NCDL
Nuveen Churchill Direct Lending Corp.14.68
+0.11+0.76%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms pipeline, capital balance
Q&A largely reaffirmed the prepared remarks' optimistic tone on portfolio health and deal flow, with management stressing continued strong activity into 2026 despite public volatility. Shai detailed capital allocation as a balance between the new $50 million repurchase program—attractive at the discount—and redeploying into loans, all while targeting upper-end leverage of 1.25x. Ken noted volatility shifts pricing power to lenders, stabilizing spreads at 450-475 bps with no near-term tightening expected. Software avoidance stems from shunning ARR loans for cash-flow stability. Repurchases signal confidence. Investors will watch deployment pace.
Key Stats
Market Cap
725.00MP/E (TTM)
9.66Basic EPS (TTM)
1.52Dividend Yield
0%Recent Filings
10-K
8-K
8-K
10-Q
Q3 FY2025 results
Nuveen Churchill Direct Lending Corp. posted Q3 FY2025 net investment income of $21.4M ($0.43/share), down 32% y/y from $31.5M ($0.58/share) as interest income fell to $48.2M from $57.3M amid tighter spreads and repayments outpacing originations. Total investment income dropped 15% y/y to $51.1M, yet expenses eased 13% to $29.7M (no incentive fee waivers post-Q1), yielding NII margins above distributions. Realized gains hit $1.5M but $4.2M unrealized losses dragged operations to $18.7M ($0.38/share), 49% below prior year; YTD operations at $49.7M ($0.98/share) confirm EPS consistency with 50.6M diluted shares. Debt stands at $1.1B (asset coverage 180%) across refinanced CLOs, $325M revolver ($270M available), and new $300M 2030 Notes (hedged); cash $46M. Portfolio steady at 213 companies, 78% rated 4 (stable). Watch credit markets.
8-K
Q3 NII $0.43/share, NAV $17.85
Nuveen Churchill Direct Lending Corp. posted Q3 net investment income of $0.43 per share, down from prior quarters amid lower yields and higher fees, yet covered its $0.45 regular distribution. NAV dipped to $17.85 on $4.2M unrealized losses from underperformers, while the $2.0B portfolio stayed 89.8% first-lien with non-accruals at 0.4%. Portfolio net contracted $25M. Declared Q4 $0.45 payout.
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