INVESTMENTS

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

As of June 30, 2025 and December 31, 2024, the Company's investments consisted of the following (dollar amounts in thousands):


	June 30, 2025						December 31, 2024
	Amortized Cost		Fair Value		% of Fair Value		Amortized Cost		Fair Value		% of Fair Value
First-Lien Debt	$	1,805,576	$	1,793,249	89.99	%	$	1,893,409	$	1,885,643	90.59	%
Subordinated Debt1	175,117		160,006		8.03	%	170,957		159,138		7.65	%
Equity Investments	39,110		39,549		1.98	%	34,209		36,598		1.76	%
Total	$	2,019,803	$	1,992,804	100.00	%	$	2,098,575	$	2,081,379	100.00	%

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1As of June 30, 2025, Subordinated Debt was comprised of second lien term loans and/or second lien notes of $71,780, mezzanine debt of $85,812 and structured debt of $2,414 at fair value; Subordinated Debt was comprised of second lien term loans and/or second lien notes of $75,606, mezzanine debt of $95,044 and structured debt of $4,467 at amortized 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 amortized cost.

The industry composition of the Company's portfolio as a percentage of fair value as of June 30, 2025 and December 31, 2024 was as follows:


Industry	June 30, 2025		December 31, 2024
Aerospace & Defense	1.67	%	3.36	%
Automotive	3.37	%	3.33	%
Banking, Finance, Insurance & Real Estate	3.49	%	3.28	%
Beverage, Food & Tobacco	7.63	%	6.95	%
Capital Equipment	5.23	%	5.46	%
Chemicals, Plastics & Rubber	1.16	%	1.36	%
Construction & Building	7.21	%	5.54	%
Consumer Goods: Durable	1.13	%	0.97	%
Consumer Goods: Non-durable	1.93	%	2.34	%
Containers, Packaging & Glass	3.98	%	3.87	%
Energy: Electricity	2.88	%	2.50	%
Environmental Industries	4.06	%	3.85	%
Healthcare & Pharmaceuticals	17.32	%	14.47	%
High Tech Industries	5.21	%	8.65	%
Hotel, Gaming & Leisure	0.16	%	0.15	%
Media: Advertising, Printing & Publishing	0.93	%	0.90	%
Media: Diversified & Production	0.93	%	0.91	%
Retail	—	%	0.28	%
Services: Business	16.21	%	16.48	%
Services: Consumer	4.34	%	5.18	%
Sovereign & Public Finance	0.68	%	0.64	%
Telecommunications	3.50	%	3.19	%
Transportation: Cargo	3.14	%	2.95	%
Transportation: Consumer	0.64	%	0.62	%
Utilities: Electric	1.31	%	1.16	%
Utilities: Water	0.50	%	0.42	%
Wholesale	1.39	%	1.19	%
Total	100.00	%	100.00	%

The geographic composition of investments at cost and fair value was as follows:


	June 30, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	1,935,611	$	1,909,053	95.80	%	215.05	%
Canada	43,359		43,253		2.17	%	4.87	%
Germany	27,655		27,575		1.38	%	3.11	%
United Kingdom	13,178		12,923		0.65	%	1.46	%
Total	$	2,019,803	$	1,992,804	100.00	%	224.49	%


	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value		Fair Value as % of Net Assets
United States	$	2,019,779	$	2,002,726	96.22	%	206.40	%
Canada	43,489		43,526		2.09	%	4.49	%
Germany	22,142		22,102		1.06	%	2.28	%
United Kingdom	13,165		13,025		0.63	%	1.34	%
Total	$	2,098,575	$	2,081,379	100.00	%	214.51	%

As of June 30, 2025 and December 31, 2024, on a fair value basis, 94.32% and 94.68%, respectively, of the Company’s debt investments earn interest at a floating rate, and 5.68% and 5.32%, respectively, of the Company’s debt investments earn interest at a fixed rate.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Nuveen Churchill Direct Lending Corp. 10-Q