Nuveen Churchill Direct Lending Corp. (NCDL) SEC Filings & Earnings Calls

Non-accrual investments increased to 1.5% of fair value (2.7% of cost) from 0.6% of fair value in prior quarter

“there were investments in nine portfolio companies on non-accrual status representing 1.5% of total investments at fair value (or 2.7% of total investments at cost)” · word for word

Net realized and unrealized loss of $(0.34) per share

“Net realized and unrealized loss on investments of $(0.34) per share” · word for word

Net investment income decline

“Net investment income per share decreased from $0.98 to $0.82 (six months ended June 30, 2025 vs 2026)”

Market value discount to NAV

“Per share market value, end of period │ $ 12.42 │ $ 16.19 (NAV $17.19)” · word for word

Leverage and interest rate risk

“Ratio of interest and debt financing expenses to average net assets for the six months ended June 30, 2026 and 2025 was 7.93 % and 8.87 % respectively.” · word for word

Increased leverage from additional debt issuance.

“additional $100M notes due 2030”

Yield compression from spread tightening and lower base rates reduces net investment income

“weighted average yield decreased to 9.31% from 10.10% YoY”

Credit quality deterioration: non-accrual investments increased to 0.6% of fair value from 0.5%

“five portfolio companies on non-accrual status representing 0.6% of total investments at fair value” · word for word

Net realized loss of $3.3M from restructuring of underperforming debt positions

“net realized loss on investments of $(3.3) million” · word for word

Net asset value decline

“Net asset value, end of period $17.50”

Realized investment losses

“Net realized gain (loss) (1) (0.07)” · word for word

Portfolio yield compression due to spread tightening and lower base rates

“Weighted average yield decreased from 10.33% to 9.48% year-over-year”

Non-accrual investments increased slightly to 0.5% of fair value (1.2% at cost)

“As of December 31, 2025, there were investments in four portfolio companies on non-accrual status representing 0.5% of total investments at fair value (or 1.2% of total investments at cost)” · word for word

Expense base increased due to management fee rate increase and expiration of incentive fee waiver

“Net expenses before excise taxes increased to $114.3 million from $101.1 million, primarily due to an increase in management fees and income-based incentive fees”

Interest Rate Risk

“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.” · word for word

Credit Risk from Middle Market Focus

“We typically invest in middle market, privately owned companies, which may present a greater risk of loss than loans to larger companies.” · word for word

Leverage Risk

“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.” · word for word

Economic Downturn Risk

“Economic recessions or downturns could impair our portfolio companies and harm our operating results.” · word for word

Competition Risk

“We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.” · word for word

Non-accruals increased to 0.4% fair value from 0.2% prior quarter, indicating slight credit deterioration.

“investments in three portfolio companies on non-accrual status representing 0.4% of total investments at fair value (or 0.9% of total investments at cost). As of June 30, 2025, there were investments in one portfolio company on non-accrual status representing 0.2% of total investments at fair value” · word for word

Net unrealized loss of $(4.2)M driven by fair value declines in underperforming investments.

“net change in unrealized loss of $(4.2) million for the three months ended September 30, 2025, which resulted primarily from decreases in fair value of certain underperforming portfolio investments” · word for word

Weighted average yield compression from 10.86% to 9.92% due to spread tightening and lower base rates.

“weighted average yield of debt and income producing investments decreased to 9.92% from 10.86% as of September 30, 2024, at cost, primarily due to overall tightening of spreads in newly originated investments and the decline in base interest rates” · word for word

Declining earnings and net asset value

“Net increase (decrease) in net assets resulting from operations per share $0.38 for Q3 2025 vs $0.67 for Q3 2024.” · word for word

Leverage increase

“Asset coverage ratio 179.82% at September 30, 2025 vs 189.89% at September 30, 2024.”