Nuveen Churchill Direct Lending Corp. Announces First Quarter 2025 Results

In This Article:

Reports First Quarter Net Investment Income of $0.53 per Share

Declares Second Quarter Regular Distribution of $0.45 per Share

NEW YORK, May 08, 2025--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) ("NCDL" or the "Company"), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the "Adviser"), and by its sub-adviser, Churchill Asset Management LLC ("Churchill"), today reported financial results for the first quarter ended March 31, 2025.

Financial Highlights for the Quarter Ended March 31, 2025

  • Net investment income of $0.53 per share

  • Net realized and unrealized loss on investments of $(0.24) per share

  • Net increase in net assets resulting from operations of $0.29 per share

  • Net asset value ("NAV") per share of $17.96, compared to $18.18 per share as of December 31, 2024

  • Paid first quarter regular distribution of $0.45 per share and the final special distribution declared in connection with the IPO of $0.10 per share on April 28, 2025, which represents a 12.4% total annualized distribution yield based on the first quarter NAV per share

  • Declared second quarter regular distribution of $0.45 per share

"NCDL is off to a solid start in 2025, reflecting the continued strong performance of our investment portfolio", said Ken Kencel, President and Chief Executive Officer of NCDL and Churchill. "Our portfolio is highly diversified with an average position size of 0.5% and remains well-positioned with only 0.4% of the total portfolio on non-accrual status on a fair value basis at the end of the first quarter. In today’s uncertain market environment, we remain focused on maintaining underwriting discipline, selectively investing in high-quality companies, and proactively managing our current portfolio."

"During the first quarter, we continued to optimize our balance sheet and capital structure by issuing $300 million of unsecured notes and refinancing one of our CLOs allowing us to reduce our borrowing costs going forward," said Shai Vichness, Chief Financial Officer of NCDL and Churchill. "We remain confident in the Company’s positioning as a leader in the core, traditional middle market, and we remain focused on continuing to deliver an attractive yield to our shareholders."

Distribution Declaration

The Company’s Board of Directors (the "Board") has declared a second quarter 2025 regular distribution of $0.45 per share payable on July 28, 2025 to shareholders of record as of June 30, 2025.