such consents or satisfy such condition with respect to a change of control transaction that is deemed to be an assignment within the meaning of Section 202(a)(1) of the Advisers Act, so long as, after giving effect to such change of control transaction, the Collateral Manager continues to utilize substantially the same personnel performing the duties required under this Agreement prior to such transaction; provided that, if the Collateral Manager is a Registered Investment Adviser under the Advisers Act, the Collateral Manager shall obtain the consent of the Issuer, in a manner consistent with SEC staff interpretations of Section 205(a)(2) of the Advisers Act, to any such transaction. (b) The Collateral Manager may, without obtaining the consent of any Holder or beneficial owner of any Debt and, so long as such assignment or delegation does not constitute an "assignment" for purposes of Section 205(a)(2) of the Advisers Act during such time as the Collateral Manager is a Registered Investment Adviser under the Advisers Act, without obtaining the prior consent of the Issuer or any Holder of Debt, (i) assign any of its rights or obligations under this Agreement to an Affiliate of the Collateral Manager; provided that, such Affiliate (A) has demonstrated ability, whether as an entity or by its personnel, to professionally and competently perform duties similar to those imposed upon the Collateral Manager pursuant to this Agreement, (B) has the legal right and capacity to act as Collateral Manager under this Agreement, and (C) shall not cause the Issuer or the pool of Assets to become required to register under the provisions of the Investment Company Act or (ii) enter into (or have its parent enter into) any consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity and at the time of such consolidation, merger, amalgamation or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transfer the resulting, surviving or transferee entity assumes all the obligations of the Collateral Manager under this Agreement generally (whether by operation of law or by contract) and the other entity is solely a continuation of the Collateral Manager in another corporate or similar form and has substantially the same personnel; provided further that, the Collateral Manager shall deliver prior notice to S&P (if then rating a Class of Secured Debt) of any assignment, delegation or combination made pursuant to this sentence. Upon the execution and delivery of any such assignment by the assignee, the Collateral Manager will be released from further obligations pursuant to this Agreement except with respect to its obligations and agreements arising under Section 10, 12(h), 17, 21 through 23, and 25 in respect of acts or omissions occurring prior to such assignment and except with respect to its obligations under Section 15 after such assignment. (c) This Agreement shall not be assigned by the Issuer without (i) the prior written consent of (A) the Collateral Manager, (B) a Majority of the Subordinated Notes and (C) a Majority of each Class of Secured Debt (voting separately by Class) and (ii) prior written notice to S&P (if then rating a Class of Secured Debt), except in the case of assignment by the Issuer (1) to an entity which is a successor to the Issuer permitted under the Indenture, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Issuer is bound thereunder or (2) to the Trustee as contemplated by the granting clause of the Indenture. The Issuer has assigned its rights, title and interest in (but not its obligations under) this Agreement to the Trustee pursuant to the Indenture; and the Collateral Manager by its signature below agrees to, and acknowledges, such assignment. Upon assignment by the Issuer, the Issuer shall use reasonable efforts to cause such assignee to execute and deliver to the Collateral Manager such documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment. (d) The Issuer shall provide S&P (if then rating a Class of Secured Debt) and the Trustee (who shall provide a copy of such notice to the Holders) with notice of any assignment pursuant to this Section 13. Section 14. Removal for Cause. (a) The Collateral Manager may be removed for Cause upon thirty (30) days' prior written notice by the Issuer ("Termination Notice") at the direction of a Majority of the Controlling Class, provided that, Collateral Manager Debt will have no voting rights with respect to any vote on the removal of the Collateral Manager for Cause. Simultaneous with its direction to the Issuer to remove the Collateral Manager for Cause, the Controlling Class shall provide to the Issuer a written statement setting forth the reason for such removal ("Statement of Cause"). The Issuer shall deliver to the Trustee (who shall deliver a copy of such notice to the Holders) and the Loan Agent a copy of the Termination Notice and the Statement of Cause within one Business Day of receipt. No such removal shall be effective (A) until the date as of which a successor collateral manager shall have been appointed in accordance with Sections 12(d) and (e) and delivered an Instrument of Acceptance to the Issuer and the removed Collateral Manager and the successor collateral manager has effectively assumed all of the Collateral Manager's duties and obligations and (B) unless the Statement of Cause has been delivered to the Issuer as set forth in this Section 14(a). "Cause" means any of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collateral Manager shall willfully and intentionally violate or breach any material provision of this Agreement or the Indenture applicable to it (not including a willful and intentional breach that results from a good faith dispute regarding reasonable alternative courses of action or reasonable interpretation of instructions); (ii) other than as covered by clause (i), the Collateral Manager shall breach in any material respect any provision of this Agreement or any terms of the Indenture applicable to it (it being understood that failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not a breach for purposes of this clause (ii)), which breach would reasonably be expected to have a Material Adverse Effect on the Issuer and shall not cure such breach (if capable of being cured) within forty-five (45) days of a Responsible Officer of the Collateral Manager receiving written notice of such breach, unless, if such breach is remediable, the Collateral Manager has taken action that the Collateral Manager believes in good faith will remedy such failure, and such action does remedy such failure, within ninety (90) days after a Responsible Officer receives written notice thereof; (iii) the failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager in or pursuant to this Agreement or the Indenture to be correct in any material respect when made which failure (A) would reasonably be expected to have a Material Adverse Effect on the Issuer and (B) is not corrected by the Collateral Manager within forty-five (45) days of a Responsible Officer of the Collateral Manager receiving notice of such failure, unless, if such breach is remediable, the Collateral Manager has taken action that the Collateral Manager believes in good faith will remedy such failure, and such action does remedy such failure, within ninety (90) days after a Responsible Officer receives notice thereof; (iv) the Collateral Manager, the BDC Advisor, the Sub-Advisor is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator, administrative receiver, trustee or similar officer; or the Collateral Manager, the BDC Advisor or the Sub-Advisor (A) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition or arrangement with, its creditors generally; (B) applies for or consents (by admission of material allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the Collateral Manager, the BDC Advisor or the Sub-Advisor or of any substantial part of their respective properties or assets in connection with any winding up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application against the Collateral Manager, the BDC Advisor or the Sub-Advisor and continue undismissed for ninety (90) days; (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency, dissolution, or similar law, or authorizes such application or consent, or proceedings to such end are instituted against the Collateral Manager, the BDC Advisor or the Sub-Advisor without such authorization, application or consent and are approved as

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;properly instituted and remain undismissed for ninety (90) days or result in adjudication of bankruptcy or insolvency or the issuance of an order for relief; or (D) permits or suffers all or any substantial part of either of their respective properties or assets to be sequestered or attached by court order and the order (if contested in good faith) remains undismissed for ninety (90) days; (v) the occurrence and continuation of an Event of Default pursuant to Section 5.1(a) or 5.1(b) under the Indenture that primarily results from any material breach by the Collateral Manager of its duties under this Agreement or under the Indenture which breach or default is not cured within any applicable cure period; (vi) (A) the occurrence of an act by the Collateral Manager, the BDC Advisor or the Sub-Advisor that constitutes fraud or criminal activity in the performance of its obligations under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the indictment of the Collateral Manager or the Sub-Advisor for a criminal offense materially related to its business of providing asset management services, or (B) any Responsible Officer of the Collateral Manager or the Sub-Advisor whose employees are (x) seconded or made available to the Collateral Manager to permit the Collateral Manager to perform its obligations under this Agreement, or (y) otherwise primarily responsible for the performance by the Collateral Manager of its obligations under this Agreement, is indicted for a criminal offense materially related to the business of the Collateral Manager or the Sub-Advisor providing asset management services, and such Responsible Officer continues to have responsibility for the performance by the Collateral Manager under this Agreement for a period of ten (10) Business Days after such indictment; or (vii) the Sub-Advisor or an Affiliate thereof is no longer engaged by the Collateral Manager as a sub-advisor to the BDC Advisor. (b) If any of the events specified in clauses (a)(i) through (vii) of this Section 14 shall occur, the Collateral Manager shall give prompt written notice thereof to the Issuer, the Controlling Class, the Subordinated Notes, the Loan Agent, the Trustee, and S&P (if then rating a Class of Secured Debt); provided that, if any of the events specified in Section 14(a)(iv) shall occur, the Collateral Manager shall give written notice thereof to the Issuer, the Trustee (who shall deliver a copy of such notice to the Holders) the Loan Agent and S&P (if then rating a Class of Secured Debt) immediately upon the Collateral Manager's becoming aware of the occurrence of such event. A Majority of the Controlling Class, disregarding Collateral Manager Debt, may waive any event described in Section 14(a)(i), (ii), (iii), (v), or (vi) as a basis for termination of this Agreement and removal of the Collateral Manager under this Section 14. In no event will the Trustee or the Loan Agent be required to determine whether or not Cause exists for the removal of the Collateral Manager. (c) If the Collateral Manager is removed pursuant to this Section 14, the Issuer shall have, in addition to the rights and remedies set forth in this Agreement, all of the rights and remedies available with respect thereto at law or equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Collateral Manager is removed for Cause pursuant to this Section 14, until the appointment of a successor collateral manager becomes effective, the Collateral Manager shall not be permitted under this Agreement to direct the Trustee to effect the purchase of any Collateral Obligation nor the sale or disposition of any Collateral Obligation other than a Credit Risk Obligation, Credit Improved Obligation, Defaulted Obligation, or Equity Security without the prior written consent of a Majority of the Controlling Class. Section 15. Obligations of Resigning or Removed Collateral Manager. (a) On, or as soon as practicable after, the date any resignation or removal is effective, the Collateral Manager shall (at the Issuer's expense): (i) deliver to the Issuer or to such other Person as the Issuer shall instruct all property and documents of the Issuer or otherwise relating to the Assets then in the custody of the Collateral Manager; (ii) deliver to the Trustee an accounting with respect to the books and records delivered to the Trustee or the successor collateral manager appointed pursuant to Section 12; and (iii) agree to cooperate with all reasonable requests related to any proceedings, even after its resignation or removal, which arise in connection with this Agreement or the Indenture, assuming the Collateral Manager has received an indemnity in form reasonably satisfactory to the Collateral Manager from an entity reasonably satisfactory to the Collateral Manager, and expense reimbursement reasonably satisfactory to the Collateral Manager. (b) Notwithstanding such resignation or removal, the Issuer and the Collateral Manager shall each remain liable to the other for its obligations under Section 10 and its acts or omissions giving rise thereto and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys' fees) in respect of or arising out of a Collateral Manager Breach, subject to the limitations of liability set forth in Section 10. Section 16. Representations and Warranties. (a) The Issuer hereby represents and warrants to the Collateral Manager as follows: (i) The Issuer has been duly formed and is validly existing under the laws of Delaware, has the full power and authority to own its assets and the securities proposed to be owned by it and included in the Assets and to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease of property, the conduct of its business or the performance of this Agreement, the Indenture and the Debt require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a Material Adverse Effect on the Issuer. (ii) The Issuer has full power and authority to execute, deliver and perform all of its obligations under this Agreement, the Indenture and the Debt and has taken all

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;necessary action to authorize this Agreement and the execution and delivery of this Agreement and the performance of all obligations imposed upon it hereunder, and, as of the Refinancing Date, will have taken all necessary action to authorize the Indenture and the Debt and the execution, delivery and performance of this Agreement, the Indenture and the Debt and the performance of all obligations imposed upon it thereunder. No consent of any other Person including, without limitation, members and creditors of the Issuer, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing (other than any filings pursuant to the UCC required under the Indenture and necessary to perfect any security interest granted thereunder) or declaration with, any governmental authority is required by the Issuer in connection with the execution, delivery, performance, validity or enforceability of this Agreement, the Indenture or the Debt or the obligations imposed upon the Issuer hereunder and thereunder. This Agreement has been, and each instrument and document to which the Issuer is a party required hereunder or under the Indenture or the Debt will be, executed and delivered by an Authorized Officer of the Issuer, and this Agreement constitutes, and each instrument or document required hereunder to which the Issuer is a party, when executed and delivered hereunder, will constitute, the legally valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, receivership, insolvency, winding-up or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Issuer and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). (iii) The execution, delivery and performance of this Agreement and the documents and instruments required hereunder and under the Indenture will not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Issuer, or the Organizational Instruments of, or any securities issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which the Issuer or any of its assets may be bound, the violation of which would have a Material Adverse Effect on the Issuer, and will not result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture). (iv) The Issuer is not in violation of its Organizational Instruments or in breach or violation of or in default under any contract or agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body having jurisdiction over the Issuer or its properties, the breach or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture applicable to the Issuer, or the performance by the Issuer of its duties hereunder or thereunder. (b) The Collateral Manager hereby represents and warrants to the Issuer, as of the date hereof, as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Collateral Manager is a Maryland corporation incorporated and validly existing and in good standing under the laws of the State of Maryland and has full power and authority to own its assets and to transact the business in which it is currently engaged, and is duly qualified to do business and is in good standing under the laws of each jurisdiction where the performance of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse effect on the ability of the Collateral Manager to perform its obligations under this Agreement and the provisions of the Indenture applicable to the Collateral Manager, or on the validity or enforceability of this Agreement and the provisions of the Indenture applicable to the Collateral Manager. (ii) The Collateral Manager has full power and authority to execute and deliver this Agreement and to perform all of its obligations required hereunder and under the provisions of the Indenture applicable to the Collateral Manager, and has taken all necessary action to authorize this Agreement on the terms and conditions hereof and the execution and delivery of this Agreement and the performance of all obligations required hereunder and under the terms of the Indenture applicable to the Collateral Manager. No consent of any other Person, including, without limitation, members and creditors of the Collateral Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Collateral Manager or any Affiliate thereof in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement or the obligations imposed on the Collateral Manager hereunder or under the terms of the Indenture applicable to the Collateral Manager other than those which have been obtained or made. No representation is made herein with respect to the requirements of state securities laws or regulations. This Agreement has been executed and delivered by an Authorized Officer of the Collateral Manager, and this Agreement constitutes the valid and legally binding obligations of the Collateral Manager enforceable against the Collateral Manager in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency, winding-up or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Collateral Manager and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). (iii) The execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Collateral Manager will not violate any provision of any existing law or regulation binding on the Collateral Manager (except that no representation is made herein with respect to the requirements of state securities laws or regulations), or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the Organizational Instruments of, or any securities issued by, the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager or which would reasonably be expected to adversely

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;affect in a material manner its ability to perform its obligations hereunder or under the Indenture. (iv) There is no charge, investigation, action, suit or proceeding before or by any court pending or, to the actual knowledge of the Collateral Manager, threatened, that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by the Collateral Manager of its duties under this Agreement or the provisions of the Indenture applicable to the Collateral Manager. (v) The Collateral Manager Offering Circular Information in the Final Offering Circular, as of the date of the Final Offering Circular and the Refinancing Date, does not and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; it being understood that the Final Offering Circular does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant in connection with the offer and sale of securities of such registrant under the Securities Act. (c) The Collateral Manager makes no representation, express or implied, with respect to the Issuer or the disclosure with respect to the Issuer. Section 17. Limited Recourse; No Petition. The Collateral Manager hereby agrees that it shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation proceedings or other proceedings under United States federal or state or other bankruptcy or similar laws until at least one year (or, if longer, the applicable preference period then in effect) plus one day after payment in full of all Debt; provided that, nothing in this Section 17 shall preclude the Collateral Manager from (a) taking any action prior to the expiration of such applicable preference period in (x) any case or proceeding voluntarily filed or commenced by the Issuer or (y) any insolvency proceeding filed or commenced against the Issuer by any Person other than the Collateral Manager or (b) commencing against the Issuer or any of its properties any legal action that is not a bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation proceeding. The Collateral Manager hereby acknowledges and agrees that the Issuer's obligations hereunder will be solely the corporate obligations of the Issuer, and that the Collateral Manager will not have any recourse to any of the managers, officers, employees, shareholders, directors, incorporators or Affiliates of the Issuer with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any Transactions contemplated hereby. Notwithstanding any other provisions hereof or of any other transaction document, recourse in respect of any obligations of the Issuer to the Collateral Manager hereunder or thereunder will be limited to the Assets as applied in accordance with the Priority of Payments pursuant to the Indenture and, on the exhaustion of the Assets, all claims against the Issuer arising from this Agreement or any other Transaction Document or any Transactions contemplated hereby or thereby shall be extinguished and shall not revive. This Section 17 shall survive the termination of this Agreement for any reason whatsoever. Section 18. Notices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless expressly provided otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered in accordance with the Indenture. Section 19. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns as provided herein. Section 20. Entire Agreement; Amendment. This Agreement and the Indenture contain the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof and thereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing executed by each of the parties hereto. No amendment to this Agreement may, without the prior written consent of a Majority of the Subordinated Notes and a Majority of the Controlling Class and notice to S&P, (a) modify the definition of the term "Cause," (b) modify the Collateral Management Fee, including the method for calculation of any component of the Collateral Management Fee or any definition herein directly related to the Collateral Management Fee, (c) modify the Class or Classes or the percentage of the Aggregate Outstanding Amount of any Class that has the right to remove the Collateral Manager, consent to any assignment of this Agreement or nominate or approve any successor collateral manager or (d) amend, modify or otherwise change provisions of this Agreement in any manner which would materially and adversely affect the Holders of any Class of Debt thereby. This Agreement may be amended for any other purpose upon notice to S&P (and a copy to the Trustee) and at least 10 days' prior written notice to the Holders of the Debt without the consent of the Holders of any Debt. The Issuer shall provide the Holders with notice of any amendment of this Agreement. For so long as any Class of Debt is listed on Euronext Dublin and so long as the guidelines of such exchange so require, the Issuer will cause a copy of any amendment or modification to the Collateral Management Agreement to be sent to Euronext Dublin. Section 21. Governing Law. THIS AGREEMENT AND ANY DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARDS TO CONFLICT OF LAWS PRINCIPLES THEREOF. Section 22. Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection with this Agreement ("Proceedings"), each party irrevocably: (a) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern District of New York, and any appellate court from any thereof; and (b) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. The Collateral Manager irrevocably consents to the service of any and all process in any Proceeding by the mailing or delivery of copies of such process to it at the office of the Collateral Manager in New York, New York. The Issuer hereby irrevocably designates and appoints Corporation Service Company as the agent of the Issuer to receive on its behalf service of all process brought against it with respect to any such Proceeding in any such court in the State of New York, such service being hereby acknowledged by the Issuer to be effective and binding on it in every respect. If for any reason such agent shall cease to be available to act as such, then the Issuer shall promptly designate a new agent in the City of New York. Section 23. Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Section 24. Conflict with the Indenture. In respect of any conflict between the terms of this Agreement and the Indenture or actions required under the terms of the Indenture and the terms of this Agreement, the terms of the Indenture shall control. Section 25. Subordination; Assignment of Agreement. The Collateral Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to the extent set forth in, and the Collateral Manager agrees to be bound by the provisions of, Article XI of the Indenture as if the Collateral Manager were a party to the Indenture and hereby consents to the assignment of this Agreement as provided in Section 15.1 of the Indenture. Section 26. Indulgences Not Waivers. Neither the failure nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. Section 27. Costs and Expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed to by the parties hereto, the costs and expenses (including the fees and disbursements of counsel and accountants but excluding all overhead costs and employees' salaries) of the Collateral Manager and of the Issuer incurred in connection with the negotiation and preparation of and the execution of this Agreement and any amendment hereto, and all matters incidental thereto, shall be borne by the Issuer. The Issuer will reimburse the Collateral Manager for expenses including fees, costs and expenses reasonably incurred by the Collateral Manager in connection with services provided under this Agreement (regardless of whether the person providing or performing the service or output giving rise to such fees, costs and expenses is the Collateral Manager, an Affiliate of the Collateral Manager or a third party, and including allocated portions of fees, costs and expenses, including overhead, incurred in connection with services performed by personnel or employees of the Collateral Manager or its Affiliates; provided that, if such service or output is provided or performed by the Collateral Manager or an Affiliate of the Collateral Manager and not a third party, then, unless approved by the Independent Review Party, the applicable fees, costs and expenses shall not be greater than those that would be payable to a third party under arm's-length terms for the provision or performance of similar services or outputs) including, without limitation, (a) legal advisers, consultants, rating agencies, accountants, brokers and other professionals retained or employed by the Issuer or the Collateral Manager or an Affiliate of the Collateral Manager (in each case, on behalf of the Issuer), (b) asset pricing and asset rating services, compliance services and software, and accounting, programming and data entry services directly related to the management of the Assets, (c) all taxes, regulatory and governmental charges (not based on the income of the Collateral Manager), insurance premiums or expenses, (d) any and all costs and expenses incurred in connection with the acquisition, disposition of investments on behalf of the Issuer (whether or not actually consummated) and management thereof, including attorneys' fees and disbursements, (e) preparing reports to Holders of the Debt, (f) reasonable travel expenses (including without limitation airfare, meals, lodging and other transportation) undertaken in connection with the performance by the Collateral Manager of its duties pursuant this Agreement or the Indenture, (g) expenses and costs in connection with any investor conferences, (h) any broker or brokers in consideration of brokerage services provided to the Collateral Manager in connection with the sale or purchase of any Collateral Obligation, Workout Loan, Restructured Loan, Equity Security, Eligible Investment or other assets received in respect thereof, (i) bookkeeping, accounting or recordkeeping services obtained or maintained with respect to the Issuer (including those services rendered at the behest of the Collateral Manager), (j) software programs licensed from a third party and used by the Collateral Manager in connection with servicing the Assets, (k) fees and expenses incurred in obtaining the Market Value of Collateral Obligations (including without limitation fees payable to any nationally recognized pricing service), (l) audits incurred in connection with any consolidation review, (m) any out-of-pocket expenses incurred by the Collateral Manager in connection with complying with the U.S. Risk Retention Rules (other than the purchase of the U.S. Retention Interests), (n) the costs of complying with the reporting requirements under the EU Transparency Requirements (including the properly incurred costs and expenses (including legal fees) incurred amending the Transaction Documents for this purpose) and (o) as otherwise agreed upon by the parties. Notwithstanding anything contained in this Agreement to the contrary, any expense reimbursement by the Issuer provided for in this Section 27 shall be payable out of the Assets in accordance with the Priority of Payments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 28. Third Party Beneficiary. The parties hereto agree that the Trustee on behalf of the Secured Parties shall be a third party beneficiary of this Agreement, and shall be entitled to rely upon and enforce such provisions of this Agreement to the same extent as if each of them were a party hereto. Section 29. Titles Not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. Section 30. Execution in Counterparts. This Agreement may be executed in any number of counterparts by telegraphic or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Section 31. Provisions Separable. The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. Section 32. Gender. Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. Section 33. Communications with Rating Agencies. The Collateral Manager shall, on behalf of the Issuer, take all steps required for the Issuer to comply with its obligations under the Indenture and under rating application letters and any related side letters, in each case in respect of Rule 17g-5 under the Exchange Act. Section 34. Existing Agreement. The parties hereto acknowledge and agree that the Existing Agreement is hereby amended and replaced in its entirety by this Agreement.

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Amended and Restated Collateral Management Agreement IN WITNESS WHEREOF, the parties hereto have executed this Collateral Management Agreement as of the date first written above. CHURCHILL NCDLC CLO-II, LLC, as Issuer By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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Amended and Restated Collateral Management Agreement NUVEEN CHURCHILL DIRECT LENDING CORP., as Collateral Manager By: ___________________________________ Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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## Exhibit 10.19

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EXECUTION VERSION NA_DECHERT.34101847.4 CHURCHILL NCDLC CLO-II, LLC, as Borrower U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Loan Agent and as Trustee under the Indenture and EACH OF THE CLASS A-L LENDERS PARTY HERETO AMENDED AND RESTATED CLASS A-L-R LOAN AGREEMENT Dated February 20, 2026

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&nbsp;&nbsp;&nbsp;&nbsp;-i- NA_DECHERT.34101847.4 **TABLE OF CONTENTS** Page ARTICLE I DEFINITIONS Section 1.01 Defined Terms .......................................................................................................2 Section 1.02 Terms Generally ....................................................................................................3 Section 1.03 Conflict between Transaction Documents .............................................................4 ARTICLE II THE CLASS A-L LOANS Section 2.01 Commitments of the Class A-L Lenders ...............................................................4 Section 2.02 Class A-L Loan Notes ...........................................................................................5 Section 2.03 Principal; Interest Rate ..........................................................................................5 Section 2.04 Establishment of Class A-L Loan Account; Distributions ....................................6 Section 2.05 Register ..................................................................................................................7 Section 2.06 Additional Class A-L Loans ..................................................................................8 ARTICLE III REPRESENTATIONS AND WARRANTIES Section 3.01 Representations and Warranties ............................................................................8 Section 3.02 Several Representations and Covenants of Each Class A-L Lender .....................9 ARTICLE IV CONDITIONS Section 4.01 Refinancing Date .................................................................................................13 ARTICLE V THE LOAN AGENT AND THE TRUSTEE Section 5.01 Appointment ........................................................................................................13 Section 5.02 Certain Duties and Responsibilities .....................................................................13 Section 5.03 Compensation ......................................................................................................14 Section 5.04 Resignation and Removal; Appointment of a Successor ....................................14 Section 5.05 Acceptance of Appointment by Successor ..........................................................15

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&nbsp;&nbsp;&nbsp;&nbsp;-ii- NA_DECHERT.34101847.4 Section 5.06 Loan Agent Criteria .............................................................................................16 Section 5.07 Merger, Conversion, Consolidation or Succession to Business of the Loan Agent ..........................................................................................................16 ARTICLE VI CLASS A-L LOAN EVENT OF DEFAULT Section 6.01 Class A-L Loan Event of Default ........................................................................16 Section 6.02 Rights Under Indenture; Remedies Cumulative ..................................................17 ARTICLE VII MISCELLANEOUS Section 7.01 Notices .................................................................................................................17 Section 7.02 Waivers; Amendments ........................................................................................18 Section 7.03 Successors and Assigns .......................................................................................18 Section 7.04 Survival ................................................................................................................20 Section 7.05 Counterparts; Integration; Effectiveness .............................................................20 Section 7.06 Severability ..........................................................................................................20 Section 7.07 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial Right ....................................................................................................20 Section 7.08 Benefits of Indenture ...........................................................................................21 Section 7.09 Headings ..............................................................................................................21 Section 7.10 Recourse against Certain Parties .........................................................................22 Section 7.11 Limited-Recourse Obligations .............................................................................22 Section 7.12 Non-Petition ........................................................................................................22 Section 7.13 Prohibition on Commencement of Proceedings ..................................................23 Section 7.14 Appointment of Trustee .......................................................................................23 Section 7.15 Acknowledgment of Indenture Provisions ..........................................................23 Section 7.16 USA Patriot Act Notice .......................................................................................23 Section 7.17 Effect of Amendment and Restatement ...............................................................23 SCHEDULE I CLASS A-L LENDER INFORMATION EXHIBIT A FORM OF ASSIGNMENT AND ACCEPTANCE EXHIBIT B FORM OF CLASS A-L LOAN NOTE

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&nbsp;&nbsp;&nbsp;&nbsp;NA_DECHERT.34101847.4 AMENDED AND RESTATED CLASS A-L-R LOAN AGREEMENT, dated as of February 20, 2026 (as amended, restated, supplemented or modified from time to time, this "Agreement"), among: (1) CHURCHILL NCDLC CLO-II, LLC, (the "Borrower"); (2) each of the CLASS A-L LENDERS party hereto; (3) U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as agent for the Class A-L Lenders (in such capacity, together with its successors in such capacity, the "Loan Agent"); and (4) U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as Trustee under the Indenture (as defined herein) (in such capacity, together with its successors in such capacity, the "Trustee"). WHEREAS, the Borrower and the Trustee are party to an Indenture and Security Agreement, dated as of December 7, 2023 (the "Closing Date") (as modified and supplemented and in effect prior to the date hereof, the "Original Indenture"), pursuant to which the Borrower has authorized and issued certain secured notes (the "Original Secured Notes") and the Subordinated Notes (as defined in the Indenture) on the Refinancing Date; WHEREAS, the Borrower, the Class A-L Lenders, the Loan Agent and the Trustee are party to a Class A-L-B Loan Agreement, dated as of the Closing Date (as amended, restated, supplemented or modified prior to the date hereof, the "Original Loan Agreement"), pursuant to which the Borrower incurred certain loans on the Refinancing Date (the "Original Class A-L-B Loans" and, together with the Original Secured Notes and the Class A-L-A Loans (as defined in the Original Indenture), the "Original Secured Debt"; WHEREAS, a Majority of the Subordinated Notes, with the consent of the Collateral Manager and the Retention Holder, directed an Optional Redemption of the Original Secured Debt in whole, but not in part, from Refinancing Proceeds, to occur on the Refinancing Date; WHEREAS, the Borrower and the Trustee amended the Original Indenture by entering into the First Supplemental Indenture, dated as of the Refinancing Date (the "First Supplemental Indenture") (the Original Indenture, as amended by the First Supplemental Indenture and as may be further amended, modified and supplemented and in effect from time to time, the "Indenture"), pursuant to which the Borrower has authorized and issued the Notes (as defined in the Indenture); WHEREAS, the Borrower wishes to amend and restate the Original Loan Agreement as set forth in this Agreement, to make changes necessary to repay the Original Class A-L-B Loans and incur Loans maturing 2039 in the amount of $50,000,000 (the "Class A-L Loans") in connection with a Refinancing of the Secured Debt under the Indenture, which Class A-L Loans shall be evidenced by this Agreement and subject to the terms and conditions set forth

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&nbsp;&nbsp;&nbsp;&nbsp;-2- NA_DECHERT.34101847.4 herein, and which Class A-L Loans will rank pari passu with the Class A Notes issued under (and as defined in) the Indenture; and WHEREAS, pursuant to such Refinancing on the Refinancing Date, under the Indenture the original Class A-L-B Lenders (as defined in the Original Loan Agreement) are entitled to receive the Redemption Price for the Original Class A-L-B Loans; WHEREAS, upon the execution of this Agreement and the incurrence of the Class A-L Loans, in each case, on the Refinancing Date, the Original Class A-L-B Loans shall be deemed repaid in full and no longer Outstanding; WHEREAS, the parties hereto acknowledge and agree that the Original Loan Agreement is hereby amended, restated and replaced in its entirety by this Agreement; and WHEREAS, the Borrower has, under and in accordance with the terms of the Indenture, Granted (as defined in the Indenture) to the Trustee, for the benefit and security of the Class A-L-R Lenders and the other Secured Parties (as defined in the Indenture) specified therein, as their respective interests may appear, all of its right, title and interest in and to all of the Collateral Obligations (as defined in the Indenture) and other Assets. NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I DEFINITIONS Section 1.01 Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Indenture. As used in this Agreement, the following terms shall have the meanings specified below: "Additional Class A-L Lender" has the meaning specified in Section 2.06(a). "Additional Class A-L Loan" has the meaning specified in Section 2.06(a). "Additional Incurrence Date" means the date of issuance of any Additional Class A-L Loans pursuant to Section 2.06. "Advisors" has the meaning specified in Section 3.02(e). "Assignment and Acceptance" means an assignment and acceptance entered into by a Class A-L Lender and an assignee of such Class A-L Lender substantially in the form of Exhibit A.

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&nbsp;&nbsp;&nbsp;&nbsp;-3- NA_DECHERT.34101847.4 "Business Day" means any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate Trust Office of the Trustee or the Loan Agent is located or, for any final payment of principal, in the relevant place of presentation. "Class A-L Lenders" means each Person who is a lender hereunder (including any Additional Class A-L Lender) or who becomes a lender hereunder by virtue of assignment via an Assignment and Acceptance. "Class A-L Loan" has the meaning specified in the Recitals. For the avoidance of doubt, references to "Class A-L Loans" include any Additional Class A-L Loans. "Class A-L Loan Event of Default" has the meaning specified in Section 6.01. "Class A-L Loan Note" means a note signed by the Borrower substantially in the form of Exhibit B. "Default" means any condition or event that constitutes a Class A-L Loan Event of Default or that, with the giving of notice or lapse of time or both, would, unless cured or waived, become a Class A-L Loan Event of Default. "Governmental Authority" means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). "Register" has the meaning specified in Section 2.05. Section 1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof and (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. Any reference to "execute", "executed", "sign", "signed", "signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation,

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&nbsp;&nbsp;&nbsp;&nbsp;-4- NA_DECHERT.34101847.4 any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S. Electronic Signatures in Global and National Commerce Act ("E-SIGN") or the New York Electronic Signatures and Records Act ("ESRA"), which includes any electronic signature), except to the extent the Trustee or the Loan Agent requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder. Section 1.03 Conflict between Transaction Documents. If there is any conflict between this Agreement and the Indenture or any other Transaction Document, this Agreement, the Indenture and such other Transaction Document shall be interpreted and construed, if possible, so as to avoid or minimize such conflict but, to the extent (and only to the extent) of such conflict, the Indenture shall prevail and control and in any other case this Agreement shall prevail and control. ARTICLE II THE CLASS A-L LOANS Section 2.01 Commitments of the Class A-L Lenders. (a) Notwithstanding anything to the contrary in this Agreement, each of the Class A-L Lenders executing and delivering this Agreement was an original Class A-L-B Lender and made Original Class A-L-B Loans in the amount of $50,000,000.00 (which excludes accrued interest and other non-principal amounts owing, if any) under the Original Loan Agreement (with respect to such original Class A-L-B Lender, such Loans, the "Existing Loans") and has elected a "Cashless Settlement Option" in its Existing Loans (each an "Existing Lender" and collectively, the "Existing Lenders"). (b) Subject to the terms and conditions set forth in Section 4.01 herein, each Existing Lender agrees to make a Class A-L Loan (the "New Loans") to the Borrower for the purpose of prepaying in full the Existing Loans on the Refinancing Date by redesignating and rolling on a cashless basis all of its commitments and participations in the Original Class A-L-B Loan into a Class A-L Loan and thereby exchanging the Existing Loans held by such Existing Lender on the First Refinancing Date for New Loans in an aggregate principal amount equal to the Existing Loan. The amount of each Class A-L Lender's current participation in the Class A-L Loan is set out opposite such Class A-L Lender's name on Schedule I attached hereto. The initial aggregate principal amount of all New Loans made hereunder shall be U.S.$50,000,000 and such New Loans are hereby made in-kind for the Existing Loans. Each Existing Lender hereby agrees to accept such Cashless Settlement Option with respect to its Existing Loans. In addition, on any Additional Incurrence Date, each Class A-L Lender with respect to Additional Class A-L Loans shall fund its Class A-L Loan in the applicable amount. No amount borrowed and consequently repaid or prepaid hereunder can be re-borrowed. (c) Subject to the terms and conditions set forth in Section 3.01 herein, each Class A-L-R Lender shall be deemed to have funded the New Loans on the Refinancing Date and

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&nbsp;&nbsp;&nbsp;&nbsp;-5- NA_DECHERT.34101847.4 shall fund on each applicable Additional Incurrence Date to the account set forth on Schedule I attached hereto. Section 2.02 Class A-L Loan Notes. (a) The Borrower shall, if requested by any Class A-L Lender, (i) sign a Class A-L Loan Note in the name of such Class A-L Lender, dated the Refinancing Date or applicable Additional Incurrence Date and (ii) deliver such Class A-L Loan Note to the Loan Agent on behalf of such Class A-L Lender for delivery by the Loan Agent to such Class A-L Lender. (b) Notwithstanding anything to the contrary contained above in this Section 2.02 or elsewhere in this Agreement, Class A-L Loan Notes shall be delivered only to Class A-L Lenders that at any time specifically request the delivery of such Class A-L Loan Notes. No failure of any Class A-L Lender to request or obtain a Class A-L Loan Note evidencing its Class A-L Loans shall affect or in any manner impair the obligations of the Borrower to pay the Class A-L Loans incurred by the Borrower that would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and shall not in any way affect the security therefor provided pursuant to the Indenture. At any time (including, without limitation, to replace any Class A-L Loan Note that has been destroyed or lost) when any Class A-L Lender requests the delivery of a Class A-L Loan Note to evidence any of its Class A-L Loans, the Borrower shall promptly execute and deliver to such Class A-L Lender the requested Class A-L Loan Note in the appropriate amount or amounts to evidence such Class A-L Loans; provided that, in the case of a substitute or replacement Class A-L Loan Note, the Borrower shall have received from such requesting Class A-L Lender (i) an affidavit of loss or destruction and (ii) a customary lost/destroyed Class A-L Loan Note indemnity, in each case, in form and substance reasonably acceptable to each of the Borrower and such requesting Class A-L Lender, and duly executed by such requesting Class A-L Lender. (c) As a condition to the repayment in full of any Class A-L Loans, the Loan Agent or the Trustee may require the related Class A-L Lender to present and surrender its Class A-L Loan Note on or prior to such repayment; provided that if the Borrower and the Loan Agent shall have received (i) an affidavit of loss or destruction or an undertaking thereafter to surrender such Class A-L Loan Note and (ii) a customary lost/destroyed Class A-L Loan Note indemnity, in each case, in form and substance reasonably acceptable to the Borrower, the Loan Agent and such requesting Class A-L Lender, and duly executed by such requesting Class A-L Lender, then such final payment shall be made without presentation or surrender. Except as otherwise required by applicable law, any Money deposited with the Loan Agent for any payment on any Class A-L Loan and remaining unclaimed for two years after such amount has become due and payable shall be paid to the applicable Borrower on Issuer Order; and the Holder of such Class A-L Loan shall thereafter, as an unsecured general creditor, look only to the applicable Borrower for payment of such amounts and all liability of the Loan Agent with respect to such deposited Money (but only to the extent of the amounts so paid to the applicable Borrower) shall thereupon cease. Section 2.03 Principal; Interest Rate. (a) Principal of the Class A-L Loans, including mandatory and optional principal prepayments, shall be paid by the Borrower in part or in whole at the times and in the

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&nbsp;&nbsp;&nbsp;&nbsp;-6- NA_DECHERT.34101847.4 manner set forth in the Indenture, including (x) in connection with the Borrower's repayment of such Debt pursuant to Section 2.7 of the Indenture, (y) in connection with a repayment or Refinancing of the Class A-L Loans pursuant to Section 9.2 or Article IX of the Indenture, or (z) otherwise, in accordance with the Priority of Payments. Unless earlier repaid, the Class A-L Loans shall mature, and the remaining principal amount thereof shall be due and payable in full, on the Payment Date in January 2039. (b) Interest shall accrue on each Class A-L Loan or portion thereof which remains unpaid at a rate equal to the Reference Rate as calculated under the Indenture plus 2.35% and shall be due and payable at the times and in the manner set forth in the Indenture; provided that, pursuant to a Benchmark Transition Event, the Term SOFR Rate may be replaced with an Alternative Rate, as set forth in the Indenture. (c) The Borrower shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Class A-L Loans as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges, including any interest, penalties or additions to tax with respect thereto. Section 2.04 Establishment of Class A-L Loan Account; Distributions. (a) The Loan Agent has established, prior to the Refinancing Date, a single, segregated non-interest bearing account in the name of the Borrower subject to the Lien of the Indenture, which was designated as the "Class A-L Loan Account" and which shall be governed solely by the terms of this Agreement and the Securities Account Control Agreement. Such account shall be held in the name of the Borrower for the benefit of the Secured Parties and the Trustee shall have exclusive control over such account, subject to the Loan Agent's right to give instructions specified herein. Any and all funds at any time on deposit in, or otherwise to the credit of, the Class A-L Loan Account shall be held by the Trustee for the benefit of the Secured Parties. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Class A-L Loan Account shall be to pay the interest on and the principal of the Class A-L Loans in accordance with the provisions of this Agreement and the Indenture. The Loan Agent agrees to give the Borrower, the Trustee and the Class A-L Lenders prompt notice if a Trust Officer receives notice that the Class A-L Loan Account or any funds on deposit therein, or otherwise to the credit of the Class A-L Loan Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Class A-L Loan Account shall remain at all times with an institution satisfying the eligibility requirements set forth in Section 6.8 of the Indenture. (b) All payments of amounts due and payable with respect to any Class A-L Loans that are to be made pursuant to the Indenture shall be made on behalf of the Borrower to the Loan Agent through the Class A-L Loan Account for distribution to the Class A-L Lenders, pro rata, allocated based on amounts due thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;-7- NA_DECHERT.34101847.4 Section 2.05 Register. (a) The Borrower shall cause to be kept a register (the "Register") in which, subject to such reasonable procedures as it may prescribe, the Borrower shall provide for the recording and registering of the following information with respect to each Class A-L Lender: (i) the name, notice details, wiring instructions and taxpayer identification number of such Class A-L Lender, together with the names of the authorized representatives of such Class A-L Lender and their mailing address, electronic mail address, telephone and facsimile numbers; (ii) the Aggregate Outstanding Amount of (and stated interest on) the Class A- L Loans funded or otherwise held by such Class A-L Lender; and (iii) the Refinancing Date or applicable Additional Incurrence Date with respect to the Class A-L Loans of such Class A-L Lender. The Loan Agent is hereby appointed "Registrar" for the purpose of registering and recording the information described in clauses (i), (ii) and (iii) above. The Loan Agent shall update the information contained in the Register upon (i) the transfer of any Class A-L Loan, (ii) the funding of any Additional Class A-L Loan and (iii) the receipt of written notice from the Borrower or the applicable Class A-L Lender confirming a change in the notice details or the authorized representatives of any Class A-L Lender. Absent manifest error, the information contained in the Register will be prima facie evidence of the rights and obligations of each Class A-L Lender with respect to the Class A-L Loans held by such Class A-L Lender and the Borrower and the Class A-L Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Class A-L Lender hereunder for all purposes of this Agreement. On the Refinancing Date, on the date of each amendment thereto and from time to time upon request from the Registrar under the Indenture, the Registrar shall provide to the Trustee, the Note Registrar, the Borrower and the Collateral Manager a copy of the information contained in the Register and, upon request at any time by a Class A-L Lender, the Registrar shall provide such Class A-L Lender a copy of the information contained in the Register relating to the Class A- L Loans held by such Class A-L Lender. (b) Each Class A-L Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts of (and stated interest on) each participant's interest in Class A-L Loans or other obligations under the Transaction Documents (the "Participant Register"); provided that, no Class A-L Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any Class A-L Loans or other obligations under any Transaction Document) to any Person except to the extent that such disclosure is necessary to establish that such Class A-L Loan or other obligation is in registered form under Section 5f.103- 1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be

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&nbsp;&nbsp;&nbsp;&nbsp;-8- NA_DECHERT.34101847.4 conclusive absent manifest error, and such Class A-L Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Loan Agent and Collateral Trustee (in their capacities as Loan Agent and Collateral Trustee) shall have no responsibility for maintaining a Participant Register. Section 2.06 Additional Class A-L Loans. (a) On any Business Day during the Reinvestment Period and upon satisfaction of the conditions to such incurrence set forth in Section 2.13(a) of the Indenture, the Borrower may incur additional Class A-L Loans hereunder (each an "Additional Class A-L Loan"). The existing Class A-L Lenders shall have the first opportunity to make each Additional Class A-L Loan in such amounts as are necessary to preserve (as closely as reasonably practicable taking into consideration minimum denomination requirements) their pro rata holdings of Class A-L Loans or, if they decline, additional Persons (each an "Additional Class A-L Lender") may deliver a signature page and become Class A-L Lenders for all purposes hereunder. (b) Any Additional Class A-L Loans issued pursuant to this Section 2.06 shall constitute Class A-L Loans for all purposes hereunder and under the Indenture and shall be subject to the terms of this Agreement and the Indenture as if such Additional Class A-L Loans had been incurred on the Refinancing Date, except that (for the avoidance of doubt) interest shall accrue with respect to any Additional Class A-L Loans from the applicable Additional Incurrence Date, the interest rate on such Additional Class A-L Loans may be lower (but not higher) than the interest rate on the initial Class A-L Loans, the CUSIP numbers (if any), date of issuance and price of such Additional Class A-L Loans do not have to be identical to those of the initial Class A-L Loans and the Non-Call Period for such Additional Class A-L Loans may differ. ARTICLE III REPRESENTATIONS AND WARRANTIES Section 3.01 Representations and Warranties. (a) The Borrower represents and warrants to the Class A-L Lenders, the Loan Agent, the Collateral Manager and the Trustee that: (i) It is a limited liability company duly formed and validly existing and in good standing under the law of the State of Delaware. (ii) It has the power to execute and deliver this Agreement and the Indenture and to perform its obligations under this Agreement and the Indenture and has taken all necessary action to authorize such execution, delivery and performance. (iii) Assuming (A) that all representations and warranties of the Class A-L Lenders in this Agreement are true and correct and assuming compliance by each such Class A-L Lender with applicable transfer restriction provisions and other provisions herein and in the Indenture and (B) that all representations and warranties of all of the holders of the Notes in the Indenture (whether deemed or delivered in any representation letter required under the Indenture) are true and correct and assuming compliance by each

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&nbsp;&nbsp;&nbsp;&nbsp;-9- NA_DECHERT.34101847.4 holder of Notes with applicable transfer restriction provisions and other provisions in the Indenture, (x) such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets, (y) all governmental and other consents that are required to have been obtained by it with respect to the execution, delivery and performance of this Agreement and the Indenture have been obtained and are in full force and effect and all conditions of any such consents have been complied with, and (z) it is not required to register as an investment company under the 1940 Act. (iv) Its obligations under this Agreement and the Indenture constitute its legal, valid and binding obligations, enforceable against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). (b) The Loan Agent hereby represents and warrants that: (i) the Loan Agent is a national banking organization duly organized and validly existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations hereunder and is duly eligible and qualified to act as Loan Agent hereunder; (ii) this Agreement has been duly authorized, executed and delivered by the Loan Agent, and constitutes the valid and binding obligation of the Loan Agent, enforceable against it in accordance with its terms except (A) as limited by bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors' rights generally and by general equitable principles, regardless of whether considered in a proceeding in equity or at law, and (B) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought; and (iii) neither the execution or delivery by the Loan Agent of this Agreement or the Indenture, nor performance by the Loan Agent of its obligations hereunder and thereunder requires the consent or approval of, the giving of notice to or the registration or filing with, any Governmental Authority or agency under any existing law governing the Loan Agent which has not been so obtained, given or completed. Section 3.02 Several Representations and Covenants of Each Class A-L Lender. Each Class A-L Lender severally represents and warrants (as to itself only) to the Borrower, the Loan Agent, the Collateral Manager and the Trustee, as of the date hereof, as of the date each

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&nbsp;&nbsp;&nbsp;&nbsp;-10- NA_DECHERT.34101847.4 transferee becomes a Class A-L Lender in accordance with Section 7.03 hereof and as of the date of each Class A-L Loan, and covenants as follows: (a) It has the power to execute and deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance. (b) Its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable against it in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). (c) Its execution and delivery of this Agreement and its performance of its obligations hereunder do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets, except in each case for any violation or conflict as would not have a material and adverse effect on its performance of its obligations hereunder. (d) It is not required to register as an investment company under the 1940 Act. (e) Such Class A-L Lender is capable of evaluating the merits and risks of an investment in the Debt. Such Class A-L Lender is able to bear the economic risks of an investment in the Debt, including the loss of all or a substantial part of its investment under certain circumstances. Such Class A-L Lender has had access to such information concerning the parties to the Transaction Documents and the Debt as it deems necessary or appropriate to make an informed investment decision, including an opportunity to ask questions and receive information from the parties to the Transaction Documents, and it has received all information that it has requested concerning its purchase of the Debt. Such Class A-L Lender has, to the extent it deems necessary, consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers (its "Advisors") with respect to its purchase of the Debt. Such Class A-L Lender (i) has made its own independent investment decision (including decisions regarding the suitability of any transaction) based upon its own judgment, any advice received from its Advisors, and its review of the final Offering Circular, and not upon any view, advice or representations (whether written or oral) of any party to the Transaction Documents and (ii) hereby reconfirms its decision to make an investment in the Debt to the extent such decision was made prior to the receipt of the final Offering Circular. No party to a Transaction Document is acting as a fiduciary or financial or investment adviser to such Class A-L Lender. No party to a Transaction Document has given such Class A-L Lender any assurance or guarantee as to the expected or projected performance of the Debt. Such Class A-L Lender understands that the Debt will be highly illiquid. Such Class A-L Lender is prepared to hold the Debt for an indefinite period of time or until maturity.

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&nbsp;&nbsp;&nbsp;&nbsp;-11- NA_DECHERT.34101847.4 (f) Either: (i) (A) such Class A-L Lender understands that the Debt is offered to and purchased by it in an offshore transaction (as defined in Regulation S) not involving any public offering in the United States, in reliance on the exemption from registration provided by Regulation S, and that the Debt will not be registered or qualified under the Securities Act or any state securities laws and (B) such Class A-L Lender is a Qualified Purchaser; or (ii) (A) such Class A-L Lender understands that the Debt is offered to and purchased by it in a transaction not involving any public offering in the United States, in reliance on the exemption from registration provided by Rule 144A, and that the Debt will not be registered or qualified under the Securities Act or any state securities laws and (B) such Class A-L Lender is both a Qualified Institutional Buyer and a Qualified Purchaser, and is not: (I) a dealer of the type described in paragraph (a)(1)(ii) of Rule 144A unless it, as applicable, owns and invests on a discretionary basis not less than $25,000,000 in securities of non-affiliated issuers of the dealer; and (II) a participant-directed employee plan (such as a 401(k) plan), or any other type of plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, unless investment decisions with respect to such plan are made solely by the fiduciary, trustee or sponsor of such plan and not by beneficiaries of the plan. Such Class A-L Lender is acquiring the Debt as principal for its own account for investment and not for sale in connection with any distribution thereof. Such Class A-L Lender was not formed solely for the purpose of investing in the Debt and is not a (i) partnership, (ii) common trust fund or (iii) special trust, pension fund or retirement plan in which the partners, beneficiaries or participants, as applicable, may designate the particular investments to be made. Such Class A-L Lender agrees that it will not hold such Debt for the benefit of any other person and will be the sole beneficial owner thereof for all purposes and that, except pursuant to Section 7.03, it will not sell participation interests in the Debt or enter into any other arrangement pursuant to which any other person will be entitled to a beneficial interest in the distributions on the Debt and further that the Debt purchased directly or indirectly by it constitute an investment of no more than 40% of such Class A-L Lender's assets. Such Class A-L Lender understands that neither the Borrower or the pool of Assets has been registered under the Investment Company Act, and that the Borrower is exempt from registration as such by virtue of Section 3(c)(7) of the Investment Company Act. (g) Such Class A-L Lender is not purchasing the Debt with a view to the resale, distribution or other disposition thereof in violation of the Securities Act. Such Class A-L Lender will not, at any time, offer to buy or offer to sell the Debt by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio or

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&nbsp;&nbsp;&nbsp;&nbsp;-12- NA_DECHERT.34101847.4 discussed at any seminar or meeting whose attendees have been invited by general solicitations or advertising. (h) Such Class A-L Lender understands that any transfer of any interest in the Debt may be made only pursuant to an exemption from registration or qualification under the Securities Act and any applicable state or foreign securities laws and in compliance with the transfer restrictions set forth in the Indenture. (i) The Class A-L Lender's acquisition, holding and disposition of the Class A-L Loans will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental, non-U.S. or church plan, a violation of any Other Plan Law. If such Class A-L Lender becomes a Non-Permitted ERISA Holder, it agrees to act in accordance with Section 2.11(c) of the Indenture. If such Class A-L Lender is a Benefit Plan Investor, it represents that (i) none of the transaction parties, or any of their respective affiliates, has provided any investment advice within the meaning of Section 3(21) of ERISA to the Benefit Plan Investor, or to any Fiduciary, in connection with its acquisition of the Class A-L Loans, and (ii) the Fiduciary is exercising its own independent judgment in evaluating the investment in the Class A-L Loans. Such Class A-L Lender understands that the representations made in this clause (i) will be deemed to be made on each day from the date that such Class A-L Lender acquires an interest in the Debt until the date it has disposed of its interests in such Debt. In the event that any representation in this clause (i) becomes untrue, such Class A- L Lender will immediately notify the Loan Agent and the Trustee. (j) Such Class A-L Lender represents, warrants acknowledges and agrees to the tax-related transfer restrictions set forth in Section 2.12 of the Indenture. (k) [Reserved]. (l) [Reserved]. (m) Each Class A-L Lender acknowledges that the Borrower may receive a list of Class A-L Lenders from the Registrar. (n) Each Class A-L Lender agrees that (i) any sale, pledge or other transfer of the Debt (or any interest therein) made in violation of the transfer restrictions set forth herein or made based upon any false or inaccurate representation made by such Class A-L Lender or a transferee will be null and void ab initio and of no force or effect and (ii) none of the parties to the Transaction Documents has any obligation to recognize any sale, pledge or other transfer of the Debt (or any interest therein) made in violation of any such transfer restriction or made based upon any such false or inaccurate representation. (o) It will comply with the provisions of the Indenture applicable to it as a Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;-13- NA_DECHERT.34101847.4 (p) Such Class A-L Lender understands that, to the extent required by the Borrower, as determined by the Borrower or the Collateral Manager on behalf of the Borrower, the Borrower may, upon notice to the Loan Agent, impose additional transfer restrictions on the Class A-L Loans to comply with the Patriot Act and other similar laws or regulations, including, without limitation, requiring each transferee of Class A-L Loans to make such representations to the Borrower as may be required in connection with such compliance. ARTICLE IV CONDITIONS Section 4.01 Refinancing Date. The obligations of the Class A-L Lenders to make Class A-L Loans on the Refinancing Date shall not become effective until the time on the Refinancing Date that (x) the Indenture and this Agreement are executed and delivered and (y) the Class A-L Loans have been assigned ratings of "AAA (sf)" by S&P. ARTICLE V THE LOAN AGENT AND THE TRUSTEE Section 5.01 Appointment. Each of the Class A-L Lenders hereby irrevocably appoints the Loan Agent as its agent and authorizes the Loan Agent to take such actions on its behalf and to exercise such powers as are delegated to the Loan Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. Section 5.02 Certain Duties and Responsibilities. (a) Each of the Loan Agent and the Trustee undertake to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Loan Agent or the Trustee, and the Loan Agent and the Trustee shall satisfy those duties expressly set forth herein so long as it acts in good faith and without gross negligence or willful misconduct. (b) Each of the rights, protections, benefits, immunities and indemnities afforded to the Trustee under the Indenture, shall also apply to the Loan Agent and the Trustee under this Agreement, mutatis mutandis; provided, however, that the foregoing shall not be construed to impose upon the Loan Agent any of the duties or standard of care (including, without limitation, any duties of a prudent person) of the Trustee. (c) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Loan Agent and the Trustee shall be subject to the provisions of this Section 5.02.

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&nbsp;&nbsp;&nbsp;&nbsp;-14- NA_DECHERT.34101847.4 Section 5.03 Compensation. (a) The Borrower agrees, subject to Section 5.03(b): (i) except as otherwise expressly provided herein, to pay or reimburse each of the Loan Agent and the Trustee in a timely manner upon its request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Loan Agent or the Trustee, as applicable, in accordance with any provision of this Agreement or the Indenture (including the reasonable compensation and expenses and disbursements of its agents and external legal counsel, except any such expense, disbursement or advance as may be attributable to its gross negligence, willful misconduct or bad faith); and (ii) to indemnify the Loan Agent and the Trustee and their respective officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense (including reasonable fees and costs of agents, experts and external attorneys) incurred without gross negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of any of the Loan Agent's or Trustee's, as applicable, obligations or duties under this Agreement or the Indenture or the enforcement of the provisions hereof or thereof, including the out-of-pocket costs and expenses of defending themselves against any claim (whether brought by or involving the Borrower or any third party) or liability in connection with the exercise or performance of any of its powers or duties hereunder or the enforcement of the Borrower's obligations hereunder. (b) Any amounts payable to the Loan Agent or the Trustee pursuant to this Agreement shall constitute Administrative Expenses, payable on each Payment Date only to the extent that funds are available for such purpose in accordance with the Priority of Payments, and any such amounts not paid on or prior to any Payment Date shall remain outstanding and shall be payable on the next Payment Date on which funds are available for such purpose pursuant to the Priority of Payments. (c) The provisions of this Section 5.03 shall survive the termination of this Agreement and the removal or resignation of the Loan Agent or the Trustee (to the extent of any fees or indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or arising out of actions or omissions occurring prior to, such termination, resignation or removal). Section 5.04 Resignation and Removal; Appointment of a Successor. (a) No resignation or removal of the Loan Agent and no appointment of a successor Loan Agent pursuant to this Section 5.04 shall become effective until the acceptance of appointment by the successor Loan Agent pursuant to Section 5.05. (b) Subject to Section 5.04(a), the Loan Agent may resign at any time by giving not less than 60 days' written notice thereof to the Borrower, the Collateral Manager, the Class A- L Lenders and the Rating Agency. Upon receiving such notice of resignation, the Borrower shall promptly appoint a successor loan agent satisfying the requirements of Section 5.06 by written instrument, in duplicate, executed by a Responsible Officer of the Borrower, one copy of which shall be delivered to the Loan Agent so resigning and one copy to the successor Loan Agent,

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&nbsp;&nbsp;&nbsp;&nbsp;-15- NA_DECHERT.34101847.4 together with a copy to each Class A-L Lender and the Collateral Manager; provided that such successor Loan Agent shall be appointed only upon the Act of a Majority of the Class A-L Lenders. If no successor Loan Agent shall have been appointed and an instrument of acceptance by a successor Loan Agent shall not have been delivered to the Loan Agent within 60 days after the giving of such notice of resignation, the resigning Loan Agent or any Class A-L Lender, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Loan Agent satisfying the requirements of Section 5.06. (c) The Loan Agent may be removed at any time by Act of a Majority of the Class A-L Loans (with the consent of the Collateral Manager), delivered with 30 days' notice to the Loan Agent, the Trustee, the Collateral Manager and the Borrower. In addition, if at any time the Loan Agent shall breach its obligations hereunder or under the Indenture, or shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Loan Agent or of its property shall be appointed or any public officer shall take charge or control of the Loan Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then, in any such case (subject to Section 5.04(a)), (i) the Borrower may, by Issuer Order, remove the Loan Agent, or (ii) any Class A-L Lender may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent and the appointment of a successor Loan Agent. (d) If the Loan Agent shall be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for any reason (other than resignation), the Borrower, by written instrument, shall promptly appoint a successor Loan Agent. If the Borrower shall fail to appoint a successor Loan Agent within 60 days after such removal or incapability or the occurrence of such vacancy, a successor Loan Agent may be appointed by a Majority of the Class A-L Loans by written instrument delivered to the Borrower and the retiring Loan Agent. The successor Loan Agent so appointed shall, forthwith upon its acceptance of such appointment, become the successor Loan Agent. If no successor Loan Agent shall have been so appointed by the Borrower or a Majority of the Class A-L Loans and shall have accepted appointment in the manner hereinafter provided, the Loan Agent or any Class A-L Lender may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Loan Agent. (e) The Borrower shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a successor Loan Agent by mailing written notice of such event by first-class mail, postage prepaid, to the Trustee, the Collateral Manager and S&P, at the addresses appearing in Section 14.3 of the Indenture, and to each Class A-L Lender, as their names and addresses appear in the Register. Each notice shall include the name and address of the successor Loan Agent. If the Borrower fails to mail any such notice within 10 days after acceptance of appointment by the successor Loan Agent, the successor Loan Agent shall cause such notice to be given at the expense of the Borrower. (f) The Trustee shall be removed and replaced as a party to this Agreement automatically upon the removal and replacement of the Trustee pursuant to the Indenture. Section 5.05 Acceptance of Appointment by Successor. Every successor Loan Agent appointed hereunder shall execute, acknowledge and deliver to the Borrower and the retiring

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&nbsp;&nbsp;&nbsp;&nbsp;-16- NA_DECHERT.34101847.4 Loan Agent an instrument accepting such appointment. Upon delivery of the required instrument, the resignation or removal of the retiring Loan Agent shall become effective and such successor Loan Agent, without any other act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of the retiring Loan Agent; provided that upon request of the Borrower or a Majority of the Class A-L Loans or the successor Loan Agent, such retiring Loan Agent shall, upon payment of its fees and expenses then unpaid, execute and deliver an instrument transferring to such successor Loan Agent all the rights, powers, duties and obligations of the retiring Loan Agent. Section 5.06 Loan Agent Criteria. The Loan Agent, and any entity appointed as a successor Loan Agent, shall be subject to the eligibility requirements set forth in Section 6.8 of the Indenture. If at any time the Loan Agent shall cease to satisfy such requirements, it shall resign immediately in the manner and with the effect hereinafter specified in this Article V. Section 5.07 Merger, Conversion, Consolidation or Succession to Business of the Loan Agent. Any organization or entity into which the Loan Agent may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Loan Agent shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Loan Agent, shall be the successor of the Loan Agent hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. ARTICLE VI CLASS A-L LOAN EVENT OF DEFAULT Section 6.01 Class A-L Loan Event of Default. (a) If an Event of Default under Section 5.1 of the Indenture shall have occurred and be continuing (such occurrence, a "Class A-L Loan Event of Default"), the Borrower shall immediately, upon notice or knowledge thereof, notify the Trustee, the Loan Agent and each Class A-L Lender thereof in writing. (b) Upon the occurrence of a Class A-L Loan Event of Default and the acceleration of the Borrower's obligations under the Indenture pursuant to the terms of Section 5.2 of the Indenture, the unpaid principal amount of the Class A-L Loans, together with the interest accrued thereon and all other amounts payable by the Borrower hereunder in respect of the Class A-L Loans, shall automatically become immediately due and payable by the Borrower hereunder, subject to and in accordance with the applicable provisions of the Indenture, without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Borrower; provided that upon the rescission or annulment of the related Event of Default and acceleration under the Indenture in accordance with the terms thereof, any such acceleration shall automatically be rescinded and annulled for all purposes hereunder; provided, however, that no such action shall affect any subsequent Default or Class A-L Loan Event of Default or impair any right consequent thereon. For the avoidance of doubt, the obligations under this Agreement in respect of the Class A-L Loans shall not be accelerated prior to maturity unless the Borrower's obligations under the Indenture have been concurrently accelerated.

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&nbsp;&nbsp;&nbsp;&nbsp;-17- NA_DECHERT.34101847.4 Section 6.02 Rights Under Indenture; Remedies Cumulative. (a) Each Class A-L Lender shall have the right to exercise any and all rights of the Class A-L Lenders set forth in the Indenture, including but not limited to enforcement of rights following an Event of Default under the Indenture and exercise of such rights shall not preclude any Class A-L Lender from exercising any of its rights hereunder. (b) No remedy conferred in this Agreement or in the Indenture upon any Class A-L Lender is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. (c) No course of dealing between the Borrower and any Class A-L Lender and no delay or failure in exercising any rights hereunder or under the Indenture in respect thereof shall operate as a waiver of any of the rights of any Class A-L Lender. (d) Each Class A-L Lender hereby acknowledges and agrees that any Money collected by the Trustee with respect to the Debt pursuant to Article V of the Indenture and any Money that may then be held or thereafter received by the Trustee with respect to the Debt hereunder shall be applied in accordance with the Priority of Payments. ARTICLE VII MISCELLANEOUS Section 7.01 Notices. All notices and other communications provided for herein (including each consent, notice, direction or request) shall be sufficient for every purpose hereunder if given in accordance with the applicable provisions of Section 14.3 of the Indenture to the applicable parties at the following addresses: (a) if to the Borrower, the Trustee or the Collateral Manager, at its address or fax number set forth in the Indenture; (b) if to the Loan Agent, at its address set forth on Schedule I attached hereto or at such other address as shall be designated by the Loan Agent in a notice to the Borrower, each Class A-L Lender, the Trustee and the Collateral Manager, which notice or other communication shall contain reference to the Debt, the Borrower or this Agreement; (c) if to any Class A-L Lender, at its address or fax number set forth on Schedule I attached hereto (in the case of any initial Class A-L Lender) or in the Assignment and Acceptance delivered by it; or at such other address as shall be designated by a Class A-L Lender in a notice to the Borrower, the Loan Agent, the Trustee and the Collateral Manager; and (d) if to S&P, in the manner specified in the Indenture. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

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&nbsp;&nbsp;&nbsp;&nbsp;-18- NA_DECHERT.34101847.4 Section 7.02 Waivers; Amendments. (a) Each waiver of any provision of this Agreement and consent to any departure by the Borrower therefrom shall be effective only in the specific instance and for the purpose for which given. The making of a Class A-L Loan shall not be construed as a waiver of any Event of Default, regardless of whether the Trustee, the Loan Agent, any Class A-L Lender or any Noteholder may have had notice or knowledge of such Event of Default at the time. (b) This Agreement may only be waived, amended or modified in writing by the Borrower, the Loan Agent and the Trustee if, pursuant to an Opinion of Counsel (upon which the Loan Agent and the Trustee shall be entitled to rely and which may be supported by a certificate from the Collateral Manager), (i) all conditions precedent provided in the Indenture, including consent requirements with respect to the Collateral Manager and each Class of Debt, applicable to such amendment (if such amendment were to be effected to the Indenture) are satisfied with respect thereto, mutatis mutandis (for which purpose, references to the Trustee in the Indenture will be deemed to refer to the Loan Agent and/or the Trustee, as applicable) and (ii) after giving effect to such amendment, this Agreement is not inconsistent with any term of the Indenture in any material respect. For purposes of interpreting the Indenture in connection with any amendment to this Agreement, the Class A-L Loans, the Class A-L-A Loans and the Class A-1 Notes will be treated as separate Classes. Any written notice of a waiver, amendment or modification of this Agreement shall be delivered by the Trustee to the Rating Agency in accordance with the Indenture. (c) A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. Section 7.03 Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and transferees. Any successor to the Trustee under the Indenture shall be the successor to the Trustee hereunder without any further act on the party of any of the parties hereto. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and transferees) any legal or equitable right, remedy or claim under or by reason of this Agreement. Any purported transfer not in compliance with this Section 7.03 shall be null and void. (b) The Borrower may not assign or delegate any of their rights or obligations under this Agreement without the prior consent of each Class A-L Lender, the Loan Agent and the Trustee; provided that each Class A-L Lender, the Loan Agent and the Trustee each hereby acknowledge that, pursuant to the terms of the Collateral Management Agreement, the Borrower has granted the Collateral Manager the right to take certain actions hereunder on its behalf. (c) Each Class A-L Lender may transfer to one or more transferees all or a portion of its Class A-L Loans and the related rights and obligations under this Agreement if (A) with respect to any transfer by a Class A-L Lender of less than all of its Class A-L Loans, after giving effect to such transfer, each of the transferor and the transferee shall hold Class A-L Loans

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&nbsp;&nbsp;&nbsp;&nbsp;-19- NA_DECHERT.34101847.4 in minimum denominations of $250,000 and integral multiples of $1.00 in excess thereof, (B) all conditions precedent to the transfer of the relevant Class A-L Loan specified herein and in the Indenture have been satisfied, (C) the parties to such transfer have executed and delivered to the Loan Agent (with a copy to the Trustee) a duly completed Assignment and Acceptance and the Borrower shall have consented to such transfer (such consent not to be unreasonably withheld) (provided that no consent of the Borrower shall be required for any assignment by a Class A-L Lender to (x) an Affiliate of such Class A-L Lender or another Class A-L Lender or (y) during the occurrence and continuance of an Event of Default), and (D) the Class A-L Lender effecting the transfer has paid a sum sufficient to Borrower (as determined in the Borrower's reasonable discretion) as may be necessary to cover any tax or other governmental charge payable by Borrower in connection with such transfer. Upon acceptance and recording pursuant to Section 7.03(d), from and after the effective date specified in each Assignment and Acceptance, (x) the transferee thereunder shall be a party hereto, (y) the Trustee and the Loan Agent shall be notified of such transfer and the Loan Agent shall update the Register to reflect such transfer, and (z) to the extent of the interest transferred by such Assignment and Acceptance, the transferee shall have the rights and obligations of a Class A-L Lender under this Agreement, and the transferring Class A-L Lender thereunder shall, to the extent of the interest transferred by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the transferring Class A-L Lender's rights and obligations under this Agreement and in respect of Class A-L Loans, such Class A-L Lender shall cease to be a party hereto). The Borrower shall provide, or cause to be provided, notice of any such transfer to S&P. (d) Upon its receipt of a duly completed Assignment and Acceptance executed by a transferring Class A-L Lender and a transferee, the Loan Agent shall accept such Assignment and Acceptance and record the Class A-L Lender identification and amount transferred in the Register. No transfer shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. Nothing in this Agreement shall prevent or prohibit any Class A-L Lender from pledging its Class A-L Loans to a Federal Reserve Bank in support of borrowings made by such Class A-L Lender from such Federal Reserve Bank. (e) Participations. Each Class A-L Lender may at any time grant participations in any of its rights hereunder to one or more commercial banks, insurance companies, funds or other financial institutions subject to the terms of this Section 7.03(e). In the event of any such participation, the participant shall not have any rights under this Agreement or any of the other Transaction Document (the participant's rights against such Class A-L Lender in respect of such participation to be those set forth in the agreement executed by such Class A-L Lender in favor of the participant relating thereto) and all amounts payable by the Borrower shall be determined as if such Class A-L Lender had not sold such participation. In addition, no Class A-L Lender shall transfer, grant or assign any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other Transaction Document, except that the Lender may grant the right in the participation to direct the Class A-L Lender to the extent such amendment or waiver would (x) extend the final scheduled maturity of any Class A-L Loan in which such participant is participating or waive any prepayment thereof, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates), or reduce the principal amount thereof, (y) release all or substantially all of the Assets (in each case, except as expressly provided in the

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![](exhibit1019ncdlccloiires023.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;-20- NA_DECHERT.34101847.4 Transaction Documents) or (z) consent to the assignment or transfer by the Borrower of any of their rights and obligations under this Agreement (except as provided in Section 14.6 of the Indenture) herein. Each participation shall be subject to the related participant providing the Class A-L Lender the representations and warranties applicable to Lenders set forth in Section 3.02 herein. Section 7.04 Survival. All covenants, agreements, representations and warranties made by the Borrower, the Loan Agent and each Class A-L Lender herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or the Indenture shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Class A-L Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Trustee, the Loan Agent or any Class A-L Lender may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as any Class A-L Loan or any amount payable under this Agreement or the Indenture in respect of any Class A-L Loan is outstanding and unpaid. Section 7.05 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (including by facsimile, electronic transmission or other transmission method (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under E-SIGN or ESRA, which includes any electronic signature)), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the Indenture constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Loan Agent and when the Loan Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by e-mail (PDF) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. Section 7.06 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any respect in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability in such matter without affecting the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. Section 7.07 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial Right. (a) THIS AGREEMENT AND ALL DISPUTES ARISING THEREFROM OR RELATING THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED IN ALL RESPECT (WHETHER IN CONTRACT OR IN TORT) BY THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES

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![](exhibit1019ncdlccloiires024.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;-21- NA_DECHERT.34101847.4 THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE CLASS A-L LOANS, THIS AGREEMENT OR THE INDENTURE, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH FEDERAL OR NEW YORK STATE COURT. THE BORROWER AND THE LOAN AGENT HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THAT THEY MAY LEGALLY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES OF SUCH PROCESS TO IT AT THE OFFICE OF THE BORROWER'S AGENT SET FORTH IN SECTION 7.2 OF THE INDENTURE. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. (c) Each party (other than the Loan Agent and the Trustee) to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. (d) EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, THIS CLASS A-L LOAN OR ANY OTHER RELATED DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES HERETO. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR SUCH PARTIES ENTERING INTO THIS AGREEMENT OR ACCEPTING ANY OF THE BENEFITS OF THE CLASS A-L LOANS. Section 7.08 Benefits of Indenture. Each of the Class A-L Lenders hereby acknowledges and approves the pledge and assignment by the Borrower of all of its right, title and interest in, to and under this Agreement to the Trustee for the benefit and security of the Secured Parties pursuant to the Indenture. Section 7.09 Headings. Article and section headings and the table of contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

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![](exhibit1019ncdlccloiires025.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;-22- NA_DECHERT.34101847.4 Section 7.10 Recourse against Certain Parties. No recourse under or with respect to any obligation, covenant or agreement of any Class A-L Lender or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any incorporator, stockholder, Affiliate, officer, member, manager, partner, employee or director of such Class A-L Lender, as such, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of such Class A-L Lender contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such Class A-L Lender, and that no personal liability whatsoever shall attach to or be incurred by any incorporator, stockholder, Affiliate, officer, member, manager, partner, employee or director of such Class A-L Lender, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such Class A-L Lender contained in this Agreement or in any other such instrument, document or agreement, or which are implied therefrom, and that any and all personal liability of every such incorporator, stockholder, Affiliate, officer, employee, member, manager, partner or director of such Class A-L Lender for breaches by such Class A-L Lender of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this Section 7.10 shall survive the termination of this Agreement. Section 7.11 Limited-Recourse Obligations. Notwithstanding any other provision of this Agreement, the Class A-L Loans and all obligations of the Borrower under this Agreement are from time to time and at any time limited-recourse obligations of the Borrower payable solely from the Assets and other assets available at such time pledged by the Borrower to secure the Debt and upon realization of the Assets and such other assets and the application of the proceeds thereof in accordance with the Indenture, any outstanding obligations of the Borrower hereunder shall be extinguished and shall not thereafter revive. None of the Collateral Manager, the Trustee, the Loan Agent, any of their respective affiliates, security holders (including shareholders), members, partners, officers, directors or employees, or the security holders (including shareholders), members, partners, officers, directors, employees or incorporators of the Borrower, or any other person or entity will be obligated to make payments on the Class A-L Loans. Consequently, the Class A-L Lenders must rely solely on amounts received in respect of the Assets and other assets pledged to secure the Debt for the payment of principal thereof and interest thereon. This section shall survive the termination of this Agreement. Section 7.12 Non-Petition. Notwithstanding any other provision of this Agreement, neither the Loan Agent, in its own capacity, nor any Class A-L Lender may, prior to the date which is one year (or, if longer, the applicable preference period) and one day after the payment in full of all Class A-L Loans and Notes, institute against, or join any other Person in instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under U.S. federal or state bankruptcy or similar laws. Nothing in this Section 7.12 shall preclude, or be deemed to estop, the Loan Agent or any Class A-L Lender (i) from taking any action prior to the expiration of the aforementioned one year and one day (or longer) period in (A) any case or proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary insolvency proceeding filed or commenced by a Person other than the Loan Agent or a Class A-L Lender, or (ii) from

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![](exhibit1019ncdlccloiires026.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;-23- NA_DECHERT.34101847.4 commencing against the Borrower or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium, winding up or liquidation proceeding, subject to Section 7.11. This Section 7.12 shall survive the termination of this Agreement. Section 7.13 Prohibition on Commencement of Proceedings. Each Class A-L Lender acknowledges and agrees as follows: (a) (i) the express terms of the Indenture govern the rights of the Class A-L Lenders to direct the commencement of a Proceeding against any Person, (ii) the Indenture contains limitations on the rights of the Class A-L Lenders to direct the commencement of any such Proceeding, and (iii) each Class A-L Lender shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (b) there are no implied rights under the Indenture to direct the commencement of any such Proceeding; and (c) notwithstanding any provision of the Indenture, the Notes, this Agreement, the Collateral Management Agreement, the Collateral Administration Agreement or any other agreement, the Borrower shall not be under any duty or obligation of any kind to the holders of the Debt, or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral Administrator, the Loan Agent, or the Calculation Agent. Section 7.14 Appointment of Trustee. The Class A-L Lenders hereby appoint the Trustee to act exclusively as the agent for purposes of perfection of a security interest in the Assets and to act as specified in the Indenture and the other Transaction Documents to which the Trustee is a party. The duties and obligations of the Trustee under this Section 7.14 shall be as set forth in the Indenture. Section 7.15 Acknowledgment of Indenture Provisions. The Class A-L Lenders hereby acknowledge and agree to the provisions of the Indenture expressly applicable to the Class A-L Lenders. Section 7.16 USA Patriot Act Notice. The Class A-L Lenders hereby notify the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act"), they are required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Class A-L Lenders to identify the Borrower in accordance with the Patriot Act. Section 7.17 Effect of Amendment and Restatement. On the Refinancing Date, the Original Loan Agreement shall be amended and restated in its entirety. The parties hereto acknowledge and agree that (i) this Agreement does not constitute a novation, payment and reborrowing, or termination of the obligations and security interest under the Original Loan Agreement or the Indenture, as applicable, in each case, as in effect immediately prior to the Refinancing Date, which each remain outstanding and in effect and (ii) such obligations and security interest are in all respects continuing.

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![](exhibit1019ncdlccloiires027.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Class A-L-R Loan Agreement IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written. CHURCHILL NCDLC CLO-II, LLC, as Borrower By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: _________________________ Name: John McCally Title: Secretary Docusign Envelope ID: F79303E5-CDCB-48AB-8C1E-CDC03B923C1D

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![](exhibit1019ncdlccloiires028.jpg)

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![](exhibit1019ncdlccloiires029.jpg)

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![](exhibit1019ncdlccloiires030.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Class A-L-R Loan Agreement CAPITAL ONE, NATIONAL ASSOCIATION, as Class A-L Lender By: ____________________________________ Name: Title: Authorized Signatory Peter Sweeney

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![](exhibit1019ncdlccloiires031.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Sch. I-1 NA_DECHERT.34101847.4 SCHEDULE I CLASS A-L LENDER INFORMATION Name of Class A-L Lender Funded Amount Addresses for Notices Capital One, National Association $50,000,000 Capital One, National Association, as Lender Underwriting and Portfolio Management Capital One Financial Institutions Group 299 Park Avenue, 31st Floor New York, NY 10018 LOAN AGENT INFORMATION Loan Agent: U.S. Bank Trust Company, National Association 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Attention: Global Corporate Trust – Churchill NCDLC CLO-II, LLC Email: agency.services@usbank.com, with a copy to erin.fritz@usbank.com Account for Funding of Class A-L Loans: Bank Name: U.S. Bank Trust Company, N.A. ABA #: 091000022 Acct. Name: Churchill NCDLC CLO-II, LLC Acct. #: 104796874477 FFC#: 224815 Reference: Churchill NCDLC CLO-II, LLC

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![](exhibit1019ncdlccloiires032.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;A-1 NA_DECHERT.34101847.4 EXHIBIT A FORM OF ASSIGNMENT AND ACCEPTANCE Reference is made to the Amended and Restated Class A-L-R Loan Agreement dated as of February 20, 2026 (as modified and supplemented and in effect from time to time, the "Class A-L Loan Agreement") among Churchill NCDLC CLO-II, LLC, a Delaware limited liability company (the "Borrower"), the Class A-L Lenders party thereto (the "Lenders") and U.S. Bank Trust Company, National Association, as Loan Agent (in such capacity, the "Loan Agent") and as Trustee under the Indenture (as defined below) (in such capacity, the "Trustee"), relating to the Class A-L Loan made thereunder and secured under the Indenture and Security Agreement, dated as of December 7, 2023 (as amended by that certain First Supplemental Indenture, dated as of February 20, 2026, and as may be further as modified and supplemented and in effect from time to time, the "Indenture") entered into by the Borrower and the Trustee. Terms used but not defined herein have the respective meanings given to such terms in (or incorporated by reference in) the Class A-L Loan Agreement. The Assignor named on the signature pages hereof (the "Assignor") hereby sells and assigns to the Assignee named on the signature pages hereof (the "Assignee"), and the Assignee hereby purchases and assumes from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the "Assigned Interest") in the Assignor's rights and obligations under the Class A-L Loan Agreement, including, without limitation, the interests set forth below in the Class A-L Loan held by (and outstanding principal amount of the Class A-L Loan held by) the Assignor on the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Class A-L Loan Agreement and the Indenture. From and after the Assignment Date (A) the Assignee shall be a party to and be bound by the provisions of the Class A-L Loan Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (B) the Assignor shall, to the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Class A-L Loan Agreement. The Assignor hereby represents and warrants to the Assignee that, as of the Assignment Date, the Assignor owns the Assigned Interest free and clear of any lien or other encumbrance (other than any liens granted to the Trustee under the Indenture). The Assignee hereby makes to the Assignor, the Borrower, the Collateral Manager and the Trustee all of the representations and warranties, and agrees to comply with the applicable covenants of the Class A-L Lenders, set forth in Section 3.02 of the Class A-L Loan Agreement. Each of the parties hereby covenants and agrees that so long as the Assignee is a registered Lender: (1) it waives any right to set-off or to appropriate and apply any and all deposits and any other indebtedness at any time held or owing thereby to or for the credit or the account of the Assignee against and on account of the obligations and liabilities of the Assignee to the Assignee under this Assignment and Acceptance; and

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![](exhibit1019ncdlccloiires033.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;A-2 NA_DECHERT.34101847.4 (2) notwithstanding anything to the contrary herein, no provision of this Assignment and Acceptance adversely affecting the rights or duties of the Assignee may be amended or waived without the written consent of the Assignee. This Assignment and Acceptance shall be governed by, and construed in accordance with, the law of the State of New York. Legal Name of Assignor: Legal Name of Assignee: Assignee's Address for Notices: Fax No.: Details of electronic messaging system: Payment Instructions: Federal Taxpayer ID No. of Assignee: Effective Date of Assignment ("Assignment Date"): Amount Assigned Amount Retained Outstanding Principal Amount of Class A-L Loan: U.S.$[__________] U.S.$[__________] The terms set forth above are hereby agreed to: [Name of Assignor], as Assignor By: ____________________________________ Name: Title: [Name of Assignee], as Assignee By: ____________________________________ Name: Title:

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![](exhibit1019ncdlccloiires034.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;B-1 NA_DECHERT.34101847.4 EXHIBIT B FORM OF CLASS A-L LOAN NOTE Maximum Principal Amount: $[_____] Issuance Date: [_____] Stated Maturity: Payment Date in January 2039 FOR VALUE RECEIVED, the undersigned (the "Borrower") hereby promises to pay to [____________________] or its registered assigns (the "Class A-L Lender"), in accordance with the provisions of the Class A-L Loan Agreement (as hereinafter defined), the principal amount of the Class A-L Loan made by the Lender to the Borrower under that certain Amended and Restated Class A-L Loan Agreement, dated as of February 20, 2026 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the "Class A-L Loan Agreement"; the terms defined therein being used herein as therein defined), by and among the Borrower, the Loan Agent and the Class A-L Lenders from time to time party thereto. The Borrower promises to pay interest on the unpaid principal amount of the Class A-L Loan made by the Class A-L Lender from the date of such Class A-L Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Class A-L Loan Agreement. All payments of principal and interest shall be made to the Class A-L Lender in U.S. dollars in immediately available funds. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Class A-L Loan Agreement. This Note is the Class A-L Loan Note referred to in the Class A-L Loan Agreement and is entitled to the benefits thereof and of the Indenture. This Class A-L Loan Note may be prepaid in whole or in part subject to the terms and conditions provided in the Class A-L Loan Agreement and, upon the occurrence and continuation of a Class A-L Loan Event of Default specified in the Class A-L Loan Agreement and acceleration of the Borrower's obligations pursuant to Section 5.2 of the Indenture, all amounts then remaining unpaid on this Class A-L Loan Note shall become immediately due and payable as provided in the Class A-L Loan Agreement. The Class A-L Lender may attach schedules to this Class A-L Loan Note and endorse thereon the date, amount and type of its Class A-L Loans and payments with respect thereto. The Borrower, for itself and its respective successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Class A-L Loan Note, except for any applicable notices expressly provided for in the Class A-L Loan Agreement. In the event of any conflict between the provisions of this Note and those of the Class A-L Loan Agreement, the provisions of the Class A-L Loan Agreement shall prevail.

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![](exhibit1019ncdlccloiires035.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;B-2 NA_DECHERT.34101847.4 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. CHURCHILL NCDLC CLO-II, LLC, as Borrower By: Nuveen Churchill Direct Lending Corp., its Designated Manager By: ____________________________________ Name: Title:

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## Exhibit 21.1

***Exhibit 21.1***

&nbsp;&nbsp;&nbsp;&nbsp;**Subsidiaries of Nuveen Churchill Direct Lending Corp.**

The following list sets forth our consolidated subsidiaries, the state under whose laws the subsidiary is organized, and the percentage of voting securities or membership interests owned by us in the subsidiary:

NCDLC CLO-I, LLC (Delaware) – 100%

NCDLC CLO-II, LLC (Delaware) – 100%

NCDLC CLO-III, LLC (Delaware – 100%

NCDL Equity Holdings LLC (Delaware) – 100%

The subsidiaries listed above are consolidated for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;1

## Exhibit 23.1

***Exhibit 23.1***

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 (No. 333-283950) of Nuveen Churchill Direct Lending Corp. of our report dated February 25, 2026 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 25, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kenneth Kencel, Chief Executive Officer of Nuveen Churchill Direct Lending Corp., certify that:

1. I have reviewed this annual report on Form 10-K of Nuveen Churchill Direct Lending Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 25, 2026 | By: | /s/ Kenneth Kencel |
|  |  |  | Name: Kenneth Kencel |
|  |  |  | Title: President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Shai Vichness, Chief Financial Officer of Nuveen Churchill Direct Lending Corp., certify that:

1. I have reviewed this annual report on Form 10-K of Nuveen Churchill Direct Lending Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 25, 2026 | By: | /s/ Shai Vichness |
|  |  |  | Name: Shai Vichness |
|  |  |  | Title: Chief Financial Officer and Treasurer |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the annual report of Nuveen Churchill Direct Lending Corp. on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of Nuveen Churchill Direct Lending Corp. does hereby certify, to the best of such officer's knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Nuveen Churchill Direct Lending Corp.

---

| | |
|:---|:---|
| Date: | February 25, 2026 |
| | /s/ Kenneth Kencel |
| | Name: Kenneth Kencel |
| | Title: President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| Date: | February 25, 2026 |
| | /s/ Shai Vichness |
| | Name: Shai Vichness |
| | Title: Chief Financial Officer and Treasurer |

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